Hesai(HSAI) GlobeNewswire News Room·2024-11-25 22:00Core Insights - Hesai Group reported quarterly net revenues of RMB539.4 million (US100 million [5][20] Financial Performance - Gross margin for Q3 2024 was 47.7%, up from 30.6% in Q3 2023, driven by effective cost management [12] - Loss from operations decreased to RMB77.2 million (US6.3 million), compared to RMB101.9 million in the same period of 2023, reflecting a 56.8% reduction [18] Operational Highlights - ADAS lidar shipments reached 129,913 units in Q3 2024, a 220.0% increase from 40,593 units in Q3 2023 [2] - The company secured new partnerships and design wins with major OEMs, including a Top 3 OEM in Japan and SAIC Volkswagen [3][7] - The launch of the OT128 lidar product has attracted contracts with over 90 global and domestic clients [6] Management Changes - Andrew Fan has been appointed as the Chief Financial Officer, effective November 25, 2024, bringing extensive experience in financial strategy [4][8] Business Outlook - The company expects to achieve full-year profitability on a non-GAAP basis for 2024, positioning itself as the first automotive lidar company to reach this milestone [5] - The anticipated growth is supported by strong demand in the ADAS market and ongoing global expansion efforts [3][20]