Why Lidar Solutions Provider Hesai Shares Are Surging Today

Hesai Group HSAI announced certain preliminary, unaudited results for the fourth quarter and full year 2023. 

Hesai expects fourth-quarter net revenues to surpass the high-end of the prior guidance of $73.3 million-$76.1 million (RMB535 million- RMB555 million). This forecast represents a significant increase from the $59.3 million (RMB 409 million) revenue achieved in 2022.

For the fiscal year ended December 31, 2023, the company expects net revenues to exceed $250 million (RMB1.8 billion).

The company anticipates substantial growth in its total lidar shipments for 2023, expecting to exceed its earlier target of 220,000 units. This forecast represents a notable increase from the 80,462 units shipped in 2022. 

Also Read: Lidar Tech Company Hesai Wins Contract To Provide Sensors For A Global OEM

HSAI is also on track to surpass its goal of shipping 200,000 ADAS lidar units within the same timeframe.

“We capped off a record-setting 2023 by delivering over 50,000 lidar units in December,” commented Yifan “David” Li, Hesai’s Co-Founder and CEO. 

“In the fourth quarter, we maintained strong momentum by securing numerous new design wins, introducing new product series, and enhancing our manufacturing capabilities to strengthen our leading position in the global lidar industry. As we embark on 2024, we are confident in our business, and have secured ADAS design wins with 15 leading OEMs and Tier-1 suppliers, covering over 50 vehicle models to date,” added David.

Hesai Group is expected to announce its financial results for the fourth quarter and the full year of 2023 in March 2024.

Price Action: HSAI shares are trading higher by 8.64% at $8.30 on the last check Thursday.