Hesai Technology Announces 2023 Fourth Quarter and Full-Year Results, with Revenue and Delivery Volume Exceeding Expectations

Hesai Technology (NASDAQ: HSAI) recently released its financial report for the fourth quarter and full year of 2023. The data showed that its full-year revenue, delivery volume and comprehensive gross profit margin all exceeded market expectations. In 2023, Hesai Technology achieved revenue of 1.88 billion yuan, a year-on-year increase of 56.1%; revenue in the fourth quarter was 560 million yuan, a year-on-year increase of 37.1%. In addition, the delivery volume of LiDAR in 2023 was 222,116 units, a year-on-year increase of 176.1%. Among them, the delivery volume of LiDAR for advanced driver assistance systems (ADAS) was 194,910 units, accounting for 87.8% of the total delivery volume, indicating that the demand for LiDAR in the ADAS field is growing rapidly; the delivery volume of LiDAR in the fourth quarter was 87,736 units, a year-on-year increase of 84.6%. With the expansion of the company's scale and the improvement of operating efficiency, Hesai Technology has successfully achieved positive annual operating cash flow, becoming the only company in the LiDAR industry to achieve this result.