On November 14th, NASDAQ listed company Hesai Technology released its unaudited financial data for the third quarter of 2023. Data shows that Hesai Technology achieved a revenue of 450 million yuan in the third quarter, a year-on-year increase of 33.5%, exceeding the upper limit of the company's revenue guidelines. In the first three quarters, the company achieved a revenue of 1.32 billion yuan, a year-on-year increase of 65.8%, with a strong growth momentum. The company continues to expand its business scale and further optimize its cost structure. In the third quarter, it raised its gross profit margin to 30.6%.
Meanwhile, Hesai Technology has achieved positive operating cash flow for three consecutive quarters, demonstrating healthy and sustainable development capabilities. As of the end of the third quarter, the company has abundant cash reserves, reaching 3.2 billion yuan.
In terms of product delivery, in the third quarter, the delivery volume of Hesai Technology's LiDAR was 47440 units, a year-on-year increase of 125.5%. Among them, the delivery volume of ADAS LiDAR was 40593 units, a year-on-year increase of 143.2%, continuing to maintain high-speed growth. During the reporting period, the company obtained mass production targets for new models of FAW Hongqi, Nezha Motors, and Zero Run Motors.
As of now, Hesai Technology has established mass production partnerships with 14 mainstream OEM and Tier-1 customers, and has obtained more than 50 laser radar mass production targets for vehicle models. In terms of international ADAS business, Hesai is also negotiating cooperation with six leading OEMs in North America and Europe, and has made phased progress.
In addition, the Maxwell R&D and Manufacturing Center of Hesai Technology was officially completed in early November. It is worth mentioning that the Hesai FT120, as the world's first pure solid-state laser radar to achieve mass production on vehicles, has started small-scale delivery to customers and is currently actively preparing for production at the Maxwell Intelligent Manufacturing Center.