On Tuesday, Chinese lidar sensor maker Hesai announced a non-GAAP profit of RMB 1.6 million ($200,000) for the first quarter, a significant turnaround from the RMB 110.2 million loss in the previous quarter. The company attributed this positive result to robust sales growth and enhanced cost control measures. Hesai’s Q1 revenue reached RMB 429.9 million, a 5% increase from the fourth quarter and a notable 73% surge year-on-year. Shipments experienced a remarkable fivefold rise, reaching 34,834 units in the first quarter, compared to a year ago. Although gross margins recovered to 37.8% from the 30% recorded in the fourth quarter, they remain substantially lower than the 50.9% achieved last year, mainly due to the company offering more lower-margin products to consumer cars. Additionally, the company also supplies higher-priced laser sensors to self-driving car firms such as Baidu and Pony.ai for their autonomous pilot fleets. [Hesai financial report]
Lidar maker Hesai turns Q1 profit on sales boom and rising margins
