Hesai Group, a leading lidar sensor company for advanced driver assistance systems (ADAS), experienced a significant pre-market surge of 6.71% in its stock price on Wednesday.
The rally was fueled by the company's impressive third-quarter financial results and optimistic outlook for continued growth. Hesai Group reported a 21% year-over-year increase in revenue to $76.9 million, surpassing analysts' expectations. This strong performance was driven by a remarkable 182.9% jump in total lidar shipments to 134,208 units, with ADAS Lidar shipments soaring 220% to 129,913 units.
According to the company's CEO, David Li, Hesai Group's lidar technology is becoming increasingly essential for autonomous vehicles, likening it to "the eyes of the autonomous vehicle" and a "life-saving device." The company expects its growth trajectory to continue, projecting revenue of nearly $100 million and shipments of 200,000 units in the fourth quarter. Furthermore, Hesai Group anticipates achieving full-year profitability on a non-GAAP basis for 2024, positioning itself as the first automotive lidar company worldwide to reach this milestone.
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