Beijing (ZXZC)- Today, Chinese LiDAR maker Hesai Technology released its Q4 and full-year 2022 financial results, showing a net revenue of 409.2 million yuan ($63 million) for the fourth quarter of 2022, representing an increase of 56.6% year-on-year.

Photo credit: Hesai Technology

The company’s net loss stood at 135.3 million yuan ($21 million) in Q4 2022, which was widened from the 70 million ($10 million) for the same period in 2021. Excluding stock-based compensation expenses, the adjusted net loss (non-GAAP) came in at 110.2 million yuan ($16 million), compared to the loss of 39.3 million yuan ($5.7 million) in the year-ago period.

Notably, Hesai Technology’s gross profit margin was 30% in the last quarter of 2022, down from the 52.4% in Q4 2021, due to increased shipments of low-profit ADAS LiDAR products during the early business development phase, which lowered internal factory capacity utilization, the company explained.

For the full year of 2022, Hesai Technology’s net revenue reached 1.203 billion yuan ($186 million), shooting up 66.9% year on year. The company’s annual net loss came to 300.8 million yuan ($46 million) in the past year, compared to the 244.8 million yuan ($38 million) net loss in 2021. Excluding stock-based compensation expenses, the adjusted net loss (non-GAAP) for the year was 195.5 million yuan ($30 million), widened from 2021’s 190.5 million yuan ($29 million) worth of net loss. Hesai Technology’s gross profit margin for 2022 was 39.2%, lowered from the 53% for the prior-year period. 

In terms of deliveries, Hesai Technology delivered 47,515 units of LiDAR in the fourth quarter of 2022, indicating a year-on-year soar of 739.2%. Throughout 2022, the company’s total LiDAR shipment amounted to 80,462 units, zooming up 467.5% from a year ago.