Beijing (ZXZC)- Hesai Technology, a prominent Chinese LiDAR manufacturer, recently released its unaudited financial report for Q1 2023, showcasing a record-breaking quarterly revenue of $62.6 million, marking a substantial year-over-year increase of 73.0%. 

Photo credit: Hesai Technology

Hesai also experienced exponential growth in its total LiDAR shipments, which came in at 34,834 units during this period, representing a staggering year-over-year soar of 402.9%. Notably, the company’s Q1 ADAS LiDAR shipments reached 28,195 units, which also surged from a year ago.

Furthermore, Hesai achieved a gross margin of 37.8% in Q1 2023, representing a quarter-over-quarter increase of 7.8%. This impressive financial performance resulted in positive Non-GAAP net income and operating cash flow for the company. Hesai's cash reserves reached a remarkable $457.2 million by the end of Q1.

The financial results highlight Hesai's dominance in the LiDAR market. In Q1 2023, the company's net revenue and total LiDAR shipments surpassed the combined performance of six publicly listed peers, including Luminar, Ouster, Innoviz, Aeva, Cepton, and AEye. Since its inception, Hesai has successfully delivered 135,000 LiDAR units, firmly establishing itself as a global leader in the industry.

Q1 2023 marked a significant milestone for Hesai, as the company achieved profitability with positive Non-GAAP net income and operating cash flow, distinguishing itself as the first profitable LiDAR company post-IPO.