Hesai Technology (HSAI, Financial) experienced a substantial intra-day stock surge, climbing over 16% to reach a peak of $7.99. This follows a significant gain of over 44% in the previous trading session.
The surge is attributed to the company's impressive third-quarter performance, where revenue reached 540 million yuan, marking a 21.1% year-over-year increase. This growth is primarily driven by a notable rise in lidar shipments, with a total of 134,208 units delivered during the quarter, representing a 182.9% increase compared to the same period last year.
In terms of profitability, Hesai Technology has made significant strides in reducing losses. Their non-GAAP net loss for the third quarter decreased by 56.8% year-over-year, indicating continued improvement in financial metrics.
Additionally, there has been speculation about a potential price reduction in Hesai's lidar products next year. A company representative clarified that the price of their ATX long-range lidar, designed for mass production in Advanced Driver Assistance Systems (ADAS), could drop to $200 if large-scale shipments are achieved. However, this price reduction would not apply to all of Hesai's products or business areas.
