(Yicai) March 11 -- Hesai Technology’s shares plunged after fourth-quarter revenue at the Chinese maker of light detection and ranging sensors fell short of expectations and despite the firm landing a major multi-year supply order.

Hesai [NASDAQ: HSAI] tumbled 8.2 percent to close at USD16.01 a share in New York yesterday.\

Revenue rose 28 percent to CNY719.8 million (USD98.6 million) in the three months ended Dec. 31 from a year earlier, according to the Shanghai-based firm's earnings report released late yesterday. That was below the average CNY723.6 million that analysts had forecast. Net profit was CNY147 million.

For the full year, Hesai’s net loss narrowed to CNY102.4 million in 2024 from CNY476 million the year before, while revenue climbed 10.7 percent to CNY2.1 billion (USD284.6 million).

Hesai became "the world's first lidar company to achieve full-year non-GAAP net profits," noted Chief Financial Officer Andrew Fan. Profit based on non-generally accepted accounting principles was CNY14 million (USD1.9 million) last year, compared with a non-GAAP net loss of CNY241 million in 2023, he added.

The company expects revenue of between CNY520 million and CNY540 million this quarter, with the figure likely to surge 44 percent to 69 percent to between CNY3 billion and CNY3.5 billion this year, Fan pointed out.

Annual GAAP profit is expected to reach between CNY200 million and CNY350 million, and non-GAAP profit between CNY350 million and CNY500 million, up 25 to 35 times, he noted.

Hesai shipped more than 500,000 lidars last year, with a record 100,000 deliveries in December, of which 20 percent were for use in robots, including consumer robots, robotaxis, and industrial automation.

The firm also said yesterday that it has secured the exclusive rights to provide advanced ultra-long-range vehicle lidars for the next-generation global platform of a top European original equipment manufacturer, including internal combustion engine and electric vehicle models.

"This long-term partnership is a resounding endorsement of our unrivaled performance and quality," said Li Yifan, co-founder and chief executive. "This design win illustrates the importance of lidar technology for the future of advanced intelligent driving systems, helping to enhance safety, prevent accidents, and save lives."

"As of February, Hesai has earned 120 design wins across 22 automotive OEMs," including BYD, Great Wall Motor, Changan Automobile, Chery Automobile, and Dongfeng Motor's premium EV brand Voyah, the company said. 

Editor: Martin Kadiev