Robosense Technology (2498) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 surged 121% year-over-year to RMB727.1 million, driven by strong ADAS LiDAR sales and rapid volume growth.

• Gross margin improved to 13.6% from 3.9% in H1 2023, reflecting cost reductions and scale benefits.

• Net loss narrowed by 65.2% to RMB267.5 million, with adjusted net loss (non-IFRS) at RMB202.1 million, down 17%.

• LiDAR sales volume for ADAS applications rose 487.7% year-over-year to 234,500 units in H1 2024.

• Achieved 80 vehicle model design wins and SOP for 29 models with 12 OEMs as of June 30, 2024.

Financial highlights

• Revenue: RMB727.1 million (H1 2024), up from RMB329.0 million (H1 2023).

• Gross profit: RMB98.6 million, up 670% year-over-year.

• Net loss: RMB267.5 million, improved from RMB768.3 million.

• Adjusted net loss (non-IFRS): RMB202.1 million, down from RMB243.6 million.

• R&D expenses: RMB313.4 million, up 27.2% year-over-year.

• Cash and cash equivalents: RMB2,570.6 million as of June 30, 2024.

Outlook and guidance

• Expects further gross margin improvement and significant growth in robotics LiDAR deliveries in H2 2024.

• Plans continued investment in AI algorithms, chips, and hardware.

• Global expansion to accelerate, with new overseas OEM design wins and SOP for new projects in H1 2025.

• No material adverse changes or significant events affecting outlook since June 30, 2024.