Hesai Group Expects Q1 Net Revenues To Be $45.1M-$49.3M, Representing Y/Y Decrease Of 18.6%-25.6%; Projects Return To Revenue Growth In Q2 And Remainder Of 2024
Portfolio Pulse from Benzinga Newsdesk
Hesai Group forecasts Q1 net revenues between $45.1M-$49.3M, marking an 18.6%-25.6% year-over-year decrease, mainly due to a slowdown in the robotaxi business. The company anticipates a return to revenue growth in Q2 and throughout 2024.
March 11, 2024 | 9:19 pm
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Hesai Group expects a significant decrease in Q1 revenues due to a slowdown in the robotaxi business but projects a return to growth in the following quarters.
The projected decrease in Q1 revenues for Hesai Group is a direct result of challenges in the robotaxi sector, which is a significant part of their business. This negative outlook for the short term is likely to impact investor sentiment negatively. However, the company's anticipation of a return to revenue growth in Q2 and the rest of 2024 may mitigate some concerns over the longer term.
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