【Exploring The Jungle Between My Wife’s Crotch】
Chinese lidar maker Hesai could Exploring The Jungle Between My Wife’s Crotchbe “close to profitability” in the last three months of this year, co-founder and chief executive Li Yifan told investors on Tuesday, when the company reported a narrower quarterly loss for the April-June period. Net loss for the Nasdaq-listed firm narrowed by 3% year-on-year to RMB 72.1 million ($9.9 million) in the second quarter of 2024, helped by cost-control measures and steady sales growth, while revenue was up 4.2% to nearly RMB 460 million. By comparison, US rival Luminar recorded a quarterly net loss of $130.6 million on revenue that was up 2% to $16.5 million over the same period.
Li also voiced optimism that his company could make a profit in the second half of this year on a non-GAAP (Generally Accepted Accounting Principles) basis, which usually excludes irregular or non-cash expenses. Hesai, a maker of lidar sensors for self-driving cars, was among a dozen Chinese companies blacklisted by the US Defense Department for allegedly working with China’s military early this year. However, the Pentagon has decided to remove the Shanghai-based and Nasdaq-listed firm from the blacklist due to a legal challenge, people familiar with the matter told the Financial Times. [Hesai results, Financial Times, TechNode reporting]
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