• Hesai Group Reports Second Quarter 2024 Unaudited Financial Results

    Source: Nasdaq GlobeNewswire / 19 Aug 2024 16:00:54   America/Chicago

    Quarterly net revenues were RMB458.9 million (US$63.1 million)1
    Quarterly lidar shipments were 86,526 units

    SHANGHAI, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Hesai Group (“Hesai” or the “Company”), (NASDAQ: HSAI), the global leader in three-dimensional light detection and ranging (lidar) solutions, today announced its unaudited financial results for the three months ended June 30, 2024.

    Operational Highlights

     Three months
    ended
    June 30, 2024    		 Six months
    ended
    June 30, 2024
    ADAS lidar shipments 80,773 133,235
    Autonomous Mobility lidar shipments 5,753 12,392
    Total lidar shipments86,526 145,627
        
    • Q2 2024 ADAS lidar shipments were 80,773 units, representing an increase of 76.8% from 45,694 units in the corresponding period of 2023.
    • Q2 2024 Total lidar shipments were 86,526 units, representing an increase of 66.1% from 52,106 units in the corresponding period of 2023.
    • ADAS lidar shipments in the first six months of 2024 were 133,235 units, representing an increase of 80.3% from 73,889 units in the corresponding period of 2023.
    • Total lidar shipments in the first six months of 2024 were 145,627 units, representing an increase of 67.5% from 86,940 units in the corresponding period of 2023.

    ________________________
    1All translations from RMB to USD for the second quarter of 2024 were made at the exchange rate of RMB7.2672 to US$1.00, the exchange rate on June 28, 2024, set forth in the H.10 statistical release of the Federal Reserve Board.


    Management Remarks

    Yifan “David” Li, Hesai’s Co-Founder and CEO, commented, “We are delighted to deliver a solid second quarter performance, highlighted by quarterly revenues of RMB458.9 million (US$63.1 million), reaching the high end of our guidance. Total lidar shipments rose 66.1% year-over-year to 86,526 units and blended gross margin remained robust at 45.1%, driven by effective cost management, our flywheel approach to cost and scale optimization, and additional service revenue contributions during the quarter. We are not aware of any other player in the global lidar industry that matches our financial strength while operating on such a massive delivery scale. Our quarterly net loss narrowed significantly by 32.6% quarter-over-quarter to RMB72.1 million (US$9.9 million).

    “We are thrilled to announce that Hesai has been recognized as the No. 1 automotive lidar company by market share for the third consecutive year by Yole Intelligence. This prestigious recognition fuels our ambition to achieve even greater success in our AM and ADAS businesses. As a global lidar leader, we are playing a pivotal role in the explosive growth and large-scale commercialization of China’s robotaxi market, evidenced by our selection as the exclusive long-range lidar supplier by all Top 5 robotaxi companies in China, including Baidu’s Apollo Go. Furthermore, our strategic approach of offering both ‘ultimate performance’ and ‘ultimate value-to-cost’ products is generating a robust ADAS order pipeline for 2025 and 2026, with millions of units expected to be shipped domestically and overseas based on customer demand forecasts. Notably, our landmark worldwide shipping programs with a leading automotive OEM are progressing to the delivery of B-samples, placing us well ahead of the competition globally,” added Dr. Li. “Our confidence in our future growth potential has never been higher, driven by strong momentum in the robotaxi and ADAS markets, regulatory developments and consumers’ increasing prioritization of safety. The lidar market in China has reached an exciting inflection point much earlier than expected, with a 22% adoption rate among EVs priced above RMB150,000 as of June. With our versatile product offerings and best-in-class manufacturing scalability, we are perfectly positioned to seize both domestic and international growth opportunities during this dynamic market capture phase.

    “Last but not least, we published our inaugural ESG Report this quarter, outlining our ongoing sustainable development efforts and accomplishments in ESG across our business operations. Looking forward, we remain committed to driving innovation and will continue to align our business goals with ESG best practices, creating long-term value for our stakeholders and our society,” Dr. Li concluded.

    • Business Updates:
      • Global:
        • Secured design wins with four prominent global OEMs, including three leading global OEMs’ joint ventures in China (two North American and one European automotive companies). In addition, the Company was selected by a leading global automotive OEM for its worldwide shipping programs, which are progressing toward the delivery of B-samples.
        • Awarded new POC programs with two leading global OEMs from Europe, including a prestigious sports car brand, to test Hesai’s next-generation high-performance long-range and short-range lidars.
      • Domestic:
        • Selected as the exclusive long-range lidar supplier by all of the Top 5 robotaxi companies in China for their autonomous vehicles, including Baidu’s Apollo Go.
        • Secured a series of new design wins for models set to launch starting in 2025 including a flagship model from a top-selling EV maker new to the Company’s client roster, as well as multiple new models and facelifts from existing customers who are among the largest EV shippers in China.
        • Among these new design wins, a leading EV maker in China has already signed agreements with the Company to exclusively adopt Hesai’s next-generation L3 ultra-high-performance lidar for all of their new models scheduled for release in 2025.
      • Hesai has secured ADAS design wins with 19 OEMs globally across over 70 vehicle models.

    • ESG: Hesai released its inaugural Environmental, Social and Governance (ESG) Report detailing the Company’s 2023 ESG strategy and achievements, as well as its progress toward its longstanding ESG goals for sustainable development. To view the full 2023 ESG Report, please visit the ESG section of Hesai’s Investor Relations website.

    Financial Highlights for the Second Quarter of 2024
    (in RMB millions, except for per ordinary share data and percentage)

     Q2 2024 Q2 2023 % Change 
        
    Net revenues458.9 440.3 4.2% 
    Gross margin45.1% 29.8%  
    Loss from operations(95.8) (113.5) -15.6% 
    Non-GAAP2 loss from operations(67.3) (79.8) -15.7% 
    Net loss(72.1) (74.4) -3.1% 
    Non-GAAP net loss(43.6) (40.6) 7.4% 
    Net loss attributable to ordinary shareholders of the Company(72.1) (74.4) -3.1% 
    Net loss per ordinary share-basic and diluted(0.56) (0.59) -5.1% 
    Non-GAAP net loss per ordinary share – basic and diluted(0.34) (0.32) 6.3% 

    ________________________
    2 See “Use of Non-GAAP Financial Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” included in this release for further details.

    • Net revenues were RMB458.9 million (US$63.1 million) for the second quarter of 2024, representing an increase of 4.2% from RMB440.3 million for the same period of 2023. Product revenues were RMB408.7 million (US$56.2 million) for the second quarter of 2024, representing an increase of 5.7% from RMB386.8 million for the same period of 2023. The year-over-year increase was mainly attributable to increased revenues from sales of ADAS lidar products due to robust demand in China, partially offset by decreased revenues from the autonomous driving business. Service revenues were RMB50.2 million (US$6.9 million) for the second quarter of 2024, representing a decrease of 6.2% from RMB53.5 million for the same period of 2023.
    • Cost of revenues was RMB252.0 million (US$34.7 million) for the second quarter of 2024, representing a decrease of 18.5% from RMB309.2 million for the same period of 2023. The year-over-year decrease was due to effective cost and scale optimization.
    • Gross margin was 45.1% for the second quarter of 2024, compared with 29.8% for the same period of 2023.
    • Sales and marketing expenses were RMB55.7 million (US$7.7 million) for the second quarter of 2024, representing an increase of 107.1% from RMB26.9 million for the same period of 2023. The year-over-year increase was primarily due to increased payroll expenses and share-based expenses of RMB18.0 million (US$2.5 million) attributable to an expanded sales and marketing team, and increased marketing expenses of RMB2.7 million (US$0.4 million).
    • General and administrative expenses were RMB66.1 million (US$9.1 million) for the second quarter of 2024, representing an increase of 16.6% from RMB56.7 million for the same period of 2023. The year-over-year increase was mainly driven by an increase in professional service expenses of RMB10.7 million (US$1.5 million).
    • Research and development expenses were RMB198.6 million (US$27.3 million) for the second quarter of 2024, representing an increase of 23.4% from RMB161.0 million for the same period of 2023. The year-over-year increase was mainly due to increased payroll expenses of RMB11.1 million (US$1.5 million) attributable to increased headcount for research and development, and increased depreciation expenses amounting to RMB13.0 million (US$1.8 million).
    • Loss from operations was RMB95.8 million (US$13.2 million) for the second quarter of 2024, representing a decrease of 15.6% from RMB113.5 million for the same period of 2023. Excluding share-based compensation expenses, non-GAAP loss from operations was RMB67.3 million (US$9.3 million) for the second quarter of 2024, compared with RMB79.8 million for the same period of 2023.
    • Net loss was RMB72.1 million (US$9.9 million) for the second quarter of 2024, compared with RMB74.4 million for the same period of 2023. Excluding share-based compensation expenses, non-GAAP net loss was RMB43.6 million (US$6.0 million) for the second quarter of 2024, compared with RMB40.6 million for the same period of 2023.
    • Net loss attributable to ordinary shareholders of the Company was RMB72.1 million (US$9.9 million) for the second quarter of 2024, compared with RMB74.4 million for the same period of 2023. Excluding share-based compensation expenses, non-GAAP net loss attributable to ordinary shareholders of the Company was RMB43.6 million (US$6.0 million) for the second quarter of 2024, compared with RMB40.6 million for the same period of 2023.
    • Basic and diluted net loss per ordinary share were both RMB0.56 (US$0.08) for the second quarter of 2024. Excluding share-based compensation expenses, non-GAAP basic and diluted net loss per ordinary share were both RMB0.34 (US$0.05) for the second quarter of 2024.
    • Cash and cash equivalents, restricted cash and short-term investments were RMB2,752.9 million (US$378.8 million) as of June 30, 2024, compared with RMB2,829.9 million as of March 31, 2024.

    Business Outlook

    For the third quarter of 2024, the Company expects net revenues to be between RMB450 million (US$61.9 million) and RMB500 million (US$68.8 million), representing a year-over-year increase of approximately 1.0% to 12.2%.

    The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

    Conference Call

    The Company’s management will host an earnings conference call at 9:00 PM U.S. Eastern Time on August 19, 2024 (9:00 AM Beijing/Hong Kong Time on August 20, 2024).

    For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.

    Event Title:Hesai Group Second Quarter 2024 Earnings Conference Call
    Pre-registration Link:https://s1.c-conf.com/diamondpass/10041047-ckjx89.html
      

    Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://investor.hesaitech.com.

    A replay of the conference call will be accessible approximately an hour after the conclusion of the call until August 27, 2024, by dialing the following telephone numbers:

    United States:+1-855-883-1031
    International:+61-7-3107-6325
    Hong Kong, China:800-930-639
    China Mainland:400-120-9216
    Replay PIN:10041047
      

    About Hesai

    Hesai is the global leader in three-dimensional light detection and ranging (lidar) solutions. The Company’s lidar products enable a broad spectrum of applications across passenger and commercial vehicles with advanced driver assistance systems (ADAS) and autonomous vehicle fleets (autonomous mobility). Hesai's technology also empowers robotics applications such as last-mile delivery robots and logistics robots in restricted areas. The Company’s commercially validated solutions are backed by superior R&D capabilities across optics, mechanics, and electronics. Hesai integrates lidar designs with an in-house manufacturing process, facilitating rapid product development while ensuring high performance, consistent quality and affordability. Hesai has established strong relationships with leading automotive OEMs, autonomous vehicle, and robotics companies worldwide, covering over 40 countries as of December 31, 2023.

    Use of Non-GAAP Financial Measures

    To supplement Hesai's consolidated financial results presented in accordance with GAAP, Hesai uses the following measures defined as non-GAAP financial measures by the SEC: loss from operation excluding share-based compensation expenses, net loss excluding share-based compensation expenses, net loss attributable to ordinary shareholders excluding share-based compensation, and per ordinary share net loss attributable to ordinary shareholders excluding share-based compensation. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.

    Hesai believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. Hesai believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to Hesai's historical performance and liquidity. Hesai believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that they exclude share-based compensation expenses that have been and will continue to be for the foreseeable future a significant recurring expense in our business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP financial measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

    Exchange Rate Information

    This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2672 to US$1.00, the exchange rate on June 28, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; the trends in, expected growth and the market size of the ADAS, autonomous mobility and robotics industries; the market for and adoption of lidar and related technology; the Company’s ability to produce high-quality products with wide market acceptance; the success of the Company’s customers in developing and commercializing products using its solutions, and the market acceptance of those products; the Company’s ability to introduce new products that meet its customers’ requirement; the Company’s expectations regarding the effectiveness of its marketing initiatives and the relationship with its third-party partners; competition in the Company’s industry; the Company’s ability to recruit and retain qualified personnel; relevant government policies and regulations relating to the Company’s industry; the Company’s ability to protect its systems and infrastructures from cyber-attacks; general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

    For investor and media inquiries, please contact:

    In China:
    Hesai Group
    Yuanting “YT” Shi, Investor Relations Director
    Email: ir@hesaitech.com

    Piacente Financial Communications
    Jenny Cai
    Tel: +86 (10) 6508-0677
    Email: hesai@tpg-ir.com

    In the United States:
    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    Email: hesai@tpg-ir.com

    Source: Hesai Group


      
    HESAI GROUP

    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in thousands, except share and per share data and otherwise noted)    		 
      
      As of
    		 
      December 31,
    2023    		 June 30,
    2024
    		 
      RMB RMB US$ 
         
    ASSETS    
    Current assets:    
    Cash and cash equivalents  1,554,583 2,240,631 308,321 
    Restricted cash 3,541 3,563 490 
    Short-term investments 1,586,005 508,713 70,001 
    Notes receivables - 4,250 585 
    Accounts receivable, net 524,818 699,876 96,306 
    Contract assets  19,688 19,688 2,709 
    Amounts due from related parties  5,015 5,027 692 
    Inventories  495,877 671,016 92,335 
    Prepayments and other current assets  208,082 239,482 32,954 
    Total current assets  4,397,609 4,392,246 604,393 
    Non-current assets:    
    Property and equipment, net 871,611 898,146 123,589 
    Long-term investments  31,811 31,792 4,375 
    Intangible assets, net  78,730 75,543 10,395 
    Land-use rights, net  40,743 40,311 5,547 
    Right-of-use assets  151,871 126,217 17,368 
    Other non-current assets  90,168 95,500 13,141 
    Total non-current assets  1,264,934 1,267,509 174,415 
    TOTAL ASSETS  5,662,543 5,659,755 778,808 
    LIABILITIES AND SHAREHOLDERS’ EQUITY    
    Current liabilities:    
    Short-term borrowings  111,682 168,263 23,154 
    Notes payable  7,255 28,179 3,878 
    Accounts payable  269,439 360,860 49,656 
    Contract liabilities  79,925 44,434 6,114 
    Amounts due to related parties 340,051 341,778 47,030 
    Accrued warranty liability 28,425 33,527 4,613 
    Accrued expenses and other current liabilities  498,324 411,763 56,660 
    Total current liabilities  1,335,101 1,388,804 191,105 
    Non-current liabilities    
    Operating lease liabilities  119,413 109,586 15,080 
    Long-term borrowings  285,898 334,293 46,000 
    Other non-current liabilities  59,813 54,374 7,482 
    Total non-current liabilities  465,124 498,253 68,562 
    TOTAL LIABILITIES  1,800,225 1,887,057 259,667 
    Shareholders’ Equity    
    Class A Ordinary shares 19 19 3 
    Class B Ordinary shares 67 69 9 
    Additional paid-in capital  7,423,862 7,507,203 1,033,026 
    Subscription receivables  (292,721)(292,721)(40,280)
    Accumulated other comprehensive income (loss)  38,440 44,461 6,118 
    Accumulated deficit  (3,307,349)(3,486,333)(479,735)
    TOTAL SHAREHOLDERS’ EQUITY 3,862,318 3,772,698 519,141 
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  5,662,543 5,659,755 778,808 


     
    HESAI GROUP

    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
    (All amounts in thousands, except share and per share data and otherwise noted)
     
      Three months ended June 30,
    		 
      2023 2024
    		 
      RMB RMB US$ 
         
    Net revenues  440,313 458,862 63,142 
    Cost of revenues (309,161)(252,036)(34,682)
    Gross profit  131,152 206,826 28,460 
    Operating expenses:    
    Sales and marketing expenses (26,926)(55,745)(7,671)
    General and administrative expenses (56,695)(66,146)(9,102)
    Research and development expenses  (161,001)(198,609)(27,329)
    Other operating income, net  (38)17,898 2,463 
    Total operating expenses  (244,660)(302,602)(41,639)
    Loss from operations  (113,508)(95,776)(13,179)
    Interest income  23,991 23,597 3,247 
    Interest expenses (609)(3,334)(459)
    Foreign exchange income, net 15,512 3,545 488 
    Other loss, net  225 283 39 
    Net loss before income tax and share of loss in equity method investments  (74,389)(71,685)(9,864)
    Income tax benefit/(expense)  18 (367)(51)
    Share of loss in equity method investment  (12)(7)(1)
    Net loss  (74,383)(72,059)(9,916)
    Net loss attributable to ordinary shareholders of the Company (74,383)(72,059)(9,916)
    Net loss per share:    
    Basic and diluted  (0.59)(0.56)(0.08)
    Weighted average ordinary shares used in calculating net loss per share:    
    Basic and diluted 125,659,711 129,079,779 129,079,779 
    Net loss  (74,383)(72,059)(9,916)
    Other comprehensive loss:    
    Foreign currency translation adjustments  55,489 2,933 404 
    Comprehensive loss  (18,894)(69,126)(9,512)


     
    HESAI GROUP

    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
    (All amounts in thousands, except share and per share data and otherwise noted)
     
      Six months ended June 30,
    		 
      2023 2024
    		 
      RMB RMB US$ 
         
    Net revenues  870,243 817,982 112,558 
    Cost of revenues (576,465)(471,934)(64,940)
    Gross profit  293,778 346,048 47,618 
    Operating expenses:    
    Sales and marketing expenses (62,289)(97,709)(13,445)
    General and administrative expenses (106,239)(134,913)(18,565)
    Research and development expenses (369,497)(393,011)(54,080)
    Other operating income, net 2,733 45,354 6,241 
    Total operating expenses  (535,292)(580,279)(79,849)
    Loss from operations  (241,514)(234,231)(32,231)
    Interest income 39,664 56,392 7,760 
    Interest expenses (609)(5,620)(773)
    Foreign exchange income, net 9,097 5,038 693 
    Other loss, net 58 71 10 
    Net loss before income tax and share of loss in equity method investments  (193,304)(178,350)(24,541)
    Income tax benefit/(expense) 35 (615)(85)
    Share of loss in equity method investment (23)(19)(3)
    Net loss  (193,292)(178,984)(24,629)
    Net loss attributable to ordinary shareholders of the Company (193,292)(178,984)(24,629)
    Net loss per share:    
    Basic and diluted (1.57)(1.40)(0.19)
    Weighted average ordinary shares used in calculating net loss per share:    
    Basic and diluted 123,442,302 128,208,174 128,208,174 
    Net loss  (193,292)(178,984)(24,629)
    Other comprehensive loss:    
    Foreign currency translation adjustments 68,437 6,021 829 
    Comprehensive loss  (124,855)(172,963)(23,800)


     
    HESAI GROUP

    UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
    (All amounts in thousands, except share and per share data and otherwise noted)
     
     For the three months ended June 30,
    		 
     2023 2024 
     RMBRMBUS$
        
    Loss from operations(113,508)(95,776)(13,179)
    Add: Share-based compensation expenses33,756 28,505 3,922 
    Non-GAAP loss from operations (79,752)(67,271)(9,257)
        
    Net loss(74,383)(72,059)(9,916)
    Add: Share-based compensation expenses33,756 28,505 3,922 
    Non-GAAP net loss(40,627)(43,554)(5,994)
        
    Net loss attributable to ordinary shareholders of the Company(74,383)(72,059)(9,916)
    Add: Share-based compensation expenses33,756 28,505 3,922 
    Non-GAAP net loss attributable to ordinary shareholders of the Company (40,627)(43,554)(5,994)
        
    Loss per share: Basic and diluted(0.59)(0.56)(0.08)
    Add: Share-based compensation expenses per ordinary share0.27 0.22 0.03 
    Non-GAAP net loss per ordinary share – basic and diluted(0.32)(0.34)(0.05)


     
    HESAI GROUP

    UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
    (All amounts in thousands, except share and per share data and otherwise noted)
     
     For the six months ended June 30,
    		 
     2023 2024
    		 
     RMB RMB US$ 
        
    Loss from operations(241,514)(234,231)(32,231)
    Add: Share-based compensation expenses154,237 66,305 9,124 
    Non-GAAP loss from operations (87,277)(167,926)(23,107)
        
    Net loss(193,292)(178,984)(24,629)
    Add: Share-based compensation expenses154,237 66,305 9,124 
    Non-GAAP net loss(39,055)(112,679)(15,505)
        
    Net loss attributable to ordinary shareholders of the Company(193,292)(178,984)(24,629)
    Add: Share-based compensation expenses154,237 66,305 9,124 
    Non-GAAP net loss attributable to ordinary shareholders of the Company (39,055)(112,679)(15,505)
        
    Loss per share: Basic and diluted(1.57)(1.40)(0.19)
    Add: Share-based compensation expenses per ordinary share1.25 0.52 0.07 
    Non-GAAP net loss per ordinary share – basic and diluted (0.32)(0.88)(0.12)

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