Chinese lidar maker RoboSense sees wider annual loss, 111 per cent revenue growth amid higher adoption by carmakers

The company said its full-year revenue grew 111 per cent year on year to US$154.9 million on the back of robust demand from the auto and robot sectors

Founded in 2014, RoboSense competes with Huawei Technologies, Seyond and Hesai in China’s fast-growing lidar sensor market

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A self-driving robotaxi and self-driving bus on display at the China International New Energy and Intelligent Connected Vehicles Exhibition in Beijing in September 2023. Photo: EPA-EFE

Published: 10:26pm, 27 Mar 2024Updated: 12:12am, 28 Mar 2024

RoboSense Technology, China’s leading maker of lidar systems for autonomous cars, saw its losses widen last year despite posting 111 per cent revenue growth driven by higher adoption of its products by carmakers and suppliers, according to a company filing on Wednesday.

The Shenzhen-based company’s 2023 revenue grew 111 per cent year on year to 1.12 billion yuan (US$154.9 million) on the back of robust demand from the auto and robot sectors, the company said in an earnings call with analysts on Wednesday.

However, losses attributed to shareholders doubled to 4.3 billion yuan in the 12 months ended December 31, 2023.

The numbers are the first full-year results since RoboSense raised HK$985.12 million (US$126.14 million) in January last year, becoming Hong Kong’s first initial public offering (IPO) of that year. However, its shares fell on their debut.

“We expect strong growth momentum for 2024, as sectors such as robots and cars are accelerating their adoption of lidars,” Mark Qiu, Robosense’s newly-appointed CEO, said on the call.

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