05:26 PM EDT, 05/20/2024 (MT Newswires) -- Hesai Group ( HSAI ) reported a Q1 non-GAAP net loss late Monday of 0.54 Chinese renminbi ($0.075) per share, swinging from earnings of 0.01 renminbi a year earlier.

A lone analyst polled by Capital IQ expected a loss of 0.55 renminbi.

Net revenue in the quarter ended March 31 was 359.1 million renminbi, down from 429.9 million renminbi a year earlier.

A single analyst surveyed by Capital IQ expected 337.2 million renminbi.

For Q2, the company said it anticipates net revenue of 440 million renminbi to 460 million renminbi. A lone analyst polled by Capital IQ expects 648.2 million renminbi.

Shares of the company fell 5.3% in after-hours activity.

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