06:18 AM EDT, 05/21/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Hesai Group's ( HSAI ) shares slumped 11% in premarket activity Tuesday after the company reported a loss and declining sales for Q1.

The company 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.

Price: 4.68, Change: -0.58, Percent Change: -11.03