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Former Tulane quarterback Darian Mensah has already found a new program in Duke, while Mississippi State's Michael Van Buren Jr., Wisconsin's Braedyn Locke and Cal's Fernando Mendoza are exploring changes of their own in the transfer portal. Mensah, a redshirt freshman with three years of eligibility remaining, told ESPN on Wednesday he has transferred to Duke. He attended the Blue Devils men's basketball game against Incarnate Word on Tuesday night. The Blue Devils (9-3) will face Mississippi in the Gator Bowl, but without 2024 starting quarterback Maalik Murphy and backup Grayson Loftis, who also entered the portal. Mensah, viewed as one of the top players in the portal, threw for 2,723 yards and 22 touchdowns and completed 65.9% of his passes. He led the Green Wave to a 9-4 record and the American Athletic Conference championship game, where they lost 35-14 to Army. Tulane will play Florida in the Gasparilla Bowl on Sunday. Van Buren, Mendoza and Locke announced on social media they had entered the portal. Van Buren started eight games as a true freshmen for the Bulldogs. He threw for 1,886 yards on 55% passing with 16 total touchdowns and seven interceptions for the Bulldogs (2-10, 0-8 Southeastern Conference). He took over as the starter when Blake Shapen suffered a season-ending shoulder injury in a 45-28 loss to Florida on Sept. 21. Shapen has said he plans to return next season. Van Buren, a 6-foot-1, 200-pound passer from St. Frances Academy in Maryland, had two 300-yard performances for the Bulldogs, including 306 yards and three touchdown passes in a 41-31 road loss against Georgia. Mendoza threw for 3,004 yards in 2024 with 16 TDs, six interceptions and a 68.7 completion percentage. "For the sake of my football future this is the decision I have reached," he posted. Locke passed for 1,936 yards with 13 touchdowns and 10 interceptions for Wisconsin this season. He said he will have two years of eligibility remaining at his next school. ANN ARBOR, Mich. — Michigan cornerback Will Johnson has joined defensive tackle Mason Graham in the NFL draft. Johnson declared for the draft on Wednesday, one day after Graham decided he would also skip his senior season with the Wolverines. Both preseason All-America players are expected to be first-round picks. Johnson was limited to six games this year due to an injury. He had two interceptions, returning them both for touchdowns to set a school record with three scores off interceptions. Johnson picked off nine passes in three seasons. Graham played in all 12 games this season, finishing with 3 1/2 sacks and seven tackles for losses. He had 18 tackles for losses, including nine sacks, in his three-year career. Tennessee running back Dylan Sampson is The Associated Press offensive player of the year in the Southeastern Conference and South Carolina defensive lineman Kyle Kennard is the top defensive player. Vanderbilt quarterback Diego Pavia was voted the top newcomer on Wednesday while the Gamecocks' Shane Beamer is coach of the year in voting by the panel of 17 media members who cover the league. Sampson led the SEC and set school records by rushing for 1,485 yards and 22 touchdowns. He is tied for third nationally in rushing touchdowns, recording the league's fifth-most in a season. Sampson was chosen on all but two ballots. Mississippi wide receiver Tre Harris and his quarterback, Jaxson Dart, each got a vote. Kennard led the SEC with 11-1/2 sacks and 15-1/2 tackles for loss. He also had 10 quarterback hurries and forced three fumbles. Beamer led the Gamecocks to just their fifth nine-win season, including a school-record four wins over Top 25 opponents. They've won their last six games and ended the regular season with a win over eventual ACC champion Clemson. South Carolina plays Illinois on Dec. 31 in the Citrus Bowl. Pavia helped lead Vandy to its first bowl game since 2018 after transferring from New Mexico State. He passed for 2,133 yards and 17 touchdowns with four interceptions. He ran for another 716 yards and six touchdowns, directing an upset of Alabama. AMES, Iowa — Matt Campbell, who led Iowa State to its first 10-win season and became the program's all-time leader in coaching victories, has agreed to an eight-year contract that would keep him with the Cyclones through 2032. University president Wendy Wintersteen and athletic director Jamie Pollard made the announcement Wednesday, four days after the Cyclones lost to Arizona State in the Big 12 championship game. “Given all the uncertainty currently facing college athletics, it was critical that we moved quickly to solidify the future of our football program,” Pollard said. “Matt is the perfect fit for Iowa State University and I am thrilled he wants to continue to lead our program. Leadership continuity is essential to any organization’s long-term success." The Cyclones won their first seven games for their best start since 1938 and are 10-3 heading into their game against Miami in the Pop Tarts Bowl in Orlando, Florida, on Dec. 28. BRIEFLY FLAG PLANT: Ohio Republican state Rep. Josh Williams said Wednesday on social media he's introducing a bill to make flag planting in sports a felony in the state. His proposal comes after the Nov. 30 fight at the Michigan-Ohio State rivalry football game when the Wolverines beat the Buckeyes 13-10 and then attempted to plant their flag at midfield. MALZAHN: Gus Malzahn, who resigned as UCF’s coach last month to become Mike Norvell’s offensive coordinator at Florida State, said he chose to return to his coaching roots rather than remain a head coach distracted by a myriad of responsibilities.
UFC Adds Exciting Lightweight Fight To March 1 CardCybersecurity incidents tracked by CERT-In quadrupled in last 4 yearsMarine Fuel Problems Persist Five Years On From IMO 2020 Sulphur Cap RulesKings look to keep win streak going in visit to Devils
REDWOOD CITY, Calif., Dec. 06, 2024 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, today announced the approval of equity grants to five new employees as approved by the Compensation Committee of Codexis’ Board of Directors. The newly hired employees received equity awards consisting of an aggregate of (i) options to purchase 168,400 shares of Codexis common stock and (ii) 39,750 restricted stock units (RSUs) as inducement awards under the company’s 2024 Inducement Plan. The stock options have an exercise price equal to the closing price per share of Codexis’ common stock as reported by Nasdaq on the grant date, and vest over four years, with 25 percent of the shares vesting on the first anniversary of the vesting commencement date, and the remainder vesting ratably at the end of each subsequent month thereafter, subject to each employee’s continued service with Codexis through the applicable vesting dates. The RSUs will vest in equal annual installments on each anniversary of the grant date, until the third anniversary of such date, subject to each employee’s continued service with Codexis through the applicable vesting dates. Codexis is providing this information in accordance with Nasdaq Listing Rule 5635(c)4. About Codexis Codexis is a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing that leverages its proprietary CodeEvolver ® technology platform to discover, develop and enhance novel, high-performance enzymes and other classes of proteins. Codexis enzymes solve for real-world challenges associated with small molecule pharmaceuticals manufacturing and nucleic acid synthesis. The Company is currently developing its proprietary ECO SynthesisTM manufacturing platform to enable the scaled manufacture of RNAi therapeutics through an enzymatic route. Codexis’ unique enzymes can drive improvements such as higher yields, reduced energy usage and waste generation, improved efficiency in manufacturing and greater sensitivity in genomic and diagnostic applications. For more information, visit https://www.codexis.com . For More Information Investor Contact Carrie McKim (336) 608-9706 ir@codexis.com Media Contact Lauren Musto (650) 421-8205 media@codexis.comHow the stock market defied expectations again this yearNone
Packers getting healthier as season winds downMemphis fights off No. 2 UConn in OT in Maui Invitational thrillerGREEN BAY, Wis. (AP) — While other teams around the NFL are seeing their injury lists grow as the season winds down, the Green Bay Packers appear to be getting healthy at just the right time. Not only is quarterback Jordan Love looking like himself after dealing with early-season left knee and groin injuries, but the rest of the roster is getting better, too. “I think every team that can realize their potential needs to be as healthy as they can be. And injuries are a part of this business,” coach Matt LaFleur said. “It is what it is in terms of the next man up, but obviously, you want the guys that are your starters to be available — especially as you get closer to the end of the year.” Love certainly has been rolling of late, completing 67.1% of his passes for 904 yards with six touchdowns and one interception (118.8 passer rating) over the past four games, owing some of his hot streak to simply being healthy again. “The name of the game is trying to stay as healthy as possible, especially late into the season,” Love said. “There’s definitely injuries that stack up and guys being out. To have everybody relatively healthy and to be able to have our top guys out there would be huge for us." The Packers (9-4) head into their Sunday night matchup with the Seahawks (8-5) in Seattle with only one player having been unable to take part in Wednesday’s practice at all: safety Javon Bullard. LaFleur said Bullard is week-to-week with an ankle injury he suffered in the team’s Dec. 5 loss at Detroit . The Packers got full participation from Jaire Alexander, who has missed four of the team’s last five games with a knee injury suffered at Jacksonville on Oct. 27, and wide receiver Romeo Doubs, who has missed the last two games with a concussion he suffered against San Francisco on Nov. 24. Although Alexander had practiced on a limited basis in recent weeks, he has missed the last three games and pulled himself out of the team’s Nov. 17 win at Chicago because of his knee. Getting Alexander back to face Seahawks receivers DK Metcalf, Tyler Lockett and Jaxon Smith-Njigba would give a major lift to the Packers’ pass defense, currently ranked 21st with 222.2 yards per game allowed. “When I was watching him, he looked like he was moving around well, and we’ll just see how it transpires throughout the course of the week,” LaFleur said. “Hopefully, he’ll be ready to roll.” LaFleur said Doubs and rookie safety Evan Williams, who left the Packers’ 34-31 loss to the Lions because of a concussion, are still in the concussion protocol. But Williams was able to practice on a limited basis. Meanwhile, tight end Luke Musgrave, who hasn’t played a snap since injuring his left ankle during a a Sept. 29 loss to the Minnesota Vikings, has been designated for return from injured reserve. Musgrave took part in practice for the first time since undergoing surgery in early October to repair a torn ligament in the ankle. He said he only did individual drill work Wednesday, making it unlikely he would be activated this week. “Just going to ease back into it, but I feel good,” Musgrave said. “Still getting the cutting back, but overall, it feels good.” AP NFL: https://apnews.com/hub/nfl
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Quarterly net revenues were RMB539.4 million (US$76.9 million) 1 Quarterly lidar shipments were 134,208 units SHANGHAI, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Hesai Group ("Hesai" or the "Company"), HSAI , the global leader in three-dimensional light detection and ranging (lidar) solutions, today announced its unaudited financial results for the three months ended September 30, 2024. Operational Highlights Three months ended September 30, 2024 Nine months ended September 30, 2024 ADAS lidar shipments 129,913 263,148 Autonomous Mobility lidar shipments 4,295 16,687 Total lidar shipments 134,208 279,835 Q3 2024 ADAS lidar shipments were 129,913 units, representing an increase of 220.0% from 40,593 units in the corresponding period of 2023. Q3 2024 Total lidar shipments were 134,208 units, representing an increase of 182.9% from 47,440 units in the corresponding period of 2023. ADAS lidar shipments in the first nine months of 2024 were 263,148 units, representing an increase of 129.9% from 114,482 units in the corresponding period of 2023. Total lidar shipments in the first nine months of 2024 were 279,835 units, representing an increase of 108.2% from 134,380 units in the corresponding period of 2023. Management Remarks "We are thrilled to share that our business continues to thrive and advance on a strong growth path," said Yifan "David" Li, Hesai's Co-Founder and CEO. "This quarter, we have made significant strides in the ADAS market, securing new design wins, partnerships, and development programs with key players, including a Top 3 OEM in Japan, SAIC Volkswagen, Leapmotor, and a premium EV brand backed by a leading Chinese automotive group. We also have reached a key milestone in our global expansion by successfully delivering B-sample units for our worldwide shipping programs with a leading global automotive OEM. OEMs at home and abroad have widely recognized lidar's essential safety features as a critical component in their holistic safety systems, similar to an ‘active' seat belt or airbag. Furthermore, lidar's versatility, with applications in emerging areas such as industrial robotics, smart factories and logistics, continues to garner attention. Our latest flagship product, OT128, a 360° mechanical, automotive-grade long-range lidar, is designed for scalable deployment in robotaxi and industrial applications. We are actively exploring new use cases and engaging with customers across both ADAS and AM sectors, leveraging our full lineup of versatile lidars. "I am also delighted to announce that Andrew Fan has joined us as our Chief Financial Officer. Andrew brings a wealth of experience in financial strategy and corporate finance, as well as an impressive track record of driving growth and operational efficiency in dynamic industries. His insights and leadership will be invaluable as we navigate the evolving landscape and continue to strengthen our position in the global lidar industry," Dr. Li continued. "Andrew's strategic vision aligns seamlessly with our goals, and I believe his commitment to innovation and financial rigor will help us unlock new levels of success. I am confident that with his expertise and dedication, we are well-positioned for another exciting chapter of growth and accomplishment." Mr. Andrew Fan, Hesai's CFO, added, "Our strong third quarter financial performance was highlighted by robust operational execution across all key metrics. Quarterly shipment volume reached 134,208 units, marking our second consecutive quarter of nearly 50% sequential growth and propelling net revenues to RMB539.4 million (US$76.9 million), surpassing the upper range of our guidance. We maintained a robust blended gross margin of 47.7%, driven by effective cost management and our flywheel approach to cost and scale optimization. The margin was further bolstered by NRE revenues from our L4 lidar, which is being prepared for potential large-scale deployment by a leading global robotaxi player in the coming years. Our strong commitment to operational efficiency and financial discipline has also enabled us to consistently reduce our GAAP net loss for four consecutive quarters. Looking ahead, we're expecting a record-breaking fourth quarter, with lidar shipments projected to reach 200,000 units—an astounding volume nearly matching our total shipments in 2023. Based on our current estimates, fourth quarter net revenues are expected to soar to nearly US$100 million, delivering an estimated net profit of US$20 million and a positive operating cash flow. Additionally, we anticipate achieving full-year profitability on a non-GAAP basis for 2024, positioning us to become the first automotive lidar company worldwide to achieve this remarkable milestone. This anticipated explosive growth underscores our robust momentum as we drive toward a landmark fiscal year finish!" Product Updates : Launched the OT128, the Company's latest flagship 360° mechanical automotive-grade long-range lidar product, at the 2024 IAA Transportation Fair in Germany. Inheriting 95% of the key components from Hesai's best-selling AT128P ADAS lidar, the OT128 boasts a point rate of 3.45 million per second and a 200-meter detection range at 10% reflectivity. This high-performance, 360-degree perception lidar with a market-proven, vertically integrated architecture makes OT128 an ideal solution for scalable applications, including robotaxis, industrial robotics, smart factories, and logistics. Since its launch, the OT128 has secured contracts with 90+ global and domestic clients, including WeRide, Westwell, Embotech and EasyMile. Production and delivery of the OT128 have already begun. Business Updates : Global : Hesai's worldwide shipping programs with a leading global automotive OEM have progressed to the successful delivery of B-sample units, a key step in validating the performance of the Company's technology and ensuring alignment with the partner's rigorous standards. Secured two new development projects, specifically Proof of Concept (POC) programs, in the Asia market with a Top 3 OEM in Japan, covering both L2+ passenger vehicles and L4 robotaxi applications. Hesai currently has four POC programs underway with three global OEMs, each holding strong potential as these partnerships move toward the next phase. Domestic : Secured another new platform with Leapmotor, a leading EV automaker in China, as well as facelifts for two flagship models with a premium EV brand backed by a leading Chinese automotive group. A leading EV manufacturer in China has signed agreements to exclusively adopt Hesai's L3 ultra-high-performance lidar and cost-efficient ATX lidar for their 2025 models. The ATX is advancing toward the SOP phase, generating strong interest as a standard feature in 2025 OEM lineups. Signed a cooperative framework with SAIC Volkswagen for an automotive lidar program, elevating the Company's position to a strategic supplier for this top-selling automotive joint venture in China by sales volume. Hesai has secured ADAS design wins with 20 OEMs globally across 75 vehicle models. Management Change The Board of Directors of the Company (the "Board") has approved the appointment of Mr. Andrew Fan as the Company's Chief Financial Officer, effective November 25, 2024. Mr. Fan has over 18 years of experience in accounting and corporate financing. From May 2021 to September 2024, Mr. Fan held the position of chief financial officer at a leading automotive technology company. Prior to that, Mr. Fan held senior finance-related roles at listed companies including Hailiang Education Group Inc., Aesthetic Medical International Holdings Group Limited, and Dali Foods Group Company Limited, and various roles at financial institutions including Deutsche Bank, HSBC, and Macquarie. Additionally, Mr. Fan has served as an independent non-executive director of Jiangsu Innovative Ecological New Materials Limited (HKEX: 2116) since 2018. Mr. Fan graduated from Tsinghua University, with bachelor's and master's degrees in accounting in 2004 and 2006, respectively. Financial Highlights for the Third Quarter of 2024 (in RMB millions, except for per ordinary share data and percentage) Q3 2024 Q3 2023 % Change Net revenues 539.4 445.6 21.1 % Gross margin 47.7% 30.6% Loss from operations (77.2) (167.2) -53.8 % Non-GAAP 2 loss from operations (50.9) (127.4) -60.1 % Net loss (70.4) (141.8) -50.4 % Non-GAAP net loss (44.0) (101.9) -56.8 % Net loss attributable to ordinary shareholders of the Company (70.4) (141.8) -50.4 % Net loss per ordinary share-basic and diluted (0.54) (1.13) -52.2 % Non-GAAP net loss per ordinary share – basic and diluted (0.34) (0.81) -58.2 % Net revenues were RMB539.4 million (US$76.9 million) for the third quarter of 2024, representing an increase of 21.1% from RMB445.6 million for the same period of 2023. Product revenues were RMB503.1 million (US$71.7 million) for the third quarter of 2024, representing an increase of 18.1% from RMB425.8 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 RMB36.3 million (US$5.2 million) for the third quarter of 2024, representing an increase of 84.1% from RMB19.7 million for the same period of 2023. The year-over-year increase was driven by increased revenues from non-recurring engineering services. Cost of revenues was RMB281.9 million (US$40.2 million) for the third quarter of 2024, representing a decrease of 8.9% from RMB309.4 million for the same period of 2023. Gross margin was 47.7% for the third quarter of 2024, compared with 30.6% for the same period of 2023. The year-over-year increase was due to effective cost and scale optimization on both Autonomous Mobility lidars and ADAS lidars, as well as the higher margin contributed by non-recurring engineering services performed. Sales and marketing expenses were RMB46.2 million (US$6.6 million) for the third quarter of 2024, representing an increase of 25.5% from RMB36.8 million for the same period of 2023. The year-over-year increase was primarily due to increased payroll expenses and share-based expenses of RMB8.5 million (US$1.2 million) attributable to an expanded sales and marketing team. General and administrative expenses were RMB76.5 million (US$10.9 million) for the third quarter of 2024, representing a decrease of 5.0% from RMB80.5 million for the same period of 2023. Research and development expenses were RMB220.2 million (US$31.4 million) for the third quarter of 2024, representing an increase of 14.3% from RMB192.6 million for the same period of 2023. The year-over-year increase was mainly due to increased payroll expenses of RMB18.8 million (US$2.7 million) attributable to increased headcount for research and development, and increased depreciation expenses amounting to RMB9.7 million (US$1.4 million). Loss from operations was RMB77.2 million (US$11.0 million) for the third quarter of 2024, representing a decrease of 53.8% from RMB167.2 million for the same period of 2023. Excluding share-based compensation expenses, non-GAAP loss from operations was RMB50.9 million (US$7.3 million) for the third quarter of 2024, compared with RMB127.4 million for the same period of 2023. Net loss was RMB70.4 million (US$10.0 million) for the third quarter of 2024, compared with RMB141.8 million for the same period of 2023. Excluding share-based compensation expenses, non-GAAP net loss was RMB44.0 million (US$6.3 million) for the third quarter of 2024, compared with RMB101.9 million for the same period of 2023. Net loss attributable to ordinary shareholders of the Company was RMB70.4 million (US$10.0 million) for the third quarter of 2024, compared with RMB141.8 million for the same period of 2023. Excluding share-based compensation expenses, non-GAAP net loss attributable to ordinary shareholders of the Company was RMB44.0 million (US$6.3 million) for the third quarter of 2024, compared with RMB101.9 million for the same period of 2023. Basic and diluted net loss per ordinary share were both RMB0.54 (US$0.08) for the third 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 third quarter of 2024. Cash and cash equivalents, restricted cash and short-term investments were RMB2,530.7 million (US$360.6 million) as of September 30, 2024, compared with RMB2,752.9 million as of June 30, 2024. Business Outlook For the fourth quarter of 2024, the Company expects net revenues to approach US$100 million (RMB702 million). 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 8:00 PM U.S. Eastern Time on November 25, 2024 (9:00 AM Beijing/Hong Kong Time on November 26, 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 Third Quarter 2024 Earnings Conference Call Pre-registration Link: https://s1.c-conf.com/diamondpass/10043265-yghrf.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 December 3, 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: 10043265 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 RMB7.0176 to US$1.00, the exchange rate on September 30, 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 September 30, 2024 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 1,554,583 2,162,451 308,147 Restricted cash 3,541 3,504 499 Short-term investments 1,586,005 364,758 51,978 Notes receivables - 77,932 11,105 Accounts receivable, net 524,818 787,882 112,272 Contract assets 19,688 18,227 2,597 Amounts due from related parties 5,015 4,959 707 Inventories 495,877 591,615 84,304 Prepayments and other current assets 208,082 239,101 34,072 Total current assets 4,397,609 4,250,429 605,681 Non-current assets: Property and equipment, net 871,611 936,944 133,513 Long-term investments 31,811 31,811 4,533 Intangible assets, net 78,730 83,541 11,904 Land-use rights, net 40,743 40,095 5,713 Right-of-use assets 151,871 120,003 17,100 Other non-current assets 90,168 94,361 13,446 Total non-current assets 1,264,934 1,306,755 186,209 TOTAL ASSETS 5,662,543 5,557,184 791,890 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term borrowings 111,682 218,457 31,130 Notes payable 7,255 48,560 6,920 Accounts payable 269,439 235,706 33,588 Contract liabilities 79,925 58,161 8,288 Amounts due to related parties 340,051 331,420 47,227 Accrued warranty liability 28,425 37,710 5,374 Accrued expenses and other current liabilities 498,324 448,220 63,865 Total current liabilities 1,335,101 1,378,234 196,392 Non-current liabilities Operating lease liabilities 119,413 103,662 14,772 Long-term borrowings 285,898 298,892 42,592 Other non-current liabilities 59,813 53,766 7,662 Total non-current liabilities 465,124 456,320 65,026 TOTAL LIABILITIES 1,800,225 1,834,554 261,418 Shareholders' Equity Class A Ordinary shares 19 19 3 Class B Ordinary shares 67 69 10 Additional paid-in capital 7,423,862 7,536,450 1,073,936 Subscription receivables (292,721 ) (292,721 ) (41,712 ) Accumulated other comprehensive income 38,440 35,501 5,059 Accumulated deficit (3,307,349 ) (3,556,688 ) (506,824 ) TOTAL SHAREHOLDERS' EQUITY 3,862,318 3,722,630 530,472 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 5,662,543 5,557,184 791,890 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 September 30, 2023 2024 RMB RMB US$ Net revenues 445,562 539,417 76,866 Cost of revenues (309,429 ) (281,913 ) (40,172 ) Gross profit 136,133 257,504 36,694 Operating expenses: Sales and marketing expenses (36,848 ) (46,218 ) (6,586 ) General and administrative expenses (80,496 ) (76,523 ) (10,904 ) Research and development expenses (192,574 ) (220,248 ) (31,386 ) Other operating income, net 6,542 8,259 1,177 Total operating expenses (303,376 ) (334,730 ) (47,699 ) Loss from operations (167,243 ) (77,226 ) (11,005 ) Interest income 28,899 25,514 3,636 Interest expenses (1,166 ) (3,557 ) (507 ) Foreign exchange loss, net (2,260 ) (13,695 ) (1,952 ) Other loss, net (24 ) (1,477 ) (210 ) Net loss before income tax and share of loss in equity method investments (141,794 ) (70,441 ) (10,038 ) Income tax benefit 40 68 10 Share of income/(loss) in equity method investment (11 ) 18 3 Net loss (141,765 ) (70,355 ) (10,025 ) Net loss attributable to ordinary shareholders of the Company (141,765 ) (70,355 ) (10,025 ) Net loss per share: Basic and diluted (1.13 ) (0.54 ) (0.08 ) Weighted average ordinary shares used in calculating net loss per share: Basic and diluted 125,797,264 129,897,736 129,897,736 Net loss (141,765 ) (70,355 ) (10,025 ) Other comprehensive loss: Foreign currency translation adjustments (10,874 ) (8,960 ) (1,277 ) Comprehensive loss (152,639 ) (79,315 ) (11,302 ) HESAI GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (All amounts in thousands, except share and per share data and otherwise noted) Nine months ended September 30, 2023 2024 RMB RMB US$ Net revenues 1,315,805 1,357,399 193,428 Cost of revenues (885,894 ) (753,847 ) (107,423 ) Gross profit 429,911 603,552 86,005 Operating expenses: Sales and marketing expenses (99,137 ) (143,927 ) (20,509 ) General and administrative expenses (186,735 ) (211,436 ) (30,129 ) Research and development expenses (562,071 ) (613,259 ) (87,389 ) Other operating income, net 9,275 53,613 7,640 Total operating expenses (838,668 ) (915,009 ) (130,387 ) Loss from operations (408,757 ) (311,457 ) (44,382 ) Interest income 69,024 81,906 11,672 Interest expenses (2,236 ) (9,177 ) (1,308 ) Foreign exchange income/(loss) 6,837 (8,657 ) (1,234 ) Other income/(loss), net 34 (1,406 ) (200 ) Net loss before income tax and share of loss in equity method investments (335,098 ) (248,791 ) (35,452 ) Income tax benefit/(expense) 75 (547 ) (78 ) Share of loss in equity method investment (34 ) (1 ) (1 ) Net loss (335,057 ) (249,339 ) (35,531 ) Net loss attributable to ordinary shareholders of the Company (335,057 ) (249,339 ) (35,531 ) Net loss per share: Basic and diluted (2.70 ) (1.94 ) (0.28 ) Weighted average ordinary shares used in calculating net loss per share: Basic and diluted 124,206,950 128,775,472 128,775,472 Net loss (335,057 ) (249,339 ) (35,531 ) Other comprehensive loss: Foreign currency translation adjustments 57,563 (2,939 ) (419 ) Comprehensive loss (277,494 ) (252,278 ) (35,950 ) 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 September 30, 2023 2024 RMB RMB US$ Loss from operations (167,243 ) (77,226 ) (11,005 ) Add: Share-based compensation expenses 39,820 26,353 3,755 Non-GAAP loss from operations (127,423 ) (50,873 ) (7,250 ) Net loss (141,765 ) (70,355 ) (10,025 ) Add: Share-based compensation expenses 39,820 26,353 3,755 Non-GAAP net loss (101,945 ) (44,002 ) (6,270 ) Net loss attributable to ordinary shareholders of the Company (141,765 ) (70,355 ) (10,025 ) Add: Share-based compensation expenses 39,820 26,353 3,755 Non-GAAP net loss attributable to ordinary shareholders of the Company (101,945 ) (44,002 ) (6,270 ) Loss per share: Basic and diluted (1.13 ) (0.54 ) (0.08 ) Add: Share-based compensation expenses per ordinary share 0.32 0.20 0.03 Non-GAAP net loss per ordinary share – basic and diluted (0.81 ) (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 Nine months ended September 30, 2023 2024 RMB RMB US$ Loss from operations (408,757 ) (311,457 ) (44,382 ) Add: Share-based compensation expenses 194,057 92,657 13,204 Non-GAAP loss from operations (214,700 ) (218,800 ) (31,178 ) Net loss (335,057 ) (249,339 ) (35,531 ) Add: Share-based compensation expenses 194,057 92,657 13,204 Non-GAAP net loss (141,000 ) (156,682 ) (22,327 ) Net loss attributable to ordinary shareholders of the Company (335,057 ) (249,339 ) (35,531 ) Add: Share-based compensation expenses 194,057 92,657 13,204 Non-GAAP net loss attributable to ordinary shareholders of the Company (141,000 ) (156,682 ) (22,327 ) Loss per share: Basic and diluted (2.70 ) (1.94 ) (0.28 ) Add: Share-based compensation expenses per ordinary share 1.56 0.72 0.11 Non-GAAP net loss per ordinary share – basic and diluted (1.14 ) (1.22 ) (0.17 ) _______________________________________ 1 All translations from RMB to USD for the third quarter of 2024 were made at the exchange rate of RMB7.0176 to US$1.00, the exchange rate on September 30, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. 2 See "Use of Non-GAAP Financial Measures" and "Unaudited Reconciliation of GAAP and Non-GAAP Results" included in this release for further details. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.https://arab.news/n9ar9 JEDDAH: Bollywood fans can rest easy — Indian superstar and film producer Priyanka Chopra Jonas is not yet done with India’s film industry and is planning to return as soon as 2025. “I’ve been seeking to do something again. It’s been almost six, seven years since I’ve done a movie back in India. I’m hoping next year ... I’m very close,” Chopra Jonas told Arab News. Priyanka Chopra Jonas at the Red Sea International Film Festival red carpet on Thursday night in Jeddah. (AN Photo/Hashim Nadeem) She was speaking on the sidelines of the fourth edition of the Red Sea International Film Festival in Jeddah, where she was honored at the closing ceremony on Thursday. “I like a couple of things very much. I’m really hoping next year I do an Indian movie, because I miss the dancing,” she said. “I miss the language, I miss Indian culture. I miss working with the crew that I’ve grown up working with in the Indian film industry,” continued Chopra Jonas, who is married to American musician Nick Jonas. “So I really never transitioned from Bollywood to Hollywood. The idea was always to balance both. I think I’m very fortunate to be one of the very few talents that can work in two of the largest film industries in the world. And I am very proud of that.” A post shared by Priyanka (@priyankachopra) Chopra Jonas is coming off a packed 2024 schedule where she completed filming on two massive projects, including Amazon Prime Video’s “Citadel” season two and the Hollywood swashbuckler action film “The Bluff,” co-starring Karl Urban. The series “Citadel,” produced by “Avenger: Endgame” filmmakers Joe and Anthony Russo, and also starring “Game of Thrones” actor Richard Madden, introduced two new international spin-off series this year, with two more in the works. A post shared by Priyanka (@priyankachopra) While “Citadel: Diana” is set in Italy, “Citadel: Hunny Bunny,” starring Samantha Ruth Prabhu and Varun Dhawan, follows the lives of Chopra Jonas’ character Nadia Sinh’s parents. “I think it’s the only show of its kind in the world to try to achieve that, which is having other original shows from local languages that are all connected. I don’t think that’s ever been achieved in entertainment. “And it’s a really ambitious idea, and only, I guess, Amazon Prime Video could pull it off. I’ve worked with them a lot this year, and as a studio they just have really ambitious ideas, and I’ve had a great time working this year with them,” said Chopra Jonas. A post shared by Priyanka (@priyankachopra) She added: “The second season was really fun to film because we’ve now connected stories from our international shows as well. In the second season, we have a lot of new cast that’s come in. “Joe Russo directed most of it himself, which was really cool, because he’s just incredibly talented when it comes to shooting something at that scale, but yet not losing the integrity of your characters. So that was really wonderful. “I think this season is very grounded. It’s very about the characters and what is happening with each one of our stories, which I think people will find really, really interesting.” A post shared by Priyanka (@priyankachopra) Chopra Jonas also stars in the upcoming pirate flick “The Bluff,” from British indie filmmaker Frank E. Flowers. Apart from Chopra Jonas and Urban, the film also stars “The Lord of the Rings: The Rings of Power” actor Ismael Cruz Cordova. “I mean, to play a female pirate is an incredible opportunity, and especially because female pirates actually existed. So, it was really wonderful for me to start doing research into the 1800s and 1700s and, you know, read about amazing, legendary female pirates like Grace O’Malley. “And it was just really amazing to think that in the 1700s you have like women that were captains of pirate ships and did what we usually see men do,” she said. “And then when I read the script, it’s a really grounded movie. So, it’s not like ‘Pirates of the Caribbean,’ where, you know, it’s like fun, but it’s like the serious version of what piracy actually was like, and pillaging. “And so it’s a wonderful story about a woman trying to save her family from her past. I love that story. We shot it in Australia over three months. The story is based in the Cayman Islands, so we recreated that. And, yeah, I finished shooting that in August, and then I went into ‘Citadel’ season two.” Chopra Jonas shot to fame in Bollywood in the early noughties and starred in several blockbusters including “Don 2” and the “Krrish” franchise before catching the eye of Hollywood casting directors, most notably with 2017’s “Baywatch” and 2021’s “The Matrix Resurrections.”
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Nikkei May Rise as Hopes Continue for Fed's Rate CutWATSONVILLE — As always, the final Watsonville City Council meeting of the year Tuesday was all about swearing in new leaders for the new year. Because all three incumbent councilmembers won their bids for reelection — two of whom ran unopposed and one of whom won easily in a contested election — the council will look the same as it did last year. The primary difference will be in who runs the meetings. Because the Watsonville City Charter chooses its mayor and mayor tempore on a rotating cycle based on the descending order of each district, this year it will be District 3 representative Maria Orozco and District 4 representative Kristal Salcido serving as mayor and mayor pro tem, respectively, for the 2024-25 term. First, the council swore in two of its recently reelected members to four-year terms. Eduardo Montesino, who ran unopposed in District 1, was sworn in by his daughter Xochitl, and Jimmy Dutra, who defeated former Councilwoman Trina Coffman-Gomez by 11% in District 6, was sworn in by his mother, Terry. One councilmember who won reelection without opposition, District 2’s Vanessa Quiroz-Carter, was not present as she remains on medical leave, but City Clerk Irwin Ortiz said she will have her own swearing-in ceremony when she returns to the council in January. Montesino said it has been an honor to serve on the council since his first term in 2010. “Serving the community takes a lot of dedication and hard work, and it’s hard on the family and it’s stressful at work, but it’s very humbling to represent our community, very humbling to represent all the working families,” he said. “Everybody has a nice story about Watsonville. You always make a connection, and it’s a wonderful opportunity to be able to serve again another four years to represent my community.” Dutra said there is a lot of darkness and insincerity in politics, but it also could be very rewarding. “Sometimes politics can be insincere and unkind, but through the darkness, there is good,” he said. “Those of us striving for a better tomorrow must continue to work together to create the communities and world that we want to see. We must not get lost in the sensationalization of fear and get distracted from our mission, so it’s only then that we can truly reach the full potential for our societies.” Prior to her swearing in, Salcido rattled off Orozco’s extensive background. “There is nothing brief about her background or her accomplishments,” said Salcido. Orozco grew up in Watsonville as the daughter of farmworkers and graduated from Aptos High School in 2006. She also graduated from Santa Clara University with degrees in pre-law, political science and communication, and a Master in Governance certificate from the California School Boards Association. She was elected to the Pajaro Valley school board in 2012 at the age of 24, the only Latina on the board at the time. Over her 10 years on the board, Orozco was an advocate for diversity, equity and inclusion, and supported data-driven initiatives such as personalized learning and career technical education. She ran unopposed for the council in 2022 and has had multiple positions at UC Santa Cruz since 2011, currently serving as the assistant director of customer service, special programs and outreach. “She will be an outstanding mayor for our community,” said Salcido. Salcido, who also ran unopposed in 2022, had a lengthy resume of her own. She is an assistant district attorney with the Santa Cruz County District Attorney’s Office, serves on the Watsonville Community Hospital Foundation Board of Directors and has had positions on the Encompass Board of Directors, Watsonville Personnel Commission, Redistricting Committee and Ad Hoc Committee on Policing and Social Equity. She has lived in Watsonville since 2015. Both Orozco and Salcido were sworn in by California Assembly Speaker Robert Rivas. Salcido acknowledged she had a lot of colleagues from up north in the county, and her toddler son could be heard shouting “Mama” as she spoke. “I look forward to continuing to champion the causes that are important to our community, whether it’s Ramsay Park or trying to address our homeless issue or working towards a safer and more inclusive community,” she said. “There’s lots of work to be done here, and I’m really excited to be a part of that work.” Orozco said she was immensely grateful. “Thank you for making one of my dreams come true,” she said. Orozco was not kidding when she said being mayor of Watsonville was a longtime dream. She recalled dropping off ballots for her first school board campaign in 2012, seeing the photos of all the city’s mayors on the wall and telling her father, “My picture will be up there someday.” She noted, “Today, that moment has come. I am deeply honored to stand before you as your new mayor. This achievement is not just personal. It represents the dreams of every child in our city who dares to dream big.” Orozco delivered a Power Point presentation highlighting her many priorities as mayor, including streamlining the process for local businesses, increasing access to open and park spaces, revamping the city’s website and hosting an annual citywide reading festival at Ramsay Park. “As I take on this role, I am reminded of the power of community,” she said. “Watsonville is a rich tapestry woven by diverse stories and cultures. The city has taught me resilience, compassion and the importance of collaboration, and I am committed to ensuring that Watsonville continues to grow as a place where everyone feels seen, valued and heard.”