NLZ
Nov 9, 10:11 AM
$WRD Q3 Adas Revenue Projections
My bottom-up model suggests WeRide could generate approximately
$10.3M to
$17.3M in Q3 2026 ADAS revenue.
The forecast combines 2 revenue streams:
+ per-vehicle WRD3.0 software licensing
+ non-recurring engineering and project-based revenue from OEM
Conservative
$10.3M (RMB 73.2M)
Base case
$13.8M (RMB 98.1M)
Optimistic
$17.3M (RMB 122.9M)
The emerging WRD3.0 business has 2 distinct commercial characteristics.
1st: licensing provides potential recurring revenue tied to OEM vehicle production. As more nominated models enter mass production, licensing revenue could grow without a proportional increase in engineering expenditure.
2nd: paid development programs could generate revenue before vehicles enter production. This is particularly relevant given WeRide's expanding OEM pipeline, L3 activities and international deployment prep work.
The combo creates a possibility of overlapping revenue contributions from existing production models & future vehicle programs.
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