Black Sesame Technologies
Chinese fabless chipmaker building automotive AI SoCs and robotics compute for autonomous driving.
On the record
Checkpoint: Window to convert A2000 export clearance into named non-China OEM design wins
The call
A shipping chip business with one rare export clearance, losing ground at home and burning cash while it tries to prove that clearance means something abroad.
Black Sesame Technologies makes computer chips that help self-driving cars see and think. The company is hard to replace because it has one unusual advantage: US government permission to sell its A2000 chip to car companies, which is rare for a Chinese chipmaker. However, Black Sesame is much smaller than its main rival Horizon Robotics (which controls almost half the Chinese market versus Black Sesame's 2-6%), lost nearly twice its yearly revenue in 2025 alone, and Horizon could simply copy or buy out Black Sesame's technology. The one thing that could save the company is if that US export permission actually turns into real sales to car makers in America and Europe, and if the company can stop burning money as its revenue grows.
Why
01
AI pressure: End-to-end large-model autonomous-driving stacks from foundation-model developers. If self-driving shifts to one big AI model doing everything, chip makers like this get squeezed into commodity parts. Could AI do the core job? Only partly.
02
Bigger players: Horizon Robotics. Horizon holds roughly 49% of China's self-driving chip market while this company's share has fallen from 5.2% to about 2.2%. Could a giant copy it? Probably.
03
What protects it. US export-control clearance for its A2000 chip, the only Chinese auto chip reported to hold it, plus existing OEM design wins.
What would change this call
Black Sesame announces a non-China OEM design win using the export-cleared A2000 chip by mid-2027. Would show the US export clearance is translating into real overseas revenue, not just regulatory access.
Horizon Robotics' reported China autonomous-driving chip market share crosses 60% in 2026 or 2027 filings. Would show Horizon squeezing Black Sesame's addressable domestic market further.
Black Sesame's FY2026 annual report shows net loss narrower than the RMB 1.48 billion FY2025 figure. Would show spending discipline and scaling revenue, not an accelerating cash burn.
Horizon Robotics' reported China autonomous-driving chip market share crosses 60% in 2026 or 2027 filings. Would show Horizon squeezing Black Sesame's addressable domestic market further.
Black Sesame's FY2026 annual report shows net loss narrower than the RMB 1.48 billion FY2025 figure. Would show spending discipline and scaling revenue, not an accelerating cash burn.
Key numbers
- FY2025 revenue over RMB 800M, up 68.7% YoY
- FY2025 net loss RMB 1.48B, vs RMB 313M profit in 2024
- China chip share fell from 5.2% to 2.2%
Named risks
- FY2025 net loss of RMB 1.48 billion, nearly 2x revenue, driven by AI/robotics R&D spend.
- Subscale China market share (2-6%) versus dominant rival Horizon Robotics (~49%).
- Full dependence on TSMC for chip fabrication amid US-China-Taiwan geopolitical tension.
- Key customer BYD developing in-house autonomous-driving chips, threatening a major revenue source.
- Repeated equity placings (March and June 2026) diluting shareholders to fund losses.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Horizon Robotics | losing to | Held ~49% of China's self-driving chip market in 2023 vs BST's 2-6% |
| Nvidia | contesting | Held ~81.6% of China's high-compute AD chip segment in 2022, but barred by US export controls |
| Huawei | losing to | Vertically integrated domestic rival cited as competing directly, per 2025-2026 industry coverage |
| Mobileye | losing to | Combined with Horizon Robotics, held ~75% of China's urban-NOA chip segment in 2025 |
| BYD (in-house) | losing to | Key customer BYD unveiled its own Xuanji A3 autonomy chip, reported 2026-07-13 |
Questions people ask
- Is Black Sesame Technologies profitable in 2026?
- No. Black Sesame guided to a net loss of up to RMB 1.48 billion for FY2025, reversing a RMB 313 million profit in 2024, even as revenue exceeded RMB 800 million (up 68.7% YoY), per a March 6, 2026 company announcement citing heavy AI and robotics R&D spending.
- Who is Black Sesame Technologies' biggest competitor?
- Domestically, Horizon Robotics is the dominant rival, controlling roughly 49% of China's self-driving chip market in 2023 versus Black Sesame's 2-6%. Globally, Nvidia held about 81.6% of China's high-compute autonomous-driving chip segment in 2022, per Black Sesame's own IPO prospectus.
- Could AI replace Black Sesame Technologies?
- Not directly. Black Sesame makes the AI silicon (Huashan/Wudang SoCs) that powers autonomous driving, so it is a supplier rather than a workflow threatened by AI. The slower risk is that end-to-end large-model driving stacks could shift value away from chip vendors toward foundation-model owners over time.
- Who owns Black Sesame Technologies?
- It is publicly traded on HKEX under ticker 2533.HK since its August 8, 2024 IPO, the first Chapter 18C specialist-technology listing of its kind. Pre-IPO strategic backers reportedly included Tencent, Xiaomi, Geely, NIO, SK Group and Northern Light Venture Capital.
- Does Black Sesame Technologies have US export clearance for its chips?
- Yes. Its Huashan A2000 chip passed US Department of Commerce/War Department review around January 4, 2026, reportedly making it the only Chinese automotive chip to clear this review, opening the door to global (non-China) sales.
- What is Black Sesame Technologies' China market share?
- Small and shrinking relative to rivals: its China autonomous-driving chip share was cited around 5.2% in 2022, declining to about 2.2% in its August 2024 IPO prospectus, versus Horizon Robotics' roughly 49% share in 2023.
Timeline
- 2026-07-19Showcased SesameX embodied-AI platform and multi-chip A2000 scaling at WAIC 2026
- 2026-07-15Completed 60% acquisition of Eeasy Tech for ~RMB 478.2 million to build edge AI chip range
- 2026-06-30HKEX placing of ~53.65 million shares (8.55% dilution) at 11.8% discount
- 2026-03-31FY2025 filing shows new SesameX embodied-AI segment revenue of RMB 96.3 million
- 2026-03-18Share subscription raised HK$632.4 million net for R&D and robotics
- 2026-03-06FY2025 results: revenue RMB 800M+ (up 68.7%), net loss guided to RMB 1.48 billion
- 2026-01-04Huashan A2000 chip passed US export-control review, cleared for global sales
- 2025-09-111H2025 interim report: revenue RMB 252.9 million, up 40.4% YoY
- 2024-08-08IPO on HKEX at HK$28/share; stock closed down 27% on debut day
Revision history
24 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- BRIEF: Black Sesame slips into the red on AI spending (2026-03-06)
- Interim Report 2025 (2025-09-11)
- HKEX FY2024 annual results (2025-03-31)
- BLACK SESAME(02533.HK) Closes Down 27% to $20.45 (2024-08-08)
- Black Sesame Technologies goes public on Hong Kong Stock Exchange (2024-08-08)
- gurufocus.com (2026-07-24)
- BLACK SESAME Places Shrs at 11.8% Discount for $1.2B+ Net Proceeds (2026-06-30)
- Black Sesame RNS filing (2026-03-18)
- Black Sesame Technologies (2024-01-01)
- The Race to Become China's No. 1 Autonomous Driving Chipmaker (2024-05-13)
- Horizon Robotics and Nvidia are key players in China's advanced driving chip market share rankings in 2025 (2026-02-01)
- BYD ADAS chip supplier, Black Sesame's Huashan A2000 passed US government reviews (2026-01-04)