Cambricon Technologies, a Chinese AI company, has announced its first profitable quarter in a stock filing on Tuesday.

The firm expects its full-year loss for 2024 to decrease to between 396 million yuan (US$54,01 million) and 484 million yuan (US$66,05 million).

The company estimates net profits for the final quarter of 2024 will range from 240 million yuan (US$32,74 million) to 328 million yuan (US$44,74 million).

This development follows a loss of 724 million yuan (US$98,75 million) in the first nine months of the year.

Revenues for 2024 are projected to increase by nearly 70%, reaching approximately 1.2 billion yuan (US$163,68 million).

Cambricon’s shares on the Shanghai Stock Exchange’s Star Market have risen significantly, closing at 695.96 yuan (US$94,93) on Wednesday, compared to 120.80 yuan (US$16,48) a year prior.