Chinese AI company SenseTime Group Inc. reported a net loss of 4.3 billion yuan (US$592 million) for 2024.

This figure exceeded analyst estimates of a 4 billion yuan (US$550 million) loss. The company reduced its deficit from the previous year by cutting staffing, marketing, and travel expenses.

Revenue grew by 11% to 3.8 billion yuan (US$523 million), driven by its generative AI segment. However, this figure fell short of the 4.5 billion yuan (US$619 million) projected by analysts.

SenseTime noted that its generative AI segment achieved triple-digit growth for the second consecutive year and is one of its fastest-growing areas.

In its exchange filing, SenseTime announced plans to reduce costs related to large model training and inference. This preparation comes in anticipation of expected growth in large model applications.

Recent SenseTime developments