SenseTime’s loss widens 6pc to 6.4b yuan

Chinese artificial intelligence firm SenseTime (0020) said its net loss widened by 6.6 percent to 6.44 billion yuan (HK$6.98 billion) last year from a year ago, as revenue from the non-generative AI business dropped.

Revenue during the period decreased 10.6 percent to 3.4 billion yuan from the previous year due to a drop in sales from its non-generative AI business, or so-called traditional AI businesses, according to the company.

SenseTime grouped its businesses including the smart city projects that utilize its surveillance tech as traditional AI businesses.

The traditional AI business posted a 41.1 percent decline in sales to 1.84 billion yuan last year.

Its proportion in the firm’s total revenue decreased to 53.9 percent in 2023 from 81.9 percent in 2022.

Its generative AI revenue increased by 199.9 percent to 1.18 billion yuan in 2023 thanks to strong demand.

The firm said it has begun to commercialize its generative AI-related application products, supported by its AI model.

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