SenseTime Reports H1 Revenue of RMB 2.91 Billion, Up 23.4% YoY, with Net Profit of RMB 617 Million

On August 26, SenseTime released its unaudited interim financial results for the first half of 2024 ended June 30. During the reporting period, the company recorded revenue of RMB 2.911 billion, an increase of 23.4% year-over-year; net profit was RMB 617 million, compared to a net loss of RMB 14.89 billion in the same period last year. Adjusted net loss narrowed significantly to RMB 386 million, down 67.3% year-over-year. By business segment, generative AI contributed RMB 2.327 billion in revenue, up 28.2% year-over-year, accounting for 79.9% of total revenue; computer vision AI generated RMB 497 million in revenue, an increase of 13.9% year-over-year, representing 17.1% of total revenue; and X Innovation Business reported revenue of RMB 87 million, down 18.6% year-over-year, making up 3.0% of total revenue.