(Image credit: Photo by TMTPost AGI editor Lin Zhijia)

TMTPOST -- SenseTime Group on Wednesday reported a revenue of 3.77 billion yuan for the fiscal year ending December 31, 2024, representing a 10.8% year-on-year increase.

The generative AI business generated 2.404 billion yuan (US$ 348 million), a 103.1% rise from the previous year and accounting for 63.7% of total revenue. Despite a net loss of 4.307 billion yuan, the deficit narrowed by 33.7% year-on-year.

During an earnings call, SenseTime’s Chairman and CEO Xu Li announced that the company will launch its SenseNova Model 6.0 at the "SenseTime Technology Exchange Day" in Shanghai on April 10.

The updated models are expected to enhance multimodal understanding, reasoning, and interaction capabilities, aligning with global standards.

SenseTime's revenue streams are divided into three primary segments: generative AI, visual AI, and smart automotive solutions. Generative AI remains the company's leading growth driver, propelled by increasing demand for AI model training and inference.

Meanwhile, the visual AI segment saw a decline in its share of the total revenue from 53.9% in 2023 to 29.5% in 2024. Overseas market expansion, particularly in Hong Kong and the Middle East, led to a 14.5% surge in international revenue.

In the smart automotive sector, revenue dropped 33.2% year over year to 256 million yuan due to strategic shifts toward intelligent driving and smart cockpit solutions. SenseTime's "SenseAuto" platform expanded its footprint, delivering 1.67 million vehicles in 2024, a 29.2% increase year-on-year.

Xu outlined four strategic goals for 2025, including AI integration, multimodal advancements, refining the visual AI business model, and fostering innovation within the ecosystem.

The company remains committed to bringing AI-driven solutions to everyday life, reinforcing its long-term vision.