Z.ai revenue surges 400% to 953.89 million yuan in first half
China's AI firm Z.ai reported a 400% revenue increase in the first half of the year, reaching $142 million. Its annual recurring revenue also hit $1.6 billion by August.
Chinese artificial intelligence company Z.ai announced Monday that its first-half revenue increased 400 percent to 953.89 million yuan ($142 million). This growth was driven primarily by an open platform and application programming interface business. Consequently, total losses narrowed 12.1 percent to 2.07 billion yuan for the period ending June 30, despite higher research and development spending that rose 33.6 percent. Z.ai stated its annual recurring revenue reached $1.6 billion by August. In contrast, Yan Junjie of rival firm MiniMax reported an ARR of $800 million for the same month. Full-year sales are expected to expand 514 percent to 4.45 billion yuan according to analyst consensus. Shares of Hong Kong-listed Z.ai closed up 9.63 percent at HK$1,195 on Monday.
