DeepMind, one of the world’s premier artificial intelligence labs, has turned a profit for the first time ever, according to a filing with the U.K. company registry published Tuesday.
The London-based research firm recorded a profit of £43.8 million ($59.6 million) in 2020 after posting losses of hundreds of millions for the last several years. It reported a loss of $649 million in 2019, for example.
Turnover at DeepMind more than tripled from just £265.5 million in 2019 to £826.2 million in 2020, according to the annual results filing on Companies House. DeepMind, which is owned by Google parent Alphabet, did not provide a specific reason for the revenue jump.
DeepMind doesn’t sell products directly to consumers and it hasn’t announced any deals with private companies outside of the Alphabet umbrella. It does, however, sell software and services to Alphabet’s companies including Google, YouTube and X, which is the moonshot division.
“I don’t think DeepMind have many or any revenue streams,” a CNBC source said, asking to remain anonymous due to the nature of the discussion. “So all that income is based on how much Alphabet pays for internal services, and that can be entirely arbitrary.”