Thinkware Q1 Operating Profit Soars 805% YoY... "Strong Black Box Sales"

Strong Domestic Sales of Premium Black Boxes Drive Overall Revenue Up 21.7%
Rising Expectations from New Supply to Overseas Telecom and Automaker Markets

Tinkware headquarters building exterior.

[Asia Economy Reporter Kim Heeyoon] Thinkware announced on the 12th that its consolidated operating profit for the first quarter, based on consolidated financial statements, recorded 1.38749 billion KRW, a sharp increase of 805.3% compared to the same period last year.

During the same period, sales increased by 21.7% to 46.91375 billion KRW, and net profit increased by 501.2% to 1.46206 billion KRW. Last year, the consumption market was hit due to the COVID-19 pandemic, but sales grew due to strong domestic sales of telecommunication-type black boxes, and profits improved due to efficiency in selling and administrative expenses.

Thinkware explained that the strong sales of the telecommunication-type black box product, 'iNavi QXD5000,' drove the increase in domestic sales. Exports overseas are also expected to continue growing this year as new supplies of telecommunication services linked with local telecom companies and black boxes for finished vehicles are being gradually carried out.

Additionally, Thinkware was recently selected as the lead company for the government project "Designated Area-Based (Point-to-Point) Level 4 Autonomous Driving Vehicle Platform Technology Development for Van-Class Vehicles," hosted by the Ministry of Trade, Industry and Energy, and plans to develop and commercialize vehicle platforms installed in taxis and shuttles.

Meanwhile, Thinkware's subsidiaries are also focusing on improving profitability by securing new supply channels. iNavi Systems, a mobility platform developer, is expanding its related business by supplying map data to various mobility companies including Banana플, the number one designated driver call brokerage in Korea, as well as NHN, FortyTwoDot, Tmoney Onda Taxi, and Macaron Taxi.

Furthermore, Beagle, the operator of the outdoor map service 'Traingle,' is rapidly capturing the demand in the rapidly growing non-face-to-face sports competition market based on its independently developed artificial intelligence (AI) exercise analysis technology, Thinkware explained.