Selvas AI, Q2 Sales Reach 4.3 Billion KRW... 58% Increase YoY

[Asia Economy Reporter Hyunseok Yoo] Selvas AI announced on the 18th that it achieved separate sales of 4.3 billion KRW in the second quarter of this year, marking a 58% increase compared to the same period last year. Operating profit turned positive to 900 million KRW, surpassing a quarterly operating profit margin of 20% for the first time in four years since 2017. On a consolidated basis, sales reached 11 billion KRW, with an operating profit of 1.6 billion KRW.

The cumulative performance for the first half of the year is also excellent. Separate sales and operating profit rose 52% to 8.4 billion KRW and 1.4 billion KRW respectively, turning profitable. Consolidated results also showed sales increased by 28% to 19.6 billion KRW, with operating profit reaching 300 million KRW, turning positive.

The company evaluated that ▲ stable sales growth in the HCI field including voice recognition and ▲ new sales growth of various AI convergence products contributed to the strong performance. The voice recognition solution, with the highest recognition rate in Korea, is expanding its application range beyond customer contact services in telecommunications, finance, and distribution to medical and automotive fields. More than 70% of total sales consist of solution and product sales, creating a virtuous cycle effect that ensures stability, continuous growth, and profitability improvement.

In particular, Selvas AI is accelerating market expansion using AI convergence products. ▲ The AI report writing solution ‘Steno Selvy’ is commercialized in over 90 police stations nationwide this year, following its supply to 59 police stations and 77 investigation rooms within the National Police Agency last year, and is expected to expand to major police stations nationwide next year. ▲ The AI medical voice recognition solution ‘Selvy MediVoice’ is expanding not only to radiology departments of major domestic general hospitals such as Severance Hospital, National Cancer Center, and national hospitals nationwide but also to nuclear medicine departments. Additionally, ▲ with the expansion of the Artificial Intelligence Contact Center (AICC) market, demand and adoption of AI-based voice recognition and speech synthesis solutions are actively progressing.

Mincheol Kwak, CEO of Selvas AI, said, “Core AI technologies in digital transformation and unmanned markets are HCI-based technologies such as voice recognition and speech synthesis,” adding, “Our company’s voice technology competitiveness and AI product-focused strategy are leading to qualitative growth in sales and profits. A virtuous cycle foundation with both growth potential and profitability has been established, making the growth trend in the second half of the year encouraging.”