Q3 Earnings Announcement... Consolidated Sales Up 25%
Voice Recognition Product Sales More Than Double YoY
"Full-Scale R&D on Voice-Based Metaverse and NFT"
[Asia Economy Reporter Kim Bo-kyung] Selvas AI, a domestic artificial intelligence (AI) voice technology specialist company, has achieved its highest quarterly sales since 2017.
Selvas AI announced on the 12th that its standalone sales for the third quarter of this year reached 4.8 billion KRW, and operating profit was 600 million KRW, marking increases of 12% and 445% respectively compared to the same period last year. This is the highest quarterly sales since 5.6 billion KRW in the third quarter of 2017 on a standalone basis. On a consolidated basis, sales reached 12.4 billion KRW and operating profit 2.5 billion KRW, up 25% and 195% respectively, with the operating profit margin surpassing 20%.
Looking at the cumulative performance up to the third quarter, standalone sales and operating profit reached 13.3 billion KRW and 2 billion KRW respectively. Consolidated results recorded sales of 32 billion KRW and operating profit of 2.9 billion KRW.
The company cited increased demand for voice recognition solutions and various AI convergence products as the reason for achieving the highest quarterly sales. In particular, sales of voice recognition solutions and related products have more than doubled compared to last year.
Selvas AI’s voice recognition solutions are expanding their application range beyond untact stores, financial sector contact centers, and public and medical fields requiring consultation and investigation, to various sectors such as gaming and entertainment. Additionally, through the establishment of the 'Metaverse Lab,' research and development utilizing the metaverse (extended virtual world) and non-fungible tokens (NFTs) has also begun.
Selvas AI’s consolidated subsidiary, Selvas Healthcare, also recorded consolidated sales of 7.5 billion KRW and operating profit of 2 billion KRW in the third quarter of 2021, continuing its growth trend with cumulative third-quarter sales of 18.7 billion KRW. In particular, overseas sales of key products such as body composition analyzers, blood pressure monitors, and braille information terminals are steadily increasing.
Min-cheol Kwak, CEO of Selvas AI, stated, "Our solutions and products are being applied across industries beyond untact stores, contact centers, public, and medical sectors, including gaming and entertainment. Recently, due to the expansion of demand for voice recognition solutions and products, related sales have more than doubled."
He added, "We are conducting in-house research and development and commercialization to expand our metaverse and NFT business, and we are also planning partnerships with blockchain-based gaming platform companies and NFT trading platform companies."
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