Tinkware Achieves 223.1 Billion KRW in Sales and 14.1 Billion KRW in Operating Profit in the First Half

Sales Increased by 20.8% Year-on-Year
Domestic Robot Vacuum Cleaner Market Share Grows to 46.5%

Thinkware announced on the 16th that its consolidated sales for the first half of the year increased by 20.8% year-on-year to 223.1 billion KRW, with an operating profit of 14.1 billion KRW. Sales and operating profit for the second quarter were 126.8 billion KRW and 9.2 billion KRW, respectively, marking increases of 32% and 86% compared to the first quarter.

A Thinkware representative stated, “Strong demand for robot vacuum cleaners, including the Roborock S8 MaxV Ultra launched last April, expansion of offline sales channels, and increased awareness of new products such as hair dryers and food waste disposers have driven performance growth,” adding, “We are currently actively expanding offline channels such as department stores and electronics retailers to diversify sales channels.”

Thinkware also ran TV advertisements in the second quarter following the launch of new Roborock products, increasing its domestic robot vacuum cleaner market share from 35.5% to 46.5%. It appears to have achieved significant results, with a 65.7% market share in the high-end robot vacuum cleaner segment priced above 1.5 million KRW.

Thinkware is also preparing for a technology-special listing of its map platform development subsidiary, iNavi Systems, under the sponsorship of Kiwoom Securities.