Tinkware Reports 48% Increase in Q1 Consolidated Sales... Overseas Black Box Business Grows

Securing the Largest Supply Contract with BMW
Overseas Black Box Business Shows Positive Signs

Tinkware announced on May 15 that its consolidated sales for the first quarter of this year reached 142.5 billion KRW, a 48% increase compared to the same period last year. On a separate basis, sales amounted to 43.1 billion KRW and operating profit reached 1 billion KRW, showing improved performance year-over-year.

Tinkware explained that the continued growth of overseas-bound black boxes and environmental home appliances drove the increase in first-quarter sales. In overseas markets, including the EU, awareness of safe driving devices is rapidly improving. Against this backdrop, Tinkware secured its largest-ever supply contract from BMW Global earlier this year, and its overseas black box business is progressing smoothly.

In addition, in February, the company launched a new robot vacuum cleaner, the Roborock S9, further widening its market share gap with competitors.

For the second half of this year, Tinkware plans to secure new black box supply contracts with companies such as Mercedes-Benz Korea and to introduce a new-concept robot vacuum cleaner to the domestic market within the year. A Tinkware representative stated, "In the third quarter of last year, we achieved a turnaround by recording a separate operating profit of 1.1 billion KRW, signaling a revival of our black box business. We also succeeded in turning a profit for the full year of 2024, and continued to post an operating profit in the first quarter of this year. We expect this solid growth trend to continue."