'Black Box Leader' Thinkware Reports Q2 Revenue of 52.6 Billion KRW... Operating Profit Up 61.5%

[Asia Economy Reporter Junhyung Lee] Thinkware announced on the 12th that its sales in the second quarter of this year reached 52.6 billion KRW, a 9.3% increase compared to the same period last year. Operating profit rose 61.5% year-on-year to 4 billion KRW.

Sales in the black box segment were recorded at 39.6 billion KRW, up 19.5% from the same period last year. This was due to the effect of new products and the continued increase in sales of high-end products. Overseas sales reached 11.3 billion KRW, a 101.2% increase compared to the same period last year. The company explained that this was due to the expansion of the supply lineup to major customers and the securing of new channels.

The map platform business contributed to improved performance as its subsidiary, iNavi Systems, entered the mobility market. iNavi Systems has recently signed new supply contracts consecutively with Tada, Banapple, and others, expanding its position as a map platform supplier. iNavi Systems plans to actively monetize by supplying platforms optimized for various services such as autonomous driving and taxis.

Kang Jung-gyu, head of Thinkware’s management division, said, "The expansion of black box supply to Japan and sales growth centered on North American online channels drove the performance increase," adding, "We believe that pent-up consumption demand due to the prolonged COVID-19 pandemic is one of the reasons for the strong sales trend." He continued, "In the second half of the year, we will focus on expanding new black box supply and continue the profit improvement trend through cost reduction and cost efficiency."

This content was produced with the assistance of AI translation services.