Thinkware Q3 Sales Reach 89.7 Billion KRW, Up 48.9% YoY

Overseas Exports for BMW Up 94.7%... 25.2 Billion KRW
Robot Vacuum Cleaners and Other Eco-Friendly Home Appliances Account for 34% of Q3 Sales

[Asia Economy Reporter Kwak Minjae] Thinkware announced on the 10th that it recorded consolidated sales of 89.7 billion KRW, operating profit of 3.4 billion KRW, and net profit of 2.9 billion KRW for the third quarter of this year. On a cumulative basis, sales reached 247.4 billion KRW, operating profit 4.7 billion KRW, and net profit 19.2 billion KRW.

Cumulative sales for the third quarter surpassed last year's annual sales of 225.3 billion KRW, achieving external growth. The increase in overseas black box exports due to supplying black boxes to BMW and the steady popularity of new product lines of the robot vacuum cleaner Roborock, launched in the first half of the year, in the domestic market drove sales growth. Efforts to secure cost competitiveness in line with the sales increase continued, resulting in operating profit rising 48.9% year-on-year to 3.4 billion KRW and net profit increasing 61.1% to 2.9 billion KRW.

Overseas black box exports rose 94.7% year-on-year to 25.2 billion KRW as business-to-business (B2B) transactions expanded due to global supply to BMW, shifting from the existing business-to-consumer (B2C) focus. Black boxes supplied to BMW are expected to expand to 77 countries worldwide in the future. In North America, overseas sales and marketing are being strengthened by actively responding to online demand centered on Amazon and Bestbuy. Additionally, in China, Thinkware recently supplied AR navigation to Chery Automobile, expanding its presence in the B2B market.

The continuous strong sales in the environmental home appliances sector are also notable. The environmental home appliances business, which has steadily increased its sales proportion since last year, accounted for 34% of third-quarter sales. The popular product Roborock led the domestic robot vacuum cleaner market with a market share of 46.1% in the first half of this year. The product lineup has also diversified to generate profits with items such as the food waste disposer ‘Bluevent MUMU’ and the smartwatch ‘Amazfit’.

Kang Jeonggyu, Head of Management Division at Thinkware, said, “As overseas export expansion is expected in the future, we will strengthen sales capabilities through close collaboration among suppliers,” adding, “Although difficult external conditions such as demand decline due to the global economic downturn and rising raw material prices continue, we will proactively respond to market volatility.”

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