Bitnine Achieves Record High Performance... Driving Growth of Graph DB Products

[Asia Economy Reporter Hyungsoo Park] Bitnine, a specialist in graph databases, recorded its highest-ever performance last year.

Bitnine announced on the 13th that it posted consolidated sales of 19.2 billion KRW and operating profit of 1.8 billion KRW last year. This represents an increase of 16.8% and 54.0%, respectively, compared to the previous year. It recorded a net loss of 100 million KRW, reflecting an evaluation loss related to convertible bonds.

Sales of graph DB products and solutions, mainly in overseas markets, increased. Both sales and operating profit rose due to increased license revenue from the highly profitable AgensGraph. This year, growth is expected to continue based on the commercialization of the next product, 'Apache AGE,' and the expansion of overseas business.

A company official said, "With increased overseas sales, we have set new record highs for two consecutive years since our listing," adding, "This year's performance will also take a step forward based on enhanced recognition through expanded overseas networks and new product launches."

Amid the global 'ChatGPT' craze and the expansion of the artificial intelligence (AI) market, interest in graph DBs has grown. Utilizing graph DBs is advantageous for implementing AI that requires processing large-scale knowledge data. Since there are only a few graph DB specialized companies with core technology capabilities both domestically and internationally, benefits from the expansion of related markets are also expected in the future.

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