[Market Focus] Flitto Surges on Announcement of 4.2 Billion Won Supply Contract

As of 9:30 a.m. on October 13, the share price of Flitto on the KOSDAQ market is up 16.02% from the previous trading day's closing price, reaching 13,110 won. This appears to be due to the announcement of a supply contract worth 4.2 billion won.

Flitto is a company that sells data for research and development of artificial intelligence (AI)-based language models and provides AI translation and interpretation services and solutions. Data sales for AI account for 75% of its revenue, while translation and interpretation services make up 18%. According to its consolidated financial statements, Flitto's revenue last year was 20.3 billion won, with a net profit of 800 million won. In the first half of this year, the company recorded revenue of 14 billion won and a net profit of 2.5 billion won, surpassing its performance in the first half of last year (revenue of 7.8 billion won and a net loss of 900 million won).

Previously, on October 10, Flitto announced that it had signed a data supply contract for AI-based language model research and development with a global IT company. The contract amount is approximately 4,234.32 million won, which is equivalent to 20.86% of its recent revenue. The contract period runs until February 10 of next year. Details regarding the relationship with the counterparty and the sales and supply regions were not disclosed at the request of the counterparty to protect business secrets.

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