Flitto, an artificial intelligence (AI) data and solutions company, reported a record operating profit of over 10 billion won for the third quarter of this year. The growth is attributed to the expansion of its AI translation solutions and stable revenue from its existing AI training data business.
On October 20, Flitto announced that its consolidated revenue for the third quarter reached approximately 31.1 billion won, with an operating profit of about 10.3 billion won. This marks a 20.7% increase in revenue and an 89.7% rise in operating profit compared to the same period last year.
The operating profit achieved by the third quarter is equivalent to 167.5% of last year's total annual operating profit of approximately 6.2 billion won. Following its first annual operating profit since its founding last year, Flitto has once again set a record for maximum operating profit this year. For the third quarter alone, the company recorded approximately 17.8 billion won in revenue and about 9 billion won in operating profit, marking the highest quarterly figures to date.
The growth in performance was driven by the AI translation solutions business. The number of subscribers to its integrated real-time AI translation solution, 'Vogl,' surpassed 80,000 in the third quarter, a nearly 14-fold increase compared to its initial launch in the fourth quarter of last year.
Vogl is being adopted not only for global corporate events, including those by AWS and AMD, but also in retail settings such as Shinsegae Department Store and Olive Young. In September, it provided simultaneous interpretation services at the Asian Games opening ceremony.
Flitto is also expanding its business-to-business (B2B) solution contracts. On October 12, it signed a contract worth 3.9 billion won with a global semiconductor company for the implementation of its solutions, which represents about 10.8% of last year's consolidated revenue. This follows a major contract with Hanwha Ocean, and the company is currently in discussions with multiple global firms for additional solution implementations.
The company continues to sell AI training data, its core business. In June, Flitto launched a 'Data Marketplace,' expanding its operations from direct data sales to distribution and brokerage. It is also broadening its offerings to include text, multimodal, and physical AI data.
Flitto plans to deliver a large volume of data to global big tech companies by the fourth quarter. It aims to achieve its highest annual performance through government-led business-to-government (B2G) data projects and the expansion of AI solution sales.
Lee Jeong-soo, CEO of Flitto, stated, "Our accumulated technological capabilities and data business are yielding results in the global market. We will continue our growth centered on the AI translation solution Vogl and our global data hub business."
* This article has been translated by AI.
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