Flitto Inc.: “Record-high Q3 results with ‘AI interpretation and translation’”

[Financial News] Flitto Inc. posted record quarterly results in the third quarter of this year, fueled by growth in its artificial intelligence (AI) interpretation and translation solutions business. With its operating margin topping 50%, its cumulative operating profit for the first three quarters of this year also significantly exceeded its full-year results for last year.
Flitto Inc. said on the 20th that it recorded consolidated revenue of 17.8 billion won and operating profit of 9 billion won in the third quarter of this year. Both quarterly revenue and operating profit were the highest since the company was founded, and its operating margin reached 50.4%.
Cumulative revenue this year was 31.1 billion won and operating profit was 10.3 billion won, up 20.7% and 89.7%, respectively, from the same period last year. In particular, cumulative operating profit was equivalent to 167.5% of last year’s full-year operating profit of 6.2 billion won. After first turning a full-year profit last year, the company has already surpassed its record for annual operating profit in just three quarters this year.
The expansion of Vogl, its AI interpretation and translation solution, contributed to the improved results. Its subscriber base grew 14-fold from the product’s launch in the fourth quarter of last year, surpassing 80,000 in the third quarter of this year. The service has been adopted not only at events held by global companies such as Amazon Web Services (AWS) and AMD, but also in retail settings, including Shinsegae Department Store and Olive Young.
Orders for enterprise AI solutions are also increasing. On the 12th, Flitto Inc. signed a 3.9-billion-won solution supply contract with a global semiconductor company. It had previously signed a major contract with Hanwha Ocean Co., Ltd., and is discussing adoption with additional global companies. The company expects the secured orders to be reflected in its future results.
The existing AI training data business is also supporting the company’s revenue base. Through its “Data Marketplace,” launched in June, it has expanded its business from direct data sales to distribution and brokerage. The data it handles is also expanding beyond text to include multimodal data and physical AI.
Flitto Inc. plans to complete large-scale data supply to global tech giants by the fourth quarter. It is also aiming for record annual results by growing its government-led business-to-government (B2G) data business and increasing revenue from AI solutions.
Yoon Min-yong, chief financial officer (CFO) of Flitto Inc., said, “With a virtuous cycle in our results now firmly established, we will continue to deliver strong growth and remain profitable in the fourth quarter.”
[email protected] Choi Hye-rim Reporter