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THINKWARE Achieves Record Breaking Sales in 2021

Amzeal News/10467901
North American markets showing double-digit growth as the company's overseas dash cam exports grew 36.1% year-over-year

SAN FRANCISCO - Amzeal -- Korean dash cam brand THINKWARE announced its performance data for 2021 as part of its latest consolidated financial statements. THINKWARE sales rose 14.1% in 2021 to KRW 225.3 billion ($187 million US dollars). Overall, last year's sales numbers were record-breaking for the company with an operating profit of KRW 12.4 billion ($10 million US dollars) and a net profit of KRW 7.1 billion ($57.4 million US dollars).

THINKWARE Dash Cam's sales rose 10.8% year-over-year to KRW 158.6 billion ($131.5 million US dollars), of which overseas sales rose 36.1% year-over-year to KRW 47.6 billion($39.4 million US dollars). Overseas sales in North America and Japan increased 50% and 25%, respectively, compared to the same period last year. THINKWARE's premium-tier dash cams continued to rise in 2021, accounting for about 50% of the company's sales in Korea, driving overall sales growth for the company.

Also, THINKWARE's map platform business (Navigation) contributed to the company's overall sales performance. The map business sector recorded KRW 19.6 billion ($16.2 million US dollars), of which the map platform business increased 27.6% year-over-year to KRW 10.3 billion ($8.5 million US dollars). Last year, INAVI, a subsidiary of THINKWARE, actively expanded its business area by supplying its map data to various mobility service markets such as the taxi and rideshare industries.

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The stable growth of THINKWARE's new businesses, such as environmental appliances and outdoor activities is also notable. The company's new business sector rose 30.8% in 2021 to KRW 47.1 billion ($39 million US dollars). THINKWARE is also generating profits by diversifying its business portfolio and expanding its lineup of household appliances to robot vacuum cleaners and air purifiers based on its INAVI distribution and AS network.

The company plans to focus its capabilities on expanding export business, such as discovering new overseas channels, expanding its supply product lineup, and developing key technologies such as autonomous driving mobility to secure future growth engines and expand THINKWARE's growth in 2022.

"THINKWARE's record-breaking year highlights our success in overseas endeavors. With a 50% increase in North American sales and the supply of dash cams to BMW beginning this year, we expect to further expand our overseas sales to more than 100 billion won ($82.9 million US dollars) and continue to grow exponentially," a representative from THINKWARE.

Joao Goncalves

Filed Under: Electronics

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