[Edaily Reporter KIM SAE-MI ] SEERS TECHNOLOGY(458870)reported a decline in revenue and shifted to an operating loss in the third quarter of this year. The company explained that this was due to delays in the supply schedule caused by server supply issues for its flagship product, the artificial intelligence (AI) bed monitoring platform “thynC.”

SEERS announced on the 6th that its consolidated operating loss for the third quarter of this year was 1.9 billion won, marking a shift to a loss from a 6.7 billion won profit in the same period last year. During the same period, revenue fell 38% to 9.8 billion won, and the net loss was 1.9 billion won, shifting from a 6.7 billion won net profit in the same period last year.

Cumulative revenue for the first three quarters of this year reached 70.7 billion won, a 155% increase compared to the 27.8 billion won recorded in the same period last year. During the same period, cumulative operating profit rose 226.7% to 24.9 billion won, and cumulative net profit also increased by 225.0% to 24.8 billion won.

The company explained that supply-demand imbalances for servers and key components, caused by expanding global investment in AI infrastructure, led to some delays in the delivery schedule for “Think.” “Think” is an integrated system combining wearable medical devices, AI software, and servers; the company stated that delays in server delivery resulted in a delay in revenue recognition for the product, including the software.

Third-quarter revenue by product totaled 8.2 billion won for Think and 1.6 billion won for “mobiCARE,” a wearable AI solution for diagnosing arrhythmias. While Think’s revenue declined compared to the previous quarter due to server supply delays, mobiCARE continued its growth momentum, driven by expanding domestic demand for electrocardiogram (ECG) testing.

SEERS completed server delivery at the end of last month and is proceeding with installations at hospitals on a sequential basis. The company also plans to pursue follow-up orders and deliveries for the units whose supply was delayed in the third quarter. Additionally, it is diversifying its procurement channels by collaborating with major server manufacturers such as Dell, HP, and Lenovo, and pursuing original equipment manufacturer (OEM) server supply contracts.

In the fourth quarter of this year, the company intends to expand Think’s existing supply to medical institutions and promote adoption by new hospitals, while also working to increase sales of Mobicare’s ECG testing services in anticipation of the peak season for health screenings. Overseas, the company plans to enter the U.S. fee-for-service diagnostic services market and expand its health screening and arrhythmia diagnostic services business in the United Arab Emirates (UAE).

Lee Young-shin, CEO of SEERS, stated, “We take seriously the concerns we have caused our shareholders and investors by posting results that fell short of expectations due to server supply disruptions in the third quarter,” adding, “We will focus on recovering our performance in the fourth quarter by normalizing server supply and ensuring a stable product supply.”