In the third quarter of 2024, iFLYTEK achieved a positive quarterly profit correction, and all operating indicators such as revenue, gross profit, net profit, and cash flow maintained positive growth.

On Friday, October 18th, iFLYTEK announced its third quarter financial results:

• Third quarter revenue: 5.525 billion yuan, up 15.77% year on year; revenue for the first three quarters was 14.8495 billion yuan, up 17.73% year on year.
• Third quarter profit: 56.96 million yuan, up 120.87% year on year; profit loss for the first three quarters was 0.3437 billion yuan, down 445.91% year on year.
• Earnings per share for the third quarter: 0.0243 yuan, up 147.00% year on year; earnings per share for the first three quarters -0.1489, down 472.25% year on year.
• Gross profit: 2.26 billion yuan, up 16.68% year over year.
• Net operating cash flow: $0.715 billion, up 100.09% year over year.

iFLYTEK closed up 3.22% today. Over the past year, iFLYTEK shares fell nearly 15%.

“iFLY Starfire” continues to develop

According to financial reports, in the third quarter of 2024, iFLYTEK increased R&D investment and layout of the Spark model while improving profits for the quarter. In the first three quarters, iFLYTEK's R&D expenses totaled 3.0371 billion. Development expenditure increased by 145.82% compared to the initial balance, mainly due to the increase in R&D investment in the current period.

“iFLY Spark” is a new generation cognitive intelligence model launched by iFLYTEK. It has interdisciplinary knowledge and language comprehension ability, and is able to understand and perform tasks based on natural dialogue.

Currently, iFLYTEK has accelerated its implementation in central state-owned enterprises. iFLYTEK said that the “iFLY Spark” model has become the preferred choice for central state-owned enterprises — according to relevant statistics, this year, the number of winning projects announced in China's big model market reached 653, and iFLYTEK successfully won 38 projects. The disclosed winning bid amount was 0.216 billion yuan, ranking first in the industry in terms of quantity and amount. In August alone, it surpassed 150 million in a single month.

iFLYTEK also mentioned that the “iFLY Spark” industry ecosystem has been further strengthened. The number of developers continued to grow rapidly in the first three quarters of 2024. The number of new developers added reached 1.777 million, and the “iFLY Spark” app was downloaded more than 0.19 billion times on Android.