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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
SHIFT UP
SHIFT UP (462870) investor relations material
SHIFT UP Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary10 Nov, 2026
Executive summary
9M 2026 revenue was ₩149,239m, operating income ₩70,324m and net income ₩54,070m; Q3 recorded a net loss of ₩25,462m.
Goddess of Victory: NIKKE generated 74.6% of 9M revenue and Stellar Blade 18.5%, leaving results concentrated in two game IPs.
Growth plans center on Stellar Blade: Blood Rain, cross-platform Project Spirit and multiple PC/console titles from Unbound.
Financial highlights
Q3 revenue was ₩46,205m versus ₩75,499m in Q3 2025; operating income was ₩20,701m versus ₩49,548m.
Q3 net loss was ₩25,462m versus net income of ₩54,628m in Q3 2025; basic EPS was -₩443 versus ₩945.
9M revenue was ₩149,239m versus ₩230,116m; operating income ₩70,324m versus ₩144,014m; net income ₩54,070m versus ₩132,781m.
Operating cash flow was ₩90,987m for 9M, compared with ₩137,659m in 9M 2025; cash and equivalents ended September at ₩213,572m.
Outlook and guidance
Stellar Blade: Blood Rain was announced at SGF 2026; development aims to expand the world and gameplay while building the franchise.
Project Spirit is in development as a new cross-platform mobile, PC and console title based on an eastern fantasy setting.
Unbound is developing multiple new PC/console IPs, including high-end titles; publishing them directly is planned.
AI research is planned to improve game-development efficiency; image- and voice-generation work is expected to proceed through proof-of-concept.
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Latest events from SHIFT UP
- NIKKE and Stellar Blade drove KRW230.1bn in 9M revenue as profit advanced.462870
Q3 2025 - Finance income lifted H1 net income despite lower revenue and operating income.462870Q2 2026
- Record FY2024 results on NIKKE strength and Stellar Blade’s launch, with expansion ahead.462870Q4 2024
- Record FY2025 results were powered by NIKKE and Stellar Blade, with new IPs in development.462870Q4 2025
- Nikke and Stellar Blade drove ₩160.6bn in 9M revenue as new market expansions took shape.462870Q3 2024
- Q1 earnings grew as Nikke led revenue; China expansion and a ₩50bn buyback are planned.462870Q1 2025
- ₩37.80bn net income as two game IPs drive revenue and new titles advance.462870Q1 2026
- Two flagship games drove H1 growth as new platforms and markets expanded reach.462870Q2 2025
Next SHIFT UP earnings date
Q4 202610 Feb, 2027
SHIFT UP
Next SHIFT UP earnings date
Q4 202610 Feb, 2027
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