Pearl Abyss (263750) Q2 2025 earnings summary

Executive summary

• Q2 2025 operating revenue was KRW 79.6 billion, down 4.9% quarter-over-quarter and 2.7% year-over-year, with an operating loss of KRW 11.8 billion and net loss of KRW 22.7 billion, both turning negative compared to the prior year.

• EVE Online achieved its best performance since Q4 2016, driven by the Legion expansion and in-game events.

• Preparations and marketing for new titles, including Crimson Desert and blockchain-based EVE Frontier, intensified globally.

• Revenue for H1 2025 was ₩163.2 billion, down from ₩342.4 billion in the previous year, with a net loss of ₩22.2 billion.

• The company’s main revenue driver remains the global service of its flagship IPs, with ongoing investments in new titles and global expansion.

Financial highlights

• Q2 operating revenue was KRW 79.6 billion, down from KRW 81.8 billion in 4Q24 and KRW 95.7 billion in 2Q24.

• Operating loss was KRW 11.8 billion; net loss reached KRW 22.7 billion, impacted by FX losses.

• Black Desert IP revenue was KRW 54.9 billion, down 12.9% QoQ; EVE IP revenue was KRW 24.2 billion, up 18% QoQ.

• Cash and cash equivalents stood at KRW 110.5 billion as of June 30, 2025, with total capital at KRW 776.6 billion.

• Basic and diluted EPS for H1 2025 were both -₩361, compared to ₩1,378 in 2024.

Segment performance

• Black Desert and EVE remained core revenue drivers, with Black Desert accounting for the majority share.

• Black Desert saw new content and gameplay improvements but experienced weak revenue due to lack of major updates.

• Console versions launched on PS5 and Xbox Series X|S, improving user experience and metrics.

• Game segment contributed 99.6% of revenue (₩162.5 billion), while other segments contributed 0.4%.

• Regional revenue split: Korea 18%, Asia 18%, NA/Europe 64%. Platform split: PC 85%, mobile 12%, console 3%.