Pearl Abyss (263750) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue grew 34% quarter-over-quarter to KRW 106.8 billion, driven by Black Desert's record performance and stable EVE Online service.

• Net profit turned positive at KRW 29 billion, aided by foreign exchange gains and corporate tax refunds.

• Major product updates included new classes and regions for Black Desert and EVE Online, and the announcement of Crimson Desert's launch date.

• Operates globally in game software development and publishing, with 20 consolidated subsidiaries as of September 2025.

• The company is listed on KOSDAQ and maintains a stable credit rating (A- to AO, stable outlook).

Financial highlights

• Q3 operating revenue: KRW 106.8 billion, up 34% QoQ and 34.3% YoY.

• Operating profit: KRW 10.6 billion, returning to positive territory from a loss in 3Q24.

• Net profit: KRW 29 billion, a turnaround from a net loss of KRW 7.8 billion in 3Q24.

• Consolidated revenue for the first nine months of 2025 was KRW 270.1 billion.

• Cash and cash equivalents at period end were KRW 134.0 billion, with total assets of KRW 1.13 trillion and total equity of KRW 809.2 billion.

Outlook and guidance

• Black Desert to launch new PVP content, global tournaments, and a new female class in Q4.

• Crimson Desert marketing to intensify ahead of March 2026 release, with global influencer and media engagement.

• Focus on expanding the 'Black Desert' IP and launching three new titles (Crimson Desert, DokeV, PLAN 8) to diversify the portfolio.

• Continued investment in R&D, with 34.1% of revenue allocated to development in the first nine months of 2025.