SHIFT UP (462870) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was ₩42.235bn, up from ₩37.376bn YoY; operating income reached ₩26.251bn and net income ₩26.846bn.

• Goddess of Victory: Nikke remained the largest revenue source at ₩32.311bn; Stellar Blade contributed ₩7.012bn.

Financial highlights

• Revenue was ₩42.235bn versus ₩37.376bn in Q1 2024; operating expenses were ₩15.983bn versus ₩11.440bn.

• Operating income was ₩26.251bn versus ₩25.935bn YoY; pretax income was ₩31.646bn versus ₩29.222bn.

• Net income was ₩26.846bn versus ₩24.700bn YoY; basic EPS was ₩460 versus ₩499 and diluted EPS ₩453 versus ₩475.

• Operating revenue comprised ₩42.210bn from products and services and ₩24.6m in royalties.

Outlook and guidance

• Goddess of Victory: Nikke China service is in preparation with a global publisher, targeting expansion into a major subculture market.

• Stellar Blade PC expansion is in preparation; further derivative works and IP development are planned to extend the franchise.

• Portfolio plans include developing and securing new IP, expanding IP licensing and merchandise, and exploring AI tools for game-production efficiency.