SHIFT UP (462870) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was ₩47.31bn; operating income was ₩21.51bn and net income was ₩37.80bn, with investment and foreign-exchange gains contributing to non-operating income.

• Sales remained concentrated in Goddess of Victory: NIKKE and Stellar Blade, while development continued on a Stellar Blade sequel and Project Spirit.

Financial highlights

• Revenue was ₩47.31bn versus ₩42.23bn in Q1 2025; operating expenses were ₩25.80bn versus ₩15.98bn.

• Operating income was ₩21.51bn versus ₩26.25bn; pretax income was ₩46.39bn versus ₩31.65bn, and net income was ₩37.80bn versus ₩26.85bn.

• Finance income reached ₩22.75bn, including ₩8.53bn in fair-value gains and ₩5.65bn in derivative transaction gains; other gains were ₩13.45bn, including ₩5.71bn in FX translation gains.

• Operating cash flow was ₩74.82bn versus ₩63.79bn; investing cash outflow was ₩23.46bn versus ₩178.23bn, and quarter-end cash was ₩158.99bn.

Outlook and guidance

• Stellar Blade sequel development is underway, intended to expand the game’s world and build the franchise; no launch timing was stated.

• Project Spirit is in development as a new cross-platform title for mobile, PC and console, targeting global markets.

• Planned R&D includes applying AI to development workflows; image- and voice-generation work was progressing toward proof-of-concept stages.