SHIFT UP (462870) Q2 2025 earnings summary

Executive summary

• H1 2025 revenue reached ₩154,617m, operating income ₩94,467m and net income ₩78,153m; both flagship games contributed nearly all revenue.

• Q2 revenue was ₩112,383m and operating income ₩68,215m, both above Q2 2024; Q2 net income was ₩51,306m.

Financial highlights

• H1 revenue rose to ₩154,617m from ₩102,577m YoY; operating income increased to ₩94,467m from ₩70,942m.

• H1 net income was ₩78,153m versus ₩64,960m; basic EPS was ₩1,339 versus ₩1,296 and diluted EPS ₩1,323 versus ₩1,249.

• Operating cash flow was ₩78,371m versus ₩42,073m; investing cash flow was a ₩176,525m outflow, including financial-asset purchases.

• Cash and cash equivalents stood at ₩138,849m at June-end, down from ₩289,250m at year-end 2024.

Outlook and guidance

• Ongoing NIKKE content updates every 2–3 weeks and China service are intended to sustain engagement and extend the game’s lifecycle.

• Stella Blade sequel development is underway; the planned follow-up aims to expand the world and refine gameplay.

• Project Spirit is in development as a cross-platform mobile, PC and console title, positioned as a future flagship IP.

• Planned IP expansion includes derivative Stella Blade works and broader licensing and merchandise activity.