SHIFT UP (462870) Q3 2025 earnings summary

Executive summary

• 9M 2025 revenue was KRW230.1bn, led by Goddess of Victory: NIKKE and Stellar Blade; operating income reached KRW144.0bn and net income KRW132.8bn.

• Growth initiatives include extending Stellar Blade into a franchise, developing its sequel, and building Project Spirit as a cross-platform flagship IP.

Financial highlights

• 9M revenue was KRW230.1bn versus KRW160.6bn in 9M 2024; operating income was KRW144.0bn versus KRW106.5bn, and net income KRW132.8bn versus KRW88.4bn.

• Q3 revenue was KRW75.5bn versus KRW58.0bn YoY; operating income was KRW49.5bn versus KRW35.6bn, and net income KRW54.6bn versus KRW23.5bn.

• 9M operating cash flow was KRW137.7bn versus KRW103.1bn; investing cash outflow was KRW243.3bn and financing cash outflow KRW51.7bn.

Outlook and guidance

• Plans include extending NIKKE’s lifecycle through ongoing story and content updates and expanding IP business through merchandise, licensing and other derivative works.

• Stellar Blade sequel development is underway, targeting expanded world-building and more advanced gameplay; Project Spirit is in development for mobile, PC and console.

• AI research is focused on improving development efficiency and content variety; image and voice-generation technologies are at foundational development and proof-of-concept stages.