SHIFT UP (462870) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was ₩149,239m, operating income ₩70,324m and net income ₩54,070m; Q3 recorded a net loss of ₩25,462m.

• Goddess of Victory: NIKKE generated 74.6% of 9M revenue and Stellar Blade 18.5%, leaving results concentrated in two game IPs.

• Growth plans center on Stellar Blade: Blood Rain, cross-platform Project Spirit and multiple PC/console titles from Unbound.

Financial highlights

• Q3 revenue was ₩46,205m versus ₩75,499m in Q3 2025; operating income was ₩20,701m versus ₩49,548m.

• Q3 net loss was ₩25,462m versus net income of ₩54,628m in Q3 2025; basic EPS was -₩443 versus ₩945.

• 9M revenue was ₩149,239m versus ₩230,116m; operating income ₩70,324m versus ₩144,014m; net income ₩54,070m versus ₩132,781m.

• Operating cash flow was ₩90,987m for 9M, compared with ₩137,659m in 9M 2025; cash and equivalents ended September at ₩213,572m.

Outlook and guidance

• Stellar Blade: Blood Rain was announced at SGF 2026; development aims to expand the world and gameplay while building the franchise.

• Project Spirit is in development as a new cross-platform mobile, PC and console title based on an eastern fantasy setting.

• Unbound is developing multiple new PC/console IPs, including high-end titles; publishing them directly is planned.

• AI research is planned to improve game-development efficiency; image- and voice-generation work is expected to proceed through proof-of-concept.