FY2025 Q3 Online Earnings Presentation: Q&A Summary

The fiscal year 2025 third-quarter earnings question-and-answer session focuses on the performance, monetization strategies, and long-term operational roadmaps for key titles, specifically ARC Raiders, the Dungeon&Fighter franchise, and MapleStory: Idle RPG. The primary thesis centers on transitioning from initial launch momentum to sustainable, long-term live service models through iterative content updates, community-driven development, and diversified revenue streams.

ARC Raiders has demonstrated strong early performance, reaching 4 million units sold to date with a projected 5 to 5.5 million units by the end of the fourth quarter. While currently reliant on package sales, the company intends to shift toward a hybrid model incorporating cosmetic in-game purchases and regular content drops to ensure longevity. Management reports high player retention and a peak of 700,000 concurrent users shortly after launch, noting that the development team will remain intact and potentially expand to support frequent updates.

Regarding the Dungeon&Fighter franchise, the company is prioritizing a long-term recovery for the mobile version in China through co-development initiatives with Tencent. Following positive retention trends from September updates, the firm is finalizing a 2026 roadmap that emphasizes small, frequent updates over singular major releases to maintain engagement. Additionally, the global launch of MapleStory: Idle RPG has seen success in Korea, Taiwan, and North America, with management confirming no cannibalization of existing franchise titles and viewing the game as a strategic tool to expand the broader brand’s user base.

The company maintains a neutral outlook on short-term revenue fluctuations, attributing anticipated fourth-quarter declines in the China PC version of Dungeon&Fighter to seasonal cycles rather than operational issues. Furthermore, leadership confirmed that recent labor strikes at a Korean subsidiary have been resolved with no ongoing impact on operations, and they remain committed to applying lessons learned from previous titles to optimize future retention and monetization metrics.