Pearl Abyss 4Q25 Earnings Presentation

Key insights

6 takeaways

01
Pearl Abyss reported an operating loss of 8.4 billion KRW and a net loss of 14.4 billion KRW in 4Q25, marking a shift away from previous quarterly profitability.See it on page 5
02
Operating revenue for 4Q25 fell to 95.5 billion KRW, representing a 10.6% decline compared to the third quarter.See it on page 5
03
Operating expenses increased to 103.9 billion KRW, an 8% rise driven by a 3% growth in headcount to 1,363 employees and higher labor costs.See it on page 7
04
The company remains heavily dependent on its core live service titles, Black Desert and EVE, with North American and European markets providing the largest share of revenue.See it on page 4
05
Pearl Abyss is prioritizing the 2026 launch of Crimson Desert, which has currently secured over two million wishlists.See it on page 8
06
Strategic efforts for 2026 include intensified marketing collaborations and technical testing phases, such as the Founders' Access test for EVE Frontier, to drive a return to growth.See it on page 4

Summary

The Pearl Abyss 4Q25 earnings presentation outlines the company’s financial performance for the final quarter of 2025 and provides a strategic outlook for 2026. The primary objective is to communicate the firm’s transition into a period of operating loss while highlighting ongoing development efforts for upcoming titles. The company reported an operating revenue of 95.5 billion KRW for the fourth quarter, representing a 10.6% decline quarter-over-quarter. This resulted in an operating loss of 8.4 billion KRW and a net loss of 14.4 billion KRW, marking a shift from the profitability observed in previous quarters of the year.

Operating expenses rose to 103.9 billion KRW, an 8% increase from the third quarter, driven largely by a 3% growth in headcount to 1,363 employees and increased labor costs. Despite the financial downturn, the company maintains a focus on its core live service titles, Black Desert and EVE, which continue to serve as the primary revenue drivers. Geographically, the company remains heavily reliant on international markets, with North American and European regions consistently contributing the largest share of revenue.

Looking toward 2026, the company is prioritizing the launch and marketing of its highly anticipated title, Crimson Desert, which has already secured over two million wishlists. Strategic initiatives include intensified marketing collaborations and technical testing phases, such as the Founders' Access test for EVE Frontier. These efforts are intended to bolster the company’s portfolio and return to growth in the coming fiscal year. The financial data provided reflects a consolidated view of the company’s global operations, emphasizing the transition from stable live service revenue to a high-investment phase centered on new product development.