Shift Up 1Q26 Results

Key insights

7 takeaways

01
Consolidated 1Q26 operating revenue was 47,309 million KRW, up 12.0% year on year but down 26.6% from 4Q25.See it on page 5
02
Operating profit of 21,506 million KRW fell 18.1% year on year and 42.5% quarter on quarter, with operating margin at 45.5%.See it on page 8
03
Net profit of 37,796 million KRW rose 40.8% year on year.See it on page 8
04
Operating expense was 25,803 million KRW, down 4.5% quarter on quarter, with labor costs up 19.5% quarter on quarter due to incentive payouts.See it on page 7
05
The company expects the next Stellar Blade title to be a first-party service, and expects it to deliver meaningfully improved results compared to its predecessor.See it on page 10
06
The company is reviewing an additional share buyback program for the second half of 2026 or beyond, with details to follow once finalized.See it on page 12
07
The company plans a large-scale 4th anniversary update for NIKKE in the second half of 2026, aiming to surpass the 3.5th anniversary milestones.See it on page 9

Summary

Shift Up's 1Q26 results presentation covers the company's first quarter of 2026, with results in million KRW on a consolidated basis and comparisons against 1Q25 and 4Q25. The deck also outlines the company's 2026 outlook, covering its IP lineup, self-publishing plans, the UNBOUND partnership, and a possible share buyback. Operating revenue for 1Q26 was 47,309 million KRW, up 12.0% year on year and down 26.6% quarter on quarter. Revenue from GoV: NIKKE was 32,689 million KRW and from Stellar Blade 12,904 million KRW. Operating expense was 25,803 million KRW, and operating profit was 21,506 million KRW, with an operating margin of 45.5%. Net profit was 37,796 million KRW, up 40.8% year on year. The company states that development of the next Stellar Blade title is progressing smoothly and that Project Spirits details will be shared within 2026. It also says it is reviewing an additional share buyback for the second half of 2026 or beyond.

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