Shift Up 1Q25 Results

Key insights

6 takeaways

01
Shift Up reported 1Q25 revenue of 42.2 billion KRW, a 13% year-over-year increase, and an operating profit of 26.3 billion KRW.See it on page 5
02
Goddess of Victory: NIKKE remains the primary revenue driver, maintaining stable user engagement through seasonal events and collaborations in South Korea and North America.See it on page 9
03
Stellar Blade continues to show steady momentum, with a PC platform expansion scheduled for release in June 2025.See it on page 10
04
The company is preparing for the May 2025 Chinese market launch of Goddess of Victory: NEW HOPE and is developing a new title, Project Witches, for a 2027 release.See it on page 9
05
Operating expenses were 16 billion KRW for the quarter, while total headcount increased to 326 employees to support ongoing development.See it on page 7
06
Management is currently evaluating a formal mid-to-long-term shareholder return policy and plans to begin external communication regarding new projects in 2Q25.See it on page 11

Summary

Shift Up’s first-quarter 2025 financial results demonstrate a period of stable performance and strategic preparation for upcoming platform expansions and regional launches. The company reported quarterly revenue of 42.2 billion KRW, representing a 13% year-over-year increase, alongside an operating profit of 26.3 billion KRW. While revenue and profit saw a decline compared to the previous quarter, the results align with internal annual projections, supported by consistent user engagement across its core intellectual properties.

The primary revenue driver, Goddess of Victory: NIKKE, maintained stable monthly active users through successful seasonal events and high-profile collaborations, particularly in the South Korean and North American markets. Meanwhile, the console title Stellar Blade continued to show steady momentum following its 2024 launch, with significant interest in merchandise and anticipation building for its PC platform expansion scheduled for June 2025. Operating expenses were managed effectively at 16 billion KRW, benefiting from the removal of one-off costs, even as the company increased its headcount to 326 employees to support ongoing development.

Looking ahead, the company is focused on the May 2025 Chinese market launch of Goddess of Victory: NEW HOPE and the continued development of Project Witches, which is slated for a 2027 release. Management intends to initiate external communication regarding new projects in the second quarter and is currently evaluating a formal mid-to-long-term shareholder return policy. By leveraging its established IP portfolio and expanding into new platforms and regions, the company aims to sustain its growth trajectory and enhance long-term shareholder value.