Shift Up 2Q25 Results

Shift Up achieved record-breaking financial performance in the second quarter of 2025, driven by the successful expansion of its flagship intellectual properties into new markets and platforms. The company reported quarterly operating revenue of 112.4 billion KRW, representing a 72.4% increase year-over-year and a 166.1% increase quarter-over-quarter. Operating profit reached 68.2 billion KRW, while net profit stood at 51.3 billion KRW. This growth was largely fueled by the launch of the PC version of Stellar Blade and the continued stability of Goddess of Victory: NIKKE.

The performance of Stellar Blade was a primary catalyst for the quarter, as the title set new benchmarks for AAA single-player games in Korea. Following its June 2025 PC release on Steam, the game surpassed 1 million units sold within three days and achieved a peak of nearly 200,000 concurrent users, outperforming other major Sony-published titles on the platform. Combined with PlayStation 5 sales, the title has exceeded 3 million units sold. Simultaneously, Goddess of Victory: NIKKE maintained its status as an evergreen global title, bolstered by a successful launch in the Chinese market under the title Goddess of Victory: NEW HOPE and effective cross-IP collaborations.

Operating expenses rose to 44.2 billion KRW, a 176.3% increase from the previous quarter, primarily due to higher variable costs associated with the Stellar Blade launch and increased labor costs from developer incentives. Despite these expenditures, the company maintained a strong operating profit margin of 60.7%. Looking ahead, the company intends to sustain momentum through ongoing content updates for its existing titles and the development of its new project, Project Spirit, which is currently in the recruitment and early planning phase with a target launch window of 2027 or later.