Shift Up 3Q25 Earnings Results

Key insights

7 takeaways

01
Shift Up reported 75.5 billion KRW in total operating revenue for 3Q25, a 30.1% year-over-year increase, with a high operating profit margin of 65.6%.See it on page 5
02
Operating profit reached 49.5 billion KRW, while net profit hit 54.6 billion KRW, significantly aided by foreign exchange gains and financial income.See it on page 8
03
Goddess of Victory: NIKKE remains the primary revenue driver, contributing 44.5 billion KRW through consistent global traffic and seasonal events.See it on page 9
04
Stellar Blade generated 27.7 billion KRW in revenue, successfully establishing itself as a steady-selling IP across PlayStation 5 and PC platforms.See it on page 6
05
Operating expenses dropped 41.2% quarter-over-quarter to 26 billion KRW, driven by the normalization of variable costs and the absence of prior-period incentive payments.See it on page 7
06
Development of the company's next flagship title, Project Spirit, is underway with a projected release date beyond 2027.See it on page 11
07
The company maintains a strong financial position with 960.2 billion KRW in total assets and is currently evaluating potential shareholder return strategies.See it on page 12

Summary

Shift Up’s third-quarter 2025 earnings report highlights a period of strong financial performance driven by the sustained popularity of its core intellectual properties, Goddess of Victory: NIKKE and Stellar Blade. The company reported total operating revenue of 75.5 billion KRW, representing a 30.1% year-over-year increase, alongside an operating profit of 49.5 billion KRW. Net profit reached 54.6 billion KRW, bolstered by favorable foreign exchange gains and financial income. These results underscore the company's ability to maintain high-margin operations, with an operating profit margin of 65.6% for the quarter.

The primary revenue drivers remain the live-service title Goddess of Victory: NIKKE and the action game Stellar Blade. Goddess of Victory: NIKKE generated 44.5 billion KRW in revenue, supported by successful seasonal events and stable user traffic in global markets. Stellar Blade contributed 27.7 billion KRW, successfully transitioning into a steady-selling IP across both PlayStation 5 and PC platforms, maintaining high user approval ratings. Operating expenses were managed effectively at 26 billion KRW, a 41.2% decrease from the previous quarter, largely due to the normalization of variable costs and the exclusion of prior-period incentive payments.

Looking forward, the company is focused on extending the lifecycle of its existing portfolio through content updates, such as the upcoming third-anniversary event for Goddess of Victory: NIKKE, and continued promotional activities for Stellar Blade. Development of the next flagship title, Project Spirit, is proceeding as planned with a targeted release beyond 2027. The company maintains a stable financial position with total assets of 960.2 billion KRW and continues to evaluate shareholder return strategies to align with market conditions and government policies.