Shift Up 4Q25 Earnings Results

Key insights

7 takeaways

01
Shift Up reported record-breaking annual results for fiscal year 2025 with 294 billion KRW in total revenue and 181 billion KRW in operating profit.See it on page 5
02
Fourth-quarter 2025 revenue reached 64.1 billion KRW, a 1% year-over-year increase, with an operating profit of 37.1 billion KRW.See it on page 5
03
Operating expenses for Q4 2025 rose 4% quarter-over-quarter to 27 billion KRW, driven by live service investments despite lower variable transaction fees.See it on page 7
04
The Goddess of Victory: NIKKE franchise remains a primary revenue driver, bolstered by a successful third-anniversary event and strong performance in the Korean and Japanese iOS markets.See it on page 9
05
Stellar Blade continues to generate consistent sales across PlayStation 5 and PC platforms, establishing itself as a core AAA flagship title.See it on page 10
06
The company is developing a new title, Project Spirits, through a strategic global partnership while exploring platform diversification for existing IPs.See it on page 11
07
Shift Up plans to implement a formal mid-to-long-term shareholder return policy within the first half of 2026.See it on page 11

Summary

Shift Up achieved record-breaking annual financial results for fiscal year 2025, reporting total revenue of 294 billion KRW and an operating profit of 181 billion KRW. The fourth quarter of 2025 saw revenue reach 64.1 billion KRW, representing a 1% increase year-over-year, alongside an operating profit of 37.1 billion KRW. The company’s financial performance was underpinned by the sustained success of its two primary intellectual properties, Goddess of Victory: NIKKE and Stellar Blade, which continue to demonstrate strong global market penetration and long-term revenue stability.

The Goddess of Victory: NIKKE franchise remains a core revenue driver, with its third-anniversary event significantly boosting user engagement and maintaining high rankings on major iOS revenue charts in Korea and Japan. Simultaneously, Stellar Blade has solidified its status as a flagship AAA title, maintaining consistent sales momentum across PlayStation 5 and PC platforms, bolstered by positive critical reception and ongoing promotional activities. Operating expenses for the quarter totaled 27 billion KRW, reflecting a 4% increase from the previous quarter, driven primarily by investments in live service enhancements and fixed costs, despite a reduction in variable transaction fees.

Looking ahead, the company is prioritizing the development of its next major title, Project Spirits, which is being produced through a strategic global partnership. Management is also focused on expanding the reach of existing IPs, including potential platform diversification for Stellar Blade and the continued alignment of the Chinese version of Goddess of Victory: NIKKE with global content standards. Furthermore, the company has signaled a commitment to enhancing shareholder value, with plans to formalize and implement a mid-to-long-term shareholder return policy within the first half of 2026.