Q2 2026 Earnings Release: Shift Up

Shift Up’s Q2 2026 earnings release highlights a period of stable financial performance and strategic preparation for future growth. The company reported quarterly revenue of KRW 55.7 billion, representing a 17.8% increase over the previous quarter, alongside an operating profit of KRW 28.1 billion and a net profit of KRW 41.7 billion. While revenue saw a year-over-year decline of 50.4%, the company maintains a robust operating profit margin of 50.5%, supported by the consistent performance of its flagship live-service title, Goddess of Victory: NIKKE, and the steady-seller status of Stellar Blade.

The primary driver of revenue remains the Goddess of Victory: NIKKE franchise, which successfully leveraged its 3.5th-anniversary update to achieve top-grossing status in Korea and Japan. Simultaneously, the company is transitioning toward a self-publishing model for its upcoming console titles, including the newly unveiled Stellar Blade: Blood Rain. This sequel, which generated significant global interest following its reveal at Summer Game Fest 2026, is central to the company’s long-term strategy. Additionally, the development of the new AAA-class project, Project Spirits, remains on track for a scheduled reveal in the second half of 2026.

Operating expenses for the quarter totaled KRW 27.6 billion, reflecting a 7.0% increase from the previous quarter. This rise is attributed to the consolidation of the subsidiary UNBOUND and ongoing investments in human capital, with total headcount increasing to 442 employees. Despite these rising costs, the company maintains a disciplined approach to expenditure, prioritizing investments in new IP development and the internalization of publishing capabilities. The financial results underscore a focus on balancing current profitability with the expansion of a diverse, high-quality game portfolio.