Devsisters

Q1 FY2025 revenue reached 89.1 billion KRW, up 49.7 % year‑over‑year and 77.6 % quarter‑on‑quarter, driven primarily by the CookieRun: Kingdom fourth‑anniversary update and a focused user acquisition (UA) campaign. Operating profit surged to 9.4 billion KRW, a 15.6 % YoY increase and 1231.5 % QoQ jump, while net profit rebounded to 10.2 billion KRW after a loss in Q4 FY2024, reflecting improved cost management and higher gross margins. Game sales accounted for 86.5 billion KRW of total revenue, with overseas sales expanding 108.5 % QoQ and 51.9 % YoY, underscoring successful international market penetration.

Cost analysis shows operating expenses rose 61.1 % QoQ to 79.7 billion KRW, largely due to a 220.6 % increase in advertising spend (21.6 billion KRW) and a 71.2 % rise in service fees (30.8 billion KRW). Labor costs grew modestly 6.6 % QoQ, while other operating items remained stable. The company’s marketing strategy involved producing over 1,000 creative assets annually and allocating 50 % of the UA budget to U.S. and other overseas markets, yielding a projected cumulative sales lift that exceeds four times the incremental spend.

Financial position improved with total assets rising to 274.98 billion KRW and equity increasing to 164.88 billion KRW, supported by higher retained earnings of 28.19 billion KRW. Current liabilities grew modestly, but cash and equivalents fell to 7.65 billion KRW, reflecting higher marketing outlays.

Overall, the quarter demonstrates robust growth in international sales and a successful scaling of UA initiatives, positioning the company for sustained profitability across its core mobile gaming segment.

DevSisters reported Q2 FY2025 consolidated operating results in South Korea, showing a 68.8 % year‑over‑year sales increase to KRW 91.98 billion and an operating profit rise of 104.4 % to KRW 10.11 billion, driven largely by the CookieRun IP and expanded non‑gaming revenue streams. Game sales accounted for 96 % of total sales, with overseas game revenue surging 176.7 % YoY to KRW 68.25 billion, while domestic game sales fell 26.9 % to KRW 20.52 billion, reflecting a strategic shift toward international markets. Merchandise, royalty and other sales grew 84.4 % YoY to KRW 3.21 billion, contributing significantly to the overall profit margin.

Cost analysis revealed operating costs increased 65.3 % YoY, largely due to higher service and advertising expenses (68.2 % and 334.9 % YoY, respectively). Labor costs remained stable, rising only 8.1 % YoY. The company’s net profit rose 63.7 % YoY to KRW 10.33 billion, with a modest QoQ growth of 1.7 %. Net income per share increased accordingly, reinforcing the company’s profitability trajectory.

Financial position improved with total assets rising from KRW 274.98 billion in Q1 FY2025 to KRW 291.28 billion in Q2, driven by a significant increase in cash and equivalents (KRW 16.36 billion) and long‑term financial assets. Total liabilities grew to KRW 115.41 billion, while equity expanded to KRW 175.87 billion, reflecting retained earnings growth of KRW 11.07 billion.

The report covers South Korean operations for Q2 FY2025, using K‑IFRS consolidated financial statements. No external audit has yet verified the figures; management cautions that results may adjust pending audit review. The company attributes performance gains to successful title updates, strategic marketing, and diversification into non‑gaming segments, positioning DevSisters as a leading global IP developer.

DevSisters reported Q3 FY2025 results showing a 23.8 % year‑over‑year decline in sales to KRW 54.9 billion, driven largely by a temporary dip during the live‑service update cycle of its flagship titles. Operating loss of KRW 0.7 billion and net profit of KRW 1.6 billion were recorded, with a 40.3 % quarter‑on‑quarter drop in sales and an 84.1 % decline in net profit compared to Q2 FY2025. Game sales fell 44.8 % QoQ, with domestic revenue shrinking 34.8 % and overseas sales dropping 47.8 %. Merchandise, royalty, and other sales surged 82.3 % QoQ, offsetting some of the decline in core game revenue.

Cost reductions were evident: operating costs fell 32.1 % QoQ, labor costs decreased 7.9 %, and advertising spend dropped 62.3 %. Service fees also fell 38.2 % QoQ, while other costs rose modestly. The company attributes the operating loss to the temporary sales dip and anticipates a rebound in Q4 with major live‑service updates and seasonal events. A new revenue stream was highlighted: the North American launch of CookieRun: Braverse Card Game, which has already driven strong non‑game sales growth.

Financial position improved with total assets rising to KRW 322.3 billion and equity increasing to KRW 180.4 billion, supported by higher cash balances and reduced current liabilities. The company plans to invest internally and externally in new projects and IP acquisitions to sustain long‑term growth.

The release presents Devsisters’ consolidated operating results for FY 2025, focusing on the Q4 quarter and full‑year performance. Sales rose 17.1 % year‑over‑year to KRW 294.7 billion, driven primarily by the core title CookieRun: Kingdom and the North American launch of the CookieRun Card Game, which expanded non‑gaming revenue streams. Operating profit turned positive at KRW 6.2 billion, while net profit reached KRW 15.4 billion, reflecting a 24.8 % sales growth and improved profitability despite higher marketing spend.

Quarterly figures show Q4 sales of KRW 58.7 billion, a 7.1 % QoQ increase, yet operating and net losses of KRW 12.6 billion and KRW 6.8 billion respectively, attributed to elevated advertising and service fees associated with the upcoming 5th‑anniversary update of CookieRun: Kingdom. Marketing expenses surged, but management expects the update to generate sustainable revenue and reverse the loss trend.

Geographically, overseas sales grew 31.5 % YoY to KRW 37.5 billion, while domestic sales contracted 14.4 % to KRW 16.9 billion, indicating a shift toward international markets. Merchandise and royalty income expanded 130.9 % YoY, underscoring diversification beyond core game sales.

Cost analysis reveals operating costs increased 44.2 % YoY, driven largely by advertising (210.5 % rise) and service fees (26.6 %). Labor costs grew 10.1 %, while other operating expenses remained relatively stable.

The financial statements, prepared under Korean IFRS and not yet audited, provide a comprehensive view of Devsisters’ fiscal health, highlighting growth in sales and profitability at the expense of short‑term losses linked to strategic marketing investments.