May 14, 2025
Quarterly Revenue of Approx. KRW 141.8 Billion, Operating Loss of Approx. KRW 11.3 Billion, Quarterly Net Loss of Approx. KRW 20.6 Billion
Approx. 26% QoQ Increase of Game Business Revenue From New Releases, with Legend of Ymir in February
Stepping Up Global Expansion: Q3 Target for MIR M Release in China, Q4 Target for Legend of Ymir Global Release
On May 14th, Wemade Co., Ltd. (KOSDAQ: 112040) reported its earnings for the first quarter of fiscal year 2025. The company reported quarterly revenue of approximately KRW 141.8 billion, operating loss of approximately KRW 11.3 billion, and net quarterly loss of approximately KRW 20.6 billion, according to consolidated financial statements based on K-IFRS (Korean International Financial Reporting Standards).
Total revenue for the first quarter decreased approximately 14% from last quarter. Game business division revenue saw an increase of approximately 26% from the performance of new releases including Legend of YMIR, which was released in Korea on February 20th.
Quarterly earnings resulted in operating loss and net loss, turning to loss compared to the last quarter. The increase in costs may be attributed to labor costs incurred due to the incorporation of the subsidiary MADNGINE, as well as increased advertising expenses related to the marketing of new releases.
Wemade will step up its global expansion this year, increasing its presence with new releases in various genres in global markets. MIR M will be released in the Chinese market in the third quarter, and the global release of The Midnight Walkers is scheduled for the second half of the year. The global version of Legend of YMIR, with advanced tokenomics, will also be showcased in the fourth quarter.
The list of upcoming releases includes MIR 5, Black Vultures : Prey of Greed, NIGHT CROWS 2 (code name), and TAL: The Arcane Lands.
Wemade will also accelerate the development of its blockchain business based on the virtual asset WEMIX. The company seeks to solidify its standing as the leader of the blockchain gaming industry by publishing a number of high-quality blockchain games successfully in the global market, and at the same time deploying multifaceted strategies to foster synergy with WEMIX holders.
In the first quarter of fiscal year 2025, Wemade Max reported a revenue of approximately KRW 47.1 billion, operating loss of approximately KRW 2.4 billion, and net loss of approximately KRW 0.7 billion. More than 10 projects are currently under active development at its subsidiaries, including the two key proven developers, Wemade Next and MADNGINE. Even more games are scheduled to be showcased this year than in previous years.
<Related Material>
■ Wemade First Quarter 2025 Earnings Summary
* Figures from consolidated financial statements based on K-IFRS [Unit: million, KRW]
Category | Q1’25 | Q4 ’24 | QoQ | Q1’24 | YoY |
Revenue | 141,833 | 164,821 | -14% | 161,299 | -12% |
Operating Profit | -11,337 | 17,038 | Turned to loss | -37,625 | Loss reduced |
Quarterly Net Profit | -20,621 | 204,273 | Turned to loss | -58,977 | Loss reduced |
* The figures given above were each rounded to whole numbers.
** The reported end-of-quarter earnings figures are estimates, and may be subject to change following external audit reviews.