PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Revenue doubled after the MadEngine consolidation, but amortization costs and new-title investment have kept operating losses running for five consecutive quarters.
2025 consolidated revenue reached KRW 148.8bn (up 98.5% year over year), while the operating loss widened to KRW 48.7bn
Overseas revenue mix expanded to 45% in Q1 2026, reflecting an ongoing shift toward a global portfolio
Night Crow secured a China import license and is preparing to launch locally under the name 'Yaya'
A multi-genre new-title lineup including Night Crow W, Project TAL and NOAH is set to roll out in the second half
Large-scale share issuance from the MadEngine acquisition more than doubled the outstanding share count versus end-2023, a structural overhang
WeMade Max is WeMade Group's game development and publishing subsidiary, founded in 1997 and listed on KOSDAQ in 2009, and it holds eight subsidiaries including MadEngine.
Its core revenue driver is the MMORPG Night Crow developed by subsidiary MadEngine, which has generated roughly KRW 750 billion in cumulative domestic and overseas revenue and 14 million cumulative users, making it the company's flagship IP.
Through a comprehensive share swap in December 2024, MadEngine was brought in as a wholly owned subsidiary, and Night Crow's royalty and licensing revenue began to be fully reflected in consolidated results.
Subsidiary WeMade Connect operates the subculture RPGs Lost Sword and Make Drama: MAD, and is preparing a new title based on Japanese publisher Kodansha's IP as well as the collection RPG NOAH.
Legacy businesses include the PC online game Silkroad Online, approaching its 20th anniversary of service, and the global HTML5 MMORPG Prif Universe, now in its fifth year, both serving as stable cash cows.
Lightcon launched the idle RPG WindRunner Idle in Korea and Taiwan, while One Way Ticket Studio is targeting the global market with the extraction shooter Midnight Walkers. The largest shareholder is WeMade, whose stake together with related parties exceeds 72%, leaving a relatively limited free float.
The company's strategy pursues a two-track structure combining stable income from long-running IP with growth momentum from new titles.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩33B | -₩16.7B | −50.5% |
| 2025Q3 | ₩38.2B | -₩11.7B | −30.8% |
| 2025Q4 | ₩30.5B | -₩17.9B | −58.6% |
| 2026Q1 | ₩32.7B | -₩15.3B | −47.0% |
| 2026Q2 | ₩33.7B | -₩15.4B | −45.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩86.2B | ₩25.3B | ₩22.6B | 29.3% | 29.4% | 54.1% |
| 2023 | ₩69.8B | ₩3.8B | ₩2.2B | 5.4% | 2.6% | 58.6% |
| 2024 | ₩75B | -₩8.1B | -₩9.5B | −10.8% | −1.9% | 19.2% |
| 2025 | ₩148.8B | -₩48.7B | -₩35.5B | −32.8% | −7.7% | 22.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-17
Consolidated revenue in 2025 reached KRW 148.84 billion, up 98.5% from KRW 74.99 billion in 2024, while the operating loss widened sharply to KRW 48.75 billion from KRW 8.09 billion in 2024. The net loss attributable to owners also grew to KRW 35.55 billion in 2025 from KRW 9.49 billion in 2024.
The share swap that brought MadEngine's Night Crow licensing business into the consolidated entity boosted royalty revenue significantly, but rising development and marketing costs offset the gains and eroded profitability.
This marks a clear shift from the profitable years of 2023 (revenue KRW 69.76 billion, operating income KRW 3.76 billion, 5.4% margin) and 2022 (revenue KRW 86.24 billion, operating income KRW 25.28 billion, 29.3% margin).
On a quarterly basis, the operating loss narrowed from KRW 16.69 billion in Q2 2025 (on revenue of KRW 33.03 billion) to KRW 11.75 billion in Q3 (revenue KRW 38.16 billion), then widened again to KRW 17.91 billion in Q4 (revenue KRW 30.54 billion), KRW 15.35 billion in Q1 2026 (revenue KRW 32.68 billion), and KRW 15.43 billion in Q2 2026 (revenue KRW 33.70 billion), extending losses for five straight quarters.
Operating cash flow also turned negative to KRW -24.18 billion in 2025 from positive KRW 2.43 billion in 2024, while total equity fell to KRW 462.5 billion from KRW 501.4 billion, pushing the debt ratio up slightly from 19.2% to 22.3%.
Market estimates suggest purchase price allocation (PPA) costs related to the MadEngine acquisition will add roughly KRW 25.2 billion in non-cash amortization annually from 2025 through 2029, meaning this burden is likely to continue affecting earnings going forward.
The domestic game industry has entered an intensely competitive phase, with three major MMORPG titles from rival companies set for a head-on clash this autumn.
At the group level, Night Crow was included in China's June import game approval list and secured an overseas import license, with its registered format covering both mobile and PC.
Earlier, in January, WeMade formally launched Mir M: Mokwang Ssangyong in China to rebuild its footing there, and Night Crow's license approval is viewed as a step toward reducing dependence on the Mir IP.
WeMade Max is pursuing a strategy of building a lineup spanning MMORPG, subculture RPG, and open-world action genres to reduce concentration risk in any single category.
The subculture and idle RPG markets see frequent new releases and correspondingly constant competitive pressure, while large-scale console and PC open-world action RPGs inevitably compete against major global titles.
The improving mood around China's license approvals coincides with a broader consensus on expanding cultural and content exchange following a South Korea-China summit, creating a period where regulatory easing hopes and uncertainty coexist.
In the second half, the global MMORPG Night Crow W, developed by MadEngine, is expected to be the first new title to reach the market, with WeMade having confirmed a global launch target for this second half.
Night Crow W aims to differentiate itself through a one-build service that lets users worldwide play on a single server, combined with an AI-based companion system. WeMade Connect is preparing a new title based on the Hundred Note IP and the collection RPG NOAH, both targeted for a second-half launch.
The open-world action RPG Project TAL is targeting a 2027 PC and console launch, with plans to reveal core content and systems through new gameplay footage later this year.
MadEngine has launched a dedicated subculture development organization, Mono Studio, which is developing the male-oriented subculture title Project MO with a 2027 unveiling target.
Night Crow's China service, prepared under the local name Yaya following the import license approval, does not yet have a confirmed launch date, with the company stating it will announce the specific schedule progressively as preparations are completed.
Lightcon's WindRunner Idle has already launched officially in Korea and Taiwan and entered live service, with further regional expansion a point to watch.
WeMade Max has posted operating losses for five consecutive quarters, placing it in a position where a meaningful price-to-earnings ratio based on per-share profit is difficult to calculate.
The stock trades at a level below its per-share net asset value as disclosed, putting it in a discount range relative to book value. It is also notable that no brokerage has issued a target price or investment rating over the past three months, limiting the formation of market consensus.
With no recent record of dividend payments, performance on new-title launches and progress toward earnings improvement are cited as more relevant variables than dividend appeal when assessing the shares.
The more than 2.5-fold increase in outstanding shares since end-2023, driven by the MadEngine acquisition, is also worth factoring in as a dilution factor across per-share metrics generally.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-17
Overseas revenue in Q1 2026 grew 30% quarter over quarter and 137.8% year over year, expanding to 45% of total revenue. This reflects continued overseas performance from key titles including Night Crow Global, Lost Sword, and Silkroad.
Observers note this signals an ongoing shift from a domestic-centered structure toward a global portfolio model.
Night Crow W, the open-world action title Project TAL, the subculture title Project MO, and Mir5 are all in development for the second half, while WeMade Connect is preparing a Hundred Note IP-based title and NOAH.
Multiple studios developing distinct genres in parallel helps spread the impact of any single title's underperformance.
Night Crow secured an overseas import license after being included on China's June approved import game list, and at the group level Mir M was already formally launched in China in January.
China's MMORPG market remains sizable, and if direct service materializes it would add self-operated service revenue on top of existing license revenue.
The 2025 operating loss expanded sharply to KRW 48.7 billion year over year, and losses in the KRW 10-billion range continued every quarter from Q3 2025 through Q2 2026.
PPA amortization related to the MadEngine acquisition is structured to add roughly KRW 25.2 billion in non-cash costs annually from 2025 through 2029, which could act as a drag on earnings improvement.
Large-scale new share issuance to fund the MadEngine acquisition pushed total outstanding shares from roughly 33 million at end-2023 to about 83 million now, more than a 2.5-fold increase. While the company's scale has grown, the surge in share count has drawn criticism for diluting per-share value.
As of end-2025, goodwill and intangible assets accounted for KRW 325.8 billion, or 57.6%, of total assets of KRW 565.5 billion, of which goodwill arising from the acquisition alone reached KRW 221.7 billion. If acquired subsidiaries or IP fail to perform as expected, there is a latent risk of large impairment losses.
Entry into China requires clearing the regulatory hurdle of obtaining an import license, and the timing of approval is inherently difficult to confirm and disclose in advance. Even though Night Crow secured its import license, the actual launch timing and initial performance in China remain uncertain. Domestic blockchain game expansion could also be shaped by shifts in the regulatory environment.
Since goodwill and intangibles from the MadEngine acquisition exceed half of total assets, an impairment charge cannot be ruled out if new titles underperform expectations. Annual PPA amortization of roughly KRW 25.2 billion continues through 2029, creating a persistent accounting drag on earnings.
The turn to negative operating cash flow in 2025 is also worth monitoring from a financial flexibility standpoint.
With major domestic game companies rolling out MMORPG titles in succession this autumn, competition is intensifying, meaning the commercial success or failure of second-half launches such as Night Crow W could directly affect results.
Simultaneously developing and operating multiple new titles also carries the risk of additional marketing and development cost burdens.
Q3 2026 preliminary earnings disclosure - the first indicator of whether second-half new-title launches are translating into earnings improvement.
Confirmation of the global launch schedule for Night Crow W and its initial performance indicators.
Whether an official launch date for Night Crow's China service ('Yaya') is announced, and monitoring of early local performance.
Confirmation of the launch schedule for WeMade Connect's lineup, including NOAH and the Hundred Note IP-based title.
Release of new Project TAL gameplay footage and monitoring of development progress toward the planned 2027 PC and console launch.
Following the full consolidation of MadEngine, WeMade Max has nearly doubled its revenue scale, but overlapping acquisition-related amortization and investment in new-title development and marketing have kept it in operating losses for five consecutive quarters.
The expansion of overseas revenue to 45% of the total and Night Crow's securing of a China import license provide grounds for a growth narrative, but the actual timing of China service launch and the commercial success of second-half new titles remain unconfirmed variables.
Share dilution from large-scale new issuance and a balance sheet with a high proportion of goodwill and intangibles remain factors that could add volatility to future earnings.
With no dividend payment history and no confirmed brokerage coverage over the past three months, external reference points for the market remain limited.
Ultimately, the actual performance of second-half titles such as Night Crow W and NOAH, along with the concrete timeline for China entry, are likely to be the key turning points for the earnings structure going forward. Readers should review upcoming quarterly results and new-title launch schedules before forming any judgment.
Report written 2026-09-05 · Data as of 2026-09-04
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