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
Wemade is navigating a simultaneous ownership transition, a lineup of new-title launches, and WEMIX security concerns.
Founder Kwan-ho Park signed a deal to sell his entire 39.33% stake to China-linked investment platform NeoPulse, with control transfer contingent on a remaining payment and an extraordinary shareholders' meeting.
Consolidated operating profit for 2025 was KRW10.68 billion, marking a second straight year in the black, while net income attributable to owners was a loss of KRW18.6 billion.
Second-quarter 2026 revenue was KRW108.3 billion with an operating loss of KRW21.0 billion, swinging from the prior quarter's profit mainly due to the disappearance of a one-off license item.
The launch of 'Night Crow W' and preparations for a China rollout of 'Mir4' are cited as the key variables for a potential earnings rebound in the second half.
In July, the WEMIX$ stablecoin issued by subsidiary WEMIX Foundation suffered a hack of roughly KRW7.7 billion, adding pressure on confidence in the blockchain business.
Wemade is a first-generation Korean game developer built on the 'Legend of Mir' IP, now operating across three pillars: games, licensing, and blockchain. The game segment centers on MMORPG titles such as 'Mir4', 'Mir M', 'Night Crow', and 'Legend of Ymir'.
In the second quarter of 2026, game revenue was KRW105.7 billion, still the bulk of total sales, while mobile game revenue fell year-on-year to KRW89.2 billion but PC online revenue rose to KRW16.5 billion helped by a 'Freep Universe' event.
The licensing segment's core is the China royalty agreement with Actoz Soft covering 'Legend of Mir 2 and 3', and one-off revenue recognition tied to the resolution of a long-running dispute has added volatility to results.
The blockchain segment runs on the proprietary WEMIX 3.0 mainnet and the WEMIX$ stablecoin, with blockchain revenue jumping to KRW5.1 billion in the second quarter of 2026 on the back of tokenomics from the 'Legend of Ymir' global launch.
Subsidiaries include Wemade Max (encompassing Mad Engine, Lightcon, and Wemade Next), Wemade Play (including Playlings), and Wemade Connect, with additional sub-culture, casual, and shooter titles in the pipeline for genre diversification.
Competition spans large domestic publishers such as Nexon, NCsoft, and Netmarble as well as Chinese game companies in the global MMORPG market, with Wemade leaning on the Mir IP's brand recognition in China as a core competitive asset.
A change-of-control process is also underway following the founder's stake sale to China-linked investment platform NeoPulse, an event expected to reshape governance and capital allocation more than the underlying business structure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩116.8B | -₩28.5B | −24.4% |
| 2025Q3 | ₩163.6B | ₩26.3B | 16.1% |
| 2025Q4 | ₩191.7B | ₩24.3B | 12.7% |
| 2026Q1 | ₩153.3B | ₩8.5B | 5.5% |
| 2026Q2 | ₩108.3B | -₩21B | −19.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩463.5B | -₩84.9B | ₩6,455 | −18.3% | 0.0% | 167.6% |
| 2023 | ₩605.3B | -₩110.4B | ₩6,455 | −18.2% | 0.0% | 253.7% |
| 2024 | ₩711.9B | ₩7.1B | ₩188.4B | 1.0% | 43.9% | 125.5% |
| 2025 | ₩614B | ₩10.7B | -₩18.6B | 1.7% | −4.6% | 114.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
On an annual basis, Wemade posted large operating losses of KRW84.9 billion in 2022 and KRW110.4 billion in 2023, before turning to an operating profit of KRW7.1 billion in 2024 and sustaining profitability with KRW10.7 billion in 2025.
Net income attributable to owners, however, swung from a large gain of KRW188.4 billion in 2024 to a loss of KRW18.6 billion in 2025, and the wide gap versus operating profit indicates that non-operating items played a substantial role in shaping bottom-line results.
Revenue rose from KRW463.5 billion in 2022 to KRW605.3 billion in 2023 and KRW711.9 billion in 2024, before declining to KRW614.0 billion in 2025.
On a quarterly basis, revenue of KRW116.8 billion and an operating loss of KRW28.5 billion in the second quarter of 2025 improved sharply to revenue of KRW163.6 billion, operating profit of KRW26.3 billion, and owner net income of KRW62.1 billion in the third quarter—net income more than double operating profit, suggesting a meaningful one-off gain below the operating line.
The fourth quarter held up with revenue of KRW191.7 billion and operating profit of KRW24.3 billion, yet owner net income reverted to a loss of KRW29.9 billion, underscoring significant quality volatility in results.
The first quarter of 2026 improved to revenue of KRW153.3 billion, operating profit of KRW8.5 billion, and owner net income of KRW21.9 billion, before the second quarter reverted to a loss with revenue of KRW108.3 billion and an operating loss of KRW21.0 billion.
This reflected the disappearance of a one-off license item tied to the resolution of the 'Legend of Mir 2' royalty dispute recognized in the prior quarter, layered on top of an underlying natural decline in live-service game revenue.
Owner net income in the second quarter of 2026 still posted a positive KRW10.3 billion despite the operating loss, again confirming that non-operating swings can dictate the quarterly bottom-line direction.
Korea's MMORPG market has entered a mature phase in which live-service operating competitiveness for existing hit titles matters more than acquiring new users.
The blockchain and play-to-earn game market has cooled from its initial boom and shifted focus toward refining tokenomics and regulatory compliance, with the repeated WEMIX$ hacking incidents putting a spotlight on stablecoin security issues across the industry.
China's game market is gradually reopening through incremental license approvals, creating re-entry opportunities for Korean IP; Wemade's 'Night Crow' recently obtained an overseas game license while 'Mir4' remains pending approval.
At the same time, the emergence of a case in which Chinese capital acquired outright control of a Korean game company—rather than just a minority stake—signals a shift in cross-border capital flows between the Korean and Chinese game industries.
AI-driven development efficiency and console or global platform expansion have become common strategic directions across domestic and global publishers, and Wemade is responding with console titles such as 'Project TAL' and 'Project IL'.
Rivals such as Nexon, NCsoft, Netmarble, and Krafton possess larger capital bases and more diversified portfolios, while Wemade is positioned as a mid-tier operator relatively more dependent on its Mir and Night Crow IP.
Wemade has framed new-title launches as the top priority for a second-half earnings rebound.
The company says it has secured a pipeline of more than 20 titles combining IP extensions and new works, highlighting 'Night Crow W', 'Mir5', a China version of 'Mir4', action RPG 'Project TAL', sub-culture RPG 'N.O.A.H', and 'Project MO'.
The 'Night Crow' IP sequel has been officially named 'Night Crow W' and is being prepared for a simultaneous global launch, while the original 'Night Crow' secured an overseas game license for China in June.
On the console expansion front, 'Project TAL', an open-world action RPG set in a Korean fantasy backdrop, is targeted for reveal in the second half of 2027.
On the governance side, NeoPulse is scheduled to pay the remaining KRW828 billion on October 30, after which control transfer would be finalized pending appointment of new directors at an extraordinary shareholders' meeting.
Questions remain over NeoPulse's funding capacity given its paid-in capital of only KRW900 million, leaving the actual source and method of financing as a key item to watch.
The company had previously disclosed a shareholder return policy allocating either KRW10 billion in cash dividends or 20% of consolidated operating profit, whichever is larger, and resumed dividends after a two-year gap; whether this policy continues under the new ownership also requires confirmation.
Even after Wemade's earnings direction turned from large losses to operating profitability in 2024–2025, quarter-to-quarter volatility in owner net income has kept valuation metrics from tracing a stable trajectory.
The stock's level relative to net assets has generally stayed within its multi-year trading band, alternating between periods of premium and discount without a consistent direction.
More recently, the announcement of a large change-of-control stake sale at a premium triggered a sharp, temporary swing in the market price, and the gap between that deal price and ordinary market trading levels can be read as uncertainty over deal completion being priced in.
Given the recurring one-off items in license and non-operating income, market participants have commonly flagged caution against simply extrapolating any single period's earnings multiple.
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 2026-09-04
Wemade delivered operating profit in both 2024 and 2025, and even in the second quarter of 2026, personnel and advertising cost cuts narrowed the year-on-year operating loss. This suggests an effort to defend the profit structure through cost control even as live-service revenue plateaus. Ahead of new title launches, this efficiency stance could act as a support factor for the earnings floor.
The company has unveiled a pipeline of more than 20 titles, sequentially preparing MMORPG releases such as 'Night Crow W' and 'Mir5' alongside a console flagship, 'Project TAL'.
Sub-culture, casual, and shooter titles are also being developed in parallel for genre diversification, which could reduce reliance on any single hit franchise over time. That said, launch schedules have shifted before, making adherence to timelines a key watch item.
With 'Night Crow' having secured an overseas game license for China and 'Mir4' awaiting approval, groundwork for re-entering the Chinese market is being laid.
The company has described incoming top shareholder NeoPulse as holding networks with China's game ecosystem including Alibaba, leaving room for localization and distribution cooperation.
The resolution of the royalty dispute with Actoz Soft has also removed a significant portion of the legal uncertainty surrounding the Mir IP.
Acquirer NeoPulse is a newly established entity with paid-in capital of only KRW900 million, and its capacity to fund the remaining KRW828 billion payment is not verifiable from disclosures.
The relationship with Alibaba described by the company is also not confirmed as a direct equity link in filings, leaving the actual funding source and structure opaque. If the deal fails to close as scheduled, governance uncertainty could persist for longer.
Game segment revenue fell roughly 8% quarter-on-quarter in the second quarter of 2026, and mobile game revenue also declined year-on-year.
Once one-off license revenue disappears, the underlying strength of results is exposed, meaning the natural decline of live-service games could weigh on performance until new titles gain traction. If launch schedules slip, this pressure could persist longer.
In July 2026, the WEMIX$ stablecoin was hacked for roughly KRW7.7 billion, prompting a full bridge suspension—the second major incident following a roughly KRW9 billion hack in March 2025 that led to a domestic exchange delisting.
Repeated security incidents could erode trust across the WEMIX ecosystem and drive user attrition, adding pressure to the blockchain segment's intended contribution to game revenue.
While the founder's full stake sale and control transfer are underway, the acquirer's funding capacity and the ultimate capital source are not clearly confirmed in disclosures.
Deal completion remains uncertain ahead of the scheduled October 30 payment of the remaining KRW828 billion, and both the new management composition and continuity of the existing shareholder return policy remain undetermined.
The transfer of control to China-linked capital itself has also been raised as a policy-level concern over foreign dependence on domestic game IP.
With live-service game revenue naturally declining and a history of new-title launch delays, a second-half rebound may not materialize on the announced schedule.
Heavy reliance on one-off items within license revenue makes quarterly results relatively unpredictable, and reduced investor communication—such as the recent quarter's skipped earnings call—could widen information asymmetry.
Repeated WEMIX$ hacks have again forced suspension of core functions such as bridging and swaps, and a past large-scale hack previously led to delisting from domestic exchanges.
A recurrence of incidents such as a stablecoin peg collapse could damage trust in the broader blockchain ecosystem and the game-blockchain linked revenue structure.
Track the timing and early performance indicators of the simultaneous global launch of 'Night Crow W'.
Check third-quarter 2026 results and whether the earnings conference call resumes, as a gauge of normalized investor communication.
Monitor whether 'Mir4' receives a China game license and, if so, the subsequent service launch timeline.
Monitor the investigation findings on the WEMIX$ hack, subsequent security enhancements, and domestic exchange responses.
Wemade has sustained operating profitability through 2024–2025 while quarterly results remain volatile due to one-off items in license and non-operating income.
In the second quarter of 2026, the disappearance of a one-off license item pushed the company back into an operating loss, raising reliance on second-half new-title performance.
At the same time, a change-of-control process is underway in which the founder's entire stake is being transferred to China-linked investment platform NeoPulse, with questions over funding capacity unresolved ahead of a scheduled late-October completion.
Compounding this, repeated hacking incidents involving the WEMIX$ stablecoin have added further pressure on confidence in the blockchain business.
Bullish factors include reduced losses from cost efficiency, a pipeline of more than 20 new titles, and potential re-entry into the Chinese market for the Mir IP, while bearish factors include governance uncertainty, a structural decline in live-service game revenue, and security incident risk.
Ahead of any investment decision, it is important to jointly track whether the October control transfer completes and how second-half new titles perform.
Report written 2026-09-05 · Data as of 2026-09-04
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