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
Devsisters, having posted operating losses for four consecutive quarters, is now counting on Cookie Run: Crumble and the overseas expansion of Cookie Run Classic to turn its third-quarter performance around.
In Q2 2026 revenue was KRW 52.668 billion with an operating loss of KRW 15.975 billion and a net loss (owners of parent) of KRW 14.892 billion, marking four straight quarters in the red.
After posting an operating profit of KRW 27.185 billion in 2024, the company saw operating profit shrink sharply to KRW 6.350 billion in 2025 even as revenue grew about 25%.
New title Cookie Run: Crumble, launched on July 30, surpassed one million cumulative users within four days and topped domestic app store popularity and revenue charts.
Non-game IP revenue from trading card games and character merchandise exceeded KRW 10 billion in the first half, surpassing 10% of total revenue as diversification continues.
The company has stated cost control and fixed-expense management from Q3 onward as its official target for improving profitability.
Founded in 2007 and listed on KOSDAQ in 2014, Devsisters is a game developer built around its proprietary Cookie Run IP, through which it operates a portfolio of mobile games. The company was founded in 2007 and listed on KOSDAQ in 2014, and has produced various titles based on its original Cookie Run IP.
Its core live titles include Cookie Run: Ovenbreak, Cookie Run: Kingdom, Cookie Run: Tower of Adventures, Cookie Run: Witch's Castle, and Cookie Run Classic, joined recently by the action title Cookie Run: OvenSmash and the idle RPG Cookie Run: Crumble.
Mobile game revenue accounts for the large majority of total sales and has been the main driver of top-line growth.
The company has been expanding its non-game IP business, including the trading card game Cookie Run: Braverse, character merchandise, and Roblox-linked content, and revenue from this IP segment, covering TCG and character goods, has grown to more than KRW 10 billion on a first-half basis, exceeding 10% of total revenue.
Devsisters also runs a venture capital business through Devsisters Ventures. Its competitive landscape overlaps with major domestic publishers such as Nexon, Netmarble, Kakao Games, and NCSoft, many of which are preparing large new titles for the second half.
Devsisters' strategy centers on extending the single Cookie Run universe across games, trading cards, merchandise, and offline events to evolve into a broader content platform.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩92B | ₩10.1B | 11.0% |
| 2025Q3 | ₩54.9B | -₩700M | −1.3% |
| 2025Q4 | ₩59.6B | -₩12.4B | −20.9% |
| 2026Q1 | ₩58.5B | -₩17.4B | −29.7% |
| 2026Q2 | ₩52.7B | -₩16B | −30.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩214.4B | -₩19.9B | -₩6.7B | −9.3% | −3.7% | 65.8% |
| 2023 | ₩161.1B | -₩48B | -₩49.6B | −29.8% | −37.4% | 78.2% |
| 2024 | ₩236.2B | ₩27.2B | ₩28B | 11.5% | 18.5% | 68.9% |
| 2025 | ₩295.6B | ₩6.4B | ₩10.5B | 2.1% | 6.3% | 78.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
On an annual basis, the company posted revenue of KRW 214.424 billion and an operating loss of KRW 19.911 billion in 2022, then saw revenue fall to KRW 161.143 billion in 2023 as the operating loss widened to KRW 47.993 billion.
In 2024 revenue rebounded to KRW 236.187 billion with operating profit of KRW 27.185 billion and net income attributable to owners of KRW 27.971 billion, marking a clear recovery in profitability.
In 2025, however, revenue grew about 25% to KRW 295.578 billion while operating profit came in at only KRW 6.350 billion, an operating margin of 2.1%, showing that revenue growth and profitability improvement did not move together.
Quarterly, the solid run of Q2 2025 revenue of KRW 91.976 billion and operating profit of KRW 10.108 billion reversed sharply in Q3 2025, with revenue falling to KRW 54.876 billion and an operating loss of KRW 0.729 billion, followed by an operating loss of KRW 12.438 billion in Q4, KRW 17.374 billion in Q1 2026, and KRW 15.975 billion in Q2 2026, extending the losing streak to four consecutive quarters.
Over the most recent four quarters (Q3 2025 through Q2 2026), the cumulative net loss attributable to owners reached KRW 39.558 billion.
The revenue decline largely reflects existing live titles entering a service-restructuring phase combined with reduced overseas sales, while operating expenses included one-off factors such as temporary personnel cost increases from organizational restructuring and previously committed marketing spend.
The size of the operating loss did narrow slightly from KRW 17.374 billion in Q1 to KRW 15.975 billion in Q2, which can be read as an early sign of cost-management effects from the company's ongoing restructuring effort.
On the balance sheet, the debt ratio rose from 68.9% in 2024 to 78.6% in 2025, and operating cash flow fell sharply from KRW 45.059 billion in 2024 to KRW 8.302 billion in 2025, indicating weaker cash generation compared with the peak recovery year.
The global mobile gaming market still accounts for a large share of overall game industry revenue, but its growth rate itself has entered a slower phase, with PC and console platforms showing relatively more pronounced growth momentum.
In Korea as well, mobile gaming usage remains the highest but declined slightly year over year, while PC and console usage rates increased, suggesting a shift in platform preference.
Against this backdrop, major domestic publishers are responding with multi-platform strategies and large-scale title launches; this fall in particular, distinctly different titles such as Kakao Games' Dokkaebi's World, Eclipse: The Awakening, the mobile port of Dave the Diver, and Seal M2 are all slated for September-October launches, intensifying competition in the domestic mobile game market.
In this environment, Devsisters' strategy of concentrating on the single Cookie Run IP places it in a different position from diversified large publishers. The outsized influence of any single new title's success on overall results is both a structural characteristic and a risk factor for the company.
That said, the Cookie Run IP itself carries global brand recognition built up over years of service, and the company is pursuing revenue diversification through expansion beyond gaming into trading cards, character merchandise, and Roblox-linked content.
The company has officially set out cost management and intensive fixed-cost control from Q3 onward as the basis for a substantial improvement in its financial condition.
Cookie Run Classic, which expanded overseas service on June 25, has been performing well particularly in Thailand, and the company expects the early performance of Cookie Run: Crumble, launched July 30, to be fully reflected in Q3 results.
Cookie Run: Crumble is set for its first content update on September 13, followed by new content every two weeks, with user-acquisition marketing continuing in key regions including Korea, the United States, and Taiwan.
At its March 21 online showcase 'DevNow 2026,' the company laid out its roadmap, which included the global launch of action title Cookie Run: OvenSmash on March 26, while the open-world title Cookie Run: New World is under development for cross-platform PC, mobile, and console release targeted for 2029.
In the non-game area, the company plans to launch Cookie Run Card Collection, a Roblox tie-in to its Cookie Run: Braverse trading card game, within Q3, and will attend a Roblox developer conference in the United States in September to broaden partnership touchpoints.
For the second half, the company also plans to expand its licensing business, centered on North America.
Its core existing title, Cookie Run: Kingdom, has shown improving trends in active users, retention, and payment rate following recent updates, making the interplay between a live-title resurgence and new-title success the key watch point for second-half results.
Devsisters has posted net losses for four consecutive quarters, meaning its price-to-earnings ratio currently falls into a range where it cannot be meaningfully calculated.
In terms of price relative to net asset value, on both the company's own calculation basis and the KRX-reported basis, the share price trades at a level modestly above book value per share, without a large premium or discount versus net assets.
The company currently pays no cash dividend, making dividend-based comparisons with industry peers difficult.
In periods when expectations around new title launches were running high, the market had at times assigned double-digit valuation multiples, but the recent run of consecutive losses limits earnings-based comparisons for the time being.
Overall, whether earnings recovery resumes appears to be the key precondition for any future valuation discussion on the stock.
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 2026-08-21
Cookie Run: Crumble topped the popularity charts on domestic Apple, Google, and OneStore app markets over its opening weekend and also ranked first on Apple's revenue chart. It surpassed one million cumulative users within four days of launch.
It also placed among the top ranks on overseas popularity charts in the United States, Thailand, and Taiwan, showing early momentum in its spread.
Cookie Run Classic, which began global service on June 25, exceeded KRW 10 billion in cumulative revenue within a month and has maintained a first-place popularity ranking and third-place revenue ranking on Thailand's Apple App Store.
This performance illustrates the potential for a low-cost expansion model built on an existing IP to succeed, pointing to a possible resurgence for the company's live titles.
Non-game IP revenue from trading card games and character merchandise has grown to more than KRW 10 billion on a first-half basis, exceeding 10% of total revenue.
The company plans to expand its licensing business in the second half, centered on North America, and Cookie Run Card Collection, which brings the trading card game onto the Roblox platform, is slated to launch in Q3, reflecting ongoing revenue diversification.
The company has recorded operating losses for four consecutive quarters from Q3 2025 through Q2 2026, with a cumulative net loss attributable to owners of KRW 39.558 billion over the period.
Second-quarter revenue fell 42.7% year over year, and operating expenses included one-off items such as temporary personnel cost increases from organizational restructuring and previously committed marketing spend.
In Q2, overseas revenue fell 53.7% year over year, and despite a 92.3% increase in non-game revenue including the IP business, the company still recorded a large loss. Domestic revenue also declined 27.4%, showing that the weakening revenue base of existing live titles broadly affected overall results.
With the vast majority of revenue derived from Cookie Run IP-based games, the company's overall results can swing significantly depending on the success or failure of a single new title.
With a cluster of new title launches from major domestic publishers concentrated in the second half, competition for users and marketing cost pressure could both intensify.
Early indicators for Cookie Run: Crumble were favorable, but mobile games frequently see initial attention concentrate right after launch, followed by rapid user attrition over time.
Biweekly content updates and user-acquisition marketing are planned, but whether this translates into sustained long-term performance requires further data to confirm.
Operating cash flow declined sharply from KRW 45.059 billion in 2024 to KRW 8.302 billion in 2025, and the debt ratio rose from 68.9% in 2024 to 78.6% in 2025. If consecutive operating losses continue, this warrants closer monitoring of the company's financial flexibility.
This fall, new titles from major publishers such as Kakao Games and Netmarble are set to launch heavily in September and October, potentially intensifying competition for users.
This could push up the company's user-acquisition marketing spend, posing a burden to its stated goal of improving profitability through cost control.
Cookie Run: Crumble's first content update is scheduled, offering a point to check whether early success translates into sustained user engagement.
The company plans to attend a Roblox developer conference in the United States, which may clarify how concretely its Roblox-based IP ecosystem expansion plans are progressing.
Launch of the Roblox-based trading card tie-in Cookie Run Card Collection is planned within Q3, worth checking to see whether this new growth avenue for the non-game IP business actually gets off the ground.
This is when the company's stated Q3 target of improved profitability through fixed-cost management and cost control will be verified against actual results.
Devsisters achieved a profit recovery in 2024, but since 2025 revenue growth and profitability have diverged, leaving the company in a stretch of four consecutive quarters of operating losses starting in Q3 2025.
The company attributes this to existing live titles entering a service-restructuring phase and temporary cost increases from organizational restructuring, and has set out cost control and the reflection of new title performance as its target for improved profitability starting in Q3.
Early indicators for Cookie Run: Crumble and the overseas expansion of Cookie Run Classic have been favorable, and non-game IP revenue from trading cards and character merchandise continues to grow as a share of total sales.
That said, the simultaneous sharp drop in overseas revenue and decline in domestic revenue, along with reduced operating cash flow and a rising debt ratio, are aspects that warrant attention on the balance sheet side.
With major domestic publishers concentrating new title launches in the second half, competition is expected to intensify further, meaning both the long-term sustainability of new-title success and the effectiveness of cost controls will need to be confirmed together for confidence in an earnings rebound to build.
Ultimately, results over the coming quarters and execution of the new-title roadmap are the key variables that will determine the company's next phase.
Report written 2026-09-05 · Data as of 2026-09-04
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