KOSDAQIT & Software205500

Nexus

₩1,829▲ 0.05%2026-10-02 close

Market Cap

₩154.2B

Turnover

₩95,250,313

Volume

50,000 shares

Shares out.

83.6M

PER

32.2×

PBR

—

EPS

₩56

Dividend Yield

0.00%

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

Report overview

Nexus After OneStore: A Profit Structure in Transition

Nexus, originally a mobile game developer, is transforming into an AI/blockchain game platform company through its OneStore acquisition, and recent results are heavily mixed with one-off items.

1
In June 2026 the company acquired an 89.03% stake in OneStore for about KRW 62.6 billion, with SK Square, Naver, and Krafton remaining as strategic investors
2
In Q2 2026 the company posted an operating loss of about KRW 5.3 billion but net income of about KRW 8.1 billion due to a gain tied to the OneStore acquisition
3
Full-year 2025 operating profit turned positive for the first time (about KRW 1.39 billion), but net income remained negative
4
OneStore launched global service in about 122-124 countries in late August, and management has targeted monthly breakeven for September
5
A roughly KRW 39.5 billion third-party share allotment and a KRW 21.2 billion convertible bond issuance to fund the acquisition have raised financial burden and dilution concerns

Business structure

Nexus was established in 2012 as a mobile game developer, underwent a small-scale merger with Action Square Dev in 2023, and changed to its current name in 2025.

In the past, the company built its business around the action-RPG IP 'Blade,' operating titles such as 'Three Kingdoms Blade,' 'Anvil,' and 'Kingdom: Blood of Royalty,' and expanded into Hong Kong, Macau, and Southeast Asia.

More recently the company has been shifting from a pure game developer to a blockchain/AI platform company, rebranding its CROSS mainnet and token ecosystem under the 'ONE' brand, with the mainnet renamed ONEchain, the token renamed $ONE, and the ecosystem stablecoin renamed $ONEUSD.

Nexus acquired 20,247,990 shares of OneStore, a 89.03% stake, for about KRW 62.6 billion, with prior major holders including SK Square (45.78%), Naver (24.06%), Steel Number One 1st (17.02%), and Krafton (2.17%). Through the deal, SK Square, Naver, and Krafton agreed to remain as strategic investors in Nexus.

OneStore, Korea's only domestic app market operator, is being repositioned by Nexus as a dedicated global distribution channel for Web3 and AI games.

In August, OneStore launched a dedicated 'AI Games' section, embedded the ONEpocket wallet in its app, and simultaneously launched the global version of OneStore worldwide using a one-build approach.

OneStore is also diversifying content by partnering with Tencent to sequentially bring hit mini-games from China onto its 'OnePlay' mini-game platform.

Earnings trend

Quarterly revenue · Operating profit

₩9.3B₩300M25Q2₩9.2B₩300M25Q3₩11.6B₩500M25Q4₩11.6B₩100M26Q1₩5.8B-₩5.2B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩5.8B-₩15.1B2022₩5.5B-₩16.2B2023₩7.6B-₩8.9B2024₩36.7B₩1.4B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩9.3B	₩300M	3.0%
2025Q3	₩9.2B	₩300M	3.4%
2025Q4	₩11.6B	₩500M	4.7%
2026Q1	₩11.6B	₩100M	1.1%
2026Q2	₩5.8B	-₩5.2B	−88.9%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩5.8B	-₩15.1B	-₩18.5B	−262.4%	−60.2%	43.3%
2023	₩5.5B	-₩16.2B	-₩12B	−296.0%	−41.0%	34.9%
2024	₩7.6B	-₩8.9B	-₩8.2B	−118.4%	−31.8%	30.8%
2025	₩36.7B	₩1.4B	-₩3.3B	3.8%	−11.0%	145.9%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23

Earnings analysis

Based on confirmed annual results, Nexus's revenue rose from about KRW 5.76 billion in 2022 and KRW 5.46 billion in 2023 to about KRW 7.55 billion in 2024, before expanding sharply to about KRW 36.72 billion in 2025.

Operating results showed large losses in 2022-2024 (KRW -15.12 billion, -16.16 billion, and -8.94 billion respectively), before turning to a first-ever operating profit of about KRW 1.39 billion in 2025.

Net income attributable to owners, however, remained in the red in 2025 at about KRW -3.33 billion, a narrower loss than the large losses of 2022-2024 (KRW -18.48 billion, -12.04 billion, and -8.22 billion respectively) but still negative.

On a quarterly basis, operating profit stayed modestly positive through Q2-Q4 of 2025 (about KRW 0.28 billion, 0.31 billion, and 0.55 billion respectively), while net income remained negative every quarter (-1.89 billion, -0.15 billion, -2.08 billion).

In Q1 2026, operating profit narrowed to about KRW 0.13 billion while the net loss widened to about KRW -3.04 billion, attributed to a temporary factor tied to the company's digital-asset treasury strategy involving bitcoin purchases.

In Q2 2026, revenue fell to about KRW 5.79 billion and the operating line swung to a loss of about KRW -5.15 billion, yet net income showed a large gain of about KRW 8.59 billion owing to a gain related to the OneStore acquisition.

As a result, net income summed over the trailing four quarters (Q3 2025-Q2 2026) came to a positive figure of about KRW 3.33 billion, though this reflects the impact of an acquisition-related one-off gain more than an improvement in core operations.

In short, operating profit showed an improving trend starting in 2025 but swung back to a loss in Q2 2026, while net income has been heavily shaped by two very different types of one-off items - digital-asset valuation losses and an acquisition-related gain.

Industry analysis

The mobile game and game-platform industry Nexus operates in faces a structural challenge in Korea, where the domestic app market has long been squeezed by the global dominance of Google and Apple.

Under current law, distribution of blockchain-based games is effectively impossible in the domestic market, forcing companies to pursue overseas expansion, and OneStore's revenue structure has been almost entirely dependent on the domestic market after its overseas subsidiaries were previously liquidated.

Against this backdrop, Nexus has positioned OneStore as a dedicated distribution channel for Web3 and AI games that Google and Apple are less able to serve, targeting a niche market.

Management has stated it judged that launching a fully-fledged Web3 game through Google Play or the Apple App Store is impossible, and that a dedicated Web3 game store category was essentially empty globally, creating room to open a new market.

That said, OneStore posted revenue of KRW 113.3 billion and an operating loss of KRW 9.6 billion last year, indicating the company is attempting this restructuring from a position of relative profitability disadvantage within the industry.

The emerging category of AI-agent and blockchain gaming is still at an early, pre-standardized stage, where participation in global initiatives such as Coinbase's x402 payment standard or the ERC-8004 on-chain identity standard could influence competitive positioning.

Relative to competitors, Nexus's strategy leans toward carving out a differentiated niche in the nascent Web3/AI gaming segment rather than directly competing with established game majors or global app markets.

Outlook

Company management has been moving up its timeline for OneStore's path to profitability.

CEO Jang Hyun-kook has advanced OneStore's target for monthly breakeven from within the year to September, noting that a month earlier he had said breakeven would come within the year, but now says September, adding that reaching breakeven in September should lead to a profitable fourth quarter and full-year profitability next year.

Jang stated that Q2 saw a large increase in net income due to the OneStore acquisition, and that from Q3 the company should see revenue growth and improving operating profit.

On the content side, following 'Chaos W' released this year, upcoming titles including the strategy simulation 'Project FF' and a triple-A MMORPG are planned for later this year.

OneStore Global has begun service in 122 countries across North America, Latin America, and Asia, securing over 1,000 pieces of content, and an 'AI Games' section featuring AI-made games is planned to launch globally in September.

The D2C payment channel 'OneShop' now serves a total of seven countries, adding the United States, Japan, Taiwan, Indonesia, Thailand, and the Philippines to its existing Korea service.

Supply of hit Chinese mini-games through the OneStore-Tencent partnership and expansion of the streamer platform ONEwave are also cited as part of the second-half growth story. Whether these initiatives execute on schedule will be a key variable in determining whether the recent earnings improvement proves sustainable.

Valuation

PER

32.2×

PBR

—

ROE

5.6%

EPS

₩56

BPS

—

Dividend per share

₩0

Nexus posted large net losses continuously from 2022 through 2024, before turning to an operating profit in 2025, and its earnings structure has since been further reshaped by a one-off gain tied to the OneStore acquisition.

As a result, valuation metrics based on net income need careful interpretation, having swung from losses to profits and back again over the past few quarters.

The shares trade at a premium to the company's net asset value, which can be read as reflecting some market expectation around the business portfolio reshuffling following the OneStore deal. The company has not been paying dividends recently, which limits any valuation appeal based on dividend policy.

Because there were long stretches in the past where net-income-based metrics were effectively not meaningful due to sustained large losses, it remains important to keep tracking whether the recent earnings recovery reflects genuine improvement in core operations excluding one-off items.

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 2026-08-23

Bull factors

Securing a Dedicated Global Distribution Channel for Web3/AI Games

The OneStore acquisition gives Nexus its own distribution channel for Web3 games that the two dominant app markets, Google and Apple, struggle to accommodate.

The company is attempting to stake out this new category early through the global launch in 122-124 countries and the new AI Games section, while also securing hit Chinese content through its partnership with Tencent. This represents an expansion of the business model from a pure game developer to a platform company.

Track Record of Turning Operating Profitable and Management's Accelerated Breakeven Target

Full-year operating profit turned positive for the first time in 2025, and the company maintained three consecutive quarters of modest operating profit in Q2-Q4 of that year.

Management has moved up its target for OneStore's monthly breakeven to September, citing goals of quarterly profitability in Q4 and full-year profitability next year. If these targets are met, the pace of profitability improvement in the platform business could accelerate.

Retained Backing from Major Strategic Investors

In the OneStore acquisition process, existing major shareholders including SK Square, Naver, and Krafton agreed to remain as strategic investors rather than fully exiting.

This can be interpreted as a signal that these established corporate shareholders have shown some degree of buy-in to Nexus's global platform strategy. Such corporate partnerships could provide a more favorable environment for future business cooperation or expanded distribution channels.

Bear factors

Net Income Structure Reliant on One-Off Gains

The net income posted in Q2 2026 reflects a gain tied to the OneStore acquisition, while operating profit for the same period actually swung to a loss. Conversely, in Q1 2026 the net loss widened due to a temporary factor linked to digital-asset purchases.

Recent net income figures thus appear to be driven more by accounting and asset-valuation swings than by improvement in core operating activities.

Financial Strain and Dilution from Large Acquisition Financing

To fund the OneStore acquisition, Nexus issued a roughly KRW 39.5 billion third-party allotment of new shares and a roughly KRW 21.2 billion convertible bond.

The acquisition price amounted to about 85% of Nexus's total assets and about 164% of its equity, while OneStore's total equity of roughly KRW 99.7 billion was more than three times that of Nexus (about KRW 30 billion).

Concerns have been raised that if the expected synergies fail to materialize, the large capital raise could leave shareholders facing dilution without a corresponding earnings benefit.

OneStore's Structural Weakness and Integration Execution Risk

OneStore has been a chronically loss-making business, having posted revenue of KRW 113.3 billion and an operating loss of KRW 9.6 billion last year, with a revenue structure historically dependent almost entirely on the domestic market.

Its overseas subsidiaries were previously liquidated and its Taiwan operations remain dependent on a local publisher, leaving Nexus with the burden of rebuilding global distribution networks and partnerships from scratch.

With brand rebranding, simultaneous global launches, and a new AI game category all being pursued at once over a short period, the possibility of execution delays or unexpected costs cannot be ruled out.

Risk factors

Financial/Liquidity Risk

The capital structure has changed significantly due to the third-party share allotment and convertible bond issuance used to fund the acquisition, with the acquisition amount representing a substantial portion of equity.

Any future need for additional capital or conversion of the convertible bonds could result in further shareholder dilution. Digital-asset price volatility is also a factor that could directly affect future financial results.

Business Integration/Execution Risk

Multiple new initiatives - brand and platform integration with OneStore, simultaneous global launches, and the creation of a new AI game category - are being pursued concurrently over a short period.

If the monthly and quarterly breakeven targets set by management are delayed or missed, a gap could emerge between market expectations and actual performance. The commercial success of the new game lineup is also a key execution risk.

Regulatory/Market Risk

Under current Korean law, distribution of blockchain-based games is fundamentally restricted, meaning Nexus's Web3 game business faces a structural constraint that effectively confines normal operation to overseas markets.

Changes in domestic or international regulation around digital assets, as well as market price volatility, could affect both business operations and financial results.

What to watch next

September 2026
It will be worth confirming whether management's stated target of reaching OneStore's monthly breakeven point in September is actually achieved.
September 2026
The global launch of the 'AI Games' section and early user response/transaction volume can be checked to gauge the real contribution of this new category.
Early November 2026 (expected Q3 earnings release)
It should be checked whether the Q3 revenue growth and operating profit improvement referenced by management are confirmed in the actual disclosed results.
Q4 2026
OneStore's quarterly breakeven achievement and the launch and commercial performance of the upcoming game lineup (Project FF, a triple-A MMORPG, etc.) should be monitored.

Overall view

Nexus moved past a period of large losses from 2022 to 2024 to achieve its first operating profit in 2025, and in 2026 has been transforming its business from a game developer into an AI/blockchain game platform company on the back of the OneStore acquisition.

Recent quarterly results have been heavily shaped by one-off items of very different natures - losses from digital-asset purchases and gains related to the acquisition - making it difficult to judge underlying business improvement from net income figures alone.

Multiple growth initiatives are being pursued simultaneously, including OneStore's global launch, the new AI game category, and the Tencent partnership, with management targeting monthly breakeven in September and profitability from the fourth quarter onward.

On the other hand, financial strain and shareholder dilution from the large acquisition financing, OneStore's chronic loss-making structure, and domestic restrictions on blockchain game distribution remain unresolved challenges.

Future performance and business development will likely hinge on whether these new initiatives execute as planned and whether the core business, excluding one-off factors, actually shows sustained improvement.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.