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
Having expanded from figure manufacturing into actor and K-pop management plus drama production, the company has posted net losses for four straight years with shrinking equity, though 2026 second-quarter results showed signs of revenue recovery and narrowing losses.
2025 annual revenue was KRW 30.2 billion, down from KRW 36.3 billion in 2024, with an operating loss of KRW 9.05 billion, marking a fourth straight year of losses
Second-quarter 2026 revenue reached KRW 10.63 billion, the highest of the past five quarters, while the operating loss narrowed sharply to KRW 1.06 billion
The 2024 merger with H&D Entertainment and the 2025 acquisition of KLAP plus the founding of Kleb Corp. transformed the company from a single figure business into a comprehensive content firm spanning actors, K-pop, and drama
The roster expanded with additions such as EXO's Doh Kyung-soo and Red Velvet's Yeri, while early investor Bae Yong-joon disclosed additional share purchases
The debt ratio rose from 30.4% in 2022 to 124.5% in 2025, while equity has continuously declined over the four-year period
Founded in 2010 and listed on KOSDAQ in 2021 through a SPAC merger, Blitzway Entertainment originally operated as a specialized figure maker, partnering with global IP holders such as Disney, Universal Studios, and Warner Bros. to produce and distribute high-end statues and action figures.
In 2022 it merged with creative design firm Sticky Monster Lab to add proprietary IP development capability, and in 2024 it absorbed actor management agency H&D Entertainment, whose roster included Ju Ji-hoon, Chun Woo-hee, Woo Do-hwan, Jung Ryeo-won, and Moon Chae-won, fundamentally reshaping the business.
Following that merger, the company changed its name to Blitzway Studio in March 2024 and then to Blitzway Entertainment in March 2025, formalizing its pivot toward a content-centered identity.
Subsidiary Blitzway Production handles drama planning and production and has built up a track record through projects such as a tvN drama series.
In 2025 the company acquired music label KLAP Entertainment and established a new label, Kleb Corp., to expand into K-pop artist management, bringing on artists including Red Velvet's Yeri and EXO's Doh Kyung-soo.
Alongside existing actors such as Son Dam-bi and Chae Jong-hyeop, the artist lineup has diversified considerably. The figure business continues to operate in parallel, and the company has also pursued overseas distribution expansion through Blitzway Japan and USA entities.
A notable feature of the shareholder structure is that early investor and actor Bae Yong-joon has continued to increase his stake through open-market purchases.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩7.2B | -₩2.6B | −35.8% |
| 2025Q3 | ₩7.5B | -₩2.2B | −29.0% |
| 2025Q4 | ₩8.6B | -₩3B | −34.4% |
| 2026Q1 | ₩7.1B | -₩2.4B | −33.4% |
| 2026Q2 | ₩10.6B | -₩1.1B | −10.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩19.1B | -₩3.6B | -₩3.4B | −19.0% | −9.5% | 30.4% |
| 2023 | ₩8.9B | -₩8.1B | -₩9.6B | −90.5% | −36.6% | 55.2% |
| 2024 | ₩36.3B | -₩6.6B | -₩7.7B | −18.3% | −25.6% | 69.9% |
| 2025 | ₩30.2B | -₩9B | -₩12.9B | −30.0% | −76.1% | 124.5% |
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
Consolidated revenue plunged from KRW 19.1 billion in 2022 to KRW 8.9 billion in 2023, then surged to KRW 36.3 billion in 2024 before declining again to KRW 30.2 billion in 2025.
This volatility largely reflects the consolidation effect from the 2024 merger with H&D Entertainment's management business, with the 2025 decline representing a base-adjustment phase.
Operating losses persisted throughout, moving from KRW 3.6 billion in 2022 to KRW 8.1 billion in 2023, KRW 6.6 billion in 2024, and KRW 9.0 billion in 2025, with the operating margin worsening to negative 90.5% in 2023 before improving somewhat to negative 30.0% in 2025.
Net losses attributable to owners widened from KRW 3.4 billion in 2022 to KRW 12.9 billion in 2025, extending the loss streak to four consecutive years.
On a quarterly basis, revenue was KRW 7.15 billion with an operating loss of KRW 2.56 billion and a net loss of KRW 4.57 billion in the second quarter of 2025, followed by fluctuations through the third quarter (revenue KRW 7.53 billion, operating loss KRW 2.18 billion) and fourth quarter (revenue KRW 8.63 billion, operating loss KRW 2.97 billion, net loss KRW 5.03 billion) of 2025.
Revenue dipped again to KRW 7.12 billion in the first quarter of 2026 but the net loss narrowed to KRW 2.02 billion, and by the second quarter of 2026 revenue climbed to KRW 10.63 billion, the highest of the past five quarters, while the operating loss shrank to KRW 1.06 billion and the net loss fell to KRW 0.6 billion.
The combined net loss attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) was still approximately KRW 9.73 billion, underscoring that losses remain substantial.
Operating cash flow was negative every year from 2022 through 2025, peaking at negative KRW 6.4 billion in 2023 before easing to negative KRW 0.95 billion in 2024 and negative KRW 1.27 billion in 2025.
Some industry observers note that the domestic entertainment sector is seeing diversified opportunities in artist management driven by the growth of OTT, YouTube, and social media content, alongside increased overseas expansion by domestic artists amid the global spread of K-content.
However, recent market trends show growing performance divergence between large agencies and smaller content-management firms, with stock and earnings resilience concentrated among larger companies that command strong fandoms and concert revenue.
In the high-end figure market, Blitzway Entertainment has built a global brand position backed by major IP licenses from Disney and Warner Bros., but in management, music, and drama, it remains a smaller emerging player relative to listed large agencies.
K-pop label Kleb Corp., founded in 2025, is still at an early stage and has yet to produce a market-proven flagship group. The drama production business similarly remains in a track-record-building phase amid intense competition for broadcaster and OTT slots.
As diversification remains a work in progress, the profit contribution of each segment does not yet appear clearly stabilized.
Following the 2025 acquisition of KLAP and the founding of Kleb Corp., the company has formalized a strategy to cultivate K-pop management as a new growth pillar, continuing to invest via a third-party share issuance at Kleb in May 2026 (104,100 common shares at KRW 50,000 per share).
In the management segment, EXO's Doh Kyung-soo has announced a new solo concert tour, 'DOH KYUNG SOO CONCERT TOUR [DAY OFF],' set to begin in October 2026, and how the related concert and album revenue flows through to segment results will be worth watching.
Drama production subsidiary Blitzway Production is reportedly developing new projects with multiple writers, and future confirmation of broadcast or OTT programming slots could affect performance.
On the governance side, the co-CEO structure changed in March 2026 from Choi Seung-won and Lee Seung-woo to Choi Seung-won and Hong Min-ki, and a 5-for-1 reverse stock split was completed in the first half of 2026, reducing the number of shares outstanding.
The figure business continues to operate in parallel on its existing global IP licensing model alongside the newer ventures.
Overall, early signs of revenue diversification have shown up partially in the recent quarterly improvement, but whether the new K-pop and drama businesses can translate into a stable profit turnaround still requires confirmation from further quarterly results.
The current share price trades at a level that carries a premium relative to the company's net asset value, a feature that persists even as owners' equity has continuously declined amid four consecutive years of net losses.
Because net losses have continued, comparisons based on conventional earnings multiples carry limited meaning, and market participants tend to weigh growth and diversification expectations alongside book-value-based multiples instead.
The company has not paid cash dividends in recent years, limiting its appeal from an income perspective.
While the most recent quarter (Q2 2026) showed a revenue recovery and narrower operating loss, the company has not yet emerged from losses on an annual basis, so how any further profit recovery gets reflected in valuation will depend on the trajectory of upcoming results.
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
The company has diversified its revenue base by expanding from a single figure business into actor management, drama production, and a K-pop label. The 2024 merger with H&D Entertainment and the 2025 acquisition of KLAP and founding of Kleb Corp. are prime examples. As multiple content pillars take root, weakness in one segment could potentially be offset by others.
Second-quarter 2026 revenue of KRW 10.63 billion was the highest of the past five quarters, and the operating loss narrowed sharply to KRW 1.06 billion compared with prior quarters. The net loss also shrank to KRW 0.6 billion, signaling an improving trend, though continuation needs confirmation in coming quarters.
The company holds figure brand equity built on global IP licenses from Disney and Warner Bros., alongside artists with global fandoms such as EXO's Doh Kyung-soo and Red Velvet's Yeri. Early investor and actor Bae Yong-joon has disclosed continued stake increases through open-market purchases. These assets could serve as a foundation for further content and IP business expansion.
The company has recorded net losses attributable to owners every year from 2022 through 2025, with the loss widening to KRW 12.95 billion in 2025. As a result, owners' equity fell from KRW 35.5 billion in 2022 to KRW 17.0 billion in 2025, less than half its earlier level. Continued equity erosion could increase pressure on financial stability.
Annual revenue surged from KRW 8.9 billion in 2023 to KRW 36.3 billion in 2024 before declining again to KRW 30.2 billion in 2025. This can be read as a sign that the newer management, drama, and music businesses have not yet reached a stable growth trajectory.
The structure is prone to significant quarterly and annual swings depending on artist contracts and programming schedules.
The debt ratio rose sharply from 30.4% in 2022 to 124.5% in 2025 over the four-year span. Operating cash flow has also been negative every year from 2022 through 2025, indicating a persistent inability to generate cash from core operations. With new business investment and capital raises occurring in parallel, funding pressure could continue.
The debt ratio climbed rapidly from 30.4% in 2022 to 124.5% in 2025, and owners' equity has declined for four consecutive years. If net losses persist alongside continued equity erosion, further capital raises or balance sheet restructuring could become necessary. Operating cash flow has also been negative every year, indicating weak cash-generating capacity.
K-pop label Kleb Corp., established in 2025, has yet to produce a market-proven flagship artist or group. The drama production segment similarly has not stabilized its earnings contribution amid intense competition for broadcast and OTT programming slots.
As investment in new businesses continues (including capital raises), uncertainty remains regarding the timing of returns on that investment.
The co-CEO structure has changed multiple times across 2024, 2025, and 2026, which could affect the consistency of management strategy.
There have been instances where the company took legal action over issues involving affiliated artists, including contract matters and online defamation, underscoring that artist-related risk management remains an important factor.
The frequency of equity-related changes, including a 5-for-1 reverse stock split and subsidiary capital raises, is also worth noting.
EXO's Doh Kyung-soo is set to launch his solo concert tour 'DOH KYUNG SOO CONCERT TOUR [DAY OFF],' and it will be worth checking how related concert and album revenue flows into the management segment's results.
When third-quarter 2026 results are released, it will be important to check whether the revenue recovery and narrowing operating loss seen in the second quarter continued.
Once the debut and early album/streaming performance of new artists or groups under K-pop label Kleb Corp. are confirmed, it will help gauge whether the new business is contributing to earnings.
Whether Blitzway Production's projects in development secure confirmed broadcast or OTT programming slots is a key factor determining revenue visibility for the drama production segment.
Blitzway Entertainment is a content company that has expanded from a figure-manufacturing base into actor management, drama production, and a K-pop label.
Financially, however, it has recorded net losses attributable to owners for four consecutive years from 2022 through 2025, during which owners' equity fell by more than half and the debt ratio rose sharply from the 30% range to the 120% range.
In the second quarter of 2026, revenue reached KRW 10.63 billion, the highest of the past five quarters, and the operating loss narrowed to KRW 1.06 billion, showing signs of improvement, though the company has not yet emerged from losses on an annual basis.
Doh Kyung-soo's October concert tour, the performance of new artists under K-pop label Kleb Corp., and whether drama programming slots get confirmed will be key indicators of whether business diversification is bearing fruit.
Overall, this appears to be a phase where early signs of earnings improvement from business expansion coexist with ongoing financial burdens from persistent losses and equity erosion.
Investment judgments would need to be made by continuously monitoring quarterly performance trends and the earnings contribution of the newer businesses.
Report written 2026-09-05 · Data as of 2026-09-04
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