Wemade Reports Operating Loss of 46.8 Billion KRW in Q1

Wemade's operating loss widened in the first quarter of this year.

Wemade announced on the 9th that it recorded sales of 93.9 billion KRW and an operating loss of 46.8 billion KRW in the first quarter. The net loss for the period was 28.5 billion KRW.

First-quarter sales decreased by 28% compared to the same period last year, and the operating loss increased compared to the previous quarter's 28.8 billion KRW.

However, the early success of "Night Crow," released on the 27th of last month, is expected to lead to a rebound in second-quarter performance. Night Crow ranked first in sales on both Google Play and the Apple App Store. It is scheduled to be launched globally through the blockchain game platform WEMIX Play within this year.

Wemade has secured a lineup of 100 games to be onboarded on WEMIX Play. In addition, blockchain technology specialists such as Coinplug and MBlock, as well as game company Kakao Games, have joined as WEMIX 3.0 Node Council partners, representing a wide range of industries.

Business in the Middle East and North Africa (MENA) region is also gaining momentum. In February, Wemade formed a strategic partnership with Nine66, a subsidiary of Savvy Games Group established by the Saudi sovereign wealth fund, and in April, signed a memorandum of understanding with the Saudi Arabian Ministry of Investment, laying the groundwork for diversifying blockchain business.

They are also exploring various business cooperation plans to strengthen their partnership with Microsoft.

Jang Hyun-guk, CEO of Wemade, said, “Despite the challenging business environment both domestically and internationally, Wemade will turn the crisis into an opportunity to build solid achievements and capabilities,” adding, “We will apply blockchain technology and economy to Night Crow, which ranked first in the Korean market, onboard it to WEMIX Play, and challenge to become the world’s number one game.”

Meanwhile, Wemade Max recorded first-quarter sales of 18 billion KRW and an operating profit of 2.9 billion KRW, a 48% increase from the previous quarter. Net profit was 2.8 billion KRW. Wemade Play posted first-quarter sales of 30.6 billion KRW and an operating loss of 350 million KRW.

This content was produced with the assistance of AI translation services.