Wemade Reports 11.3 Billion Won Operating Loss in Q1, Deficit Narrows Year-on-Year

Turned to Losses Compared to Previous Quarter
Due to Increased Labor and Marketing Expenses

Wemade announced on the 14th that its consolidated operating loss for the first quarter of this year was provisionally tallied at 11.337 billion won, a decrease of 69.9% compared to the same period last year.

During the same period, revenue fell by 12.1% to 141.833 billion won, while net loss decreased by 65% to 20.621 billion won.

Wemade logo.

Compared to the previous quarter, first-quarter revenue declined by about 14%. However, revenue from the gaming business grew by approximately 26% quarter-on-quarter, driven by the performance of new titles such as "Legend of Ymir," which launched its Korean service on February 20.

Operating profit and net profit both turned to losses compared to the previous quarter. Wemade explained that this was due to increased costs, such as labor expenses following the consolidation of its subsidiary Madengine at the end of last year, as well as higher marketing expenses related to new game launches.

Wemade plans to accelerate its overseas market expansion this year. In the third quarter, "Mir M" will launch in China, and in the second half of the year, "Midnight Walkers" will be released in the global market. The global version of "Legend of Ymir," featuring advanced tokenomics (in-game virtual asset economy), will also be introduced in the fourth quarter. Upcoming titles in preparation include "Mir 5," "Black Vultures: Prey of Greed," "Night Crow 2" (tentative title), and "TAL: The Arcane Land."

Wemade will also continue its blockchain business based on its virtual asset WEMIX. The company plans to operate multiple blockchain games in the global market while pursuing various strategies to create mutual benefits with WEMIX holders.

Meanwhile, Wemade's subsidiary Wemade Max recorded approximately 47.1 billion won in revenue and an operating loss of about 2.4 billion won in the first quarter of this year. Wemade Max is developing more than 10 new games, focusing on key subsidiaries such as Wemade Next and Madengine.

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