Pearl Abyss continued to record losses in the second quarter of this year and was unable to escape its poor performance. In particular, the company's first triple-A (AAA, blockbuster) console and PC title, "Crimson Desert," has been delayed from its original release schedule in the fourth quarter of this year to the first quarter of next year, creating setbacks for the anticipation of achieving profitability by the end of the year. As the development has entered its final stages, global marketing will proceed as scheduled, but the change in release dates, which was seen as a key card to break out of the prolonged downturn, has led to a cold market response.
Pearl Abyss announced on the 13th that it recorded a consolidated revenue of 79.6 billion won, an operating loss of 11.8 billion won, and a net loss of 22.7 billion won in the second quarter of 2025. Revenue decreased by 2.7% compared to the same period last year and by 4.9% compared to the previous quarter. The operating loss widened compared to last year's same period (-5.8 billion won) due to increased advertising expenses, and foreign exchange losses from currency fluctuations impacted the net losses. Eighty-two percent of quarterly revenue came from overseas.
Revenue was mainly driven by "Black Desert" and "EVE Online." "Black Desert" implemented new difficulty content and revamped the fortress and siege battles, while the console version was released as an upgraded edition to enhance performance for the latest gaming consoles, the PS5 and Xbox Series X|S. "EVE Online" held the "Legion" expansion and a global event, "EVE Fanfest." However, due to a lack of new titles and rising expenses, improvements in profitability were limited.
Heo Jin-young, the CEO of Pearl Abyss, said during a conference call the previous day, "Crimson Desert is in the finishing stages with voiceovers and console certification, and the need for schedule adjustments during the partner collaboration process means the release will likely be delayed by a quarter. I apologize for not being able to fulfill the promised fourth-quarter release." He added, "Internally, we have confirmed the release for the first quarter of next year, and we will disclose the specific schedule at a more appropriate time than Gamescom."
The market reacted coldly to this announcement. As of 9:46 a.m., Pearl Abyss's stock price plummeted by 9,050 won (-23.15%) to 30,050 won, dropping more than 20% in early trading.
Pearl Abyss has seen multiple delays in its release since its first announcement in 2019. The industry assesses that this schedule change has diminished the likelihood of a performance rebound by the end of the year, and there are concerns that further delays could make it even harder to recover investor sentiment. According to the financial information firm FnGuide, Pearl Abyss was expected to achieve a revenue of 540 billion won and an operating profit of 114.8 billion won this year, but this delay makes it difficult to meet those projections.
Pearl Abyss plans to showcase its open-world build at Gamescom in Germany and PAX West in the United States this month, while strengthening its strategy for the Japanese market at the Tokyo Game Show in September. Jo Mi-young, the Chief Financial Officer (CFO) of Pearl Abyss, stated, "We will continue stable live services for Black Desert and EVE in the second half of the year and will do our best until the successful launch of Crimson Desert."