Wemade achieved an operating profit for the second straight year, backed by the global performance of "Legend of Ymir" and the effect of the upfront payment from the China license for the "Legend of Mir" intellectual property (IP).
Wemade on the 11th announced its fourth-quarter and annual results for 2025. On a consolidation basis, fourth-quarter revenue was 191.7 billion won, operating profit was 24.3 billion won, and net loss was 36.5 billion won. Revenue rose 16% from a year earlier, and operating profit increased 42%. However, operating profit edged down from the previous quarter due to higher expenses related to new game launches.
Fourth-quarter results reflected the performance of "Legend of Ymir," launched globally on Oct. 28 last year, and a 50 billion won upfront payment for the China licenses of "Legend of Mir 2·3." Overseas revenue share expanded for the third straight quarter to 78%. In non-operating gains and losses, a 44.1 billion won valuation loss on investment assets was reflected, resulting in a net loss.
On an annual basis, revenue was 614 billion won, operating profit was 10.7 billion won, and net loss was 28 billion won. Revenue fell from a year earlier, but operating profit rose 51%, extending the profit streak to a second year. Annual operating expenses totaled 903.4 billion won, down 101.4 billion won year over year. Effects included reduced fees paid to external developers following the consolidation of Madengine.
Cheon Young-hwan, Wemade IR head, said on a conference call, "We improved the profit structure through efficient expense management and solid operations."
On the business front, existing IP continued to perform. Since launch, "Legend of Ymir" has maintained stable daily active users (DAU) and sustained its revenue momentum. The company plans to host the first global esports tournament, "Ymir Cup World Championship," on Feb. 28.
In the China market, "Mir M" was launched on the 13th. It entered the top ranks of local app market popularity in the initial stage, and service stabilization work is underway in parallel. With the final victory confirmed in the copyright dispute over the "Legend of Mir" IP, a foundation was also laid for expanding IP business in China going forward.
Wemade plans to roll out "Mir 5" and "Night Crows 2" sequentially this year. In 2027, it will unveil the console RPG "Project TAL," based on a Joseon-era fantasy universe. Through a mid- to long-term pipeline of about 20 titles, the company will push for genre diversification and platform expansion.
In particular, starting with "Night Crows 2," the company will adopt a "one-build" strategy for simultaneous launches in Korea and globally. It is also considering increasing the share of its proprietary payment system and web store.
Cheon said, "In 2026, we will build another growth foundation by diversifying genres and expanding global capabilities," adding, "We will continue to manage the expense structure so that revenue growth can lead to improved profitability."