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'Naddic Games' Faces Massive Deficit for 2nd Consecutive Year, Revenue Plummets by 39%
'Closers' developer Naddic Games continues to face deficits in 2024, following 2023, facing a survival crisis.
According to Naddic Games' audit report disclosed on the 14th, Naddic Games' revenue last year was 8.68 billion KRW, a sharp decrease of 39.4% compared to the previous year. Operating expenses decreased by 39% from 19.3 billion KRW to 11.8 billion KRW. The operating loss slightly decreased from 5.07 billion KRW in 2023 to 3.14 billion KRW in 2024, but the company continues to be in a state of complete capital erosion as deficits continue for two consecutive years. The net operating loss increased by 14.2% year-on-year to 7.02 billion KRW.
In particular, the increase in other expenses seems to be critical. As the impairment loss on intangible assets surged from 29 million KRW to 2.87 billion KRW, other expenses also increased significantly. It is estimated that this is a major cause of the expanded loss, soaring from 400 million KRW to 3.2 billion KRW last year.
Amidst recording large net losses for two consecutive years following last year, Naddic Games' current capital erosion rate is a whopping 94.23%, with revenue plummeting 39% year-on-year. Although the capital was increased from 1.6 billion KRW to 5.6 billion KRW through a rights offering, the actual capital recovery seems distant as the accumulated deficit amounts to 13.9 billion KRW.
Naddic Games' main game is 'Closers'. It has been serviced through Nexon for over 10 years, but as of December 12, 2024, the service was transferred from Nexon to Naddic Games. At the time of announcing the news, Naddic Games' PD Kang Hyun-jun stated, "The transfer was decided for continuous service, not for termination of service."
Meanwhile, Naddic Games was acquired by the Taiwanese game company HappyTuk last year. At the time, HappyTuk acquired 3,094,189 shares, equivalent to 92.23% of Naddic Games' total shares, at 1,000 KRW per share. Currently, Naddic Games' shares issued through the rights offering are priced at 500 KRW per share. The total number of shares issued is 11,355,014, of which HappyTuk holds 11,094,189 shares, equivalent to 97.70% of the total shares.
웹진 인벤윤홍만 기자
2025-04-15