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Wemade Max signals performance rebound with 'Mad Engine effect'

Wemade Max (co-CEOs Son Myeon-seok, Lee Gil-hyung) recorded a revenue increase of approximately KRW 27.1 billion in the first quarter of 2025 compared to the previous quarter, signaling a rebound. Cumulative revenue for the first quarter of 2025 was approximately KRW 47.1 billion, and net loss was reduced significantly by KRW 8.8 billion, with a net loss of approximately KRW 700 million.

 

 

This is the first quarter in which Mad Engine's performance was reflected in the consolidated results, and the performance of the core title 'Night Crows' contributed significantly to revenue. In addition, Wemade Connect's 'Lost Sword' also contributed to revenue, showing a trend of concrete synergy among consolidated subsidiaries.

 

 

■ Mad Engine Consolidation Effect 'Clear'...Revenue Increased by KRW 27.1 Billion Compared to Previous Quarter

 

At the heart of this improved performance is the effect of consolidating its subsidiary Mad Engine. In particular, Mad Engine's flagship title, 'Night Crows', has already proven its popularity both domestically and internationally, and full-scale revenue recognition began this quarter.

 

Wemade Connect's 'Lost Sword' has also gained unrivaled popularity among subculture genres released this year, adding to its performance. This expansion of consolidated performance is a meaningful example of visualizing the synergy of the Wemade Group, demonstrating that Mad Engine's incorporation is operating as a practical growth engine beyond a simple merger and acquisition.

 

 

■ Net Loss Breakout Imminent...KRW 8.8 Billion Recovery Compared to Previous Quarter

 

Wemade Max's net profit for the first quarter of 2025 was approximately -KRW 700 million, a significant improvement of KRW 8.8 billion compared to -KRW 9.5 billion in the previous quarter, showing a clear recovery trend. This is due to the strengthening of efficiency within the fixed cost structure and the revenue structure centered on highly profitable new and live games, and analysts say that a turnaround to profitability within the second quarter is within sight.

 

In particular, the fact that the deficit has been drastically reduced is significant in that it goes beyond a simple rebound and establishes a structural foundation for mid- to long-term growth. With the Mad Engine incorporation effect, the stability of existing titles, and major momentum in the second half of the year, the company is creating a clear turning point toward '2025 Leap'.

 

 

■ 'Midnight Walkers', 'Lost Sword' Global Launch, etc...New Game Momentum to Begin in Earnest After Q2

 

Wemade Max plans to maintain profitability through stable live operations of existing titles such as 'Night Crows' and 'Lost Sword' in the second quarter of this year, and increase the density of growth through internal reinforcement. 'Night Crows', which celebrated its 2nd anniversary of domestic service this year, is showing a rebound after a major update, and is steadily building a foundation for long-term success through continuous content supplementation and user communication.

 

In addition to live games, the company plans to demonstrate its IP competitiveness and global publishing capabilities as a game developer with strategic titles for targeting the global market from the second quarter onwards.

 

Subsidiary Wemade Connect's subculture RPG 'Lost Sword' is accelerating preparations for its global expansion in the second half of the year. Mad Engine is also planning to enter the global market with its new title 'Midnight Walkers'. It successfully completed global testing on the Steam platform earlier this year, and the number of Steam wishlist followers exceeded 110,000 and was selected as a 'Steam Trending Game', proving the expectations of global users. Wemade Next is also focusing its capabilities on developing 'MIR5', an open-world PC MMORPG in which it is collaborating with NVIDIA in the AI ​​sector.

 

In addition, a new MMORPG using the 'Night Crows' IP is under development, and a triple-A open-world RPG 'Tal: The Arcaneland' is also under development. Based on major new titles scheduled for release after 2025, the company plans to reaffirm the value of existing IPs and prove Wemade Max's global competitiveness as a decisive weapon.

 

Wemade Max CEO Son Myeon-seok said, "The first quarter results are the result of practical structural improvements and have laid an important foundation for securing future financial stability and growth potential." He added, "We will reorganize the profitability structure and focus on improving the completeness of core titles to be evaluated for the competitiveness of the game itself."

웹진 인벤이두현 기자
2025-05-14

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