SHIFT UP saw its Q2 2026 operating profit decrease by 58.8% year-on-year. The primary factor appears to be the fading launch momentum of Stellar Blade, which hit Steam last June, resulting in an 86.6% drop in revenue that directly impacted the overall performance.

SHIFT UP announced its Q2 2026 financial results on the 11th. Quarterly revenue was 55.7 billion KRW, and operating profit was 28.1 billion KRW. Compared to the same period last year, revenue decreased by 50.4% and operating profit by 58.8%.

By game, Goddess of Victory: NIKKE recorded 43.3 billion KRW, a 4.1% decrease year-on-year. Global revenue actually increased compared to the same period last year, driven by the game topping the charts in both South Korea and Japan following the 3.5th-anniversary update in April. The company plans to release the 4th-anniversary update in the second half of the year and aims to resolve content gaps in the Chinese version to strengthen its long-term service foundation.

Stellar Blade revenue stood at 8.8 billion KRW, an 86.6% decline. This is attributed to the nature of package games, where revenue is concentrated immediately after launch, following its Steam release last June. SHIFT UP plans to expand its user base for Stellar Blade through seasonal promotions and the announcement of its next project. A Nintendo Switch 2 version is scheduled for release in the second half of the year.

Regarding the next title, Stellar Blade: Blood Rain, SHIFT UP stated, "We will release information sequentially under the principle of securing sufficient development time to ensure top-tier quality. We are enhancing the combat fun that was well-received in the previous title, while strengthening the world-building and story. We plan to transition to a self-publishing system starting with this title to lead marketing strategies that highlight the unique identity of the IP."

As for the upcoming subculture title 'Project Spirit', the goal is to unveil it in the second half of this year. It is a cross-platform AAA title based on an Eastern fantasy world, and the company is focusing its development capabilities and service experience on it. In addition, several new IPs that can leverage SHIFT UP's strengths are currently under development.

Operating expenses for the second quarter were 27.6 billion KRW, a 37.5% decrease year-on-year. Despite the inclusion of operating expenses following the acquisition of Unbound in April, labor costs decreased by 5.3% to 15.6 billion KRW as the effect of incentive payments from the previous year disappeared. Variable costs amounted to 6 billion KRW, a 76.3% decrease year-on-year, as the commission fees related to Stellar Blade in Q2 of last year were reduced.

Regarding labor costs, SHIFT UP added that it is recruiting personnel to strengthen its PC and console publishing capabilities, and expects operating expenses, including labor costs, to show an increasing trend due to the consolidation of Unbound. As of Q2 2026, the total number of SHIFT UP employees is 442, a 31.9% increase year-on-year. Of these, 387 are development personnel, a 32.1% increase from the same period last year.