Shift Up reported an 18.1% decline in operating profit for the first quarter compared to the same period last year. While revenue increased by 12.0%, the rise in operating expenses due to increased personnel costs for new title development is analyzed as the primary factor.

Shift Up announced its Q1 2026 earnings on the 11th. For this quarter, the company recorded 47.3 billion KRW in revenue, 21.5 billion KRW in operating profit, and 37.8 billion KRW in net profit. Revenue grew by 12.0% year-on-year, while operating profit fell by 18.1%. Net profit increased by 40.8% due to foreign exchange-related gains and financial management income.

Looking at revenue by game, Goddess of Victory: NIKKE recorded 32.7 billion KRW, a 1.2% increase year-on-year, while Stellar Blade reached 12.9 billion KRW, an 84.0% increase. NIKKE maintained a level similar to the previous year through New Year events and the Lycoris Recoil collaboration, while Stellar Blade saw increased sales due to a February discount on the PS5 version.

Operating profit decreased by 18.1% year-on-year, and operating expenses increased by 61.4% to 25.8 billion KRW. Personnel costs, which account for the largest portion of operating expenses, rose by 65.0% to 16.2 billion KRW compared to the same period last year.

Shift Up is preparing for self-publishing alongside the development of new titles such as the next Stellar Blade project and Project Spirit. In Q1, the number of Shift Up employees increased by 8.9% to 355, with the development team growing by 7.2% to 311, and management support staff increasing by 22.2% to 44.

In summary, while Shift Up maintained a slight increase in revenue in Q1 based on NIKKE and Stellar Blade, operating profit showed a downward trend due to increased operating expenses from hiring for new projects. Meanwhile, Shift Up plans to release new information on the next Stellar Blade project and Project Spirit later this year.