Nexon reported strong first-quarter results, with net income rising 118% year-over-year, supported by a ¥14.5 billion ($91.4 million) foreign exchange gain.
The company achieved record quarterly results, driven by continued success from Embark Studios’ Arc Raiders and the MapleStory franchise.
Arc Raiders sold 4.6 million additional units during the quarter, bringing total sales to 16 million. Nexon also reported that over half of active players spent more than 100 hours in-game, totalling 1.5 billion hours.
The numbers
- Revenue: ¥152.2 billion ($959.9 million, up 34% year-over-year)
- Operating income: ¥58.2 billion ($367 million, up 40% year-over-year)
- Net income: ¥57.2 billion ($360.7 million, 118% year-over-year)
The highlights
Nexon’s three main franchises – MapleStory, Dungeon & Fighter, and FC – generated stable revenue in Q1 of ¥92.9 billion ($586.1 million). Growth in MapleStory and FC was offset by a decline in Dungeon & Fighter Mobile.
Horizontal revenues rose 188% to ¥59.3 billion ($374.1 million), driven by Arc Raiders’ continued strength. Revenue for The Finals increased 47% year-over-year.
MapleStory franchise revenue increased 42% year-over-year, led by MapleStory: Idle RPG and MapleStory Worlds.
Nexon’s revenue included a ¥6.7 billion ($42.2 million) reduction from MapleStory: Idle RPG refunds after a coding error earlier this year misapplied probability and statistical values for certain paid items. Operating income also reflected a ¥3.5 billion ($22 million) reduction related to these refunds.
Three projects were cancelled in Q1, while additional funding was allocated to Nakwon: Last Paradise and Woochi the Wayfarer. Nexon stated that “creative talent has been redeployed to projects that can capture and sustain a global audience.”
Nexon has 15 games and experiences in development, with five scheduled for release this year, including Overwatch on PC, Project T, and Dungeon & Fighter: Idle RPG. Embark Studios also has two new games in early development.
During the quarter, Nexon also announced that development of the China service for Dungeon & Fighter Mobile was transferred to Tencent “for greater hyperlocalisation and player engagement.” Neople Studio will retain creative control during co-development with Tencent.
Both companies also announced a ten-year extension of their publishing partnership for Dungeon & Fighter on PC in China.
Looking ahead, Nexon expects revenue between ¥107 billion ($674.9 million) and ¥119.7 billion ($755 million), down 10%. Operating income is forecast between ¥16.1 billion ($101.5 million) and ¥25.3 billion ($159.6 million), down 57%.
The outlook includes revenue declines in the Dungeon & Fighter and Mabinogi Mobile franchises, “which face a tough comparison with Q2 2025 that followed the game’s successful launch,” while ongoing growth is expected from its MapleStory franchise and Arc Raiders.
