Wemade Max Q1 2026 Consolidated Operating Loss of 15.3B KRW, Standalone Remains Profitable

Consolidated revenue 32.7B KRW (down vs average quarterly run-rate), operating loss 15.3B KRW (annualized loss higher than FY2025)
Consolidated net loss 11.1B KRW; standalone net profit 3.8B KRW (standalone pre-tax profit 4.0B KRW)
Debt ratio 22.76%, stable; cash & equivalents 65.3B KRW, down 22B from year-end
Consolidated EPS -140 KRW, standalone EPS +46 KRW
No share buyback, cancellation, or dividend (no dividend history for 5 years)
R&D cost 10.7B KRW (32.7% of revenue), 10+ new titles in development (Windrunner Zero, Mir5, etc.)
License revenue from parent Wemade 10.9B KRW (33.3% of consolidated revenue)
Key subsidiary Mad Engine (Night Crow) posted operating loss of 5.3B KRW; Wemade Connect net profit 1.8B KRW