adminNexon Q1 earnings climbed 118% year-over-year to ¥57.2 billion ($360.7 million), as the company reported record quarterly results supported by Arc Raiders and the MapleStory franchise. A ¥14.5 billion ($91.4 million) foreign exchange gain also contributed to net income, so it is useful to distinguish that item from the company’s operating performance.
Image credit: Nexon
Nexon Q1 earnings and financial results
Revenue and operating income both increased compared with the same period a year earlier. The reported figures were:
- 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), up 118% year-over-year.
For a clearer view of business performance, readers can compare revenue and operating income alongside net income, which was affected by the foreign exchange gain and by refunds discussed below.
Arc Raiders and Nexon’s major franchises
Embark Studios’ Arc Raiders continued to perform strongly. The game sold an additional 4.6 million units during the quarter, bringing cumulative sales to 16 million. Nexon also reported that more than half of active players had spent over 100 hours in the game, with total playtime reaching 1.5 billion hours.
The company’s three main franchises—MapleStory, Dungeon & Fighter, and FC—generated ¥92.9 billion ($586.1 million) in revenue. Growth from MapleStory and FC was offset by a decline in Dungeon & Fighter Mobile. MapleStory franchise revenue rose 42% year-over-year, led by MapleStory: Idle RPG and MapleStory Worlds.
Horizontal revenues increased 188% to ¥59.3 billion ($374.1 million), supported by Arc Raiders. Revenue for The Finals was up 47% year-over-year.
Refunds, development changes, and upcoming games
Nexon’s revenue included a ¥6.7 billion ($42.2 million) reduction from MapleStory: Idle RPG refunds. Earlier in the year, a coding error had incorrectly applied probability and statistical values to certain paid items. Operating income included a related ¥3.5 billion ($22 million) reduction. These adjustments are important context when comparing the quarter’s results.
Three projects were cancelled during Q1, while Nexon directed additional funding to Nakwon: Last Paradise and Woochi the Wayfarer. The company said creative staff had been reassigned to projects with the potential to attract and retain a global audience.
Nexon has 15 games and experiences in development, with five planned for release this year. The announced titles include Overwatch on PC, Project T, and Dungeon & Fighter: Idle RPG. Embark Studios also has two new games in early development.
China publishing plans and financial outlook
Development of the China service for Dungeon & Fighter Mobile was transferred to Tencent, with the stated aim of improving local adaptation and player engagement. Neople Studio will retain creative control while working with Tencent on development. The companies also extended their publishing partnership for the PC version of Dungeon & Fighter in China by ten years.
For the next quarter, Nexon forecast revenue of ¥107 billion ($674.9 million) to ¥119.7 billion ($755 million), a projected decline of 10%. Operating income is expected to range from ¥16.1 billion ($101.5 million) to ¥25.3 billion ($159.6 million), down 57%.
The outlook reflects expected declines in Dungeon & Fighter and Mabinogi Mobile, which face a difficult comparison with Q2 2025 following the games’ successful launches. Nexon expects continued growth from MapleStory and Arc Raiders. Overall, Nexon Q1 earnings show strong year-over-year growth, while the company’s forecast points to a more challenging comparison period ahead.
