NC is lending up to ₩120.7 billion to its North American development subsidiary, Arenanet. The funds are earmarked for the development and marketing of the new MMORPG 'Guild Wars 3'.

On the 11st, NC announced that its board of directors had approved a loan facility of ₩120.7085 billion to Arenanet. This figure is the won-denominated equivalent of the $85 million limit.

The full amount will not be disbursed at once. The disclosed figure represents a maximum limit, and actual funds will be distributed in installments based on the development progress of 'Guild Wars 3'. The loan period runs from the 31st of this month to May 31, 2028.

Arenanet's financial situation is strained. According to the financial statement attached to the disclosure, the company recorded ₩87.7 billion in revenue and a net loss of ₩56.4 billion last year. Revenue has declined by 34.2% over the past two years, falling from ₩133.4 billion in 2023 to ₩98.1 billion in 2024 and ₩87.7 billion in 2025. During the same period, net losses ballooned from ₩4.6 billion to ₩35.2 billion, and then to ₩56.4 billion.

The capital situation is even worse. Total equity has remained in a state of complete capital impairment, moving from -₩12.2 billion in 2023 to -₩51.8 billion in 2024 and -₩77.3 billion in 2025. As of the end of last year, total liabilities of ₩137.3 billion were more than double the total assets of ₩60 billion. The loan limit itself exceeds Arenanet's annual revenue.

'Guild Wars 3', the latest numbered entry in the series, was first unveiled at the global game show 'Summer Game Fest (SGF) 2026' last June. It is the first sequel in 14 years since 2012's 'Guild Wars 2' and will be available on PC, Steam, and PlayStation 5. This marks the first time the series will be released on consoles, and the game will support Korean. A beta test is scheduled for the second half of 2027.

The window for fund disbursement is open from the 31st of this month until May 31, 2028, meaning the maturity date is set for roughly six months after the beta test.

Meanwhile, NC also announced its second-quarter earnings on the same day, reporting consolidated revenue of ₩770.5 billion and an operating profit of ₩173.9 billion, representing year-on-year increases of 101% and 1053%, respectively.