VALOFE, a company that specializes in reviving discontinued games, recorded ₩23.2 billion in revenue and ₩2.7 billion in operating profit for the first half of 2026. In just six months, it has achieved 94% of its total operating profit from the previous year.

In its semi-annual report, VALOFE announced consolidated H1 operating revenue of ₩23.209 billion, operating profit of ₩2.717 billion, and net profit of ₩2.254 billion.

Revenue increased by 32.8% compared to the same period last year (₩17.481 billion). Given that operating profit in the first half of last year was a mere ₩7.08 million—effectively hovering at the break-even point—this represents a significant improvement in profitability. The operating profit margin for the first half was 11.7%, and the company swung from a net loss of ₩535 million in the first half of last year to a net profit. Looking at the second quarter alone, revenue reached ₩12.413 billion, operating profit ₩1.742 billion, and net profit ₩1.23 billion, marking increases of 39.4% and 319.7% in revenue and operating profit, respectively.

VALOFE's business model begins with acquiring games that were created and previously serviced by other companies. In its report, the company defined its growth engine as 're-publishing,' explaining that it creates a mutually beneficial structure for original copyright holders—who are considering whether to continue service—and for VALOFE, which needs games to service. It also specified that this approach involves securing not just distribution rights, but development rights as well.

Key contract partners listed in the report include Nexon, with whom it signed a service transfer agreement for 'Combat Arms' in November 2017; Webzen, for 'C9' and 'MU Legend'; and NEOWIZ, for joint business agreements on 'Cronous,' 'Dungeon & Fighter' (implied context), and 'S4 League.' It acquired 'Lost Saga' from WEMADE and 'Icarus' from WEMADE XR. It signed IP licensing agreements for 'R2Beat' with Netmarble Monster and 'Club Mstar' with Netmarble Neo, and purchased the IP for 'Kritika' and 'Last Origin' from Allm and Studio Valkyrie, respectively.

Recent contracts show a shorter interval between transfer and performance reflection. VALOFE signed a re-publishing agreement for 'Zenonia' with Com2uS in November last year and took over service in January this year; in March, it acquired the 'Soulworker' IP from Lion Games. In April, it signed a joint business agreement with XLGAMES for 'Moonlight Sculptor: Dark Gamer.' According to VALOFE, it currently services around 20 games and has serviced over 30 to date.

This lineup is what has driven the company's performance. By genre, RPGs accounted for ₩12.521 billion, or 53.9% of total revenue, while casual action games—including 'Lost Saga' and 'R2Beat'—accounted for ₩7.469 billion, or 32.2%.

By sales channel, publishing revenue (including direct service) totaled ₩16.59 billion for online and ₩2.634 billion for mobile, supplemented by ₩1.377 billion in royalty income from overseas local publishers and ₩2.606 billion in agency commission fees.

The company explained that for direct services, most revenue is recognized after deducting payment gateway fees, whereas for licensing models, only the revenue share paid by local partners is recognized as revenue.

By region, overseas revenue reached ₩17.798 billion, accounting for 76.7% of the total, while domestic revenue was ₩5.411 billion, or 23.3%. This revenue distribution reflects the company's structure of taking games that have lost their domestic user base and re-launching them in Taiwan, Japan, Southeast Asia, and Latin America. VALOFE stated that it maintains corporate offices and development studios in Korea, China (Shanghai and Beijing), Japan, Hong Kong, the Philippines, and Taiwan, and that its proprietary platform, 'VFUN,' has secured 5.5 million global users.

The fact that contracts, rather than new releases, are driving growth is also evident in the company's expenses. R&D costs for the first half were ₩159.95 million, just 1.2% of standalone revenue. Conversely, acquired IP has accumulated as assets; as of the end of June, intangible assets stood at ₩6.663 billion, an increase of ₩688 million from the end of last year. The company has 156 employees on a standalone basis.