Nexon Games reported revenue of ₩82.97 billion and an operating loss of ₩10.45 billion for the first half of 2026. Revenue fell 7.7% from ₩89.88 billion in the same period last year, while the operating loss narrowed by approximately ₩16.2 billion from ₩26.69 billion. The net loss for the half-year decreased from ₩23.57 billion to ₩13.16 billion.

In the second quarter alone, the company posted a profit, with revenue of ₩41.45 billion and an operating profit of ₩10.65 billion, a turnaround from the ₩21.8 billion operating loss recorded in the second quarter of last year.

However, this profit was driven by accounting factors—specifically the reversal of stock-based compensation expenses—rather than game performance. Nexon Games recognized -₩29.05 billion in stock-based compensation for the second quarter, and -₩25.79 billion cumulatively for the first half. In the same period last year, this figure was +₩11.44 billion.

The reversal was triggered by the stock grant previously awarded to CEO Park Yong-hyun. Nexon Games had signed a contract on May 31, 2022, to grant 2 million treasury shares to CEO Park at no cost. However, the semi-annual report stated that the stock grant was forfeited as it failed to meet vesting conditions during the period, leading to the reversal of previously recognized compensation costs. The vesting conditions required at least four years of service from the grant date and the achievement of a specific stock price target.

The four-year mark fell on May 31, within the first half of the year, and CEO Park remained in his position after being reappointed at the annual general meeting on March 27. The closing price on June 30 was ₩8,640, down 28.1% from ₩12010 at the end of last year, and it had dipped as low as ₩7910 during June. Stock-based compensation for key management in the first half totaled -₩26.69 billion. While the 1 million stock options granted to CEO Park on the same day became exercisable starting June 1, the exercise price of ₩22800 remains far from the current market price.

Excluding stock-based compensation, the operating loss for the first half would be ₩36.25 billion, more than double the ₩15.25 billion loss calculated on the same basis for the first half of last year. Similarly, the second quarter would show an operating loss of approximately ₩18.39 billion rather than a profit.

Research and development expenses for the first half reached ₩45.25 billion, accounting for 54.54% of revenue. This ratio has increased for two consecutive years, up from 28.17% in 2024 and 46.79% in 2025. The R&D organization consists of five studios—DX, DW, RX, LoreVault, and AA—along with a central R&D center.

The focus of the company's live service games has shifted by platform. Of the ₩80 billion in game revenue for the first half, online (PC/console) accounted for 60.13% at ₩48.1 billion, while mobile accounted for 38.73% at ₩30.98 billion. On an annual basis, mobile revenue fell from ₩121.6 billion in 2024 to ₩81.4 billion in 2025, and based on the first-half performance, it is on track to decline further to around ₩62 billion annually.

Conversely, online revenue dropped from ₩128.6 billion in 2024 to ₩90 billion in 2025, but rebounded to an annualized rate of ₩96.2 billion in the first half of this year. For mobile, exports of ₩17.65 billion outpaced domestic sales of ₩13.33 billion, suggesting continued contributions from 'Blue Archive' in Japan and China. While domestic sales accounted for the majority of online revenue at ₩44 billion, it is notable that exports, which were ₩0 in both 2024 and 2025, reached ₩4.1 billion in the first half of this year.

The company's upcoming lineup includes five titles: 'Dungeon & Fighter: Arad' (Project DW), 'Project DX' (a successor to the 'Durango: Wild Lands' IP), the subculture game 'Project RX', the Joseon-era action-adventure 'Witch the Wayfarer', and the idle game 'Dungeon & Fighter Raising'. In May, Nexon Games signed new development and publishing agreements with Nexon Korea and NeoPle utilizing the 'Dungeon & Fighter' IP.