IRONMACE, the developer of 'Dark and Darker,' saw its losses widen in 2025 despite an overall reduction in costs.

IRONMACE's 2025 revenue was ₩10.5 billion, a decrease of approximately 60% from the previous year (approx. ₩26.7 billion), suggesting that a slowdown in game service performance directly impacted results. Consequently, profitability also deteriorated. The company's operating loss for 2025 reached ₩10.1 billion, a significant increase from the previous year's ₩1.7 billion loss, as the decline in revenue far outpaced the level of cost reductions.

Some adjustments were made on the cost side. While payment commissions and outsourcing fees decreased, salaries and severance pay increased. In fact, labor-related costs rose compared to the previous year, confirming a structure where revenue declined while fixed cost burdens remained. Considering that the previous year's figures included ₩8.5 billion in litigation-related costs, the actual deterioration is more severe than the raw numbers suggest.

Cash flow also worsened. Cash flow from operating activities plummeted to -₩19.1 billion from -₩0.6 billion the previous year, and cash and cash equivalents fell from approximately ₩37.5 billion to ₩18.4 billion. This appears to be driven by changes in working capital, such as an increase in accounts receivable, alongside an overall rise in cash outflows.

As a result, the company's financial structure has shifted. Total assets have decreased, and retained earnings have shrunk due to accumulated losses. However, total liabilities have declined as the litigation provision established in the previous period was resolved during the current period.

Meanwhile, in the ongoing trade secret and copyright litigation with Nexon Korea, an appellate court ruling recognized liability for damages due to partial infringement of trade secrets, and the case is currently pending in the Supreme Court. A pledge has been set on some of the company's assets in relation to this litigation.