Date: Tuesday, August 11, 2026
Agenda: Pearl Abyss Q2 2026 Earnings and Future Technique
■ Abstract of Pearl Abyss Q2 2026 Earnings and Standing
▣ Q2 2026 Earnings Abstract
– Q2 2026 Income: KRW 192.6 billion (+247.7% YoY, -41.4% QoQ)
ㄴ Weakened efficiency because of the fading affect of the brand new Crimson Desert launch
– Working Revenue: KRW 67.6 billion (+7411.1% YoY, -68.1% QoQ)
– Internet Revenue: KRW 70.9 billion (Turned to revenue YoY, -58.3% QoQ)
– Income breakdown: Black Desert IP KRW 55 billion, Crimson Desert IP KRW 136.1 billion
ㄴ Roughly 2.11 million models of Crimson Desert offered in Q2
– Income by area: North America/Europe 75%, Asia 16%, Home 9%
– Income by platform: PC 61%, Console 34%, Cellular 5%
ㄴ Console maintains a excessive share as Crimson Desert accounts for about 70% of income
▣ Q2 2026 Price Abstract
– Q2 2026 Working Bills: KRW 125 billion (+129.4% YoY, +7.4% QoQ)
– Labor Prices: KRW 74.8 billion (+158.8% YoY, +94.8% QoQ)
ㄴ Elevated as a result of Crimson Desert launch efficiency bonuses
– Fee Charges: KRW 30.6 billion (+133.6% YoY, -28% QoQ)
ㄴ Decreased consistent with Crimson Desert gross sales
– Promoting Bills: KRW 9.1 billion (+85.7% YoY, -61.1% QoQ)
ㄴ Lower in advertising spend for Crimson Desert launch
▣ 2026 Steering
– Q2 outcomes fell wanting steering; new steering offered
ㄴ 2026 Working Income anticipated to succeed in KRW 709.8–743.8 billion
ㄴ 2026 Working Revenue anticipated to succeed in KRW 315.5–345.2 billion
▣ Enterprise Standing
– Crimson Desert
ㄴ Making ready DLC, pricing methods, and platform growth for long-term efficiency
ㄴ DLC content material route and high quality at present underneath evaluation; concentrating on year-end launch
ㄴ Low cost technique at present being deliberate
ㄴ Making ready for primary playability on Swap 2, concentrating on launch within the first half of subsequent 12 months
– Black Desert
ㄴ Efforts to enhance efficiency by means of large-scale updates within the second half
ㄴ PC: 2026 Black Desert Heidel Ball in Q3 to disclose second-half plans
ㄴ Consists of new class ‘Agent’, new area ‘Edania Half 2’, and esports operations
ㄴ Cellular: Steady stay service to proceed
– DokeV
ㄴ DokeV improvement concentrating on second half of 2028 launch
ㄴ Full-scale advertising, together with hands-on demos, doable from second half of 2027
– PLAN 8
ㄴ Specializing in DokeV improvement whereas sustaining a 2-3 12 months launch interval
■ Q&A
Purpose for lacking steering?
= Q2 outcomes fell wanting steering as a result of a rise within the gross sales combine the place solely a portion of Crimson Desert gross sales is acknowledged as income. Bodily gross sales income is acknowledged as a proportion of precise gross sales proceeds after deducting distribution commissions, logistics, and promotional prices. Moreover, there’s a timing distinction between gross sales and income recognition as a result of wholesale-retail settlement procedures, and 20% of the settlement quantity was deferred for refund ensures, resulting in lower-than-expected income. Deferred income might be acknowledged sequentially within the second half.
We’ve adjusted our steering to mirror these impacts and plan to give attention to Black Desert stay providers and rising Crimson Desert gross sales to fulfill the revised targets. We’ll proceed to observe key indicators and gross sales traits, doing our utmost to fulfill steering by means of market-appropriate advertising and pricing methods.
What’s the annual gross sales forecast for Crimson Desert?
= We don’t disclose separate gross sales forecasts for Crimson Desert. Please consult with the annual steering offered.
Black Desert Q2 efficiency and second-half outlook?
= Black Desert exceeded steering in Q2, although it confirmed a slight decline in comparison with the earlier quarter as we centered on content material enhancements slightly than large-scale updates. We additionally held the ‘2026 Black Desert Heidel Ball’ within the U.S. to commemorate the tenth anniversary of our North American/European service, the place we unveiled plans for large-scale content material updates and system enhancements scheduled for the second half.
Whereas the primary half centered on enhancing current content material, we anticipate efficiency to enhance within the second half with large-scale content material comparable to the brand new class ‘Agent’ and the brand new area ‘Edania Half 2’, alongside world esports plans.
Notably, following the discharge of our thirty second class, ‘Agent’, and the ‘Hyper Enhance’ system to help the fast progress of latest and returning customers, we have now seen a rebound in consumer metrics, together with increased Steam rankings, elevated streaming viewership, and rising DAU. We’re dedicated to offering wealthy content material within the second half to drive robust outcomes.
Lengthy-term progress technique and DLC plans for Crimson Desert?
= We’re getting ready varied follow-up methods, together with DLC and platform growth, to broaden our consumer base and drive long-term income progress. As an IP with vital potential for growth in world-building, characters, and areas, we plan to increase its lifecycle by means of steady content material supply.
DLC is being developed with the objective of offering new gameplay experiences, concentrating on a launch inside the 12 months. Particulars on composition, pricing, and launch schedule might be introduced in Q3. Plans relating to the variety of DLCs and launch frequency are usually not but finalized; we’re at present centered on the standard and launch efficiency of the primary DLC. Future DLC and operational plans might be decided by contemplating consumer suggestions, gross sales traits, improvement assets, and general firm schedules.
What are the plans for reductions.
= Numerous promotions, together with reductions, are a key gross sales technique for bundle video games. We’re internally reviewing applicable low cost charges and timing. We’ll give attention to measures that maximize long-term income and broaden our new consumer base, slightly than merely decreasing costs.
Growth of Crimson Desert to Swap 2? Any cellular plans.
= We’re working to carry Crimson Desert to as many platforms as doable. Nonetheless, platform growth is not only about easy porting; the bottom line is sustaining the sport’s graphics, motion, and open world expertise on the goal gadget. For Swap 2, whereas optimization is required, it’s at present at a degree the place primary play is feasible, and we’re conducting technical critiques relating to efficiency optimization and high quality requirements. Whereas it’s tough to verify a launch date, we’re concentrating on the primary half of 2027.
There are at present no plans for a cellular model of Crimson Desert. As the sport’s core worth lies in high-quality graphics, motion, and open world experiences, we should first confirm if these might be carried out with adequate high quality in a cellular surroundings. We’re repeatedly researching the cellular scalability and optimization of the BlackSpace Engine, however our present precedence is DLC and next-gen mission improvement. We’ll proceed to evaluation cellular growth whereas contemplating technical environments, marketability, and improvement priorities.
Plans for Crimson Desert multiplayer?
= Given its action-oriented nature and open world construction, Crimson Desert has adequate potential for multiplayer growth. Nonetheless, multiplayer is a significant process that requires reviewing server construction, steadiness, platform-specific stability, and operational methods, slightly than simply including a mode. We’re conducting varied research on each technical feasibility and gameplay. We’re exploring methods to permit customers to benefit from the Crimson Desert IP for longer and can announce particulars by means of official channels as they materialize.
What’s the standing of the Crimson Desert franchise.
= Crimson Desert is just not a one-off IP however a core IP that we intend to develop and broaden long-term. We’re maintaining varied potentialities open, together with extra content material, platform growth, and sequels, however we’re at present centered on Crimson Desert DLC and next-gen initiatives. For the franchise, we’ll evaluation additional improvement whereas servicing the primary recreation and DLC, bearing in mind consumer suggestions, market situations, and enterprise efficiency.
Standing of Crimson Desert’s Chinese language license (ISBN)?
= The Chinese language market is essential by way of business scale, so we’re repeatedly monitoring it, however there are not any particular plans to use for a license presently. We’re constantly reviewing world growth potentialities, together with China, and can announce any vital selections by means of official channels.
What content material might be revealed at Gamescom.
= At this 12 months’s Gamescom, we plan to carry a lecture specializing in our improvement expertise and technical achievements with the ‘BlackSpace Engine’. Via this, we intend to showcase our improvement capabilities and technical competitiveness to the worldwide gaming business. We’re additionally getting ready on-site demos of Crimson Desert by means of partnerships, offering one other alternative to interact with North American/European customers and business stakeholders.
What sort of recreation is DokeV.
= DokeV is an ‘open world action-adventure with a brand new worldview and story’ the place gamers journey with DokeV, exploring the world and rising freely. We’re creating it with a give attention to vivid, distinctive visuals, motion, exploration enjoyable, and varied interactive components. Particular recreation methods and gameplay content material might be revealed sequentially consistent with our advertising schedule.
What’s the improvement standing and advertising schedule for DokeV.
= DokeV is being developed stably by leveraging improvement belongings and manufacturing expertise accrued by means of earlier initiatives. We’ve moved past the core system building part and at the moment are increasing content material manufacturing and verifying the gameplay loop. We’re concentrating on a launch within the second half of 2028 and plan to roll out data and advertising in levels. Given the present improvement standing, we anticipate to start full-scale advertising, together with hands-on demos, from the second half of subsequent 12 months.
Video releases are being reviewed inside our advertising technique. We consider it’s extra essential to keep up consumer curiosity and anticipation from the reveal till the launch, slightly than merely dashing the reveal. Previous expertise has proven that revealing content material too early can result in a depletion of anticipation, so we plan to launch content material once we can absolutely exhibit the sport’s high quality and route.
Present variety of DokeV improvement employees?
= It’s tough to supply particular numbers as improvement employees are managed flexibly based mostly on mission levels. Nonetheless, as Crimson Desert patches stabilize, builders are progressively transferring to DokeV, and we’re doing our greatest to fulfill the introduced launch date within the second half of 2028.
How are you using engines and AI?
= The BlackSpace Engine is certainly one of Pearl Abyss’ core technical aggressive benefits, and we’re at present utilizing it to strengthen our personal IP slightly than promoting it externally. In the long run, we plan to implement a user-generated content material ecosystem based mostly on the BlackSpace Engine to create a platform the place gamers and creators can take part and develop collectively.
We’re using AI know-how to enhance improvement productiveness and high quality. It’s being utilized in varied areas comparable to automating repetitive duties, supporting content material manufacturing, and streamlining testing, and we’re increasing its utility throughout our improvement pipeline. We use AI as a instrument to boost effectivity and high quality, not as a substitute for builders. We’ll proceed to extend the scope of AI utilization to ship higher-quality video games quicker.
Are there any funding plans.
= We’re reviewing varied potentialities as a part of our progress technique, however we’re approaching M&A cautiously, absolutely contemplating long-term route and affect on shareholder worth. Presently, we’re centered on creating next-gen initiatives together with DokeV and strengthening our core IP, whereas prioritizing our new imaginative and prescient of constructing a artistic ecosystem. Nonetheless, if we determine alternatives that considerably contribute to firm progress and company worth, we’ll evaluation new companies and M&A with an open thoughts.
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