Vespa Announces 1Q Earnings... "Expecting Turnaround with Various New Releases This Year"

[Asia Economy Reporter Yoo Hyun-seok] Vespa announced on the 17th that it recorded consolidated sales of 13.8 billion KRW and an operating loss of 10.9 billion KRW in the first quarter. The main factor for the decline was the cost of developing multiple new titles.

A Vespa representative stated, "This year is the year when the new titles prepared by Vespa will be fully unveiled," adding, "The investment costs for securing next growth engines, such as new title development and business expansion, affected the first quarter results."

Currently, Vespa plans to consecutively release several new titles including ‘Cattopia Rush’, ‘Time Defenders’, ‘King’s Raid Season 2’, ‘Project CA’, and ‘Project OP’. The final large-scale update of King’s Raid Season 1, ‘The Final’, will also be updated on the 25th.

The new defense RPG ‘Time Defenders’ is conducting a CBT in Japan and has received favorable reviews from local users for its genre-specific tense strategic battles and enjoyable action. After actively reflecting the feedback from CBT participants, the official launch will proceed quickly.

‘Cattopia Rush’, scheduled for release in June, drew a positive response by ranking in the top 4 of the RPG genre games in Thailand during its soft launch. Vespa’s flagship title ‘King’s Raid’ will also present ‘Season 2’ (working title), a completely revamped version with upgraded graphics and story.

A Vespa official said, “Although financial performance was disappointing due to concentrated investment in the development of multiple sequels after listing, a significant turnaround in performance is highly anticipated this year as new titles such as Cattopia Rush and Time Defenders are released.”