Wemade Reports 458.6 Billion KRW in Revenue and 80.5 Billion KRW Operating Loss... Returns to Deficit

[Asia Economy Reporter Seungjin Lee] Wemade turned to a deficit last year.

Wemade announced on the 14th that it recorded sales of 458.6 billion KRW and an operating loss of 80.5 billion KRW last year. Sales increased by 36.9% compared to the previous year, but operating profit turned to a loss. The net loss for the period was 123.8 billion KRW.

Wemade explained that annual sales increased by 37% year-on-year due to the global release of "Mir4" and the domestic launch of "MirM," and that fourth-quarter sales slightly increased compared to the previous quarter due to a rise in license sales from new contract signings.

Fourth-quarter sales were 110.3 billion KRW, down 12.9% year-on-year. Operating profit recorded losses for three consecutive quarters starting from the second quarter of last year. The fourth-quarter operating loss was 24.4 billion KRW, narrowing the deficit compared to the previous quarter. The net loss for the fourth quarter was 12.5 billion KRW.

Wemade plans to focus on global expansion centered on the blockchain mainnet "Wemix 3.0" this year. The globally released "MirM" last month is showing an upward trend in various indicators, and it has secured a total lineup of more than 80 blockchain games to date. To expand Wemix's business in the Middle East and North Africa (MENA), Wemade established "Wemix MENA" in the United Arab Emirates and is expanding its global territory.

This year, Wemade will focus its capabilities on ▲ expanding Wemix Play game onboarding ▲ preparing for the China service of Mir4 and MirM ▲ investing in and collaborating with domestic and international blockchain specialized companies ▲ diversifying platform services based on Wemix 3.0.

Jang Hyun-guk, CEO of Wemade, said, "In 2023, Wemix, which is leading as a digital economy platform, will further solidify its position as the world's number one blockchain platform," adding, "We will make 2023 a year in which Wemade's blockchain, game content, and China business, which we have devoted ourselves to, achieve results."

Meanwhile, Wemade Max recorded annual sales of about 86 billion KRW, a 142% increase compared to the previous year, and an operating profit of about 25 billion KRW last year. The fourth-quarter performance recorded about 18.2 billion KRW in sales and about 1.6 billion KRW in operating profit.

Wemade Play recorded sales of 134 billion KRW last year, an increase of about 27% compared to the previous year. It achieved an operating profit of 750 million KRW and a net profit of 90 million KRW.