Wemade Max posted lower revenue in the third quarter from a year earlier and remained in operating loss. Compared with the previous quarter, its operating loss and net loss narrowed.

Wemade Max said on Tuesday it posted third-quarter 2026 consolidated revenue of 29.9 billion won, an operating loss of 13.5 billion won and a net loss of 11.9 billion won.

Revenue fell 21.6 percent from a year earlier. The operating loss widened to 13.5 billion won from 11.7 billion won a year earlier, and the net loss grew to 11.9 billion won from 8.7 billion won.

Compared with the previous quarter, revenue fell 11.2 percent, but the operating loss narrowed 12.2 percent and the net loss narrowed 17.2 percent.

Cumulative revenue for the first to third quarters totalled 96.3 billion won, with an operating loss of 44.3 billion won and a net loss of 37.4 billion won.

Third-quarter mobile game revenue came to 11.2 billion won, up 25.8 percent from the previous quarter.

The results reflected the launch of Lightcon's idle RPG Wind Runner: Raise It and the impact of major domestic and overseas updates for Wemade Connect's Lost Sword.

Total revenue fell due to base effects from the prior-quarter success of updates for Freep Universe and the stabilisation of licensing revenue.

Cost efficiency efforts also continued. Wemade Max kept investment in new title development while reallocating development resources, cutting third-quarter operating expenses 11.6 percent from the previous quarter.

It expects additional revenue growth in the fourth quarter based on the global launch of Make Drama: MAD and Freep Universe esports tournament FWC 2026.

Wemade Max is developing major new titles including Night CrowsW and Project TAL, centred on Mad Engine.

Night CrowsW is a follow-up to Night Crows and recently conducted two rounds of internal testing. The company is preparing service in a global one-build format and will disclose a detailed launch schedule later.

The existing Night Crows secured a China foreign-invested game licence and is preparing for release under the local service name Ya-a (夜鸦). It aims to launch in the China market in 2027.

It is also developing the AAA-grade open-world action RPG Project TAL and is preparing to reveal a new trailer.

Wemade Connect is preparing a new title in the Hundred Note series using Japanese Kodansha intellectual property, the collectible RPG Noah, and a new title Oz. Lost Sword and Make Drama: MAD are pushing into the Japanese market.

Mad Engine's subculture development group Mono Studio is developing Project MO, and Wemade Next is developing Mir5.

Wemade Max CEO Son Myun-seok (손면석) said, "We have created a foundation to stably develop multiple new title projects through operational efficiency." He added, "We will sequentially present new titles across various genres and deliver meaningful results in the global market."