Nineark news 1

Nineark Posts a 5.5 Billion KRW Loss Last Year… Eyes Comeback with Eversoul CN and PROJECT-T

• Signed a Chinese publishing agreement for “EverSoul” with Shanghai Zhixun Information Technology.
• Kakao Games is slated to handle global services for the next title, “PROJECT-T.”

[Seoul = NewsPim] Reporter Yang Tae-hoon – Mobile collectible RPG “Eversoul” developer Nineark reported a net loss of 5.7 billion KRW (approximately US $4.38 million) last year. Nineark plans to expand its revenue base through the launch of its new game “PROJECT-T” and the commencement of Eversoul’s service in China.

According to the electronic disclosure system of the Financial Supervisory Service on the 4th, Nineark announced in its audit report—disclosed the previous day—that last year it recorded revenues of 5.1 billion KRW (about US $3.92 million), an operating loss of 5.5 billion KRW (approximately US $4.23 million), and a net loss of 5.7 billion KRW (around US $4.38 million). This represents a 61.09% drop in revenue compared to the previous year, and an operating profit turnaround from a surplus of 4 billion KRW (roughly US $3.08 million) to a loss. In 2023, following the launch of “Eversoul,” the company achieved revenues of 13.1 billion KRW (approximately US $10.08 million), an operating profit of 4 billion KRW (about US $3.08 million), and a net profit of 3.9 billion KRW (roughly US $3 million).

Founded in September 2019 by CEO Lee Geon—an industry veteran from Nexon—Nineark is a fledgling game developer comprised of experienced developers from Nexon and NDOORS, who have previously worked on titles such as the PC MMORPG “Atlantica Online” and the mobile RPG “Legion of Heroes.”

In August 2020, Nineark signed a publishing agreement with Kakao Games for “Eversoul” in both domestic and international markets (excluding China), and the two companies have maintained a strong cooperative relationship. In particular, Kakao Games highly praised Nineark’s development capabilities and invested 6 billion KRW (approximately US $4.62 million) the following year to acquire a 19.6% stake in the company.

The project that Nineark is betting its future on is “PROJECT-T (tentative title),” its second new title following Eversoul. Although details about this game remain under wraps, it is expected to be developed as a collectible RPG expanding the Eversoul IP, which achieved great success with its focus on charming anime-style characters.

In fact, Nineark has hinted at bolstering its subculture elements by mentioning character designs in the style of “Neural Cloud” or “Punishing: Gray Raven” in its job postings for related positions.

For domestic and global (excluding China) service of PROJECT-T, Nineark signed a license agreement with Kakao Games last year and secured approximately 1.6 billion KRW (around US $1.23 million) in license fees and a Minimum Guarantee.

Meanwhile, prospects are bright for Eversoul’s entry into the Chinese market. Last year, NineArk signed a license agreement with Shanghai Zhixun Information Technology Co., Ltd. for the Chinese service of Eversoul, securing approximately 300 million KRW (roughly US $230,000) in license fees and a Minimum Guarantee.