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Analyzing Q4 2025 and Q1 2026 Netmarble quarterly reporting

JESUSCHRIST

I have a degree in Finance for whatever it’s worth so let’s get started

As you may know Netmarble (South Korea company) owns Kabam (Canada Company) so the quarterly reporting is in Korean Won (1 million USD is about 1.49 billion Korean Won)

For Q4 2025 (Banquet event in December) Netmarble brought in 797.6 billion KRW which is about 535.3 million USD, MCOC accounts for 11% (2nd position behind Seven Knights Re:BIRTH at 15%) which is about 58.88 million USD

For Q1 2026 (Ascension crystals started selling) Netmarble brought in 651.7 billion KRW which is about 437.38 million USD, MCOC accounts for 8% (Tied at 1st position with 3 other games, Jackpot World, Lotsa Slots, Cash Frenzy, basically casual games with no intellectual property) which is about 34.99 million USD

This means MCOC is considered to be doing great in sales among all the games under Netmarble umbrella

MCOC is known to be quite seasonal, Q1 revenue usually drops compared to Q4 when Banquet happens (Banquet is the biggest sales event in the whole year) so it’s quite normal

Q1 2026 operating cost is 598.6 billion KRW which is about 401.7 million USD
Q1 2026 operating profit is 53.1 billion KRW which is about 35.6 million USD (11.86 million USD profit per month for Netmarble)

Assuming operating cost at Kabam is similar to Netmarble, operating profit per month for Kabam is about 0.948 million USD

MCOC is still profitable and that means the game will continue to run as long as it is profitable

Other metrics like battlegrounds GC numbers dropping isn’t going to determine the situation of the game, well known players quitting also isn’t a major metric to look at

They are a cause for concern but Kabam looks at revenue before they decide what to do instead of knee jerk reactions to whatever is happening in game right now (like forum chatter complaining about battlegrounds)

I still see whales buying ascension crystals so despite the negativity surrounding ascension, the revenue figures aren’t affected so far

Comments

CheeseMaster482

Wonder how the BGs addicts feel knowing that if the mode got deleted the game would easily survive.

Bigurlshrooms

nice analysis bruv

JESUSCHRIST

https://forums.playcontestofchampions.com/en/discussion/comment/2955644#Comment_2955644

It's really hard to say how much of players spending is tied to a particular mode but it's safe to say that Battlegrounds still contributes its part to the game, it is a major source of radiance for players so it's important in a way

HeWhoRetains

"I have a degree in.....", probably doesn't have the effect you're hoping/going for.

Gordon_X602

Wait…u have degree

JESUSCHRIST

https://forums.playcontestofchampions.com/en/discussion/comment/2955667#Comment_2955667

I’m just saying I like looking at companies financial reports, I also like to find out why companies collapse like Spirit Airlines

Most ppl have degrees these days, some players may have Masters or PhD like Prof Hoff

JESUSCHRIST

https://forums.playcontestofchampions.com/en/discussion/comment/2955670#Comment_2955670

That’s not something huge

You don’t need a degree to be successful in life, in fact what you studied in 3-4 years might be obsolete by the time you graduate with AI advancing so rapidly every year

Gordon_X602

https://forums.playcontestofchampions.com/en/discussion/comment/2955673#Comment_2955673

Yeah, there are 2 worlds and sometimes its hard not think about that when pursuing a... something.

I like your post.

BigMikeMan

Great post - Thank you, and I love the financial analysis.

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