Wemade Max위메이드맥스

Wemade Max is loss-making on a trailing basis, with revenue up sharply but operating losses widening through H1 2026.

The company is a Korean mobile and PC game developer and publisher with titles such as MIR4 and Night Crow. Trailing revenue is about ₩135B against an operating loss of about ₩60B, and the shares are down roughly 44% over the past year, trading at ₩3,905 near the lower part of their 52-week range. The data does not include analyst views or a fair value estimate.

What stands out

• Trailing twelve-month revenue is ₩135B, but operating income is -₩60B (operating margin -44.7%) and net income is -₩45B.
• Full-year 2025 revenue rose 98.5% to ₩149B, yet the operating loss deepened to -₩49B from -₩8B in 2024.
• Cash of ₩63B exceeds borrowings of ₩16B, while trailing free cash flow is negative at -₩27B.
• Price-to-book is 0.7 and price-to-sales is 2.4; price-to-earnings is not meaningful because earnings are negative, and the dividend yield is 0%.
• Foreign ownership edged up to 9.4% from 9.0% over 60 days, while institutions were net sellers over the last 20 days.

What to watch

• Half-year and quarterly results are scheduled to be reflected in filings; the Advance Notice of Earnings Results filed on 2026-10-19 is the next disclosure to check for Q3 figures.
• Whether operating losses narrow given that trailing operating margin is -44.7% and free cash flow is negative.
• Any new filings on major shareholder holdings, since 5%+ holding reports were filed in May and July 2026. The news feed had no headlines in the data, so catalysts beyond filings are not visible here.