Kakao Games카카오게임즈

Kakao Games is still loss-making over the trailing twelve months, but recent game launches have lifted the share price sharply.

Kakao Games reported a trailing twelve-month operating loss of ₩67B on revenue of ₩384B for the period to H1 2026, with revenue falling sharply from its 2022 peak. The shares are up 31% over one month and 58% over three months, yet remain down 26% over one year and trade about 36% below the 52-week high. Recent headlines point to new titles performing well in Google Play rankings, though the filings still show weak profitability and a large debt load.

What stands out

• Trailing twelve-month revenue was ₩384B with an operating loss of ₩67B and a net loss of ₩130B, a net margin of -33.8%.
• Revenue fell from ₩1.15T in 2022 to ₩465B in 2025, and the company has reported net losses in each year from 2022 to 2025.
• Borrowings of ₩971B exceed cash of ₩720B, and liabilities are 114.9% of equity, while free cash flow over the trailing period was negative at ₩60B.
• Price-to-book is about 1.0 and there is no dividend; price-to-earnings is not meaningful because earnings are negative.
• Headlines cite strong early sales for new titles such as 'Goblin's World' and 'Dokkaebi's World', and a brokerage target price raised to ₩15,000, but the data contains no analyst rating beyond that headline.

What to watch

• The advance earnings notice from 14 October 2026 suggests full results are coming; check whether the new titles lift revenue and narrow the losses.
• Whether the company returns to profit as some headlines suggest; the data does not include any official forecast.
• Debt levels relative to cash and continued negative free cash flow, which the filings show are a current pressure point.