Pearl Abyss Q3 2025 Earnings Call

On Tuesday in South Korea, Pearl Abyss held its earnings call for the third quarter of 2025. The company experienced a quarter-over-quarter increase in revenue of 34.2%, from ₩79.6 billion ($56.8 million) in Q2 2025 to ₩106.8 billion ($77 million) in the third quarter. Year-over-year the company's third quarter revenue increased by 34.3%. 

From the Q3 2025 earnings call

Pearl Abyss also recorded both operating and net profits in the same quarter for the first time since the last three months of 2024. On the call the PA C-Suite indicated a large reason for the profits was due to foreign currency exchange effects and tax rebates. Of the ₩106.8 billion in operating revenue, only ₩100.3 billion came from either the Black Desert or EVE intellectual properties. The remaining ₩6.5 billion ($4.7 million) made up 22.4% of the company's net profit.

From the Q3 2025 earnings call

Overall, the revenue from the company's core game IPs rose 26.8% quarter-over-quarter to ₩100.3 billion ($74.3 million). Performance compared to Q3 2024 was even better, improving 34.6% year-over-year.

The big revenue gain came from the Black Desert IP. The ₩79.5 billion ($57.4 million) in revenue last quarter was a 44.8% increase over Q2 2025's sales and 47.2% over the third quarter of 2024. While console revenue in the previous quarter doubled following the release of the console version of BDO in June. However, the actual increase in revenue from ₩2.4 billion to ₩5.0 billion did not account for most of the increase. Instead the most likely reasons were the introduction of a new class, Wukong, and a new end game region, Edania.

In historical terms, Q3 revenue was the most since the beginning of Pearl Abyss self-publishing in 2021. In Q1 2021 the Black Desert IP recorded ₩82.9 billion ($74.4 million) in revenue. However, due to the weakening of the won vs the US dollar, revenue was the greatest since Q2 2022.

EVE IP revenue was pretty much as expected. Revenue fell 14.1% down to ₩20.8 billion ($15.0 million). In an interesting development Pearl Abyss did point out to the analysts on the call the decline was expected as the effect of the Legion expansion, released in May, began to wear off. However, the revenue did meet the guidance that the EVE IP would bring in at least ₩20 billion every quarter issued back on the Q2 2024 earnings call.

Finally, some news about Crimson Desert. The game is on track to release on 20 March 2026 (19 March 2026 in the west). The advertising for the launch will reach its peak beginning in January. The company's advertising spend already increased 29.5% QoQ and 52.7% YoY to ₩13.6 billion ($9.8 million) with the marketing efforts at all the video game shows attended. 

In Crimson Desert sales news, the biggest percentage of pre-sales is coming from console sales. Pearl Abyss speculated the reason was that the initial announcement was made on the Playstation Network.

EDIT - 13 November 2025 - For those looking for a transcript of the call, Croda has provided one in his coverage.

A note about currency conversions.

All currency conversions in this blog post were performed using the rates displayed on the Federal Reserve Bank of St. Louis website using the average quarterly exchange rate.