I think a lot of people think that now that CCP Games purchased its freedom from Pearl Abyss and changed its name to Fenris Creations I don't have to worry about Pearl Abyss financial reports anymore. Wrong. I need to see if the company line coming out of Anyang that CCP was dragging down Pearl Abyss is true.
How can I do that? One way is looking at the stock price of the South Korean game maker. If divesting itself of CCP/Fenris was a good move, investors should reward the move by buying up stock. If the move is bad then the price should decline.
Through the first 5 trading days since the buyout was first noticed the price of Pearl Abyss shares on the KOSDAQ has declined 13%. Friday's trading was neutral so the decline actually occurred over 4 trading days. I wonder if the price will continue to decline as the EVE IP brought in 26.2% of all gaming revenue for Pearl Abyss in 2025. And please note I used the $65.2 million figure from the investor calls, not the over $70 million figure claimed in the press release from Fenris.
For those wondering, in 2019 the gaming revenue percentage was only 10.5%, showing the EVE IP had become an increasingly important source of revenue generation over the previous 7 years.
Of course, I still need to follow other sources of information. Pearl Abyss should hold its next earnings call covering Q1 2026 next week. I am also waiting on the latest financial filings with Skatturinn (Iceland Revenue and Customs) which should provide a lot of information. I have a suspicion the documents will be filed later than usual as the section covering future expectations might need some revision. Also, some old familiar faces are showing up besides Birgir Már Ragnarsson, the chairman of the board of Fenris. I need to update my notes with the latest on those as well.
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