**Pearl Abyss: Transitioning from ‘Black Desert’ to New Release ‘Crimson Desert’**
**Q1 2025 Revenue Down 2.1% YoY… Operating Loss Turns to Deficit (Meets Consensus)**
**Target Price Updates… NH Investment & Securities (44,000 KRW → 52,000 KRW), SK Securities Maintained at 45,000 KRW**
**New Release ‘Crimson Desert’ Set for Q4… Expected Sales of 2.27 Million by Next Year (Approx. 176 Billion KRW Revenue)**
On May 15, Pearl Abyss closed at 37,500 KRW on the KOSDAQ, up 1.08% (9,400 KRW) from the previous day. However, the rise slightly decreased by 0.94% in the NXT aftermarket. The recent 52-week high was 47,650 KRW, and the low was 26,750 KRW, currently at about 79% of the peak.
Securities firms are generally optimistic, adjusting Pearl Abyss’s target stock prices upward. NH Investment & Securities raised its target from 44,000 KRW to 52,000 KRW, signaling an 18% increase, while SK Securities maintained its target at 45,000 KRW.
NH Investment Analyst An Jae-min commented that the release of ‘Crimson Desert’, despite previous delays, is confidently slated for Q4 2025, eliminating uncertainties. An anticipated marketing campaign in the latter half of the year is expected to heighten project expectations.
SK Securities Analyst Nam Hyo-ji noted the upcoming release of this major title is boosting anticipation, particularly with active marketing in North America and Europe. Estimated sales for the first year are 5.3 million copies, with potential adjustments based on new data.
The much-awaited ‘Crimson Desert’ has already received positive feedback from several demonstrations. The company intends to continue marketing efforts throughout the year to maximize sales and recognition.
An projected ‘Crimson Desert’ sales to reach 720,000 copies this year and 2.27 million next year, generating revenues of approximately 56.1 billion KRW and 176 billion KRW respectively.
In Q1, Pearl Abyss recorded sales of 83.7 billion KRW and an operating loss of 5.2 billion KRW, slightly under market expectations, with sales down 2.1% YoY and 12.6% from the previous quarter. The deficit aligned with consensus expectations.
An noted that with ‘Black Desert’ being a decade old, revenue stabilization is inevitable, predicting continued quarterly operating losses until ‘Crimson Desert’ launches due to increased marketing expenses.
**[Disclaimer] This article is based on analysis reports from the securities firms mentioned. Please make investment decisions based on your own judgment and responsibility. This article cannot be used as legal evidence for any investment outcomes.**