The royalty income from the sales of Stellar Blade has decreased almost threefold — and more from the quarterly report of Shift Up

The South Korean studio Shift Up has reported its financial results for the first quarter of 2025. Here's what's in the report.

Stellar Blade

Shift Up announced that its net profit for January-March 2025 reached 26.8 billion won ($18.9 million), representing an 8.7% increase compared to early 2024.
The developers' operating profit remained nearly unchanged year over year, rising only by 1.2% to 26.25 billion won ($18.5 million).
Shift Up's revenue increased by 13%, totaling 42.2 billion won ($29.7 million).
Goddess of Victory: Nikke was again responsible for the majority of the revenue, generating 76.5% or 32.3 billion won ($22.7 million). However, its income declined by 11.4% compared to the first quarter of 2024.
Royalties from Stellar Blade sales have consistently declined. While the game brought in 19.6 billion won ($13.8 million) for the studio in the previous quarter (October to December 2024), it now brought in almost three times less—7 billion won ($4.9 million).
From April 26, 2024, to March 31, 2025, Stellar Blade generated 75 billion won ($52.8 million) in royalties for Shift Up.

Revenue of Shift Up as a whole, as well as separately Goddess of Victory: Nikke and Stellar Blade broken down by quarters

At the end of March 2025, Shift Up had 326 employees, a 10.1% increase from the previous year.