Shift Up Corp 1Q26 Review

Shift Up delivered a solid 1Q26 revenue beat driven by Stellar Blade and Nikke, though Operating Profit was dampened by employee incentives. The firm maintains a Neutral rating as it awaits clearer visibility on the next pipeline's launch window.

Key Takeaways

• 1.Shift Up reported a 1Q revenue beat (W47bn, +12% YoY) but an Operating Profit miss (W22bn, -18% YoY) due to high incentive payouts.
• 2.The Stellar Blade sequel will transition to a first-party service model, giving Shift Up more control over monetization and strategy versus the previous Sony-published model.
• 3.Development for Project SPIRITS and the Stellar Blade sequel remains on track, with more details expected later in 2026.

Table of Contents

• 1Q26 earnings review
• Summary of Q&A
• Earnings revision
• Valuation and risks
• Price Target Risks and Methodology - SHIFT UP Corp.
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial