Global gaming company Double Games (CEO Kim Ga-ram) announced its 2025 fourth quarter and annual business performance through a public disclosure on the 12th.
Consolidated revenue for the fourth quarter of 2025 reached KRW 199.8 billion, up 28.3% year-on-year and 7.3% quarter-on-quarter, marking the company's highest quarterly revenue since its founding. EBITDA reached KRW 70.5 billion, up 11.0% year-on-year and 7.9% quarter-on-quarter. The company attributed this to the combined impact of reduced platform fees resulting from the expansion of the direct-to-consumer (DTC) channel and the resulting leverage effect from increased sales.
Annual consolidated revenue reached KRW 719.9 billion, a 13.6% year-over-year increase. This growth was driven by a combination of factors: the growth of iGaming and Paxi Games, the performance of WoW Games (acquired in July), and the stable growth of existing business units. Annual EBITDA reached KRW 252.2 billion (margin of 35.0%), maintaining a robust profit structure.
The social casino division recorded sales of KRW 157.3 billion in the fourth quarter. The profit structure improved thanks to the stable operation of existing major titles and an increased proportion of DTC sales (26.6%). Conversion rates continued to improve through improvements to the web store UX/UI and increased exposure to paying users, and DTC has established itself as a structure where both absolute sales and share of sales grew together.
WoW Games' performance has been improving since the fourth quarter, driving external growth. W Casino is leveraging WoW Games' network and global publishing capabilities to expand into key European platforms. The company expects this to expand the revenue base and profitability of its social casino division in 2026.
In the casual games sector, Paxi Games' AI-based development model, "AI Lab," has demonstrated tangible results. Its ultra-small development system and rapid market validation process have simultaneously enhanced development efficiency and completeness. In the fourth quarter, the proportion of new AI-based games in the casual game sector increased to 49%, demonstrating a stable monetization strategy.
In the fourth quarter, the proportion of new business revenue, including iGaming and casual games, increased to 21% of total revenue, demonstrating a clear diversification of the business portfolio. The company plans to strengthen its mid- to long-term performance stability and growth potential based on its three pillars: social casino, iGaming, and casual games.
A company official said, “The fourth quarter performance is the result of strengthened growth momentum through the combination of DTC expansion, strategic M&A effects, and performance of new AI-based casual games on top of the stable profit base of social casinos,” and “In 2026, we will continue to expand the profit contribution of our three core businesses through the advancement of social casino DTC, the launch of new iGaming brands, and the annual release of 40 to 50 new casual games.”
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