From 1.5 Billion to 125.5 Billion Won in Revenue... Project Moon Grows 84-Fold in 6 Years

Project Moon is a domestic game developer that creates narrative-driven games set in a dark and bizarre dystopian world. Following the simulation game 'Lobotomy Corporation', which manages surreal Abnormalities, and 'Library of Ruina', which utilizes cards and dice for combat, the company released the turn-based role-playing game (RPG) 'Limbus Company' in 2023. All three works share the universe called 'The City' built by Project Moon.

Among these, the title currently driving performance is 'Limbus Company', serviced on mobile and Steam. Based on 12 characters inspired by figures from classical literature, a unique combat system, and a universe continued from previous works, it has expanded its fan base both domestically and internationally.

Driven by this success, Project Moon has increased its revenue every single year without exception since 2019. Although growth briefly slowed in 2022, the company's revenue and profit scaled to an entirely different level starting in 2023, the year 'Limbus Company' was released.

Project Moon's revenue increased from 1.5 billion won in 2019 to 4.66 billion won in 2020, 6.36 billion won in 2021, and 6.55 billion won in 2022. The growth rate in 2022 was only 3.1%, but revenue did not step backward. Afterwards, it grew steeply to 35.07 billion won in 2023, 58.32 billion won in 2024, and 125.5 billion won in 2025. Over the 6 years, revenue has grown 83.7 times. Operating profit also increased from 560 million won in 2019 to 67.61 billion won last year. Project Moon has not recorded a single operating deficit during this period.

97% of Revenue Growth Came from Games

Last year's revenue was 125.5 billion won, a 115.2% increase from the previous year. Operating profit grew by 142% from 27.94 billion won to 67.61 billion won, and net profit also increased by 133.7% from 22.55 billion won to 52.68 billion won. The operating profit margin rose from 47.9% to 53.9%.

What drove this growth was games. Game revenue increased by 117% from 55.7 billion won in 2024 to 120.85 billion won last year. Out of the total revenue increase of 67.18 billion won, the game revenue increment accounted for 97%, or 65.15 billion won. The audit report did not disclose revenue by game. However, considering the core titles currently in service and external success indicators, it is estimated that 'Limbus Company' drove most of the growth.

Merchandise revenue grew from 1.85 billion won to 2.99 billion won, and food revenue, which includes the theme cafe 'HamHamPangPang', increased from 590 million won to 970 million won. Although both businesses grew, they account for around 3.2% of the total revenue. Commission expenses increased by 117% from 17.39 billion won to 37.73 billion won. This is 31.2% of the game revenue, which is almost the same ratio as the previous year. The recipients of the payments were not disclosed, but it is estimated that commissions paid to distribution platforms such as app markets and Steam account for a significant portion.

2 Billion Won Investment Stake in 2021 Bought Back for 23.57 Billion Last Year

In May 2021, Project Moon issued 11,112 redeemable convertible preference shares to the Dev-KDBC Culture Investment Fund. The issue price was 180,000 won per share, making the total investment about 2 billion won. This amounted to 10% of the total issued shares at the time. The estimated enterprise value at that time was 20 billion won.

This investment fund held the stake until the end of 2024. During 2025, Project Moon acquired the same number of preference shares entirely for 23.57 billion won and incorporated them as treasury stock. The acquisition unit price was 2,121,426 won per share, which is 11.8 times the issue price in 2021. At the extraordinary general meeting of shareholders on November 13, 2025, Project Moon eliminated the redemption right of these preference shares and changed them to convertible preference shares.

Following the transaction, Project Moon's treasury stock became 19% of the total issued shares, combining the existing 10,000 ordinary shares and 11,112 preference shares. Since treasury stock holds no voting rights, CEO Kim Ji-hoon's actual voting right share increased from 84.1% at the end of 2024 to 94.4% at the end of last year. Although he already possessed stable management rights, the departure of the external investment fund further simplified the decision-making structure.

Bought Back Stake and Purchased Land for Headquarters

Last year, Project Moon generated 58.52 billion won in cash through operating activities. Out of this, 23.57 billion won was used to acquire treasury stock, and 2,437.5 square meters of land in Iui-dong, Yeongtong-gu, Suwon-si was purchased for 14.84 billion won. Construction-in-progress assets of 330 million won were also newly recognized. The land appears to be the site for the new Gwanggyo headquarters. In June last year, Project Moon signed an investment agreement with Suwon-si, announcing plans to build a new headquarters in Gwanggyo and pursue new game projects. During the land purchase process, the company borrowed 9.5 billion won from Hana Bank at an annual interest rate of 3.044%. A collateral of 11.4 billion won was set on the purchased land, and CEO Kim Ji-hoon also provided a payment guarantee.

At the end of last year, cash and cash equivalents stood at 50.86 billion won, and short-term financial instruments were 12 billion won. The two items combined total 62.86 billion won, but it is difficult to consider this all as freely usable funds. Subtracting 9.5 billion won in short-term borrowings that must be repaid within one year and 12.04 billion won in unpaid taxes leaves 41.32 billion won. This is also a simple calculation that does not take into account other operational funds. The operating cash flow also includes an increase of 7.27 billion won in taxes that have not yet been paid.

Project Moon's total assets last year increased to 93.24 billion won, and total equity rose to 69.26 billion won. The achievement is also meaningful given that it was made in a situation where the entire gaming industry is struggling with the growing uncertainty of new releases' success and the increasing burden of development costs. This is because it demonstrated the potential to achieve results in the global market based on an independent universe and a highly loyal fan base, without relying on massive capital or famous external intellectual properties. This is why Project Moon's strong performance is worth being evaluated as a small but clear spark of hope for the stagnant gaming industry. Going forward, it has become crucial whether the company can maintain the success of 'Limbus Company' while nurturing the new projects it will pursue at the new headquarters into another source of revenue.