From a 1.3 Billion Won Deficit to 19.3 Billion Won in Operating Profit... 'Idle Moon Rabbit' Developer Rebounds Sharply on Maple's Success

AbleGames, the developer of the mobile game 'Idle Moon Rabbit,' has turned its performance around in just one year. Although it posted an operating loss of 1.32 billion won in 2024, it recorded an operating profit of 19.27 billion won last year. The operating profit margin reached 58.8%. At the center of this turnaround is 'Maple Idle,' jointly developed with Nexon. Released in November 2025, the game surpassed an estimated $100 million in revenue in just 45 days.

From 9.5 Billion Won to 32.78 Billion Won in Revenue

AbleGames' revenue in 2025 was 32.78 billion won, a 245% increase from 9.5 billion won in the previous year. It grew 3.4 times in just one year. Operating profit and loss swung from a deficit of 1.32 billion won to a surplus of 19.27 billion won. Net profit and loss also transitioned from a deficit of 760 million won to a surplus of 17.95 billion won.

AbleGames' performance illustrates the process of the success and decline of its first title, followed by a leap forward through a new release. Revenue surged from 2.3 billion won in 2021 to 20.55 billion won in 2022. It then declined for two consecutive years to 15.14 billion won in 2023 and 9.5 billion won in 2024, before rebounding to 32.78 billion won last year. Expenses did not increase as rapidly as revenue. Selling, general, and administrative expenses only increased by 24.9% from 10.82 billion won to 13.52 billion won. This is why a significant portion of the 23.28 billion won increase in revenue remained as operating profit.

Labor costs more than tripled from 2.54 billion won to 7.98 billion won. However, this was not entirely due to increased hiring. Bonuses last year amounted to 3.71 billion won, accounting for 46% of total labor costs. The previous year's bonuses were 50 million won. It appears that performance-based bonuses from the game's success accounted for a substantial portion of the increase in labor costs.

Employee salaries also increased from 2.24 billion won to 3.85 billion won. The number of employees grew from the high 50s at the end of 2024 to the 110s recently. It is notable that the company recorded an operating profit margin of 58.8% even after reflecting all performance bonuses and hiring costs.

Making a Name with the First Title 'Idle Moon Rabbit'

AbleGames started its business in 2021 when four developers, including CEO Kim Dong-woo, came together. In June of that year, they released their first game, 'Idle Moon Rabbit,' domestically. Idle Moon Rabbit is a mobile 2D idle role-playing game that depicts the journey of the protagonist 'Lyn,' who guards the Moon Kingdom, to reclaim the stolen moonlight. It combined skill combinations and collection elements into an idle game where the character grows even while the user has the game turned off.

Although it started as an indie game, its achievements were significant. It surpassed 100,000 cumulative downloads within three months of release, and in March 2022, it ranked 35th in overall game revenue and 1st in the simulation genre revenue on domestic Google Play. In August of the same year, it exceeded 1 million cumulative global downloads. Based on the success of Idle Moon Rabbit, AbleGames received the Startup Enterprise Award at the 2022 Korea Game Awards. It also entered the top ranks of app market popularity and revenue in Japan and Taiwan.

However, as the launch effect weakened, the company's revenue also declined. Revenue, which was 20.55 billion won in 2022, dropped to 9.5 billion won two years later. The company recorded consecutive operating deficits in 2023 and 2024. The problem commonly experienced by small-scale game developers relying on a single title also appeared at AbleGames.

A Second Success Meeting Nexon IP

The turning point was its collaboration with Nexon. In February 2025, the two companies revealed that they were jointly developing a new title utilizing the MapleStory IP. The project name at the time was 'Project Maple Able.' The game was released in the global market under the name 'Maple Idle' in November of the same year. It combined the characteristics of an idle game, such as automatic battles and rapid growth, with the characters and worldview of MapleStory. This was the result of AbleGames' development experience accumulated through Idle Moon Rabbit meeting Nexon's major IP.

The pace of its success was fast. Within 45 days of its release, it surpassed 3 million cumulative downloads and an estimated $100 million in revenue. It recorded the highest revenue among new idle RPGs released worldwide in 2025. 67% of the revenue came from South Korea. The proportions in the US and Taiwan also reached 16.6% and 7.1%, respectively. Although it utilized a domestic IP, it successfully generated revenue overseas as well. After an update in August 2026, Maple Idle climbed back to No. 1 in revenue on both Google Play and the Apple App Store. Its ranking was not just high during the initial launch, but its live service has continued strong. Timing-wise, the success of Maple Idle appears to be the main driver behind AbleGames' surge in performance. However, the development costs and revenue distribution method between Nexon and AbleGames have not been disclosed.

Borrowed 1.9 Billion Won Despite Earning 19.2 Billion Won

The surge in performance did not immediately translate into an increase in cash. At the end of last year, trade receivables surged to 29.05 billion won compared to 390 million won in the previous year. This accounts for 88.6% of annual revenue and 93% of total assets. Trade receivables are money recognized as revenue but not yet received. Cash and cash equivalents at the end of last year were merely 530 million won. Even adding short-term financial instruments of 110 million won, the total comes to 640 million won.

AbleGames also newly procured 1.9 billion won in short-term borrowings last year. Interest expenses of 50 million won were also incurred for the first time. Although the operating profit was 19.27 billion won, it can be interpreted that the company borrowed part of its operating funds externally as money was tied up in trade receivables.

Total assets increased from 4.37 billion won to 31.24 billion won, but the majority of this was trade receivables. Liabilities increased from 250 million won to 9.26 billion won, and total equity rose from 4.12 billion won to 21.98 billion won. Although the financial scale on the books has grown significantly, the actual cash situation depends on the timing of collecting the trade receivables.

The Next Proving Ground is the Original IP 'Crescent'

Alongside the operation of Maple Idle, AbleGames is developing its own IP, 'Crescent: First Light.' It is a collectible subculture RPG where players combine multiple characters for battle. The company revealed the characters and worldview at the 2025 AGF, but the official release schedule has not yet been announced.

AbleGames demonstrated its ability to produce idle games with Idle Moon Rabbit, and also achieved results in joint development utilizing a major IP with Maple Idle. However, last year's performance has not yet been fully converted into cash, and the variable of refund settlements still remains.

There are three things to monitor going forward: how much of the 29.05 billion won in trade receivables is actually collected, how long the recurring revenue of Maple Idle continues, and whether Crescent can also be fostered into an independent hit. Only when these three points are confirmed will it be possible to view last year's sharp rebound as the beginning of a new upward trend in AbleGames' performance.