Today, Shift Up released its financial results for the third quarter of 2025 and provided an update about its next game, code-named “Project Spirits.”
Specifically, the developer mentions in its official documents that development of Project Spirits is “progressing smoothly under an efficient cost structure and development process.”
We also learn that the release window is now “after 2027,” and more information will be shared with the fans in stages as development advances.
The release window is interesting, as it has fluctuated quite a bit. When the game was initially code-named “Project Witches” a while ago, it was mentioned as targeting a release “after 2027” as it is now.
Then, in Q1 this year, that was changed to 2027. In Q2, it changed again to a “post-2027 launch (including 2027)”, likely as the developer’s perspective of making a 2027 release became less set in stone.
Now, apparently, Shift-up has decided that the game can use some more time in the oven, and it’s back to “after 2027,” so we should expect the game in 2028 or afterward.
If you’re unfamiliar with Project Spirits, it’s pretty mysterious. We got a few details in June with key art by Shift-Up boss Kim Hyung Tae, mentioning that it’s a new IP and a subculture-style cross-platform game that focuses on the concept of Eastern Fantasy.
Looking at the financial results themselves, revenue was 75,499 million Won, up 30.1% year-on-year. Operating profit was 49,548 million won, up 39.3% year-on-year.
Moving on to the company’s existing games, Stellar Blade is continuing to enjoy solid sales performance, and is defined as a “true steady-seller across both the PC and console gaming markets.” The PC version is continuing to sell strongly, even 4 months after its release.
With the PS5 version also continuing to sell due to a variety of promotional events, combined sales for the game met the company’s expectations.
Shift Up expects the popularity of the game to continue, and the company wants to continue boosting sales. Not only are they planning “various promotional activities” (including seasonal and holiday promotions across both PC and PS5), but they’re also “considering additional platform expansions.”
Goddess of Victory: Nikke also delivered a “positive quarterly performance” with stable user metrics. It achieved 44.5 billion won in revenue by itself, up 29.9% year-on-year.
The company expects performance growth from the mobile and PC game in Q4 and next year. The developer plans to “deliver high-quality content through IP universe expansion, increased MD sales, and offline events such as orchestra concerts.” The aim is to achieve performance in 2026 comparable or better than 2025.
Other gaming companies have already announced their financial results this quarter, including Koei Tecmo, Electronic Arts, Capcom, Microsoft, Konami, Marvelous, Nintendo, Square Enix, Take-Two, Sega, Sony, and Nexon. You can expect a few more reports on this topic in the coming days before the traditional financial results period ends.
