Pearl Abyss is gaining momentum ahead of the release of the open-world action game 'Crimson Desert' scheduled for the 4th quarter of this year. As expectations have been priced in, the stock price has nearly doubled, and the securities industry is anticipating a recovery in performance this year, forecasting a revenue recovery in the 500 billion won range.
According to the Korea Exchange on the 9th, the stock price of Pearl Abyss has risen 40.17% over the past six months, reaching 41,000 won as of the closing price on the 8th. Just this January, the stock price fell to around 26,000 won, but as the release schedule for Crimson Desert became clearer, it began to rise starting in March. The price then broke through 40,000 won this month following reports of intensified marketing and participation in game shows.
Securities firms have successively raised Pearl Abyss's target stock price. Hanwha Investment & Securities raised its target stock price to 47,000 won last month, and NH Investment & Securities also proposed a price of 52,000 won.
The rebound in stock prices is based on expectations of a performance recovery. This year, both size and profitability are expected to recover due to the effects of the new release 'Crimson Desert.' According to financial data firm FnGuide, Pearl Abyss is expected to achieve a revenue of 540 billion won and an operating profit of 114.8 billion won, marking a return to profitability. The company's highest-ever revenue was recorded in 2019 at 538.9 billion won, with an operating profit of 153.8 billion won. After recording revenue of 385.7 billion won and an operating profit of 16.4 billion won in 2022, it posted consecutive losses in 2023 and 2024.
The securities industry is forecasting that the cumulative sales of 'Crimson Desert' will range from a minimum of 3 million to a maximum of 5.3 million units. NH Investment & Securities predicts sales this year will reach 720,000 units and 2.27 million units next year, estimating revenues of 56.1 billion won and 176 billion won, respectively. KB Securities also analyzed that "'Crimson Desert' will significantly contribute to performance next year."
Pearl Abyss experienced a prolonged slump due to the absence of a follow-up title after 'Black Desert,' but aims to regain growth momentum with the release of 'Crimson Desert.' From a technical perspective, the introduction of its own engine is expected to enable higher customization freedom and quality implementation compared to overseas commercial engines.
'Crimson Desert' is a console and PC-based single-player open-world action-adventure game developed on Pearl Abyss's own engine, 'Blackspace.' It features high-quality graphics, cinematic direction, and dynamic combat.
Last year, it was nominated for 'Best Visual' and 'Most Epic' at the Gamescom Awards, and in the first half of this year, it received positive reviews from international media after unveiling a new demo version at global events such as SGF (Summer Game Fest), PAX East, and the London Showcase.
'Crimson Desert' is currently in the Quality Assurance (QA) stage, with final preparations including the console certification process underway, according to the company. Some in the industry are predicting a November release. Regarding the release timing, Pearl Abyss stated, "As our goal is to launch in the 4th quarter, we plan to sequentially announce the release date and related information through official channels."
Pearl Abyss is accelerating its global marketing ahead of the release of 'Crimson Desert.' Starting with 'Bilibili World' in Shanghai, China, from the 11th to the 13th, it will also participate in 'ChinaJoy' in August, 'Gamescom' in Germany, and 'Tokyo Game Show' in Japan in September.