Shift Up delays Project Spirits reveal past 2026 as Q3 profits dwindle

South Korean developer Shift Up has pushed back the reveal of Project Spirits, its next flagship title, which it had originally planned to unveil before the end of 2026. The studio behind Goddess of Victory: Nikke and Stellar Blade shared the update alongside its Q3 2026 earnings results on November 10, but did not give a new reveal date.

Shift Up said development is progressing smoothly with its publishing partner and that a recent milestone build evaluation came back positive. The company moved the reveal after weighing the launch schedules of major titles from other publishers slated between late 2026 and early 2027. It wants to present the game’s world and gameplay when it can draw the most attention. 

Shift Up did not name those titles, although the window includes Grand Theft Auto VI, which Rockstar Games has dated for November 19. The studio describes Project Spirits as a game built to compete with the biggest global subculture titles and will share a schedule once it is finalized.

Q3 2026 earnings

Shift Up reported Q3 revenue of 46.2 billion won, down 38.8 percent year-over-year, and operating profit of 20.7 billion won (about $15 million), down 58.2 percent. It also posted a net loss of 25.5 billion won, driven by a 53.7 billion won non-operating loss tied to foreign currency evaluation and translation.

Nikke brought in 35.3 billion won, down 20.6 percent year-over-year. It was also down 18.4 percent from a second quarter that included its 3.5th anniversary event. The company said revenue fell in every region and that a weaker US dollar widened the decline in won terms. Stellar Blade revenue dropped 78.6 percent to 5.9 billion won as sales on PlayStation 5 and PC tapered off.

Fourth-quarter outlook

Shift Up expects a stronger fourth quarter. The Nikke fourth anniversary update went live on October 29 and took the top spot in revenue rankings in South Korea and Japan. Early sales of the Stellar Blade Switch 2 version, released on November 6, met internal expectations. Operating costs are set to rise, however, due to hiring, outsourced development, and Switch 2 marketing.

The company will also cancel 320,000 of the 620,836 treasury shares it acquired this year. That brings total cancellations in 2026 to 650,000 shares, or about 1.1 percent of issued stock.