0001997859-26-000028 | 10-K | XBRL Viewer | Webtoon Entertainment INC

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Income Taxes - Schedule of Net Operating Loss Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Net operating loss carry-forwards	$ 182,722	$ 208,021

Equity Method Investments - Investments in Affiliates and Joint Ventures Accounted For Under Equity Method (Details)	Dec. 31, 2025	Dec. 31, 2024
Purple Duck Co.
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	100.00%	76.90%
Studio Toon Corp.
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	49.00%	49.00%
Studio White
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	40.00%	40.00%
Jakga Company Inc.
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	26.50%	26.50%
Namu Actors
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	20.00%	20.00%
Celsys, Inc.
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	10.40%	10.10%
Ylab
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	9.30%	9.30%
No9 Inc.
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	9.10%	9.10%
Others \| Minimum
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	1.80%	1.60%
Others \| Maximum
Schedule of Equity Method Investments [Line Items]
Investments in affiliates and joint ventures (percent)	47.00%	41.50%

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 27, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Effective Income Tax Rate Reconciliation, Branch (Loss) Income, Amount		$ 14,736	$ 16,834	$ 13,987
Disallowed cash and equity compensation		7,000	74,700
Base erosion and anti-abuse tax (BEAT) deductions waived		65,500	49,000
Income inclusion amount		10,500	18,600
Impairment losses on goodwill and other intangible assets		335,508	69,743
Tax-deductible goodwill			0	0
Net DTA of LOCUS removed upon deconsolidation		63,471	40,895
Disposition of LOCUS	$ 0		0	5,355
Pre-transition loss			63,100
Income taxes paid		24,702	25,675	26,644
Valuation allowance on deferred tax assets		100,833	125,648	131,524	$ 105,345
Net operating loss carry-forwards		182,722	208,021
Subsidiary \| Korea
Goodwill [Line Items]
Net operating loss carry-forwards		17,900	18,800
Subsidiary \| Japan
Goodwill [Line Items]
Net operating loss carry-forwards		76,500	103,400
Subsidiary \| Canada
Goodwill [Line Items]
Net operating loss carry-forwards		88,300	85,400
Locus
Goodwill [Line Items]
Investments in affiliates and joint ventures (percent)	39.20%
Net DTA of LOCUS removed upon deconsolidation	$ 5,400
Increase in (release of) valuation allowance	$ (5,400)
Wattpad
Goodwill [Line Items]
Impairment losses on goodwill and other intangible assets		257,200	46,700
Munpia
Goodwill [Line Items]
Impairment losses on goodwill and other intangible assets		74,000	20,300	25,600
WWS
Goodwill [Line Items]
Impairment losses on goodwill and other intangible assets		2,900	2,700	6,100
Purple Duck
Goodwill [Line Items]
Impairment losses on goodwill and other intangible assets		1,400
Jakga
Goodwill [Line Items]
Impairment losses on goodwill and other intangible assets				31,700
Foreign Tax Credit
Goodwill [Line Items]
Net operating loss carry-forwards		27,800
NAVER WEBTOON
Goodwill [Line Items]
Effective Income Tax Rate Reconciliation, Branch (Loss) Income, Amount		(14,700)	(16,800)	(14,000)
Accounting (loss) income		70,200	20,700	(4,600)
NAVER WEBTOON \| Foreign Tax Credit
Goodwill [Line Items]
Foreign tax credits		$ 6,000	$ 21,200	$ 13,000

Disposition and Business Combinations (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposition Transaction Accounted

The Company has accounted for the transaction as follows (in thousands of USD):


Cash consideration received	$	149
Fair value of retained common stock of Jakga by the Company	3,075
Fair value of retained redeemable convertible preferred stock of Jakga by the Company	6,432
Carrying value of non-controlling interest in Jakga held by other than the Company	3,861
Carrying amount of net assets of Jakga including goodwill, identified intangibles and deferred tax liabilities	(15,998)
Loss on disposal of Jakga	$	(2,481)

The Company has accounted for the transaction as follows (in thousands of USD):


Cash consideration received	$	4,951
Retained non-controlling interest in LOCUS by the Company at fair value	13,436
Carrying amount of non-controlling interest in LOCUS held by other than the Company	11,132
Carrying amount of net assets of LOCUS including goodwill, identified intangibles and deferred tax liabilities	(30,302)
Loss on sale of LOCUS	$	(783)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Segment and Geographic Information - Schedule of Reconciliation of Profit (Loss) from Segments to Consolidated (Details)
$ in Thousands

1 Months Ended

12 Months Ended

Nov. 30, 2020

USD ($)

Dec. 31, 2025

USD ($)

segment

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Segment Reporting [Abstract]

Number of operating segments | segment

Number of reportable segments | segment

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenue

^[1]

$ 1,382,705

$ 1,348,478

$ 1,282,748

Less:

Cost of revenue

^[2]

1,060,524

1,009,410

987,258

Marketing

^[3]

126,149

107,783

121,086

Interest income

(19,170)

(15,820)

(3,009)

Interest expense

Gain (loss) on equity method investments, net

(1,282)

1,123

12,339

Impairment losses on goodwill and other intangible assets

336,486

69,743

63,412

Other loss (income), net

^[4]

9,808

(6,482)

23,574

Income tax expense (benefit)

(16,022)

3,604

12,006

Net loss

(373,387)

(152,912)

(144,759)

Compensation expenses

$ 48,600

41,907

87,379

8,345

Reportable Segment

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenue

1,382,705

1,348,478

1,282,748

Less:

Cost of revenue

1,060,524

1,009,410

987,258

Marketing

126,149

107,783

121,086

General and administrative expenses - labor related

104,211

129,705

94,397

General and administrative expenses - non-labor related

155,332

202,279

116,365

Interest income

(19,170)

(15,820)

(3,009)

Interest expense

Gain (loss) on equity method investments, net

(1,282)

1,123

12,339

Impairment losses on goodwill and other intangible assets

336,486

69,743

63,412

Other loss (income), net

9,808

(6,482)

23,574

Income tax expense (benefit)

(16,022)

3,604

12,006

Net loss

(373,387)

(152,912)

(144,759)

Compensation expenses

37,798

87,379

8,345

Depreciation and amortization

$ 35,431

$ 40,074

$ 38,359

[1]	Includes amounts earned from related parties of $74,297, $72,228 and $78,698 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts incurred from related parties of $111,254, $96,498 and $22,412 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts incurred from related parties of $(9,339), $(7,691) and $203 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[4]	Includes amounts earned from related parties of $1,687, $3,592 and $4,761 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Consolidated Statements of Stockholders' Equity and Group Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated other comprehensive loss related to foreign currency translation adjustments	$ 1,203,732	$ 1,519,881	$ 1,306,047	$ 1,468,502
Dividends	300	17,400	0
Accumulated other comprehensive loss related to foreign currency translation adjustments
Accumulated other comprehensive loss related to foreign currency translation adjustments	$ 111,500	$ 120,900	$ 51,200

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 42: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-3

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 47: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 51: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 52: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 53: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-15

Reference 54: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
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Reference 55: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
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-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

Leases - Additional Information (Details) $ in Millions	12 Months Ended
Leases - Additional Information (Details) $ in Millions	Dec. 31, 2025 USD ($) office	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Total other income generated from subleases \| $	$ 0.3	$ 0.3	$ 0.6
Lease Contractual Term, Leases With Renewal Options [Domain]
Lessee, Lease, Description [Line Items]
Leased offices with renew options \| office	4
1st office lease with renewal options
Lessee, Lease, Description [Line Items]
Renewal term	1 year
2nd office lease with renewal options
Lessee, Lease, Description [Line Items]
Renewal term	5 years

Leases - Schedule of Aggregate Future Lease Payments for Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Year
2026	$ 10,188
2027	7,148
2028	3,612
2029	3,234
2030	734
Thereafter	691
Total future lease payments	25,607
Less: Imputed interest	(1,935)
Total	$ 23,672

Other Income (Loss), net

12 Months Ended

Dec. 31, 2025

Other Income and Expenses [Abstract]

Other Income (Loss), net

The following table summarizes Other income (loss), net for the years ended December 31, 2025, December 31, 2024, and December 31, 2023:


	Year Ended December 31,
	2025		2024		2023

	(in thousands of USD)
Gain (loss) on debt and equity securities, net	$	(8,605)	$	2,263	$	(22,585)
Loss on foreign currency, net	(625)		(2,103)		(7,590)
Retirement benefit (loss), net	(601)		2,807		8,763
Dividend income	—		2,640		—
Other	23		1,689		(1,341)
Loss on disposal of investment in subsidiaries, net	—		(2,713)		(884)
Gain on right of use asset disposal, net	—		1,899		63
Total other income (loss), net	$	(9,808)	$	6,482	$	(23,574)

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Balance Sheet Components [Abstract]

Accrued royalties

$ 26,126

$ 21,201

Accrued allowances

10,959

8,531

Accrued bonuses

16,070

14,987

Accrued other expenses

13,535

17,490

Total Accrued Expenses

^[1]

$ 66,690

$ 62,209

[1]	Includes amounts due to related parties of $6,849 and $5,562 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Retirement Benefits

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Retirement Benefits

Defined severance benefits

Changes in Defined severance benefits are as follows:


	2025		2024

	(in thousands of USD)
Beginning balance, January 1	$	23,031	$	24,316
Current service costs	4,983		6,532
Interest expense	1,081		1,279
Actuarial gain	(480)		(4,086)
Payments from plans	(1,955)		(1,026)
Transfer in/(out)	(863)		70


Cumulative effects of foreign currency translation	467		(4,054)
Ending balance, December 31	$	26,264	$	23,031
Current	$	1,195	$	1,001
Non-current	$	25,069	$	22,030

There were no changes to plan assets during the years ended December 31, 2025, and December 31, 2024.

Our provision for retirement benefits is as follows:


	As of December 31,
	2025		2024

	(in thousands of USD)
Defined benefit liabilities	$	26,264	$	23,031
Plan assets	—		—
Provision for Defined severance benefits	$	26,264	$	23,031

Net periodic cost (income) consists of the following:


	As of December 31,
	2025		2024		2023

	(in thousands of USD)
Current service costs	$	4,983	$	6,532	$	8,026
Interest expense	1,081		1,279		1,509
Actuarial gain	(480)		(4,086)		(10,272)
Net periodic benefit cost (income)	$	5,584	$	3,725	$	(737)

The principal actuarial assumptions used to determine defined severance benefits were as follows:


	As of December 31,
	2025			2024
Discount rates	3.75%	—	5.35%	3.71%	—	4.74%
Salary growth rates	3.67%	—	8.12%	4.00%	—	9.63%

The principal actuarial assumptions used to determine the net periodic benefit cost (income) were as follows:


	As of December 31,
	2025			2024
Discount rates	3.71%	—	4.74%	4.81%	—	5.95%
Salary growth rates	4.00%	—	9.63%	5.00%	—	10.31%

The expected maturity analysis of undiscounted defined severance benefits as of December 31, 2025 is as follows:


	Defined severance benefits
	(in thousands of USD)
Less than 1 year	$	1,360
Between 1 - 2 years	1,644
Between 2 - 5 years	5,425
Over 5 years	276,596
Total	$	285,025

Defined severance contribution

During the years ended December 31, 2025, December 31, 2024, and December 31, 2023, we recognized expense of $2.3 million, $2.7 million and $2.3 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Redeemable Non-Controlling Interest in Subsidiary - Schedule of Redeemable Noncontrolling Interest in Subsidiary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 36,580	$ 41,429	$ 46,964
Total comprehensive income (loss) attributable to redeemable non-controlling interest	(12,040)	(4,849)	(5,535)
Ending balance	$ 24,540	$ 36,580	$ 41,429

Retirement Benefits - Schedule of Expected Maturity Analysis of Undiscounted Defined Severance Benefits (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Retirement Benefits [Abstract]
Less than 1 year	$ 1,360
Between 1 - 2 years	1,644
Between 2 - 5 years	5,425
Over 5 years	276,596
Total	$ 285,025

Goodwill, net and Intangible Assets, net - Schedule of Intangible Asset Amortization Expenses (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	$ 31,826
2027	17,058
2028	12,982
2029	12,980
2030	12,980
Thereafter	70,346
Total intangible assets, net	$ 158,172

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, net

Property and equipment, net consists of the following:


		As of December 31,
	Estimated Useful Lives (in years)	2025		2024

		(in thousands of USD)
Land	Indefinite	$	110	$	108
Buildings	40	174		170
Equipment	3-5	13,775		10,457
Leasehold improvements	Lesser of lease term or useful life	3,280		652
Construction in progress		295		82
Property and equipment		17,634		11,469
Less: Accumulated depreciation		(9,295)		(7,687)
Property and equipment, net		$	8,339	$	3,782

Disposition and Business Combinations - Dispositions Additional Information (Details) - Stock Transfer Agreement $ in Millions			12 Months Ended
	Mar. 28, 2024 USD ($)	Jun. 27, 2023 USD ($)	Dec. 31, 2024 USD ($)	Jun. 02, 2023 buyer
Jakga Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of interest sold in subsidiaries (percent)	0.30%
Sale for consideration in cash	$ 0.1
Percentage of discount rate (percent)	15.10%
Percentage of terminal growth rate (percent)	1.00%
Loss on disposition			$ 2.5
Loss on remeasurement of retained interest	$ 2.1
Jakga Inc. \| Webtoon Entertainment Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments in affiliates and joint ventures (percent)	49.20%
Jakga Inc. \| Redeemable Convertible Preferred Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Temporary equity percentage of voting equity interest issued (percent)	3.50%
LOCUS Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of interest sold in subsidiaries (percent)		14.40%		14.40%
Sale for consideration in cash		$ 5.0
Percentage of discount rate (percent)		16.00%
Percentage of terminal growth rate (percent)		1.00%
Loss on disposition		$ 0.8
Number of unrelated parties \| buyer				2
Loss on sale of assets and liabilities transferred and gain on remeasurement of retained interest		$ 0.6
LOCUS Inc. \| Webtoon Entertainment Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments in affiliates and joint ventures (percent)		39.20%		53.60%

Related Parties and Variable Interest Entity - Schedule of Significant Balances Due From and Due To Related Parties (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Due from related parties

Receivables, net of allowance

^[1]

$ 176,779

$ 169,187

Other non-current assets

^[2]

65,194

65,906

Due to related parties

Current portion of operating lease liabilities

^[3]

9,617

6,053

Long-term operating lease liabilities

^[4]

14,055

11,187

Accounts payables

^[5]

136,962

127,306

Accrued expenses

^[6]

66,690

62,209

Other

2,457

2,231

Related Parties

Due from related parties

Receivables, net of allowance

55,156

59,495

Other current assets

4,730

9,258

Other non-current assets

5,496

3,569

Loan receivables

28,417

28,503

Due to related parties

Current portion of operating lease liabilities

5,221

3,506

Long-term operating lease liabilities

5,371

9,519

Accounts payables

18,765

17,173

Accrued expenses

6,849

5,562

Other

$ 0

$ 3

[1]	Includes amounts due from related parties of $55,156 and $59,495 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts due from related parties of $33,913 and $32,072 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts due to related parties of $5,221 and $3,506 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[4]	Includes amounts due to related parties of $5,371 and $9,519 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[5]	Includes amounts due to related parties of $18,765 and $17,173 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[6]	Includes amounts due to related parties of $6,849 and $5,562 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Profit (Loss) from Segments to Consolidated

The following table presents reportable segment profit and loss, including significant expense categories, attributable to the Company’s reportable segment for the periods presented:


	Year Ended December 31,
	2025		2024		2023
	(in thousands of USD)
Revenue	$	1,382,705	$	1,348,478	$	1,282,748
Less:
Cost of revenue	1,060,524		1,009,410		987,258
Marketing	126,149		107,783		121,086
General and administrative expenses - labor related	104,211		129,705		94,397
General and administrative expenses - non-labor related	155,332		202,279		116,365
Interest income	(19,170)		(15,820)		(3,009)
Interest expense	56		45		79
Loss (gain) on equity method investment, net	(1,282)		1,123		12,339
Impairment losses on goodwill and other intangible assets	336,486		69,743		63,412
Other loss (income), net	9,808		(6,482)		23,574
Income tax expense (benefit)	(16,022)		3,604		12,006
Net Loss	$	(373,387)	$	(152,912)	$	(144,759)

The following non-cash expense items are also included in the measure of segment profit or loss reviewed by the CODM:
Stock-based compensation	37,798		$	87,379	$	8,345
Depreciation and amortization	35,431		$	40,074	$	38,359

Schedule of Company's Long-lived Tangible Assets and Operating Lease Right-of-use Assets

The Company’s long-lived tangible assets as well as the Company’s operating lease right-of-use assets recognized on the Consolidated Balance Sheets, are located as follows:


	As of December 31,
	2025		2024

	(in thousands of USD)
Korea	$	14,131	$	17,465
Japan	15,620		182
Rest of World	2,294		2,784
Total long-lived tangible assets and operating lease right-of-use assets	$	32,045	$	20,431

Description of Business and Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands					12 Months Ended
	Jul. 26, 2024 USD ($) shares	Jun. 28, 2024 USD ($) $ / shares shares	Jun. 26, 2024 $ / shares shares	Jun. 01, 2023 shares	Dec. 31, 2025 USD ($) segment $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares	Jun. 30, 2025 USD ($)	Jun. 25, 2024 $ / shares
Business Combination [Line Items]
Forward stock split ratio			30
Common stock par value (in usd per share) \| $ / shares			$ 0.0001		$ 0.0001	$ 0.0001			$ 0.01
Capital stock authorized (shares) \| shares			2,100,000,000
Common stock authorized (in shares) \| shares			2,000,000,000		2,000,000,000	2,000,000,000
Preferred stock authorized (in shares) \| shares			100,000,000		100,000,000	100,000,000
Preferred stock par value (in usd per share) \| $ / shares			$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock issued (in shares) \| shares					0	0	0
Preferred stock outstanding (in shares) \| shares					0	0	0
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions					$ 0	$ 292,950	$ 0
Offering costs					0	11,154	0
Proceeds from issuance of common stock related to private placement					$ 0	50,000	0
Accrued bonus								$ 30,000
Number of operating segments \| segment					1
Number of reportable segments \| segment					1
Advertising expenses					$ 67,000	36,600	28,300
Allowances for credit losses					3,378	3,418
Accelerated amortization expense					1,600	3,900	$ 2,500
Accrued interest receivable					$ 700	700
As filed previously
Business Combination [Line Items]
Allowances for credit losses						$ 3,400
Customer Concentration Risk \| Non-trade receivables \| Three Payment Gateway Companies
Business Combination [Line Items]
Concentration (percent)					55.30%	54.90%
Customer Concentration Risk \| Loans receivables \| Three Borrowers
Business Combination [Line Items]
Concentration (percent)					88.90%	89.00%
IPO
Business Combination [Line Items]
Shares of common stock sold (shares) \| shares		15,000,000
Offering price (in usd per share) \| $ / shares		$ 21.00
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions		$ 281,700
Underwriting discounts and commissions		22,100
Offering costs		$ 11,200
Over-Allotment
Business Combination [Line Items]
Shares of common stock sold (shares) \| shares	1,371,549
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions	$ 26,800
Over-allotment option window		30 days
Number of additional shares available for purchase (shares) \| shares		2,250,000
Private Placement \| NAVER U.Hub Inc
Business Combination [Line Items]
Shares of common stock sold (shares) \| shares		2,380,952
Offering price (in usd per share) \| $ / shares		$ 21.00
Proceeds from issuance of common stock related to private placement		$ 50,000
Lock-up period		180 days
Wattpad
Business Combination [Line Items]
Percentage of ownership acquired (percent)				100.00%
Shares issued in exchange of acquired interest (in shares) \| shares				413,482

Retirement Benefits - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined severance contribution expense	$ 2.3	$ 2.7	$ 2.3

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table shows revenues disaggregated by revenue stream for the years ended December 31, 2025, December 31, 2024, and December 31, 2023:


	Year Ended December 31,
	2025		2024		2023

	(in thousands of USD)
Paid Content	$	1,087,496	$	1,083,026	$	1,028,960
Advertising	164,257		166,087		145,452
IP Adaptations	130,952		99,365		108,336
Total	$	1,382,705	$	1,348,478	$	1,282,748

The revenue stream disaggregation above takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Paid Content revenue is generated from the provision of platform services that enable users to access content. Paid Content revenue also includes $11.2 million, $10.9 million and $7.5 million of physical book sales through the platform for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. Advertising revenue represents amounts earned for the display of advertisements on our offerings or product placement within content. IP Adaptations include the internal development of film, streaming series, or other rich media format adaptations commissioned by third party studios or streaming platforms; the license fees generated by sublicensing content to third parties are $13.6 million, $12.9 million and $11.5 million in 2025, 2024 and 2023, respectively; as well as $5.7 million, $15.1 million and $14.0 million of merchandise sales generated through external platforms, IP royalties, and pop-up stores for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively.

The following table shows disaggregation of revenue by geography for the years ended December 31, 2025, December 31, 2024, and December 31, 2023:


	Year Ended December 31,
	2025		2024		2023

			(in thousands of USD)
Korea	$	522,033	$	517,534	$	566,368
Japan	681,821		648,247		557,349
Rest of World	178,851		182,697		159,031
Total	$	1,382,705	$	1,348,478	$	1,282,748

Paid Content revenue in the revenue disaggregation by geography above is based on the location of the Company’s customers at the time of sign-up as determined by the Company’s internal systems utilizing standard geolocation technology.

Contract Liabilities

Contract liabilities primarily include payments received for virtual currency prior to the Company satisfying its performance obligation to deliver content to the customer.

We recognized revenues of $81.6 million, $70.4 million and $66.3 million in 2025, 2024, and 2023, respectively, that were included within Contract liabilities on the Consolidated Balance Sheets as of the beginning of the respective year.

As of December 31, 2025, December 31, 2024, and December 31, 2023, our remaining performance obligations were $90.0 million, $85.9 million, and $76.7 million, respectively, and we expect to recognize the entire amounts within one year of the respective year-end.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation On June 1, 2023, the Parent entered into a stock contribution agreement with NAVER pursuant to which the Parent acquired 100% of the common shares of Wattpad in exchange for 413,482 shares of the common stock of the Parent (the “Wattpad Transfer”). The Wattpad Transfer was accounted for as a common control transaction in a manner similar to the pooling-of-interest method. Thus, the financial statements of Wattpad were combined, retrospectively, as if the transaction had occurred as of January 1, 2022. For the period after June 1, 2023, Wattpad is presented as part of the Company consolidated financial information. These financial statements and footnotes are therefore referred to as “Consolidated Financial Statements” throughout. NAVER’s equity interest in Wattpad during the period preceding the Wattpad Transfer is reflected within “Group Equity” within the Consolidated Statements of Stockholders’ Equity and Group Equity. Upon completion of the Wattpad Transfer, the Company acquired NAVER’s equity interest in Wattpad and the Group Equity is no longer applicable. The following Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Our fiscal year ends on December 31. Dollar amounts presented in tables are shown in thousands of United States Dollars (in thousands of USD). Changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary are accounted for as equity transactions (investments by owners and distributions to owners acting in their capacity as owners) with no gain or loss recognized in net loss or comprehensive loss. The carrying amount of any non-controlling interest is adjusted to reflect the change in a parent’s ownership interest in the subsidiary. Any difference between the fair value of the consideration received or paid and the amount by which the non-controlling interest is adjusted is recognized in equity attributable to the parent. All intercompany and intra-entity transactions and balances have been eliminated. The Consolidated Financial Statements for all periods presented include all the costs of doing business, including the expenses that represent services provided by NAVER to the Company and its subsidiaries. Such services under certain agreements are charged to the Company and its subsidiaries based on estimated cost allocation plus mark-up methodology, which management believes is approximating arm’s length costs. The Company believes the charges are reasonably calculated in accordance with SAB Topic 1 Q2. The amounts are billed to and paid for by the Company or its subsidiaries on a regular basis.
Reclassifications	Reclassifications Certain amounts reported for prior years have been reclassified to conform to the current year's presentation. None of these reclassifications impacted reported operating or net loss for any presented period.
Use of Estimates	Use of Estimates The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates relate primarily to determining the fair value of assets and liabilities acquired in business combinations, acquired intangible assets and goodwill, unit price of virtual currency in revenue recognition, deferred revenue, allowance for credit losses, evaluation of contingencies, deferred tax assets net of a valuation allowance, uncertain tax positions, the fair value of stock-based awards, the fair value of debt and equity securities and the fair value of reporting units for goodwill impairment testing. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates.
Segment Information	Segment Information The Company operates as one operating segment which is also its reportable segment. Our Chief Executive Officer (“CEO”) is our Chief Operating Decision Maker (“CODM”), who assesses performance and makes resource allocations based on financial data presented on a consolidated basis. See Note 14. Segment and Geographic Information for more information related to the Company’s segment.
Foreign Currency	Foreign Currency The functional currency of the Parent and reporting currency for the Company is U.S. dollars. The Korean won and the Japanese yen are the functional currencies of our major operating subsidiaries. The other subsidiaries predominantly utilize their local currencies as their functional currencies. Assets and liabilities of each subsidiary are translated into U.S. dollars at the exchange rate in effect at the end of each period. Revenue and expenses for these subsidiaries are translated into U.S. dollars using average rates that approximate those in effect during the period. Translation adjustments are included in Accumulated other comprehensive loss as a separate component of the Consolidated Statements of Stockholders’ Equity and Group Equity and in the effect of exchange rate changes on cash and cash equivalents in the Consolidated Statements of Cash Flows.
Revenue Recognition	Revenue Recognition The Company primarily generates revenue through its platform by providing users with access to Paid Content, and by providing advertising services on the platform. We recognize revenue when services are transferred to customers at the transaction price which considers estimated returns on promotional discounts and earned loyalty rewards. Revenue excludes amounts collected on behalf of third parties, such as value added taxes. Historical data is used to estimate returns, promotional discounts, and earned loyalty rewards using the expected value method. We include these amounts in the transaction price to the extent it is probable that a significant reversal of revenue will not occur and update our estimate of transaction price as additional information becomes available. For revenue contracts with multiple performance obligations, the transaction price is allocated to each performance obligation using the relative stand-alone selling price which is primarily determined based on the price charged to customers for sales on a stand-alone basis. Paid Content Revenue Paid Content revenue is recognized when the Company provides services that provide content to users through the platform. Content provided by the platform includes, but is not limited to, web-comics, movies, web-novels, and e-books. We have an obligation to upload and maintain content on the platform by contracting with creators and publishers to make the content available to our customers. On most of our offering, customers purchase access to content by first purchasing a virtual currency (such as Coins or Cookies) then redeeming such virtual currency for access to particular content. There are other offerings where content can be purchased directly with cash. For the majority of transactions, we have determined that we are the principal for services provided to users and recognize revenue gross of commissions payable to the creator or publisher. In cases where we have determined that we are an agent in the transaction, we recognize revenue net of amounts remitted to the creator or publisher. The determination of whether the Company is a principal or as an agent in Paid Content revenue transactions requires significant judgment and is based on an assessment of relevant accounting guidance and the arrangements the Company has in place with creators or publishers and end users. Key considerations in this determination include the Company’s ability to control access to, monetization of, and promotion of the content, as well as its responsibility for resolution of end user inquiries and complaints and its ability to establish the price of the content on the platform. The period of time the user can view the content varies depending on the platform and the terms of the arrangement with the user. We recognize Paid Content revenue over the estimated service period, which we determine based on the weighted average number of days between the first day the user can access the content and last day the user views the content, which varies by platform and is typically within one week. We believe this provides a reasonable depiction of the transfer of services. Paid Content revenue also includes the sale of physical books from other publishers. The Company earns commissions on the sales of books to end users from merchants that sell their products through the Company’s offerings. For the majority of these transactions, the Company is not the seller of record, nor does it take control of the related inventory, which has led the Company to determine that it is an agent in these transactions. Accordingly, although the Company processes and collects the full payment on these transactions, it records revenue net of amounts remitted to the third party merchant when control transfers to the customer, generally at the time of product shipment from its facilities. Advertising Revenue We post advertisements on our websites and mobile applications and recognize revenue for advertising services. Advertising revenue is recognized at the point in time the advertisement is displayed or based on clicks, impressions, or end-user activity, which represents the point in time that control is transferred to the customer thereby completing our performance obligation. When the customer is an advertising agency, advertising revenue is comprised of the commission the Company earns for lending advertisement space to the advertising agency. IP Adaptations We internally develop IP Adaptations for films, streaming series, or other rich media format adaptations, the majority of which are commissioned for production by third party studios or streaming platforms. IP Adaptations revenue is recognized based on the terms of the contract with the customer and the determination of the Company’s performance obligation is dependent on which party has authority to make key creative decisions on the produced content. For IP Adaptations where the content is made to an individual customer specification such that the customer controls the output during the production process, the Company’s performance obligation is production services. Revenue and the associated costs of such contracts are recognized over time on a percentage of completion basis. For IP Adaptations where the Company controls the key creative decisions and output of the production process, its performance obligation is the sale of content to third-party studios and video-streaming platforms. Fixed payments for the content are recognized as revenue on a gross basis upon delivery and acceptance of the content or as sales-based royalties when sell-through sales of the content occur. IP Adaptations revenue also includes license fees generated from sub-licensing content to third parties for secondary media such as video game production. Content sub-licensing revenue is recognized when the Company brokers licensing arrangements between creators or publishers and other third-party platforms on a net commission basis as the Company is acting as an agent in these transactions. IP Adaptations also include the sale of licensed merchandise under two types of arrangements. In one type of arrangement the Company acts as a principal in the sale of licensed merchandise, while in the other, the Company serves as an agent. In Korea, the Company directly sells licensed merchandise to customers through digital storefronts, including the related-party NAVER platform and other e-commerce websites. The merchandise is manufactured by third parties in small batches to meet estimated demand or fulfill preorders. As the seller of record, the Company takes control of the relevant inventory prior to distribution, sets the merchandise price, and manages any after-sale issues including refund claims. Thus, the Company is considered a principal in this type of arrangement and recognizes revenues on a gross basis. In other countries, the Company generates merchandise revenues by licensing IP to third parties who operate all aspects of the revenue stream, from manufacturing the products to maintaining the online merchandise store which operates under the WEBTOON brand. Licensing fees are determined by the contractual commission rate or fixed fee applied to the underlying sales of merchandise. In this type of arrangement, the Company is considered an agent as it is not the seller of record, nor does it take control of the related inventory. Accordingly, although the Company processes and collects the full payments on these transactions, the Company recognizes revenues net of the amounts remitted to the third-party merchant when control transfers to the customer, generally at the time of product shipment from its facilities.
Cost of Revenue	Cost of Revenue Cost of revenue primarily consists of the commission fees payable to content rights holders as well as other costs directly associated with the acquisition, licensing and production of content, such as payroll and related personnel expenses, amortization and production related costs. Cost of revenue also includes fees charged by payment gateway companies for processing payments on the offerings as well as platform fees payable to companies that provide consumers with the ability to download the mobile app through app stores (such as Google and Apple) or to third parties providing a platform hosting service.
Marketing	Marketing Marketing expenses primarily consist of online and offline advertising and marketing program costs. Marketing expenses also include market research and public relations related expenses that support marketing activities.
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses include all our operating costs, excluding cost of revenue and marketing, as described above. More specifically, these expenses include costs related to operating and maintenance of our platform, general corporate function costs, and depreciation and amortization of non-operating assets.
Stock-Based Compensation, Stock-Based Awards Issued to Employees of NAVER and Phantom Units	Stock-Based Compensation The Company accounts for stock-based employee compensation arrangements in accordance with U.S. GAAP which requires compensation expense for the grant-date fair value of equity-based awards to be recognized over the requisite service period. The Company determines the fair value of equity-based awards granted on the grant date using appropriate valuation techniques. Forfeitures are estimated using historical experience at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimate. See Note 11. Stock-Based Compensation for more information on the Company’s stock compensation plans. Stock-Based Awards Issued to Employees of NAVER The Company issues stock-based awards to employees of NAVER that do not render services to the Company. The Company measures the award based on the grant-date fair value and accounts for the awards as a dividend distribution to NAVER following the attribution principles of ASC 718. Phantom Units During the twelve months ended December 31, 2025, the Company granted awards in the form of “Phantom Units”, which provide recipients with the right to receive cash payments, less applicable withholding, equivalent to the fair market value of one share of the Company’s common stock on the applicable vesting date, multiplied by the number of Phantom Units that vest. While these Phantom Units do not confer ownership rights, they are also entitled to dividends, if declared, equivalent in an amount in cash and form equal to the dividend that would have been paid on the shares underlying the Phantom Unit had such shares been outstanding on such record date. Any such dividend equivalents shall be subject to the same vesting conditions applicable to the underlying Phantom Unit with respect to which they accrue. Phantom Units are recorded as an expense based on the fair value of the units on the balance sheet date. The fair value of these awards is updated at each balance sheet date and changes in the fair value of the vested portions of the awards are recorded as increases or decreases to compensation expense in the Consolidated Statements of Operations and Comprehensive Loss. All of the outstanding Phantom Units at December 31, 2025 met the criteria to be treated under liability classification in accordance with ASC 718, given that these awards will settle in cash on the vesting date. See Note 11. Stock-Based Compensation for more information on the Company’s Phantom Units.
Forward Stock Split, Change in Par Value	Forward Stock Split, Change in Par Value On June 26, 2024, the Company filed an Amended and Restated Certificate of Incorporation which effectuated a 30-for-1 forward stock split of its common stock and adjusted the par value of its common stock from $0.01 to $0.0001 on such date. Accordingly, all share and per share amounts presented in the audited Consolidated Financial Statements have been retroactively adjusted to reflect the stock split and change in par value for all periods presented.
Defined severance benefits	Defined severance benefits We accrue severance benefits for employees of our Korean subsidiaries. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees with one or more years of service are entitled to severance payments upon the termination of their employment based on their length of service and pay rate. We recognize the defined severance benefits in the Consolidated Balance Sheets with a corresponding adjustment to Consolidated Statements of Operations and Comprehensive Loss. The obligations are measured annually, or more frequently if there is a remeasurement event, based on our measurement date utilizing various actuarial assumptions and methodologies. We use certain assumptions including, but not limited to, the discount rates, salary growth rates, and certain employee-related factors, such as turnover, retirement age and mortality. We review our actuarial assumptions and make modifications to the assumptions based on current rates and trends when appropriate. We have adopted a policy of immediate recognition of actuarial gains and losses where any differences arising from the annual remeasurement is immediately charged in the period of the remeasurement within the Consolidated Statements of Operations and Comprehensive Loss as Other income (loss), net.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Our deferred tax assets are recorded net of valuation allowances when, based on the weight of available evidence, it is more likely than not that all or some portion of the recorded deferred tax assets will not be realized in future periods. The consolidated financial statements reflect the jurisdictional netting of deferred tax assets and liabilities within each tax jurisdiction. However, the tax footnote disclosures are presented on a gross basis, without netting across jurisdictions, to provide a detailed breakdown of deferred tax balances as required by the applicable accounting standards. Realization of our deferred tax assets is dependent on the generation of future taxable income. In considering the need for a valuation allowance, we consider our historical, as well as future projected taxable income, along with other positive and negative evidence in assessing the realizability of our deferred tax assets. Decreases to valuation allowances are recorded as reductions to our income tax expense and increases to valuation allowances result in additional expense for income taxes. We recognize and measure uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step process. In the first step, recognition, we determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The second step addresses measurement of a tax position that meets the more-likely-than-not criteria. The tax position is measured at the largest amount of benefit that has a likelihood of greater than 50 percent of being realized upon ultimate settlement. The Company does not record a deferred tax liability for the excess of the book basis over the tax basis of its investments in foreign subsidiaries to the extent that the basis difference meets the indefinite reversal criteria. These criteria are met if the Company has invested or will invest the undistributed earnings on the foreign subsidiaries indefinitely. The management’s intention is to invest the undistributed earnings on the foreign subsidiaries indefinitely. The decision as to the amount of undistributed earnings that the Company intends to maintain in non-U.S. subsidiaries takes into account various items, including, but not limited to, forecasts and budgets of financial needs of cash for working capital, liquidity plans, capital improvement programs, merger and acquisition plans, and planned loans to other non-U.S. subsidiaries.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are short-term, highly liquid investments with original maturities of three months or less from the date of purchase and are mainly comprised of bank deposits
Receivables, net of allowance for credit losses	Receivables, net of allowance for credit losses Receivables, net of allowance for credit losses, are stated at their carrying value, net of allowance for credit losses based on lifetime expected losses. Receivable balances are primarily receivables due from payment gateway providers relating to sales processed for the Company’s online platform service business, as well as receivables from advertising activities, net of estimated allowances for credit losses. The Company estimates the allowance for credit losses based upon historical experience, the age and delinquency rates of receivables and the credit quality of the customers, as well as economic and regulatory conditions combined with reasonable and supportable management forecasts of collectibility and other economic factors over the lifetime of the receivables. The Company writes off accounts against the allowance for credit losses when they are deemed to be uncollectible. The total allowances for credit losses as of December 31, 2025, and December 31, 2024, were $3.4 million and $3.4 million, respectively. Credit loss expense is included in General and administrative expenses.
Property and Equipment, net	Property and Equipment, net Property and equipment, net is stated at historical cost, less accumulated depreciation. Property and equipment primarily include buildings, land, leasehold improvements, and information technology equipment. Depreciation expense is classified within General and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. We compute depreciation using the straight-line method over the estimated useful lives of the assets. Maintenance and repairs are expensed as incurred.
Leases	Leases We determine whether an arrangement is or contains a lease at contract inception. Leases with contractual terms greater than twelve months are classified as either operating or finance leases. Operating leases are recorded as operating lease right-of-use assets and operating lease liabilities on the Consolidated Balance Sheets. We elected to account for lease and non-lease components as a single lease component for all classes of assets and elected to not record leases with an initial term of twelve months or less on the Consolidated Balance Sheets. If the rate implicit in the Company’s leases is not readily determinable, we use our incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments over the lease term. When the Company has the option to extend the term or terminate the lease before the contractual expiration date, and it is reasonably certain that it will exercise the option, the Company considers these options in determining the lease term. The Company’s operating leases are comprised of leases of real estate and equipment that are typically entered into for a fixed term that may contain extension and termination options. Certain agreements have free rent periods or escalating rent payment provisions. Rent expense is recognized on a straight-line basis over the lease term.
Leases	The Company subleases its properties, which are all classified as operating leases. Any sub-leasing revenue is classified as Other income (loss), net. The Company does not have any finance leases. See Note 8. Leases for further information.
Impairment of Long-lived Assets	Impairment of Long-lived Assets Long-lived assets include property and equipment, trademarks, copyrights, patents, software, brand and other intangible assets with finite lives. Long-lived assets are not required to be tested for impairment annually, but rather whenever circumstances indicate that the carrying amount of the asset may not be recoverable. Conditions that may necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may indicate potential impairment. When the undiscounted future cash flows indicate the long-lived asset or asset group is not recoverable, any potential impairment loss is measured and recognized at the amount by which the carrying value exceeds its fair value.
Change in Estimated Useful Lives of Intangible Assets	Change in Estimated Useful Lives of Intangible Assets The Company conducts an annual review, at a minimum, of the estimated useful lives of its finite-lived intangible assets. This review indicates that the actual lives of certain intangible assets were shorter than the estimated useful lives over which such assets are amortized due to the abandonment of certain intangible assets that cease to be used.
Fair Value Measurements, Fair Value Option, Equity Securities without Readily Determinable Fair Values and Loans	Fair Value Measurements Certain financial instruments are required to be recorded at fair value. Other financial instruments, including cash and cash equivalents, are recorded at cost, which approximates fair value. Additionally, receivables, term deposits, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these financial instruments. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. We measure the fair value of certain equity securities based on quoted prices in active markets for identical assets or liabilities. Other debt and equity securities are valued either based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. Fair Value Option The Company elects to account for debt securities under the fair value option in accordance with ASC 825, Financial Instruments, (“ASC 825”). Under the fair value option, these debt securities are recognized at fair value at inception and change in fair value at each subsequent reporting date is recognized as a component of Other income (loss), net in the Consolidated Statements of Operations and Comprehensive Loss. Equity Securities without Readily Determinable Fair Value For equity securities without readily determinable fair value, securities are recorded at cost less impairment, and adjusted for subsequent observable price changes as of the date that an observable transaction takes place. The Company performs a qualitative assessment on a quarterly basis to determine if any observable price changes have occurred. If the qualitative assessment indicates that an observable price change has occurred for the same or similar security of the issuer, a gain or loss is recorded equal to the difference between the fair value and carrying value in the current period as a component of Other income (loss), net. Loans Typically, loans that do not meet the definition of a debt security, are stated at amortized cost, net of allowance for credit losses. We write off loans against the allowance for credit losses when they are deemed to be uncollectible. Refer to Receivables, net of allowance for credit losses in Note 1. Description of Business and Summary of Significant Accounting Policies for additional information on estimated credit losses for loan receivables.
Equity Method Investments	Equity Method Investments We apply the equity method to account for investments in which we have the ability to exercise significant influence, but not control, over the investee. There is a rebuttable presumption that an investor has significant influence when it owns more than 20% of the common stock of a corporation and more than 3% partnership interest in a partnership. This presumption may be overcome based on specific facts and circumstances that demonstrate the ability to exercise significant influence is restricted. We apply the equity method to investments in common stock. We record the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses and other comprehensive income of the investee. Basis differences between the cost of an equity method investment and the underlying equity in the intangible assets are amortized over the estimated economic useful life of the underlying intangible asset. We record dividends or other equity distributions as reductions in the carrying value of the investment. If net losses reduce our carrying amount to zero, additional net losses may reduce other investments in the same investee, if they exist. Such additional equity method losses, if any, are based upon the change in our claim on the investee’s book value. Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company may estimate the fair value of its equity method investments by considering recent investee equity transactions, discounted cash flow analysis, recent operating results, comparable public company operating cash flow multiples and, in certain situations, balance sheet liquidation values. If the fair value of the investment has dropped below its carrying amount, management considers several factors when determining whether an other-than-temporary decline has occurred, such as the length of the time and the extent to which the estimated fair value or market value has been below the carrying value, the financial condition and the near-term prospects of the investee, the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in market value, and general market conditions. The estimation of fair value and whether an other-than-temporary impairment has occurred requires the application of significant judgment and future results may vary from current assumptions. If declines in the value of the equity method investments are determined to be other-than-temporary, a loss is recorded in earnings in the current period as a component of Loss on equity method investment, net on the Consolidated Statements of Operations and Comprehensive Loss.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, term deposits, receivables and loan receivables. We maintain cash deposits, cash equivalent balances with several financial institutions. Cash and cash equivalents may be withdrawn or redeemed on demand. We believe that these financial institutions that hold our cash, cash equivalents and term deposits are financially sound and, accordingly, minimal credit risk exists with respect to these balances. We extend credit to our customers, payment gateway companies and borrowers based on an evaluation of their ability to pay amounts due under contractual arrangement and generally do not obtain or require collateral. Cash and cash equivalents, receivables and loan receivables are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with several financial institutions that management believes are of high credit quality.
Business Combinations	Business Combinations We include the results of operations of the businesses that we acquire from the date of acquisition. We determine the fair value of the assets acquired and liabilities assumed based on their estimated fair values as of the respective date of acquisition. The excess purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates, and selection of comparable companies. Our estimates of fair value are based on assumptions believed to be reasonable, but which are inherently uncertain and unpredictable. As a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, we may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill. At the conclusion of the measurement period, any subsequent adjustments are reflected in the Consolidated Statements of Operations and Comprehensive Loss. When we issue payments or grants of equity to selling stockholders in connection with an acquisition, we evaluate whether the payments or awards are compensatory. This evaluation includes whether cash payments or stock award vesting is contingent on the continued employment of the selling stockholder beyond the acquisition date. If continued employment is required for the cash to be paid or stock awards to vest, the award is treated as compensation for post-acquisition services and is recognized as compensation expense. Transaction costs associated with business combinations are expensed as incurred and are included in General and administrative expenses in our Consolidated Statements of Operations and Comprehensive Loss.
Variable Interest Entity	Variable Interest Entity We determine at the inception of each arrangement whether an entity in which we have made an investment or in which we have other variable interests is considered a variable interest entity (“VIE”). We consolidate a VIE when we are the primary beneficiary (see Note 16. Related Parties and Variable Interest Entity). We are the primary beneficiary of a VIE when we have the power to direct activities that most significantly affect the economic performance of the VIE and have the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. If we are not the primary beneficiary in a VIE, we account for the investment or other variable interests in a VIE in accordance with applicable GAAP. Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether we are the primary beneficiary.
Non-Controlling Interest and Redeemable Non-Controlling Interest in Subsidiary	Non-Controlling Interest and Redeemable Non-Controlling Interest in Subsidiary A non-controlling interest in a consolidated subsidiary represents the portion of the equity in a subsidiary not attributable, directly or indirectly, to the Company. Non-controlling interests are presented as a separate component of equity in the consolidated balance sheets and the presentation of net income is modified to present earnings attributed to controlling and non-controlling interests. Redeemable non-controlling interests are presented as a component of temporary equity in the mezzanine section of the consolidated balance sheet and the presentation of net income is modified to present earnings attributed to the controlling and redeemable non-controlling interest. The redeemable non-controlling interest is initially recorded at the acquisition date fair value. Subsequently, if it is probable that redeemable non-controlling interest will become redeemable, they are recorded at the higher of (1) the cumulative amount that would result from applying the measurement guidance in ASC 810-10 (i.e., initial carrying amount, increased or decreased for the non-controlling interest’s share of net income or loss, OCI or other comprehensive loss, and dividends) or (2) the redemption price. If it is not probable that redeemable non-controlling interest will become redeemable, they are recorded at the amount based on step (1) and when the redemption becomes probable, the Group recognizes changes in the redemption price immediately. The Company does not consider the redemption of the redeemable non-controlling interest probable of being redeemable. Accordingly, the redeemable non-controlling interest will not be remeasured until the redeemable non-controlling interest is probable of becoming redeemable. See Note 20. Redeemable Non-Controlling Interest in Subsidiary Note 21. Non-Controlling Interest in Subsidiaries for more information on the Company’s redeemable and nonredeemable non-controlling interests.
Common Control Transactions	Common Control Transactions Assets and liabilities transferred in common control transactions are recognized at the historical cost of the ultimate parent of the entities under common control. In determining the receiving entity in common control transactions, the entity that first came under control of the ultimate parent is presented as the accounting receiving entity regardless of the legal form of the transaction. Any difference in the amount paid by the receiving entity versus the assets and liabilities transferred at the historical cost of the ultimate parent to the receiving entity is recorded as an adjustment to equity. Business combinations between entities under common control that result in a change in reporting entity are accounted for retrospectively for all periods presented as if the combination had been in effect since the inception of common control. Assets acquisitions between entities under common control are accounted for prospectively. When performing goodwill impairment testing during the period when common control transactions are retrospectively presented, we use the historical reporting unit structures of each of the respective common control entities. The reporting units are reassessed for goodwill impairment testing purposes at the time of the common control transaction to the extent any changes are made to the reporting units as a result of such common control transaction.
Goodwill and Indefinite-Lived Intangible Assets	Goodwill and Indefinite-Lived Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. The Company evaluates goodwill and indefinite-lived intangible assets such as membership and intellectual property rights for impairment annually as of October 1, or earlier if an event or other circumstance indicates that it may not recover the carrying value of the asset. If the Company believes that, as a result of its qualitative assessment, it is more likely than not that the fair value of a reporting unit or other indefinite-lived intangible asset is greater than its carrying amount, a quantitative impairment test is not required. Reporting units are businesses for which individual financial information is available. If a qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit goodwill or other indefinite-lived intangible asset exceeds its fair value, a quantitative impairment test is performed. The Company may elect to bypass this qualitative assessment for annual impairment evaluations as of October 1 for some or all of its reporting units and perform a quantitative test. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, an impairment charge is recorded for the amount by which the carrying amount exceeds the fair value, not to exceed the amount of goodwill recorded for that reporting unit. Application of the goodwill impairment test requires judgment based on market and operational conditions at the time of the evaluation, including management’s best estimates of the reporting unit’s future business activity and the related estimates and assumptions of future cash flows from the assets that include the associated goodwill. In determining the fair value of the reporting units, management considers both the income approach and the market approach. Fair value is estimated using a discounted cash flow model (income valuation approach) based on projections of future years’ operating results and associated cash flows combined with comparable trading and transaction multiples based on guideline public companies. The calculated estimated fair value of the reporting unit reflects a number of significant management assumptions and estimates including the forecast of revenue growth, terminal growth rates, and discount rates. Changes in these assumptions could materially impact the estimated fair value. The Company’s projections incorporate management’s best estimates of the expected future results, which include expectations related to new and retained business and future operating margins. Projected future cash flows are then discounted to present value using a discount rate management believes is commensurate with the risks inherent in the cash flows.
Basic and Diluted Loss per Share	Basic and Diluted Losses per Share The share numbers are retroactively stated for purposes of calculating weighted average number of shares outstanding for loss per share to reflect the outstanding shares of Wattpad as if the equity structure of the Parent (the accounting acquirer) was stated to reflect the number of shares of Wattpad (the accounting acquiree) issued in the common control transactions. Basic loss per share available to common stockholders is computed by dividing the net loss available to common stockholders by the weighted average number of common stock outstanding for the period. Diluted loss per share is computed using the weighted-average number of shares of common stock and potentially dilutive potential common shares outstanding during the period. The dilutive loss per share impact of the subsidiaries is included in our numerator when calculating loss per share. Each reporting period, a measurement period adjustment is recorded to adjust the redeemable non-controlling interest to its maximum redemption amount with changes recorded in retained earnings (or Additional paid-in capital if the Company has an accumulated deficit) if such non-controlling interest is probable of being redeemed. Changes to redemption value will be reflected as a corresponding adjustment to the numerator for earnings (loss) per share. As of December 31, 2025, December 31, 2024, and December 31, 2023, no adjustments were made to redemption value or loss per share as the redeemable non-controlling interest was not probable of being redeemed.
Recent Accounting Pronouncements Adopted and Recent Accounting Pronouncements Yet to Be Adopted	Recent Accounting Pronouncements Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures, which requires enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This update is effective for fiscal years beginning after December 15, 2024, on a prospective basis and retrospective application is permitted. The Company adopted ASU 2023-09 prospectively during the year ended December 31, 2025. See Note 12. Income Taxes” for more information about the impact of the adoption of ASU 2023-09. Recent Accounting Pronouncements Yet to Be Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Topic 220): Disaggregation of Income Statement Expenses, which requires additional disclosures of certain amounts included in the expense captions presented on the Statement of Operations as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides an expedient for measuring expected credit losses on current trade receivables and contract assets by assuming that current conditions remain unchanged over the life of the asset, and for non-public business entities, an accounting policy election to consider subsequent cash collections. The amendments are effective for annual and interim periods beginning after December 15, 2025, with early adoption permitted. We do not expect the adoption of this standard to have a material impact on our Consolidated Financial Statements. In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for software costs by removing all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40. The amendments are effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures.

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, are as follows:


	Year Ended December 31,
	2025		2024		2023

	(in thousands of USD)
Operating lease expense1	$	9,690	$	10,446	$	11,965
Short-term lease expense	564		922		653
Total lease expense	$	10,254	$	11,368	$	12,618

1.Includes operating lease expense of $4.3 million, $5.5 million, and $7.2 million related to NAVER for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. See Note. 16 “Related Parties and Variable Interest Entity” for further details.

Schedule of Supplemental Cash Flow Information Related To Operating Leases

Supplemental disclosure of cash flow information related to operating leases is as follows:


	As of December 31,
	2025		2024		2023

	(in thousands of USD)
Cash paid for amounts included in the measurement of operating lease liabilities	$	8,062	$	9,035	$	10,193
Right-of-use assets obtained in exchange for operating lease liabilities	13,533		15,070		2,806

Schedule of Weighted Average Remaining Lease Terms and Discount Rates

The following table presents the weighted average remaining lease terms and discount rates as of December 31, 2025 and December 31, 2024:


	As of December 31,
	2025		2024
Weighted-average remaining lease term	3.24 years		3.56 years
Weighted-average discount rate	3.86	%	4.49	%

Schedule of Aggregate Future Lease Payments for Operating Lease Liabilities

The aggregate future lease payments for operating lease liabilities as of December 31, 2025, are as follows:


Year	(in thousands of USD)
2026	$	10,188
2027	7,148
2028	3,612
2029	3,234
2030	734
Thereafter	691
Total future lease payments	25,607
Less: Imputed interest	(1,935)
Total	$	23,672

Fair Value Measurements - Schedule of Company's Assets Categorized Within the Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity Securities	$ 23,645	$ 22,036
Debt Securities	46,024	48,142
Total	69,669	70,178
Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity Securities	0	2
Debt Securities	0	0
Total	0	2
Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity Securities	0	0
Debt Securities	0	0
Total	0	0
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity Securities	23,645	22,034
Debt Securities	46,024	48,142
Total	$ 69,669	$ 70,176

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

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+ References + Details

Retirement Benefits - Schedule of Net Periodic Costs (Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Current service costs	$ 4,983	$ 6,532	$ 8,026
Interest expense	1,081	1,279	1,509
Actuarial gain	(480)	(4,086)	(10,272)
Net periodic benefit cost (income)	$ 5,584	$ 3,725	$ (737)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan Net Periodic Benefit Cost Credit Immediate Recognition Of Actuarial Gain Loss Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag	Actuarial gain	Actuarial gain	Actuarial gain

Related Parties and Variable Interest Entity - Additional Information (Details) $ in Thousands	1 Months Ended				12 Months Ended
	Feb. 28, 2025	Feb. 29, 2024	Feb. 28, 2023 USD ($)	Nov. 30, 2020 USD ($) shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
Related Parties And Variable Interest Entity [Line Items]
Operating lease expense					$ 9,690	$ 10,446	$ 11,965
Lease obligation					23,672
Income from sublease					$ 300	$ 300	600
Shares granted (in shares) \| shares					0	241,920
Dividends					$ 300	$ 17,400	0
Variable interest management fee (percent)					0.010
Non-employee Director
Related Parties And Variable Interest Entity [Line Items]
Shares granted (in shares) \| shares				2,832,270
Dividends				$ 16,600
Related Parties
Related Parties And Variable Interest Entity [Line Items]
Operating lease expense					$ 4,300	5,500	7,200
Related Parties \| NAVER
Related Parties And Variable Interest Entity [Line Items]
Initial term of debt			1 year
Total short-term borrowings			$ 11,600
Interest rate (percent)		4.60%	5.26%
Additional term upon extension	1 year	1 year
Related Parties \| NAVER \| Leasing Office Space
Related Parties And Variable Interest Entity [Line Items]
Operating lease expense					4,300	5,500	$ 7,200
Lease obligation					10,600	13,000
Rental security deposit						2,400
Income from sublease					200	300
eBOOK Initiative Japan Co., Ltd.
Related Parties And Variable Interest Entity [Line Items]
Total gross reimbursement costs received					20,000	24,000
eBOOK Initiative Japan Co., Ltd. \| Cost of revenue
Related Parties And Variable Interest Entity [Line Items]
Total gross reimbursement costs received					2,700	11,000
eBOOK Initiative Japan Co., Ltd. \| Marketing
Related Parties And Variable Interest Entity [Line Items]
Total gross reimbursement costs received					11,800	10,300
eBOOK Initiative Japan Co., Ltd. \| General and administrative expenses
Related Parties And Variable Interest Entity [Line Items]
Total gross reimbursement costs received					$ 5,500	$ 2,700

Non-Controlling Interest in Subsidiaries - Schedule of Balances Of Non-controlling Interest (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated subsidiaries	$ 33,280	$ 47,754
Munpia
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated subsidiaries	33,160	46,593
Bootcamp
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated subsidiaries	$ 120	$ 1,161

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(24))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We collect, store, process and use data necessary to conduct our business, including information regarding our customers and employees in digital form. Data maintained in digital form is subject to unauthorized access, modification, theft, misuse or other cybersecurity risks. We maintain comprehensive processes to assess, identify, and manage material risks from internal and external cybersecurity threats, and have integrated such processes into our overall enterprise risk management systems and processes. We regularly assess our cybersecurity threats based on industry leading frameworks, including ISO27001, ISO27701 and National Institute of Standards and Technology Cybersecurity Framework (NIST CSF). Assessments are performed by dedicated cybersecurity teams led by our Chief Information Security Officer and Data Protection Officer (CISO and DPO) to identify risks related to data loss, theft, misuse and other cybersecurity risks. Following such risk assessments, we design and implement safeguards to prevent and mitigate identified risks based on our risk management methodology. Additionally, we regularly conduct cybersecurity/privacy awareness training, phishing attack simulation training, disaster recovery training and other tabletop exercises to improve our practices. To maintain the highest levels of cybersecurity, we engage independent third-party experts to assess and audit our cybersecurity and obtain cybersecurity certifications, including ISO27001, ISO27701 and/or SOC2 on our key services. Our insurance coverage addresses certain financial exposures related to cybersecurity incidents. Although, we have not experienced any material cybersecurity incidents, we face risks from cybersecurity threats that could have a material adverse effect on our business, financial condition, results of operations, cash flows or reputation. Despite our efforts, the risk of unauthorized access, modification, theft, misuse and other cybersecurity attacks cannot be eliminated entirely. We have experienced, and may continue to experience, cybersecurity incidents in our normal course of business. See “Risk Factors — Risks Related to Our Business, Industry and Operations — If the security of our platform is compromised, it could compromise our and our creators’ and users’ personal, sensitive, confidential and proprietary information, disrupt our internal operations and harm public perception of our platform, which could adversely affect our business and reputation.” We use third party systems and software and provide personal information about customers and employees to third parties in certain cases. We assess the cybersecurity of third party service providers and regularly conduct access review. We may decline or terminate the engagement with certain third party service providers if we determine that the use of their services would increase our exposure to cybersecurity risks.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We maintain comprehensive processes to assess, identify, and manage material risks from internal and external cybersecurity threats, and have integrated such processes into our overall enterprise risk management systems and processes.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Our CISO and DPO serves as the chair of the IT Compliance Committee, which directly reports to our CEO. The IT Compliance Committee also includes key representatives from management, and is responsible for reviewing IT planning, cybersecurity and privacy, and managing our cybersecurity teams. The IT Compliance Committee, upon reviewing assessment results regularly reported by cybersecurity teams, provides periodic updates to the Audit Committee on the effectiveness of our cybersecurity processes, and the Audit Committee reviews cybersecurity risks as part of the Company’s enterprise risk management system. The Audit Committee periodically reports the results of its review to the Board. When a cybersecurity incident occurs, information is escalated to the CISO and DPO who may convene IT Compliance Committee meetings to discuss findings, actions taken, potential disclosure obligations, impact and recurrence prevention plan depending on the severity of the incident. The IT Compliance Committee members rely on the cybersecurity experience of our CISO and DPO, which includes more than 20 years of directing privacy policies at public companies that provide web portal and instant messenger services, and managing cybersecurity and privacy policies at a game developer company. All IT Compliance Committee members have robust experience in their respective fields as well as a general familiarity with cybersecurity matters and an understanding of the potential financial impacts, disclosure obligations, and enterprise risks to the Company as they relate to cybersecurity.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The IT Compliance Committee, upon reviewing assessment results regularly reported by cybersecurity teams, provides periodic updates to the Audit Committee on the effectiveness of our cybersecurity processes, and the Audit Committee reviews cybersecurity risks as part of the Company’s enterprise risk management system.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The IT Compliance Committee, upon reviewing assessment results regularly reported by cybersecurity teams, provides periodic updates to the Audit Committee on the effectiveness of our cybersecurity processes, and the Audit Committee reviews cybersecurity risks as part of the Company’s enterprise risk management system.
Cybersecurity Risk Role of Management [Text Block]	The IT Compliance Committee also includes key representatives from management, and is responsible for reviewing IT planning, cybersecurity and privacy, and managing our cybersecurity teams
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Assessments are performed by dedicated cybersecurity teams led by our Chief Information Security Officer and Data Protection Officer (CISO and DPO) to identify risks related to data loss, theft, misuse and other cybersecurity risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The IT Compliance Committee members rely on the cybersecurity experience of our CISO and DPO, which includes more than 20 years of directing privacy policies at public companies that provide web portal and instant messenger services, and managing cybersecurity and privacy policies at a game developer company. All IT Compliance Committee members have robust experience in their respective fields as well as a general familiarity with cybersecurity matters and an understanding of the potential financial impacts, disclosure obligations, and enterprise risks to the Company as they relate to cybersecurity.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The IT Compliance Committee, upon reviewing assessment results regularly reported by cybersecurity teams, provides periodic updates to the Audit Committee on the effectiveness of our cybersecurity processes, and the Audit Committee reviews cybersecurity risks as part of the Company’s enterprise risk management system.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Stock-Based Compensation - Schedule of Assumptions Used to Estimate Fair Value of Awards (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Weighted-average expected term		5 years 6 months	4 years 10 months 24 days
Weighted-average expected volatility (percent)		34.60%	34.15%
Expected dividend yield (percent)	0.00%	0.00%	0.00%
Risk-free interest rate, minimum (percent)		3.85%	4.15%
Risk-free interest rate, maximum (percent)		4.52%	4.62%
Weighted-average grant-date fair value (in usd per share)		$ 9.04	$ 7.94

Loss per Share - Schedule of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Basic loss per share:
Net loss attributable to WEBTOON Entertainment Inc.	$ (345,927)	$ (143,905)	$ (116,455)
Add: allocation to subsidiary/equity method investee participating security	(207)	123	210
Net loss available to WEBTOON Entertainment Inc.	$ (346,134)	$ (143,782)	$ (116,245)
Shares used in computation:
Weighted-average common shares outstanding (in shares)	130,177,475	119,231,997	109,505,150
Basic loss per share (in usd per share)	$ (2.66)	$ (1.21)	$ (1.06)
Diluted loss per share:
Net loss available to WEBTOON Entertainment Inc.	$ (346,134)	$ (143,782)	$ (116,245)
Add: dilutive impact of subsidiary/equity method investee stock options	(8)	(9)	0
Diluted net loss available to WEBTOON Entertainment Inc.	$ (346,142)	$ (143,791)	$ (116,245)
Shares used in computation:
Weighted-average common shares outstanding (in shares)	130,177,475	119,231,997	109,505,150
Diluted weighted-average common shares outstanding (in shares)	130,177,475	119,231,997	109,505,150
Diluted loss per share (in usd per share)	$ (2.66)	$ (1.21)	$ (1.06)

Consolidated Statements of Stockholders' Equity and Group Equity - USD ($)
$ in Thousands

Total

IPO

Private Placement

Over-Allotment

Total stockholders’ equity attributable to WEBTOON Entertainment Inc.

IPO

Total stockholders’ equity attributable to WEBTOON Entertainment Inc.

Private Placement

Total stockholders’ equity attributable to WEBTOON Entertainment Inc.

Over-Allotment

Common Stock

IPO

Common Stock

Private Placement

Common Stock

Over-Allotment

Additional paid-in capital

IPO

Additional paid-in capital

Private Placement

Additional paid-in capital

Over-Allotment

Accumulated other comprehensive loss

Accumulated deficit

Non-controlling interests in consolidated subsidiaries

Group Equity

Beginning balance (in shares) at Dec. 31, 2022

97,091,692

Beginning balance at Dec. 31, 2022

$ 1,468,502

$ 789,594

$ 10

$ 1,038,262

$ (36,667)

$ (212,033)

$ 85,395

$ 593,513

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(139,225)

(102,818)

(22,769)

(13,637)

Foreign currency translation adjustments, net of tax

^[1]

(17,251)

Equity in income of equity method investees

(906)

Equity-based compensation and others

^[2]

2,801

646

2,155

Changes in scope of consolidation

(7,875)

Common control transaction (in shares)

12,413,458

Common control transaction

579,876

$ 1

628,338

(48,441)

(579,876)

Ending balance (in shares) at Dec. 31, 2023

109,505,150

Ending balance at Dec. 31, 2023

1,306,047

1,249,141

$ 11

1,667,246

(54,824)

(363,292)

56,906

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(149,058)

(143,905)

(5,153)

Foreign currency translation adjustments, net of tax

^[1]

(70,938)

(69,702)

(1,236)

Issuance of common stock (in shares)

15,000,000

2,380,952

1,371,549

Issuance of common stock

$ 281,737

$ 50,000

$ 26,576

$ 281,737

$ 50,000

$ 26,576

$ 2

$ 0

$ 281,735

$ 50,000

$ 26,576

Equity in income of equity method investees

(94)

Equity-based compensation and others (in shares)

330,293

Equity-based compensation and others

^[2]

79,472

78,374

1,098

Changes in scope of consolidation

$ (3,861)

(3,861)

Ending balance (in shares) at Dec. 31, 2024

128,587,944

Ending balance at Dec. 31, 2024

$ 1,519,881

1,472,127

$ 13

2,103,931

(124,620)

(507,197)

47,754

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(361,154)

(345,927)

(15,227)

Foreign currency translation adjustments, net of tax

^[1]

9,599

9,361

238

Equity in income of equity method investees

896

Equity-based compensation and others (in shares)

2,188,217

Equity-based compensation and others

^[2]

$ 34,510

33,995

515

Ending balance (in shares) at Dec. 31, 2025

130,776,161

Ending balance at Dec. 31, 2025

$ 1,203,732

$ 1,170,452

$ 13

$ 2,137,926

$ (114,363)

$ (853,124)

$ 33,280

$ 0

[1]

As of December 31, 2025, December 31, 2024, and December 31, 2023, the ending balance in accumulated other comprehensive loss related to foreign currency translation adjustments was $111.5 million, $120.9 million, and $51.2 million, respectively.

[2]

The Company recorded dividends of $0.3 million, $17.4 million and $0.0 million for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively, as a reduction in additional paid-in capital for stock options granted to NAVER's employees who did not provide services to the Company (See Note 1. Description of Business and Summary of Significant Accounting Policies for the definitions of the Company and NAVER).

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 8, 2026, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with a wholly owned indirect subsidiary of The Walt Disney Company (“Disney”), pursuant to which Disney purchased 2,666,757 shares of the Company’s common stock, par value $0.0001 per share (the “Shares”), representing an approximately 2% equity interest in the Company, for an aggregate purchase price of $32.8 million. The Shares were issued in a private placement in reliance on the exemption provided by Section 4(a)(2) of the Securities Act, as a transaction not involving a public offering. In connection with the Purchase Agreement, the Company has provided Disney with certain rights related to its investment in the Shares, including the ability to approve certain corporate actions that would adversely affect Disney or its affiliates and the ability to sell or otherwise transfer the Shares for the same consideration, on the same terms and subject to the same conditions as a sale or transfer made by NAVER Corporation or LY Corporation.

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Disaggregation

The following table shows revenues disaggregated by revenue stream for the years ended December 31, 2025, December 31, 2024, and December 31, 2023:


	Year Ended December 31,
	2025		2024		2023

	(in thousands of USD)
Paid Content	$	1,087,496	$	1,083,026	$	1,028,960
Advertising	164,257		166,087		145,452
IP Adaptations	130,952		99,365		108,336
Total	$	1,382,705	$	1,348,478	$	1,282,748

The following table shows disaggregation of revenue by geography for the years ended December 31, 2025, December 31, 2024, and December 31, 2023:


	Year Ended December 31,
	2025		2024		2023

			(in thousands of USD)
Korea	$	522,033	$	517,534	$	566,368
Japan	681,821		648,247		557,349
Rest of World	178,851		182,697		159,031
Total	$	1,382,705	$	1,348,478	$	1,282,748

Segment and Geographic Information - Schedule of Geographic Information (Details) - Reportable Segment - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets and operating lease right-of-use assets	$ 32,045	$ 20,431
Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets and operating lease right-of-use assets	14,131	17,465
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets and operating lease right-of-use assets	15,620	182
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets and operating lease right-of-use assets	$ 2,294	$ 2,784

Income Taxes - Schedule of Loss before Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Loss before income tax expense	$ (389,409)	$ (149,308)	$ (132,753)
U.S.
Effective Income Tax Rate Reconciliation [Line Items]
Loss before income tax expense	(9,894)	(92,622)	(26,780)
Korea
Effective Income Tax Rate Reconciliation [Line Items]
Loss before income tax expense	(106,975)	26,166	(10,850)
Other
Effective Income Tax Rate Reconciliation [Line Items]
Loss before income tax expense	$ (272,540)	$ (82,852)	$ (95,123)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Statement [Abstract]

Revenue

^[1]

$ 1,382,705

$ 1,348,478

$ 1,282,748

Cost of revenue

^[2]

(1,060,524)

(1,009,410)

(987,258)

Marketing

^[3]

(126,149)

(107,783)

(121,086)

General and administrative expenses

^[4]

(259,543)

(331,984)

(210,762)

Operating Loss

(63,511)

(100,699)

(36,358)

Interest income

19,170

15,820

3,009

Interest expense

(56)

(45)

(79)

Impairment losses on goodwill and other intangible assets, net

(336,486)

(69,743)

(63,412)

Gain (loss) on equity method investments, net

1,282

(1,123)

(12,339)

Other income (loss), net

^[5]

(9,808)

6,482

(23,574)

Loss before income tax

(389,409)

(149,308)

(132,753)

Income tax benefit (expense)

16,022

(3,604)

(12,006)

Net loss

(373,387)

(152,912)

(144,759)

Net income (loss) attributable to WEBTOON Entertainment Inc.

(345,927)

(143,905)

(116,455)

Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests

(27,460)

(9,007)

(28,304)

Other comprehensive income (loss):

Foreign currency translation adjustments, net of tax

9,792

(71,935)

(17,251)

Share of other comprehensive income (loss) of equity method investments, net of tax

896

(94)

(906)

Total other comprehensive loss, net of tax

10,688

(72,029)

(18,157)

Total comprehensive loss

(362,699)

(224,941)

(162,916)

Total comprehensive loss attributable to WEBTOON Entertainment Inc.

(335,669)

(213,704)

(134,612)

Total comprehensive loss attributable to non-controlling interests and redeemable non-controlling interests

$ (27,030)

$ (11,237)

$ (28,304)

Weighted average shares outstanding

Basic (in shares)

130,177,475

119,231,997

109,505,150

Diluted (in shares)

130,177,475

119,231,997

109,505,150

Income (loss) per share attributable to WEBTOON Entertainment Inc.

Basic (in usd per share)

$ (2.66)

$ (1.21)

$ (1.06)

Diluted (in usd per share)

$ (2.66)

$ (1.21)

$ (1.06)

[1]	Includes amounts earned from related parties of $74,297, $72,228 and $78,698 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts incurred from related parties of $111,254, $96,498 and $22,412 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts incurred from related parties of $(9,339), $(7,691) and $203 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[4]	Includes amounts incurred from related parties of $31,249, $32,478 and $30,945 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[5]	Includes amounts earned from related parties of $1,687, $3,592 and $4,761 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Non-Controlling Interest in Subsidiaries

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest [Abstract]

Non-Controlling Interest in Subsidiaries

The Company had non-controlling interests in several of its subsidiaries. The balances of non-controlling interest as of December 31, 2025, and December 31, 2024. are as follows:


	As of December 31,
	2025		2024

	(in thousands of USD)
Munpia1	$	33,160	$	46,593


Bootcamp2	120		1,161
Total	$	33,280	$	47,754

______________

1.The Munpia non-controlling interest balance excludes redeemable non-controlling interest discussed in Note 20. Redeemable Non-Controlling Interest in Subsidiary.

2.The portion of net assets in Bootcamp attributable to the LP represents a non-controlling interest (See Note 16. Related Parties and Variable Interest Entity for detail).

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 27, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Provision computed at federal statutory rate		$ (81,776)	$ (31,355)	$ (27,878)
State income taxes, net of federal effect		188	1,006	150
Difference in foreign tax rates			1,406	(6,317)
Non-deductible stock compensation			6,500	1
Foreign tax credits		(6,031)	(1,681)	(1,145)
Impairment of goodwill			13,618	13,317
Others			942	(534)
Change in valuation allowance		(363)	(7,198)	26,465
Withholding tax			7,969	5,479
Effect of changes in tax laws or rates enacted in the current period		0
Disavowed deduction addback		13,755	10,290	0
Global intangible low taxed income		2,195	3,899	0
Branch (loss) income		(14,736)	(16,834)	(13,987)
Investments in affiliates		8,169	3,993	1,784
Disallowed deduction addback		1,461	15,680	0
Other		(324)
Uncertain tax positions liability		(258)	(169)	(268)
Non-deductible interest expense			489	1,038
Disposition of LOCUS	$ 0		0	5,355
Other permanent differences			1,105	850
Other tax credits			(534)	(47)
Foreign currency translation adjustments on deferred tax			7,734	699
Taxation on foreign currency translation gains or losses			(13,256)	0
Tax audit payment			0	7,044
Total income tax expense (benefit)		$ (16,022)	$ 3,604	$ 12,006
Percent
Provision computed at federal statutory rate		21.00%
State income taxes, net of federal effect		0.00%
Foreign tax		1.50%
Change in valuation allowance		0.10%
Effect of changes in tax laws or rates enacted in the current period		0.00%
Disavowed deduction addback		(3.50%)
Global Intangible Low Taxed Income		(0.60%)
Branch (loss)/income		0.038
Investments in affiliates		(2.10%)
Disallowed deduction of covered employees compensation		(0.004)
Other		0.10%
Uncertain tax positions liability		0.10%
Income tax expense (benefit)		4.11%	(2.41%)	(9.04%)
Korea
Amount
Difference in foreign tax rates		$ (816)
Non-deductible stock compensation		5,374
Foreign tax credits		(1,701)
Impairment of goodwill		15,809
Others		$ 1,201
Percent
Difference in foreign tax rates		0.20%
Non-deductible stock compensation		(1.40%)
Foreign tax		0.40%
Impairment of goodwill		(4.10%)
Others		(0.30%)
Japan
Amount
Difference in foreign tax rates		$ 1,853
Non-deductible stock compensation		1,548
Others		717
Change in valuation allowance		(8,425)
Withholding tax		$ 8,533
Percent
Difference in foreign tax rates		(0.50%)
Non-deductible stock compensation		(0.40%)
Others		(0.20%)
Change in valuation allowance		2.20%
Withholding tax		(2.20%)
Canada
Amount
Difference in foreign tax rates		$ (1,145)
Impairment of goodwill		54,622
Others		1,189
Change in valuation allowance		$ (17,059)
Percent
Difference in foreign tax rates		0.30%
Impairment of goodwill		(14.00%)
Others		(0.30%)
Change in valuation allowance		4.40%

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company engages in leasing arrangements that primarily involve office buildings, some of which are further subleased to third parties or related parties. The Company has not entered into any arrangements that include residual value guarantees for its leases. The Company has extension options for four lease offices, with extension periods ranging from one year to five years; however, since the likelihood of extension is not reasonably certain, it is not reflected in the right-of-use assets and liabilities.

The components of lease expense for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, are as follows:


	Year Ended December 31,
	2025		2024		2023

	(in thousands of USD)
Operating lease expense1	$	9,690	$	10,446	$	11,965
Short-term lease expense	564		922		653
Total lease expense	$	10,254	$	11,368	$	12,618

Lease expense is included within General and administrative expenses of the Consolidated Statements of Operations and Comprehensive Loss.

Supplemental disclosure of cash flow information related to operating leases is as follows:


	As of December 31,
	2025		2024		2023

	(in thousands of USD)
Cash paid for amounts included in the measurement of operating lease liabilities	$	8,062	$	9,035	$	10,193
Right-of-use assets obtained in exchange for operating lease liabilities	13,533		15,070		2,806

The following table presents the weighted average remaining lease terms and discount rates as of December 31, 2025 and December 31, 2024:


	As of December 31,
	2025		2024
Weighted-average remaining lease term	3.24 years		3.56 years
Weighted-average discount rate	3.86	%	4.49	%

The aggregate future lease payments for operating lease liabilities as of December 31, 2025, are as follows:


Year	(in thousands of USD)
2026	$	10,188
2027	7,148
2028	3,612
2029	3,234
2030	734
Thereafter	691
Total future lease payments	25,607
Less: Imputed interest	(1,935)
Total	$	23,672

The Company subleases a portion of its operating lease right-of-use assets for buildings. Total other income generated from subleases is $0.3 million, $0.3 million, and $0.6 million for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively, and is included within Other income (loss), net of the Consolidated Statements of Operations and Comprehensive Loss.

Equity Method Investments - Revenues From Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Gain (loss) on equity method investments, net	$ 1,282	$ (1,123)	$ (12,339)
Equity method investments in affiliates
Schedule of Equity Method Investments [Line Items]
Gain (loss) on equity method investments, net	1,901	(342)	(11,887)
Joint venture
Schedule of Equity Method Investments [Line Items]
Gain (loss) on equity method investments, net	$ (619)	$ (781)	$ (452)

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill, net and Intangible Assets, net - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, gross	$ 768,165	$ 761,770	$ 843,298
Less: accumulated impairment losses	(431,340)	(96,495)	(64,122)
Goodwill, net	336,825	665,275	779,176
Goodwill [Roll Forward]
Goodwill net, beginning balance	665,275	779,176
Acquisition	1,398	0
Foreign currency translation adjustments	5,660	(30,564)
Disposition, net	0	(13,594)
Impairments	(335,508)	(69,743)
Goodwill net, ending balance	336,825	665,275	$ 779,176
Accumulated goodwill impairment charges	437,000	101,400
Net cumulative translation (reversal) charge	$ 5,600	$ 5,000

Related Parties and Variable Interest Entity (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Significant Related Party Transactions

The Company entered into the following significant related party transactions during the periods presented:


	Year Ended December 31,
	2025		2024		2023

	(in thousands of USD)
Revenue generated	$	74,297	$	72,228	$	78,698
Cost of revenue incurred1	111,254		96,498		22,412
Marketing expenses incurred (cost reimbursed)1	(9,339)		(7,691)		203
General and administrative expenses incurred1	31,249		32,478		30,945
Other income, net	1,687		3,592		4,761


NW Media Loan repaid	—		(3,638)		—
Loan receivable provided	—		—		11,633
Loan receivable received	(783)		(204)		—

______________

1.All expenses are net amounts including reimbursement from its related parties.

Schedule of Significant Balances Due From and Due To Related Parties

The Company had the following significant balances due from and due to related parties as of December 31, 2025 and December 31, 2024:


	As of December 31,
	2025		2024

	(in thousands of USD)
Due from related parties
Receivables	$	55,156	$	59,495
Other current assets	4,730		9,258
Other non-current assets	5,496		3,569
Loan receivables	28,417		28,503
Due to related parties
Current portion of operating lease liabilities	5,221		3,506
Long-term operating lease liabilities	5,371		9,519

Accounts payables	18,765		17,173
Accrued expenses	6,849		5,562

Other	—		3

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Ranges of Significant Unobservable Inputs Used to Value Level 3 Assets

The tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of December 31, 2025, and December 31, 2024. These ranges do not represent a range of values for any single instrument. For example, the lowest discount rate for a particular redeemable convertible preferred stock investment may be appropriate for valuing that specific debt security but may not be appropriate for valuing any other debt securities in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.

Level 3 Instruments

Amount

Valuation Techniques

Significant
Unobservable
Inputs

Range of
Significant
Unobservable
Inputs

As of December 31, 2025

Debt Securities

Redeemable Convertible Preferred Stock

46,024

Option Pricing model

Discount rate

8.25%-21.68%

Volatility

39.98%-51.46%

Total

46,024

Equity Securities

Redeemable Convertible Preferred Stock

15,000

Measurement alternative

Contribution to investment fund

642

Measurement alternative

Private equity securities

735

Measurement alternative

Convertible Preferred Stock

6,268

Option Pricing model

Discount rate

2.35%-2.94%

Volatility

51.46%-51.46%

Simple Agreement For Future Equity (SAFE)

1,000

Measurement alternative

Total

23,645

Level 3 Instruments

Amount

Valuation Techniques

Significant
Unobservable
Inputs

Range of
Significant
Unobservable
Inputs

As of December 31, 2024

Debt Securities

Redeemable Convertible Preferred Stock

48,142

Option Pricing model

Discount rate

9.01%-21.94%

Volatility

41.60%-66.30%

Total

48,142

Equity Securities

Redeemable Convertible Preferred Stock

15,000

Measurement alternative

Contribution to investment fund

506

Measurement alternative

Private equity securities

Measurement alternative

Convertible Preferred Stock

5,477

Option Pricing model

Discount rate

3.00%-16.71%

Volatility

44.96%-50.60%

Simple Agreement For Future Equity (SAFE)

1,000

Measurement alternative

Total

22,034

______________

Schedule of Company's Assets Categorized Within the Fair Value Hierarchy

The following tables present a summary of the Company’s assets categorized within the fair value hierarchy, or accounted for under the measurement alternative, as of December 31, 2025, and December 31, 2024:


	As of December 31, 2025
	(in thousands of USD)
	Level 1		Level 2		Level 3		Total
Equity Securities	$	—	$	—	$	23,645	$	23,645
Debt Securities	—		—		46,024		46,024
Total	$	—	$	—	$	69,669	$	69,669


	As of December 31, 2024
	(in thousands of USD)
	Level 1		Level 2		Level 3		Total
Equity Securities	$	2	$	—	$	22,034	$	22,036
Debt Securities	—		—		48,142		48,142
Total	$	2	$	—	$	70,176	$	70,178

Schedule of Changes in Fair Value of Level 1 and Level 3 Assets Included Debt and Equity Securities

The following table presents a summary of the changes in the carrying value of our equity securities measured using the measurement alternative for the year ended December 31, 2025, and December 31, 2024.


	2025		2024
	(in thousands of USD)
Beginning balance, January 1	$	16,557	$	16,431
Purchases	844		1,000
Disposition and Other	—		(773)
Net unrealized gain (loss)	—		—
Currency translation differences	(24)		(101)
Ending balance, December 31	$	17,377	$	16,557

The below tables present a summary of changes in fair value of Level 1 and Level 3 assets by investment type (in thousands of USD):


	Year Ended December 31, 2025
	Level 1		Level 3				Total
	Equity Securities		Equity Securities		Debt Securities		Debt & Equity Securities
Beginning balance, January 1	$	2	$	22,034	$	48,142	$	70,178
Purchases	—		846		5,955		6,801

Net unrealized gain (loss)	(2)		649		(9,252)		(8,605)


Currency translation differences	—		117		1,178		1,295
Ending balance, December 31	$	—	$	23,646	$	46,023	$	69,669


	Year Ended December 31, 2024
	Level 1		Level 3				Total
	Equity Securities		Equity Securities		Debt Securities		Debt & Equity Securities
Beginning balance, January 1	$	16,109	$	26,847	$	48,277	$	91,233
Purchases	—		1,000		—		1,000
Consolidation inclusion	—		(776)		6,522		5,746
Net unrealized gain (loss)	3,351		(949)		(81)		2,321
Sales and settlement	—		(2,713)		(19)		(2,732)
Reclassification1	(18,702)		—		—		(18,702)
Currency translation differences	(756)		(1,375)		(6,557)		(8,688)
Ending balance, December 31	$	2	$	22,034	$	48,142	$	70,178

1Relates to reclassification of Celsys, which was an equity security as of December 31, 2023, and became an equity method investee as the Company acquired the right to appoint directors during 2024.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Disposition and Business Combinations - Schedule of Disposition Transaction Accounted (Details) - USD ($) $ in Thousands	Mar. 28, 2024	Jun. 27, 2023	Dec. 31, 2025	Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value pf non-controlling interest held by other than the Company			$ 33,280	$ 47,754
Jakga Inc. \| Stock Transfer Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration received	$ 149
Carrying value pf non-controlling interest held by other than the Company	3,861
Carrying amount of net assets including goodwill, identified intangibles and deferred tax liabilities	(15,998)
Loss on disposal / sale	(2,481)
Jakga Inc. \| Stock Transfer Agreement \| Redeemable Convertible Preferred Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair value of retained redeemable convertible preferred stock of Jakga by the Company	6,432
Jakga Inc. \| Stock Transfer Agreement \| Common Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair value of retained common stock of Jakga by the Company	$ 3,075
LOCUS Inc. \| Stock Transfer Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration received		$ 4,951
Carrying value pf non-controlling interest held by other than the Company		11,132
Carrying amount of net assets including goodwill, identified intangibles and deferred tax liabilities		(30,302)
Retained non-controlling interest in LOCUS by the Company at fair value		13,436
Loss on disposal / sale		$ (783)

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Current assets:

Cash and cash equivalents

$ 581,806

$ 572,402

Receivables, net of allowance for credit losses of $3,418 and $1,049 at December 31, 2025 and December 31, 2024, respectively

^[1]

176,779

169,187

Prepaid expenses and other current assets, net

^[2]

72,647

94,783

Total current assets

831,232

836,372

Property and equipment, net

8,339

3,782

Operating lease right-of-use assets

23,705

16,649

Debt and equity securities

69,669

70,178

Intangible assets, net

157,804

180,912

Goodwill, net

336,825

665,275

Equity method investments

80,440

78,668

Deferred tax assets

22,302

17,592

Other non-current assets, net

^[3]

65,194

65,906

Total assets

1,595,510

1,935,334

Current liabilities:

Accounts payables

^[4]

136,962

127,306

Accrued expenses

^[5]

66,690

62,209

Current portion of operating lease liabilities

^[6]

9,617

6,053

Contract liabilities

89,994

85,860

Income tax payables – corporate tax

1,236

10,093

Consumption taxes payables

2,900

8,339

Provisions and defined pension benefits

8,766

11,133

Other current liabilities

2,457

2,231

Total current liabilities

318,622

313,224

Non-current liabilities:

Long-term operating lease liabilities

^[7]

14,055

11,187

Defined severance benefits

25,069

22,030

Deferred tax liabilities

5,755

30,271

Other non-current liabilities

3,737

2,161

Total liabilities

367,238

378,873

Commitments and Contingencies (Note 10)

Redeemable non-controlling interest in subsidiary

24,540

36,580

Stockholders’ equity:

Preferred stock, $0.0001 par value 100,000,000 authorized and no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

Common stock, $0.0001 par value 2,000,000,000 authorized, 130,776,161 shares and 128,587,944 shares issued and outstanding as of December 31, 2025, and December 31, 2024, respectively

Additional paid-in capital

2,137,926

2,103,931

Accumulated other comprehensive loss

(114,363)

(124,620)

Accumulated deficit

(853,124)

(507,197)

Total stockholders’ equity attributable to WEBTOON Entertainment Inc.

1,170,452

1,472,127

Non-controlling interests in consolidated subsidiaries

33,280

47,754

Total equity

1,203,732

1,519,881

Total liabilities, redeemable non-controlling interest, and equity

$ 1,595,510

$ 1,935,334

[1]	Includes amounts due from related parties of $55,156 and $59,495 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts due from related parties of $4,730 and $9,258 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts due from related parties of $33,913 and $32,072 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[4]	Includes amounts due to related parties of $18,765 and $17,173 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[5]	Includes amounts due to related parties of $6,849 and $5,562 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[6]	Includes amounts due to related parties of $5,221 and $3,506 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[7]	Includes amounts due to related parties of $5,371 and $9,519 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Debt	12 Months Ended
Debt	Dec. 31, 2025
Debt Disclosure [Abstract]
Debt	Debt Revolving Credit Facilities In October 2025, the Company entered into a new one-year revolving credit facility arrangement with Shinhan Bank Japan. During the year ended December 31, 2025, the Company extended its previous one-year revolving credit facility arrangements with Shinhan Bank, KEB Hana Bank, and Kookmin Bank. Collectively, the revolving credit facilities provide available credits of $64.0 million and $54.4 million as of December 31, 2025, and December 31, 2024, respectively. As of December 31, 2025, and December 31, 2024, the Company had not drawn any amounts from these facilities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Subparagraph (a)(3)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity Method Investments

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The Company accounts for investments using the equity method when the Company can exercise significant influence over operating and financial policies, but does not hold a controlling interest in the investee. Equity method investments as of December 31, 2025, and December 31, 2024, are as follows:


	As of December 31,
	2025		2024

	(in thousands of USD)
Equity method investments in affiliates	$	78,038	$	75,708
Joint venture	2,402		2,960
Total	$	80,440	$	78,668

The Company’s proportionate share of net income (loss) resulting from these investments is reported under the line item captioned Loss on equity method investments, net in our Consolidated Statements of Operations and Comprehensive Loss. The following tables summarize revenues for the years ended December 31, 2025, December 31, 2024, and December 31, 2023:


	2025		2024		2023

	(in thousands of USD)
Equity method investments in affiliates	$	1,901	$	(342)	$	(11,887)
Joint venture	(619)		(781)		(452)
Total	$	1,282	$	(1,123)	$	(12,339)

The carrying value of our equity method investments is reported under the line item captioned Equity method investments in the Consolidated Balance Sheets. The following table summarizes the change in the balance of the Company’s equity method investment:


	2025		2024

	(in thousands of USD)
Balance at January 1	$	78,668	$	64,222
Additions	—		9,068
Disposals	—		(5,938)
Other than temporary impairment losses	(953)		(3,566)
Valuation gain, net	2,236		2,443
Reclassification1	(1,134)		21,820
Share of other comprehensive income	896		(94)
Dividends	(725)		—
Currency translation differences	1,452		(9,287)
Balance at December 31	$	80,440	$	78,668

1In 2025, the investment in Purple Duck Co. was reclassified from an equity method investee to a subsidiary as the Company obtained control by acquiring the entire remaining equity interest. In 2024, the investment in Celsys was reclassified from an equity security to an equity method investee as the Company acquired the right to appoint directors, while the investment in Jakga was reclassified from a subsidiary to an equity method investee following a partial disposition of the Company’s interest.

Investments in affiliates and joint ventures that are accounted for under the equity method are as follows:


	2025		2024
Purple Duck Co.1	100.0	%	76.9	%
Studio Toon Corp.2	49.0	%	49.0	%
Studio White2	40.0	%	40.0	%
Jakga Company Inc.3	26.5	%	26.5	%
Namu Actors4	20.0	%	20.0	%
Celsys, Inc.5	10.4	%	10.1	%
Ylab6	9.3	%	9.3	%
No9 Inc.7	9.1	%	9.1	%

Others8	1.8% - 47.0%		1.6% - 41.5%

______________

1.In 2025, the Company obtained control of Purple Duck by acquiring the remaining equity interest, and consequently classified the investee as a subsidiary.

2.Studio Toon Corp. and Studio White are joint ventures.

3.Jakga was a subsidiary as at December 31, 2023, and became an equity method investee in 2024 as a result of a partial disposition of the Company’s investment in Jakga.

4.The Company classified Namu Actors under the equity method by acquiring more than 20% of its ownership interest in 2024.

5.In March 2024, the Company gained significant influence by obtaining the right to appoint one board member, reclassifying the investment from an equity security to the equity method even though the Company holds less than 20.0% of the voting stock.

6.The equity method is applied to the investment since the Company has the ability to exercise significant influence over the investee even though the Company holds less than 20.0% of the voting stock.

7.In December 2024, the Company made a new capital contribution and secured the right to appoint one board member, resulting in the classification of the investment under the equity method due to significant influence even though the Company holds less than 20.0% of the voting stock.

8.Individually immaterial investments are grouped as others. The equity method is applied for investees where the Company holds less than 20.0% of the voting stock, yet the Company has the ability to exercise significant influence over the investees.

Loss per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Loss per Share

For the years ended December 31, 2025, December 31, 2024, and December 31, 2023, for the purpose of calculating loss per share and as a result of the common control transaction as described in Note 1. Description of Business and Summary of Significant Accounting Policies the weighted-average number of shares used in the calculation reflects the outstanding shares of Wattpad as if the equity structure of the Parent (the accounting acquirer) was retroactively stated to reflect the number of shares issued in the Wattpad Transfer.

Basic loss per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted loss per share is computed using the weighted average number of outstanding shares of common stock and, potentially dilutive common shares outstanding during the period. Potentially dilutive common shares consist of incremental shares issuable upon the assumed exercise of stock options and vesting of RSUs. For the years ended December 31, 2025, December 31, 2024, and December 31, 2023, the Company’s Korean subsidiaries and equity method investees each had outstanding stock options that will be settled in each respective subsidiary or equity method investee’s common shares. The numerator of the Company’s loss per share includes the Parent’s proportionate share of the diluted loss per share impact of outstanding subsidiaries and equity method investees’ stock options.

The following table sets forth the computation of basic and diluted loss per share for the years ended December 31, 2025, December 31, 2024, and December 31, 2023:


	Year Ended December 31,
	2025		2024		2023

	(in thousands of USD, except share and per share data)
Basic loss per share:
Net loss attributable to WEBTOON Entertainment Inc.	$	(345,927)	$	(143,905)	$	(116,455)
Add: allocation to subsidiary/equity method investee participating security1	(207)		123		210
Net loss available to WEBTOON Entertainment Inc.	$	(346,134)	$	(143,782)	$	(116,245)
Shares used in computation:
Weighted-average common shares outstanding	130,177,475		119,231,997		109,505,150
Basic loss per share	$	(2.66)	$	(1.21)	$	(1.06)
Diluted loss per share:
Net loss available to WEBTOON Entertainment Inc.	$	(346,134)	$	(143,782)	$	(116,245)
Add: dilutive impact of subsidiary/equity method investee stock options	(8)		(9)		—
Diluted net loss available to WEBTOON Entertainment Inc.	$	(346,142)	$	(143,791)	$	(116,245)
Shares used in computation:
Weighted-average common shares outstanding	130,177,475		119,231,997		109,505,150
Diluted weighted-average common shares outstanding	130,177,475		119,231,997		109,505,150
Diluted loss per share	$	(2.66)	$	(1.21)	$	(1.06)

______________

1.Represents net loss allocable to Jakga Company Inc. (“Jakga”) redeemable convertible preferred stock which is a participating security per ASC 260. Jakga became an equity method investee from a subsidiary when it was deconsolidated on March 28, 2024 (Refer to Note 17. Disposition and Business Combinations for additional information for Jakga disposition).

The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:


	Year Ended December 31,
	2025	2024	2023
Stock options	10,577,848	10,932,250	10,883,310
Unvested RSUs	3,298,513	2,635,775	509,190
Subsidiary / equity method investee stock options	441,297	332,597	610,897
Total	14,317,658	13,900,622	12,003,397

Income Taxes - Schedule of Cash Paid for Income Taxes, Net of Refunds Received, by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 4,305
State	577
Cash Paid for income taxes, net of refunds received	24,702	$ 25,675	$ 26,644
Korea
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	10,176
Japan
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ 9,644

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The Company is subject to U.S. federal and various state corporate income taxes as well as taxes in foreign jurisdictions where foreign subsidiaries have been established.

Loss before income tax expense for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 is as follows:


	As of December 31,
	2025		2024		2023
	(in thousands of USD)
U.S.	$	(9,894)	$	(92,622)	$	(26,780)
Korea	(106,975)		26,166		(10,850)
Other	(272,540)		(82,852)		(95,123)
Loss before income tax expense	$	(389,409)	$	(149,308)	$	(132,753)

The components of income tax expense for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, consist of the following:


	As of December 31,
	2025		2024		2023
	(in thousands of USD)
Current income tax expense:
U.S. Federal	$	2,810	$	2,419	$	—
State	(575)		1,025		150
Korea	10,758		23,074		25,881
Other	208		1,790		1,816
Uncertain tax position liability (Korea)	(258)		(169)		(268)
Total current income tax expense	12,943		28,139		27,579
Deferred income tax expense:
Korea	(4,822)		(5,673)		(13,156)
Other	(24,143)		(18,862)		(2,417)
Total deferred income tax expense	(28,965)		(24,535)		(15,573)
Total income tax expense (benefit)	$	(16,022)	$	3,604	$	12,006
Effective tax rate	4.11%		(2.41)%		(9.04)%

On July 4, 2025, the United States enacted tax reform legislation through the One Big Beautiful Bill Act (the “Act”), with certain provisions of the Act effective in 2025 and other provisions becoming effective in 2026 and beyond. The provisions of the Act effective in 2025 were not material and have been reflected in our results, as applicable.

The reconciliation from the statutory federal income tax rate to our effective income tax rate, applying ASU 2023-09 prospectively, for the year ended December 31, 2025 is as follows:


	2025		%
	(in thousands of USD)
Provision computed at federal statutory rate	$	(81,776)	21.0	%
State income taxes, net of federal effect *	188		—	%
Foreign tax effects
Korea
Difference in foreign tax rates	(816)		0.2	%
Non-deductible stock compensation	5,374		(1.4)	%
Foreign tax	(1,701)		0.4	%
Impairment of goodwill5	15,809		(4.1)	%
Others	1,201		(0.3)	%

Japan
Difference in foreign tax rates	1,853		(0.5)	%
Non-deductible stock compensation	1,548		(0.4)	%
Change in valuation allowance	(8,425)		2.2	%
Withholding tax7	8,533		(2.2)	%
Others	717		(0.2)	%

Canada
Difference in foreign tax rates	(1,145)		0.3	%
Change in valuation allowance	(17,059)		4.4	%
Impairment of goodwill5	54,622		(14.0)	%
Others	1,189		(0.3)	%

Effect of changes in tax laws or rates enacted in the current period	—		—	%
Effect of cross-border tax laws
Disavowed Deduction Addback3	13,755		(3.5)	%
Global Intangible Low Taxed Income4	2,195		(0.6)	%
Branch (loss)/income1	(14,736)		3.8	%
Investments in affiliates	8,169		(2.1)	%
Tax credits
Foreign tax credits1	(6,031)		1.5	%
Changes in valuation allowances
Change in valuation allowance	(363)		0.1	%
Nontaxable or nondeductible items
Disallowed Deduction of Covered Employees Compensation2	1,461		(0.4)	%
Other	(324)		0.1	%
Changes in unrecognized tax benefits
Uncertain tax positions liability	(258)		0.1	%
Income tax expense (benefit)	$	(16,022)	4.1	%

*The state that contributes to the majority (greater than 50%) of the tax effect in this category is California for 2025.

The reconciliation from the statutory federal income tax rate to our effective income tax rate, applying ASC 740 prior to the adoption of ASU 2023-09 for the years ended December 31, 2024 and December 31, 2023 is as follows:


	2024		2023

	(in thousands of USD)
Provision computed at federal statutory rate	$	(31,355)	$	(27,878)
State income taxes, net of federal effect	1,006		150
Difference in foreign tax rates	1,406		(6,317)
Permanent differences:

Foreign tax	(1,681)		(1,145)
Branch (loss) income1	(16,834)		(13,987)
Non-deductible interest expense	489		1,038
Non-deductible stock compensation	6,500		1
Disallowed deduction of covered employee compensation2	15,680		—
Disavowed deduction addback3	10,290		—
Global intangible low taxed income4	3,899		—
Investment in subsidiaries	3,993		1,784
Impairment of goodwill5	13,618		13,317
Disposition of LOCUS6	—		5,355
Other permanent differences	1,105		850
Other tax credits	(534)		(47)
Withholding tax7	7,969		5,479
Foreign currency translation adjustments on deferred tax	7,734		699
Taxation on foreign currency translation gains or losses8	(13,256)		—
Change in valuation allowance	(7,198)		26,465
Uncertain tax positions liability	(169)		(268)
Tax audit payment9	—		7,044
Other	942		(534)
Income tax expense	$	3,604	$	12,006

______________

1.For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, a permanent difference of $(14.7) million, $(16.8) million and $(14.0) million, respectively, were included as branch (loss)/income. The branch loss of $14.7 million for the year ended December 31, 2025, represents the tax effect on $70.2 million of accounting loss and $6.0 million of foreign tax credits generated by NAVER WEBTOON. The branch loss of $16.8 million for the year ended December 31, 2024, represents the tax effect on $20.7 million of accounting income and $21.2 million of foreign tax credits generated by NAVER WEBTOON. The branch loss of $14.0 million for the year ended December 31, 2023, represents the tax effect on $4.6 million of accounting loss and $13.0 million of foreign tax credits generated by NAVER WEBTOON. The foreign tax credits include income taxes paid in Korea and withholding taxes paid in various countries by NAVER WEBTOON, which are adjusted for the effect of changes in foreign tax credits in connection with the future reversal of the deferred taxes recorded under the Korean tax laws.

2.Internal Revenue Code (“IRC”) Section 162(m) limits the deductible compensation paid to covered employees of publicly traded companies, which includes the CEO and CFO, to $1 million per covered employee per year. The Company has disallowed total cash and equity compensation of $7.0 million for the year ended December 31, 2025. The Company has disallowed total cash and equity compensation of $74.7 million for the year ended December 31, 2024.

3.IRC Section 59A levies a tax on certain qualifying large corporations that have deductions with respect to amounts paid or accrued to foreign related parties that are 3% or more of their total deductions (“base erosion percentage”). A taxpayer may elect to waive such deductions to reduce their base erosion percentage below the 3% threshold. For the year ended December 31, 2025, the Company has waived approximately $65.5 million of deductions. For the year ended December 31, 2024, the Company has waived approximately $49.0 million of deductions.

4.IRC Section 951A requires a U.S. taxpayer to include income from its Controlled Foreign Corporations (“CFCs”) as Global Intangible Low Tax Income (“GILTI”) in computing U.S. taxable income. The section allows for a special deduction up to 50% of the income inclusion. The Company has GILTI inclusion of $10.5 million net of deductions for the year ended December 31, 2025. The Company has GILTI inclusion of $18.6 million net of deductions for the year ended December 31, 2024.

5.The Company recognized impairment loss on goodwill of $257.2 million, $74.0 million, $2.9 million, and $1.4 million for Wattpad, Munpia, WWS and Purple Duck, respectively, for the year ended December 31, 2025. In 2025, the impairment loss was recognized as the carrying value of each reporting unit exceeded the fair value of the respective reporting unit. None of the goodwill generated from business combinations structured as a

sale/purchase of stock was tax deductible and thus, the impairment of goodwill for book purpose for Wattpad, Munpia, WWS, and Purple Duck have been added back as permanent difference.

The Company recognized impairment loss on goodwill for Wattpad, Munpia, and WWS of $46.7 million, $20.3 million, and $2.7 million respectively, for the year ended December 31, 2024. The Company recognized impairment loss on goodwill for WWS, Munpia, and Jakga of $6.1 million, $25.6 million, and $31.7 million, respectively, for the year ended December 31, 2023. The impairment loss was recognized as the carrying value of each reporting unit exceeded the fair value of the respective reporting unit. None of the goodwill generated from business combinations structured as a sale/purchase of stock was tax deductible and thus, the impairment of goodwill for book purpose for Wattpad, WWS, Munpia, and Jakga has been added back as permanent difference.

6.On June 27, 2023, the Company sold part of its voting interest in LOCUS, decreasing its ownership to 39.2%. This resulted in the deconsolidation of LOCUS and its subsidiaries. $5.4 million of net DTA of LOCUS was removed upon deconsolidation. Since LOCUS had recorded a full valuation allowance, there was a change in the valuation allowance of $(5.4) million upon deconsolidation and no tax expense or benefit was recognized upon deconsolidation.

7.NAVER WEBTOON has received royalty income from various foreign entities and has paid withholding taxes on such income.

8.On December 11, 2024, the US Treasury and IRS released final regulations under IRC Section 987 and related rules, which are effective on December 10, 2024, and generally apply to taxable years beginning after December 31, 2024. For the year-ended December 31, 2024, NAVER WEBTOON is the only Section 987 qualified business unit (“QBU”) of the Company whose functional currency is non-USD. The Company has calculated pre-transition loss of $63.1 million based on the rules prescribed in the final regulations.

9.In December 2022, the Korean National Tax Service (“KNTS”) initiated a regular tax audit for NAVER WEBTOON covering tax years 2020 and 2021. The tax assessment primarily relates to the disallowance of losses on a disposition of the Parent’s shares in 2020. The assessment also includes a deemed distribution from a disproportionate capital increase of its investment in an affiliate and the disallowance of research and development credits. NAVER WEBTOON did not appeal the assessment result and settled the tax payment in May 2023.

Deferred tax assets (liabilities) as of December 31, 2025, and December 31, 2024, consist of the following:


	2025		2024

	(in thousands of USD)
Deferred tax assets:
Stock compensation	$	6,252	$	4,991
Accrued expenses	10,313		9,701
Operating lease liabilities	8,073		5,253
Property and equipment	4,754		47
Intangible assets	4,388		7,565
Foreign currency translation	1,705		—
Valuation of investment	11,641		9,307
Provision for retirement benefits	6,285		6,437
Bad debt allowance	5,455		3,266
Unearned revenue	14,309		10,792
Taxation on foreign currency translation gains or losses	11,975		13,830
Capitalization of specified research	10,942		7,392
Net operating loss carry-forwards	53,036		62,360
Tax credits	13,245		24,940
Others	1,931		662
Subtotal deferred tax assets	164,304		166,543
Less: Valuation allowance	(100,833)		(125,648)
Total deferred tax assets	$	63,471	$	40,895
Deferred tax liabilities:
Operating lease right -of-use assets	(6,406)		(4,459)
Foreign currency translation	—		(1,805)
Deferred gain on restructuring	—		(322)
Intangible assets	(40,520)		(46,988)
Total deferred tax liabilities	(46,926)		(53,574)
Net deferred tax assets (liabilities)	$	16,545	$	(12,679)

Cash paid for income taxes, net of refunds received, by jurisdiction for the year ended December 31, 2025, is as follows (in thousands):


	As of December 31,
	2025
	(in thousands of USD)
Federal	4,305
State	577
Foreign
Korea	10,176
Japan	9,644
Cash Paid for income taxes, net of refunds received	$	24,702

The amount of cash income taxes paid by the Company during the years ended December 31, 2024, and December 31, 2023, was $25,675 and $26,644, respectively.

Changes in the valuation allowance for deferred tax assets for the years ended December 31, 2025, December 31, 2024 and December 31, 2023 are as follows:


	2025		2024		2023

	(in thousands of USD)
Beginning balance	$	125,648	$	131,524	$	105,345
Disposition of LOCUS	—		—		(5,355)
Changes to existing valuation allowances	(25,473)		5,167		32,246
Valuation allowance release	—		(16,987)		—
Taxation on foreign currency translation gains or losses	—		13,830		—
Translation adjustments	650		(7,886)		(712)
Rate Change	8		—		—
Valuation allowance, balance at the ending	$	100,833	$	125,648	$	131,524

As of December 31, 2025, December 31, 2024, and December 31, 2023, the Company recorded a valuation allowance of $100.8 million, $125.6 million and $131.5 million, respectively, on its deferred tax assets related to temporary differences, taxation on foreign currency translation gains or losses, NOL carry-forwards and foreign tax credits. The changes to existing valuation allowances for the year ended December 31, 2025 were primarily attributable to the utilization of foreign tax credits and net operating losses.

The changes to existing valuation allowances for the year ended December 31, 2024 were primarily attributable to the release of valuation allowance due to the LDF-eBIJ merger.

The changes to existing valuation allowances for the year ended December 31, 2023 were primarily attributable to the increase in outside basis differences of investments at the Company level and NOLs incurred by the Canadian and Japanese subsidiaries for which the Company has recorded a full valuation allowance and a valuation allowance release of $5.4 million from the deconsolidation of LOCUS.

The Company makes an ongoing assessment of our deferred tax assets for recoverability considering historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences, expiration of foreign tax credit and NOL carry-forwards and tax planning strategies. The Company will continue to evaluate the ability to realize our net deferred tax assets on an ongoing basis to identify whether any significant changes in circumstances or assumptions have occurred that could materially affect the ability to realize deferred tax assets.

Net operating loss carryforwards as of December 31, 2025 and December 31, 2024 follows:


	2025		2024

	(in thousands of USD)
Net operating loss carry-forwards	$	182,722	$	208,021

As of December 31, 2025, the Company had $182.7 million of NOL carry-forwards, which $17.9 million, $76.5 million and $88.3 million are associated with the Company’s Korean, Japanese and Canadian subsidiaries, respectively. NOLs from our Japanese subsidiary begin to expire from 2032 through 2034 and NOLs from Canadian subsidiaries begin to expire from 2039 through 2045. The remaining NOLs related its Korean subsidiaries which expire at various years from 2036 through 2041. The Company has U.S. foreign tax credit carry-forwards of approximately $27.8 million as of December 31, 2025, which begin to expire from 2032 through 2034.

As of December 31, 2024, the Company had $208.0 million of NOL carry-forwards available to offset future taxable income, of which $18.8 million, $103.4 million and $85.4 million are associated with the Company’s Korean, Japanese and Canadian subsidiaries, respectively.

The material filing jurisdictions are the U.S. and Korea. The Company and its subsidiaries are subject to examinations by tax authorities of these jurisdictions for all open tax years. The open tax years for the company’s major tax jurisdictions are 2022 through 2025 for the U.S. and 2020 through 2025 for Korea.

The Company is currently under examination by local taxing authorities in the United States and in Canada. The Company has not identified additional uncertain tax positions during the audits. We continue to monitor the progress of ongoing discussions with tax authorities.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Revenue - Additional Information (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Disaggregation of Revenue [Line Items]

Revenue

^[1]

$ 1,382,705

$ 1,348,478

$ 1,282,748

Customer liability revenue recognized during the period

81,600

70,400

66,300

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01

Disaggregation of Revenue [Line Items]

Revenue remaining performance obligation

$ 76,700

Revenue remaining performance obligation expected

1 year

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01

Disaggregation of Revenue [Line Items]

Revenue remaining performance obligation

$ 85,900

Revenue remaining performance obligation expected

1 year

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01

Disaggregation of Revenue [Line Items]

Revenue remaining performance obligation

$ 90,000

Revenue remaining performance obligation expected

1 year

Paid Content

Disaggregation of Revenue [Line Items]

Revenue

$ 1,087,496

$ 1,083,026

$ 1,028,960

Paid Content | Physical Book Sales Through Platform

Disaggregation of Revenue [Line Items]

Revenue

11,200

10,900

7,500

IP Adaptations

Disaggregation of Revenue [Line Items]

Revenue

130,952

99,365

108,336

IP Adaptations | Licensing Agreements

Disaggregation of Revenue [Line Items]

Revenue

13,600

12,900

11,500

IP Adaptations | Merchandise Sales

Disaggregation of Revenue [Line Items]

Revenue

$ 5,700

$ 15,100

$ 14,000

[1]	Includes amounts earned from related parties of $74,297, $72,228 and $78,698 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Property and Equipment, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consists of the following:


		As of December 31,
	Estimated Useful Lives (in years)	2025		2024

		(in thousands of USD)
Land	Indefinite	$	110	$	108
Buildings	40	174		170
Equipment	3-5	13,775		10,457
Leasehold improvements	Lesser of lease term or useful life	3,280		652
Construction in progress		295		82
Property and equipment		17,634		11,469
Less: Accumulated depreciation		(9,295)		(7,687)
Property and equipment, net		$	8,339	$	3,782

Depreciation expenses on property and equipment were $2.1 million, $3.4 million and $3.8 million for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively and were recorded within General and administrative expenses.

Leases - Schedule of Supplemental Cash Flow Information Related To Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 8,062	$ 9,035	$ 10,193
Right-of-use assets obtained in exchange for operating lease liabilities	$ 13,533	$ 15,070	$ 2,806

Non-Controlling Interest in Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest [Abstract]

Schedule Of Balances Of Non-controlling Interest

The Company had non-controlling interests in several of its subsidiaries. The balances of non-controlling interest as of December 31, 2025, and December 31, 2024. are as follows:


	As of December 31,
	2025		2024

	(in thousands of USD)
Munpia1	$	33,160	$	46,593


Bootcamp2	120		1,161
Total	$	33,280	$	47,754

______________

1.The Munpia non-controlling interest balance excludes redeemable non-controlling interest discussed in Note 20. Redeemable Non-Controlling Interest in Subsidiary.

2.The portion of net assets in Bootcamp attributable to the LP represents a non-controlling interest (See Note 16. Related Parties and Variable Interest Entity for detail).

Goodwill, net and Intangible Assets, net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, net and Intangible Assets, net

Intangible assets, net as of December 31, 2025 and December 31, 2024 consist of the following:


	As of December 31, 2025
	Estimated Useful Lives (in years)	Gross amount		Accumulated Amortization		Impairment		Carrying amount

	(in thousands of USD)
Intangible assets with definite lives:
Brand	15	$	133,164	$	(36,354)	$	—	$	96,810
Intellectual property rights	4-14	120,165		(66,481)		(978)		52,706
Software	5	55,120		(47,484)		—		7,636
Trademarks, copyrights, and patents	4.32-15	98		(57)		—		41
Intangible assets with indefinite lives:								—
Intellectual property rights	Indefinite	346		—		—		346
Membership	Indefinite	265		—		—		265
Total intangible assets		$	309,158	$	(150,376)	$	(978)	$	157,804


	As of December 31, 2024
	Estimated Useful Lives (in years)	Gross amount		Accumulated Amortization		Carrying amount

	(in thousands of USD)
Intangible assets with definite lives:
Brand	15	$	133,837	$	(27,565)	$	106,272
Intellectual property rights	4-14	109,552		(50,270)		59,282
Software	5	41,290		(26,576)		14,714
Trademarks, copyrights, and patents	4.32-15	80		(41)		39
Intangible assets with indefinite lives:
Intellectual property rights	Indefinite	346		—		346
Membership	Indefinite	259		—		259
Total intangible assets		$	285,364	$	(104,452)	$	180,912

Intangible assets, other than goodwill, are initially recognized at cost and stated net of accumulated amortization. The amortization expense is recorded in General and administrative expenses or Cost of revenue in our Consolidated Statements of Operations and Comprehensive Loss, depending upon the nature of activities. Brands, software, trademarks, copyrights and patents are amortized on a straight-line basis over their estimated useful lives. Intellectual property rights consist of exclusive rights under contracts, customer relationships, and publishing rights. Intellectual property rights with definite lives are amortized over their economic useful lives or the period over which we have exclusive and unrestricted rights to the content under the contract on a straight-line basis, while intellectual property rights with perpetual exclusive rights are treated as indefinite-lived assets.

Amortization expense for intangible assets for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, was $33.3 million, $36.7 million, and $34.5 million, respectively, which included the accelerated amortization expense for abandoned intellectual property rights of $1.6 million, $3.9 million, and $2.5 million, respectively.

Intangible assets, other than goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. During the fourth quarter of 2025, based on management’s updated cash flow forecasts, management determined that the carrying amount of the Bootcamp video production assets was no longer recoverable as no further revenues or cost recoveries are anticipated from the project. As a result, the Company recognized an impairment charge of $1.0 million for the year ended December 31, 2025, in Impairment losses on goodwill and other intangible assets in the Consolidated Statements of Operations and Comprehensive Loss, representing a full write-off of the remaining carrying balance. There were no impairments of intangible assets, other than goodwill, during the years ended December 31, 2024, or December 31, 2023.

Intangible asset amortization expenses for the following five years are expected to be as follows:


Years Ended December 31,	(in thousands of USD)
2026	$	31,826
2027	17,058
2028	12,982
2029	12,980
2030	12,980
Thereafter	70,346
Total intangible assets, net	$	158,172

The changes in the carrying amount of goodwill for the years ended December 31, 2025, and December 31, 2024 are as follows:


	2025		2024

	(in thousands of USD)
Goodwill at January 1	$	761,770	$	843,298
Less: accumulated impairment losses	(96,495)		(64,122)
Goodwill, net at January 1	$	665,275	$	779,176

Goodwill Activity:
Acquisition	1,398		—
Foreign currency translation adjustments	5,660		(30,564)
Disposition, net	—		(13,594)
Impairments	(335,508)		(69,743)
Goodwill, net at December 31	$	336,825	$	665,275
Goodwill at December 31	$	768,165	$	761,770
Less: accumulated impairment losses*	(431,340)		(96,495)
Goodwill, net at December 31	$	336,825	$	665,275

______________

(*)Accumulated impairment losses include $437.0 million and $101.4 million of impairment charges for the years ended December 31, 2025, and December 31, 2024, respectively. Additionally, cumulative translation adjustments (“CTA”) resulted in a net reversal of $5.6 million and $5.0 million for the year ended December 31, 2025, and December 31, 2024, respectively.

During 2025, the Company acquired a controlling interest in Purple Duck through a business combination achieved in stages, and recognized goodwill of $1.4 million. During 2024, the Company deconsolidated its reporting unit Jakga, which resulted in the Company derecognizing goodwill, net in the amount of $13.6 million, which consisted of goodwill of $44.3 million and accumulated impairment of $30.7 million. (see Note 17. Disposition and Business Combinations, for more information on these transactions).

For the years ended December 31, 2025, and December 31, 2024, the Company elected to bypass a qualitative assessment and performed a quantitative assessment to fulfill its annual goodwill impairment testing requirements under U.S. GAAP. The fair value of each reporting unit as of October 1, 2025, and October 1, 2024, respectively, was estimated using a discounted cash flow method with significant Level 3 inputs such as projected future cash flows, discount rate and terminal growth rate. The carrying values were based on each respective reporting unit’s net asset balance as of October 1, 2025, and October 1, 2024, respectively, and included directly attributable assets and liabilities, including goodwill.

The Company recognized impairment loss on goodwill for Wattpad, Munpia, Wattpad WEBTOON Studios Corp. (“WWS”), and Purple Duck of $257.2 million, $74.0 million, $2.9 million and $1.4 million respectively, for the year ended December 31, 2025, as the carrying value of each reporting unit exceeded the fair value of the respective reporting unit.

For Wattpad, the impairment charge was primarily driven by a downward revision in projected operating results, which led to a lowered outlook for 2026 and beyond. This adjustment resulted from challenges in the advertising business, where delays in key strategic initiatives, such as the migration to the advertising platform, caused by organizational restructuring in the North American advertising division, along with the loss of sales personnel, led to a shortfall in advertising revenue. Additionally, user metrics declined due to a sustained decrease in Monthly Active Users (MAU) and traffic from prolonged service bans in Russia and Turkey, combined with technical issues affecting search engine functionality, which collectively resulted in lower ad impressions and slower growth in paid content revenue.

For Munpia, while recent standalone operating performance remains stable, the Company recalibrated its long term forecast to reflect a lower than expected realization of synergies from IP expansion. Recent financial analysis indicated that the conversion of webnovels into secondary content and the subsequent increase in distribution revenue were slower than initially anticipated. This structural realignment resulted in a reduction in projected business scale, which in turn increased the discount rate applied in the valuation due to a higher size premium.

For WWS, business strategy shifted from drama and movie production to providing scripts or rights utilizing Webtoon IP to clients, such as drama and movie production companies, leading to a significant reduction in projected future cash flows.

In the case of Purple Duck, lower than expected operating profits and cash flows contributed to the impairment of the reporting unit.

The Company recognized impairment loss on goodwill for Wattpad, Munpia, and WWS of $46.7 million, $20.3 million, and $2.7 million respectively, for the year ended December 31, 2024, as the carrying value of each reporting unit exceeded the fair value of the respective reporting unit. For Wattpad, strategic shifts toward an ad-based revenue model had not yet yielded significant revenue improvement, resulting in delayed profitability enhancement which contributed to the impairment of the reporting unit. For Munpia, structural changes in operations, workforce reduction, and project delays resulted in the underperformance in revenue growth which contributed to the impairment of the reporting unit. In the case of WWS, lower than expected operating profits and cash flows contributed to the impairment of the reporting unit.

The company recognized impairment loss on goodwill for WWS, Munpia, and Jakga of $6.1 million, $25.6 million, and $31.7 million, respectively, for the year ended December 31, 2023, as the carrying value of each reporting unit exceeded the fair value of the respective reporting unit. For WWS, the delay in web-novel video production resulted in lower operating profits and cash flows than expected, leading to the impairment of the reporting unit. As for Munpia, operating profits and cash flows were lower than anticipated due to a delay in realizing synergies and returns from investments in content creation and IP Adaptations which were initiated as a vertical expansion from Munpia’s platform business, leading to the impairment of the reporting unit. In the case of Jakga, the postponement of releases for major works led to operating profits and cash flows that were lower than anticipated, leading to the impairment of the reporting unit.

Making estimates requires significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the Consolidated Financial Statements could change in the near term due to one or more future events. Changes in these estimates and assumptions could materially affect the fair value of the reporting units, potentially resulting in a non-cash impairment charge.

Retirement Benefits - Schedule of Changes in Defined Severance Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Beginning balance, January 1	$ 23,031	$ 24,316
Current service costs	4,983	6,532	$ 8,026
Interest expense	1,081	1,279	1,509
Actuarial gain	(480)	(4,086)
Payments from plans	(1,955)	(1,026)
Transfer in/(out)	(863)	70
Cumulative effects of foreign currency translation	467	(4,054)
Ending balance, December 31	26,264	23,031	24,316
Liability, Defined Benefit Plan [Abstract]
Total	26,264	23,031	$ 24,316
Current	1,195	1,001
Non-current	$ 25,069	$ 22,030

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The table below summarizes the Company’s stock option activity:


(in thousands of USD, except unit price)	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Balance as of January 1, 2024	10,883,310	$	14.18	5.8	$	75,758
Granted	241,920	22.45
Forfeited	(125,490)	16.67
Exercised	(67,489)	11.05			252
Balance as of December 31, 2024	10,932,251	$	14.36	4.9	$	19,163
Options vested and expected to vest as of December 31, 2024	10,790,203	14.27		4.3	19,163
Options exercisable as of December 31, 2024	8,381,081	11.45		4.1	19,163

Balance as of January 1, 2025	10,932,251	$	14.36	4.9	$	19,163
Granted	—	—
Forfeited	(241,501)	17.48			56
Exercised	(112,902)	11.75			648
Balance as of December 31, 2025	10,577,848	$	14.31	3.7	$	14,372
Options vested and expected to vest as of December 31, 2025	10,558,530	$	14.30	3.7	14,372
Options exercisable as of December 31, 2025	8,896,348	$	12.96	3.2	14,372

Schedule of Assumptions Used to Estimate Fair Value of Awards

The fair value of the Company’s stock options was estimated using a Black-Scholes option pricing model on the grant date based on the following assumptions:


	2024	2023
Weighted-average expected term	5.5 years	4.9 years
Weighted-average expected volatility	34.60%	34.15%
Expected dividend yield	—	—
Risk-free interest rate	3.85%-4.52%	4.15%-4.62%
Weighted-average grant-date fair value	$9.04	$7.94

Schedule of RSU Activity

The table below summarizes the Company’s RSU activity:


(in USD per unit)	Number of RSUs	Weighted Average Grant-Date Fair Value
Balance as of January 1, 2024	509,192	$	20.34
Granted	2,783,197	22.06
Forfeited	(149,769)	22.50
Released	(506,845)	20.53
Balance as of December 31, 2024	2,635,775	$	22.00

Balance as of January 1, 2025	2,635,775	$	22.00
Granted	3,248,089	9.08
Forfeited	(177,535)	10.73
Released	(2,407,816)	16.77
Balance as of December 31, 2025	3,298,513	$	13.69

Schedule of Compensation Expenses for All Stock-Based Payment Arrangements

A summary of compensation expenses for all stock-based payment arrangements recognized in Cost of revenue, Marketing and General and administrative expense on our Consolidated Statements of Operations and Comprehensive Loss is as follows:


	Year Ended December 31,
	2025		2024		2023

	(in thousands of USD)
Cost of revenue	$	9,472	$	10,561	$	1,196
Marketing	1,574		1,575		444
General and administrative expenses	30,861		75,243		6,705
Total	$	41,907	$	87,379	$	8,345

Schedule of Phantom Unit Activity

The following table summarizes the Company's Phantom Unit activity for the year ended December 31, 2025:


	Number of Phantom Units	Weighted Average Grant-Date Fair Value
Balance as of January 1, 2025	—	$	—
Granted	557,180	9.04
Forfeited	(21,399)	9.04
Vested	(207,033)	9.04
Balance as of December 31, 2025	328,748	$	9.04

Debt (Details) - Revolving Credit Facility - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Line of Credit Facility [Line Items]
Initial term of credit facility	1 year
Collective availability under the credit facilities		$ 64.0	$ 54.4
Outstanding amount drawn on the credit facilities		$ 0.0	$ 0.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Condensed Financial Information of Parent - Schedule of Condensed Statement of Operations and Comprehensive Loss (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Condensed Statement of Income Captions [Line Items]

Revenue

^[1]

$ 1,382,705

$ 1,348,478

$ 1,282,748

Cost of revenue

^[2]

(1,060,524)

(1,009,410)

(987,258)

Marketing

^[3]

(126,149)

(107,783)

(121,086)

General and administrative expenses

^[4]

(259,543)

(331,984)

(210,762)

Operating Loss

(63,511)

(100,699)

(36,358)

Interest income

19,170

15,820

3,009

Gain (loss) on equity method investments, net

1,282

(1,123)

(12,339)

Other income (loss), net

^[5]

(9,808)

6,482

(23,574)

Loss before income tax

(389,409)

(149,308)

(132,753)

Income tax benefit (expense)

16,022

(3,604)

(12,006)

Net loss

(373,387)

(152,912)

(144,759)

Other comprehensive income (loss):

Share of other comprehensive income (loss) of equity method investments, net of tax

896

(94)

(906)

Total other comprehensive loss, net of tax

10,688

(72,029)

(18,157)

Total comprehensive loss

(362,699)

(224,941)

(162,916)

Parent

Condensed Statement of Income Captions [Line Items]

Revenue

50,320

38,836

73,922

Cost of revenue

(18,554)

(33,737)

(60,478)

Marketing

(240)

(2,761)

(16,760)

General and administrative expenses

(61,572)

(145,667)

(26,226)

Operating Loss

(30,046)

(143,329)

(29,542)

Interest income

18,256

14,326

3,513

Gain (loss) on equity method investments, net

(333,972)

(13,933)

(89,524)

Other income (loss), net

1,959

2,476

(752)

Loss before income tax

(343,803)

(140,460)

(116,305)

Income tax benefit (expense)

(2,124)

(3,445)

(150)

Net loss

(345,927)

(143,905)

(116,455)

Other comprehensive income (loss):

Share of other comprehensive income (loss) of equity method investments, net of tax

10,260

(69,796)

(18,157)

Total other comprehensive loss, net of tax

10,260

(69,796)

(18,157)

Total comprehensive loss

$ (335,667)

$ (213,701)

$ (134,612)

[1]	Includes amounts earned from related parties of $74,297, $72,228 and $78,698 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts incurred from related parties of $111,254, $96,498 and $22,412 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts incurred from related parties of $(9,339), $(7,691) and $203 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[4]	Includes amounts incurred from related parties of $31,249, $32,478 and $30,945 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[5]	Includes amounts earned from related parties of $1,687, $3,592 and $4,761 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Commitment and Contingencies	12 Months Ended
Commitment and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies The Company records a loss contingency, consistent with ASC 450, when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company also discloses material contingencies when it believes a loss is not probable but reasonably possible. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. Legal Proceedings The Company is involved in a number of claims pending with various courts, or otherwise unresolved as of December 31, 2025 and December 31, 2024. Adverse results in these claims may include awards of damages and may also result in, or even compel a change in the Company’s business practices, which could materially impact the Company’s future financial results. The Company cannot determine the potential loss or a range of possible losses for cases in their initial stages or where there is an unclear and inconsistent interpretation of laws related to the industry-specific grievances across various jurisdictions. Though the outcome of pending lawsuits and claims cannot be anticipated with certainty, the Company does not expect adverse results from its pending lawsuits and claims, as of December 31, 2025, and December 31, 2024. The timing and outcome of ongoing legal proceedings are uncertain by nature. Therefore, while management deems the chance of a significant loss for all pending claims, whether asserted or unasserted, to be remote, the resolution of one or more of these legal matters against the Company during the same reporting period in excess of management’s projections could negatively impact the Company’s Consolidated Financial Statements for that reporting period. Securities Litigation On September 5, 2024, a purported stockholder filed a putative class action lawsuit against the Company, its directors, and the underwriters of the IPO in the federal court for the Central District of California, purportedly on behalf of all purchasers of shares of the Company’s common stock pursuant or traceable to the IPO Prospectus and the Company’s Registration Statement on Form S-1 (File No. 333-279863) relating to the IPO (the “Registration Statement”). The complaint alleges that the Registration Statement was materially false and misleading in violation of Sections 11 and 15 of the Securities Act of 1933 (the “Securities Act”). On October 10, 2024, the court ordered that the defendants are not required to answer or otherwise respond to the complaint, deferring any response until after the court rules on any motion by a purported class member to serve as lead plaintiff. On December 12, 2024, the court appointed a lead plaintiff and lead counsel. On February 3, 2025, the lead plaintiff filed an amended complaint, and on March 4, 2025, the Company, its directors, and the underwriters of the IPO moved to dismiss the amended complaint. On November 14, 2025, the court denied the motion to dismiss. On November 14, 2025, the court issued an order granting in part and deny in part the motion to dismiss. On December 2, 2025, the court issued an amended order granting in part and denying in part the motion to dismiss. On January 9, 2026, the WEBTOON defendants and underwriter defendants filed answers to the operative complaint. The Company intends to defend this case vigorously. At this early state of the proceedings, the Company can neither predict the ultimate outcome of the litigation nor estimate any range of possible losses. On November 15, 2024, a purported stockholder filed a shareholder derivative lawsuit against the Company’s directors, naming the Company as a nominal defendant, in the federal court for the Central District of California. The complaint focuses on the same allegations as the putative securities class action described above, including that the Company’s Registration Statement was materially false or misleading. The complaint includes claims for violations of Section 14 (a) of the Exchange Act, breach of fiduciary duties, and unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and contribution under Section 11(f) of the Securities Act, and the Section 31D of the Exchange Act of 1934. On January 13, 2025, by stipulation of the parties, the court ordered the shareholder derivative lawsuit stayed pending resolution of the Company’s motion to dismiss in the putative securities class action. On December 9, 2025, by stipulation of the parties, the court ordered the shareholder derivative lawsuit stayed until the court in the putative securities class action holds a scheduling conference and issues a scheduling order. At this early stage of the proceedings, the Company can neither predict the ultimate outcome of the litigation nor estimate any range of possible losses.

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Note 1. Description of Business and Summary of Significant Accounting Policies should be read in conjunction with the information outlined below.

The table below presents the valuation techniques and the nature of significant inputs generally used in determining the fair value of Level 3 Instruments.


Level 3 Instruments						Valuation Techniques and Significant Inputs
Debt and Equity Securities						Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available (i) Transactions in similar instruments; (ii) discounted cash flow techniques; (iii) third party appraisals; (iv) binomial option pricing models; and (v) industry multiples and public comparables.

						Evidence of value in investees includes recent or pending reorganizations (for example, merger proposals, tender offers and debt restructurings) and significant changes in financial metrics, including (i) current financial performance as compared to projected performance; (ii) capitalization rates and multiples; and (iii) market yields implied by transactions of similar or related assets.

Level 3 Instruments

Amount

Valuation Techniques

Significant
Unobservable
Inputs

Range of
Significant
Unobservable
Inputs

As of December 31, 2025

Debt Securities

Redeemable Convertible Preferred Stock

46,024

Option Pricing model

Discount rate

8.25%-21.68%

Volatility

39.98%-51.46%

Total

46,024

Equity Securities

Redeemable Convertible Preferred Stock

15,000

Measurement alternative

Contribution to investment fund

642

Measurement alternative

Private equity securities

735

Measurement alternative

Convertible Preferred Stock

6,268

Option Pricing model

Discount rate

2.35%-2.94%

Volatility

51.46%-51.46%

Simple Agreement For Future Equity (SAFE)

1,000

Measurement alternative

Total

23,645

Level 3 Instruments

Amount

Valuation Techniques

Significant
Unobservable
Inputs

Range of
Significant
Unobservable
Inputs

As of December 31, 2024

Debt Securities

Redeemable Convertible Preferred Stock

48,142

Option Pricing model

Discount rate

9.01%-21.94%

Volatility

41.60%-66.30%

Total

48,142

Equity Securities

Redeemable Convertible Preferred Stock

15,000

Measurement alternative

Contribution to investment fund

506

Measurement alternative

Private equity securities

Measurement alternative

Convertible Preferred Stock

5,477

Option Pricing model

Discount rate

3.00%-16.71%

Volatility

44.96%-50.60%

Simple Agreement For Future Equity (SAFE)

1,000

Measurement alternative

Total

22,034

______________

As noted above, the binomial optional pricing model was used in the determination of fair value of Level 3 assets as of December 31, 2025, and December 31, 2024. The significant unobservable inputs used in the binomial option pricing model are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates or market yields is risk of default, rating of the investment, call provisions and comparable company investments.


	As of December 31, 2025
	(in thousands of USD)
	Level 1		Level 2		Level 3		Total
Equity Securities	$	—	$	—	$	23,645	$	23,645
Debt Securities	—		—		46,024		46,024
Total	$	—	$	—	$	69,669	$	69,669


	As of December 31, 2024
	(in thousands of USD)
	Level 1		Level 2		Level 3		Total
Equity Securities	$	2	$	—	$	22,034	$	22,036
Debt Securities	—		—		48,142		48,142
Total	$	2	$	—	$	70,176	$	70,178

The Level 1 equity securities relate to a contribution to investments in public equity securities that have readily determinable fair values.

The Level 3 equity securities relate to the Company’s investments in privately held companies through the purchase of convertible preferred stock, private equity securities, Simple Agreement For Future Equity (SAFE), contribution to investment fund and redeemable convertible preferred stock. For these equity securities, the Company does not have the ability to exercise significant influence on the investee, and therefore accounts for them as equity securities under ASC Topic 321, Investments in Equity Securities.

The Level 3 debt securities relate to the Company’s investments in privately held companies through the purchase of redeemable convertible preferred stock that meet the definition of a debt security.

The Level 3 equity securities include non-marketable equity investments without readily determinable fair values. The company has elected to account for these investments using the measurement alternative, under which the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. For the year ended December 31, 2025, there were no upward or downward adjustments resulting from observable price changes, and no impairment losses were identified or recognized for these investments.


	2025		2024
	(in thousands of USD)
Beginning balance, January 1	$	16,557	$	16,431
Purchases	844		1,000
Disposition and Other	—		(773)
Net unrealized gain (loss)	—		—
Currency translation differences	(24)		(101)
Ending balance, December 31	$	17,377	$	16,557

The below tables present a summary of changes in fair value of Level 1 and Level 3 assets by investment type (in thousands of USD):


	Year Ended December 31, 2025
	Level 1		Level 3				Total
	Equity Securities		Equity Securities		Debt Securities		Debt & Equity Securities
Beginning balance, January 1	$	2	$	22,034	$	48,142	$	70,178
Purchases	—		846		5,955		6,801

Net unrealized gain (loss)	(2)		649		(9,252)		(8,605)


Currency translation differences	—		117		1,178		1,295
Ending balance, December 31	$	—	$	23,646	$	46,023	$	69,669


	Year Ended December 31, 2024
	Level 1		Level 3				Total
	Equity Securities		Equity Securities		Debt Securities		Debt & Equity Securities
Beginning balance, January 1	$	16,109	$	26,847	$	48,277	$	91,233
Purchases	—		1,000		—		1,000
Consolidation inclusion	—		(776)		6,522		5,746
Net unrealized gain (loss)	3,351		(949)		(81)		2,321
Sales and settlement	—		(2,713)		(19)		(2,732)
Reclassification1	(18,702)		—		—		(18,702)
Currency translation differences	(756)		(1,375)		(6,557)		(8,688)
Ending balance, December 31	$	2	$	22,034	$	48,142	$	70,178

1Relates to reclassification of Celsys, which was an equity security as of December 31, 2023, and became an equity method investee as the Company acquired the right to appoint directors during 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Disposition and Business Combinations

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Disposition and Business Combinations

Jakga

On March 28, 2024, the Company entered into a stock transfer agreement with a third party (the “Buyer”), pursuant to which the Buyer agreed to acquire 0.3% of Jakga voting interests from the Company. The Company completed the sale for consideration of $0.1 million in cash. On the same day, Jakga entered into a share investment agreement with another third party, pursuant to which Jakga issued new shares of redeemable convertible preferred stock representing 3.5% of the voting equity interest of Jakga. Following the completion of the stock transfer agreement and the share investment agreement, the Company entered into a shareholder’s agreement to forgo its ability to appoint a member on Jakga’s board of directors to divest Jakga. The stock transfer agreement, share investment agreement, and shareholder’s agreement (collectively, the “Jakga Transactions”) resulted in a dilution of the Company’s ownership to 49.2% and losing controlling financial interest in Jakga. The Company deconsolidated Jakga on March 28, 2024 and accounted for the retained common stock as an equity method investment and the retained redeemable convertible preferred stock as a debt security (see additional details related to the redeemable preferred stock in Note 15. Fair Value Measurements). Jakga became a related party of the Company after the deconsolidation. As of the disposition date, the retained common stock and redeemable convertible preferred stock in Jakga were measured at fair value using a discounted cash flow model applying a discount rate of 15.1% and a terminal growth rate of 1.0% incorporating historical financial information, business plans of Jakga, and market outlook information. The Company recorded a $2.5 million loss on disposition of Jakga in Other income (loss), net in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2024. The loss includes the accounting for assets sold, liabilities transferred upon sale and the loss of $2.1 million relating to the remeasurement of the retained interest in Jakga.

The Company has accounted for the transaction as follows (in thousands of USD):


Cash consideration received	$	149
Fair value of retained common stock of Jakga by the Company	3,075
Fair value of retained redeemable convertible preferred stock of Jakga by the Company	6,432
Carrying value of non-controlling interest in Jakga held by other than the Company	3,861
Carrying amount of net assets of Jakga including goodwill, identified intangibles and deferred tax liabilities	(15,998)
Loss on disposal of Jakga	$	(2,481)

LOCUS

On June 2, 2023, the Company entered into stock transfer agreements with two unrelated parties, (the “Buyers”) pursuant to which the Buyers agreed to collectively acquire 14.4% of LOCUS voting interests from the Company. On June 27, 2023, the Company completed the sale for an aggregate consideration of $5.0 million in cash. As a result of the sale, the voting interest of LOCUS held by the Company decreased from 53.6% to 39.2% and the Company no longer held a controlling financial interest in LOCUS, and deconsolidated LOCUS and its subsidiaries on June 27, 2023 and recognized the retained non-controlling interest in LOCUS as an equity method investment. LOCUS and its subsidiaries became related parties of the Company after the deconsolidation.

As of the disposition date, the retained interest in LOCUS was measured at fair value using a discounted cash flow model applying a discount rate of 16.0% and a terminal growth rate of 1.0% incorporating historical financial information, business plans of LOCUS and its subsidiaries, and market outlook information. The Company recorded a $0.8 million loss on sale of the 14.4% of the voting interests of LOCUS in Other income (loss), net in the Company’s Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2023. The loss includes the accounting for assets sold, liabilities transferred upon sale and the gain of $0.6 million relating to the remeasurement of the retained interest in LOCUS.

The Company has accounted for the transaction as follows (in thousands of USD):


Cash consideration received	$	4,951
Retained non-controlling interest in LOCUS by the Company at fair value	13,436
Carrying amount of non-controlling interest in LOCUS held by other than the Company	11,132
Carrying amount of net assets of LOCUS including goodwill, identified intangibles and deferred tax liabilities	(30,302)
Loss on sale of LOCUS	$	(783)

Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

Equity method investments as of December 31, 2025, and December 31, 2024, are as follows:


	As of December 31,
	2025		2024

	(in thousands of USD)
Equity method investments in affiliates	$	78,038	$	75,708
Joint venture	2,402		2,960
Total	$	80,440	$	78,668

The following tables summarize revenues for the years ended December 31, 2025, December 31, 2024, and December 31, 2023:


	2025		2024		2023

	(in thousands of USD)
Equity method investments in affiliates	$	1,901	$	(342)	$	(11,887)
Joint venture	(619)		(781)		(452)
Total	$	1,282	$	(1,123)	$	(12,339)

The following table summarizes the change in the balance of the Company’s equity method investment:


	2025		2024

	(in thousands of USD)
Balance at January 1	$	78,668	$	64,222
Additions	—		9,068
Disposals	—		(5,938)
Other than temporary impairment losses	(953)		(3,566)
Valuation gain, net	2,236		2,443
Reclassification1	(1,134)		21,820
Share of other comprehensive income	896		(94)
Dividends	(725)		—
Currency translation differences	1,452		(9,287)
Balance at December 31	$	80,440	$	78,668

Investments in affiliates and joint ventures that are accounted for under the equity method are as follows:


	2025		2024
Purple Duck Co.1	100.0	%	76.9	%
Studio Toon Corp.2	49.0	%	49.0	%
Studio White2	40.0	%	40.0	%
Jakga Company Inc.3	26.5	%	26.5	%
Namu Actors4	20.0	%	20.0	%
Celsys, Inc.5	10.4	%	10.1	%
Ylab6	9.3	%	9.3	%
No9 Inc.7	9.1	%	9.1	%

Others8	1.8% - 47.0%		1.6% - 41.5%

______________

1.In 2025, the Company obtained control of Purple Duck by acquiring the remaining equity interest, and consequently classified the investee as a subsidiary.

2.Studio Toon Corp. and Studio White are joint ventures.

3.Jakga was a subsidiary as at December 31, 2023, and became an equity method investee in 2024 as a result of a partial disposition of the Company’s investment in Jakga.

4.The Company classified Namu Actors under the equity method by acquiring more than 20% of its ownership interest in 2024.

Goodwill, net and Intangible Assets, net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Amortization expense	$ 33,300	$ 36,700	$ 34,500
Accelerated amortization expense	1,600	3,900	2,500
Impairments of intangible assets, other than goodwill	1,000	0	0
Goodwill	336,825	665,275	779,176
Goodwill derecognized	0	13,594
Goodwill impairment	$ 335,508	69,743
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment losses on goodwill and other intangible assets
Purple Duck
Goodwill [Line Items]
Goodwill impairment	$ 1,400
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment losses on goodwill and other intangible assets
Wattpad
Goodwill [Line Items]
Goodwill impairment	$ 257,200	46,700
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment losses on goodwill and other intangible assets
WWS
Goodwill [Line Items]
Goodwill impairment	$ 2,900	$ 2,700	$ 6,100
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment losses on goodwill and other intangible assets	Impairment losses on goodwill and other intangible assets	Impairment losses on goodwill and other intangible assets
Munpia
Goodwill [Line Items]
Goodwill impairment	$ 74,000	$ 20,300	$ 25,600
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment losses on goodwill and other intangible assets	Impairment losses on goodwill and other intangible assets	Impairment losses on goodwill and other intangible assets
Jakga
Goodwill [Line Items]
Goodwill derecognized		$ 13,600
Jakga \| Goodwill
Goodwill [Line Items]
Goodwill derecognized		44,300
Jakga \| Goodwill Accumulated Impairment
Goodwill [Line Items]
Goodwill derecognized		$ 30,700
Jakga
Goodwill [Line Items]
Goodwill impairment			$ 31,700
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]			Impairment losses on goodwill and other intangible assets
Purple Duck
Goodwill [Line Items]
Goodwill	$ 1,400

Property and Equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment	$ 17,634	$ 11,469
Less: Accumulated depreciation	(9,295)	(7,687)
Property and equipment, net	8,339	3,782
Depreciation expense	2,100	3,400	$ 3,800
Land
Property, Plant and Equipment [Line Items]
Property and equipment	$ 110	108
Buildings
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (in years)	40 years
Property and equipment	$ 174	170
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 13,775	10,457
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (in years)	3 years
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (in years)	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 3,280	652
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment	$ 295	$ 82

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 9,690	$ 10,446	$ 11,965
Short-term lease expense	564	922	653
Total lease expense	10,254	11,368	12,618
Related Parties
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 4,300	$ 5,500	$ 7,200

Condensed Financial Information of Parent - Schedule of Condensed Balance Sheet (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Current assets:

Cash and cash equivalents

$ 581,806

$ 572,402

Receivables, net of allowance

^[1]

176,779

169,187

Total current assets

831,232

836,372

Property and equipment, net

8,339

3,782

Operating lease right-of-use assets

23,705

16,649

Debt and equity securities

69,669

70,178

Intangible assets, net

157,804

180,912

Long-term loan

30,890

31,859

Other non-current assets, net

^[2]

65,194

65,906

Total assets

1,595,510

1,935,334

Current liabilities:

Accounts payables

^[3]

136,962

127,306

Accrued expenses

^[4]

66,690

62,209

Current portion of operating lease liabilities

^[5]

9,617

6,053

Contract liabilities

89,994

85,860

Other current liabilities

2,457

2,231

Total current liabilities

318,622

313,224

Total liabilities

367,238

378,873

Stockholders’ equity:

Common stock

Additional paid-in capital

2,137,926

2,103,931

Accumulated other comprehensive loss

(114,363)

(124,620)

Accumulated deficit

(853,124)

(507,197)

Total stockholders’ equity attributable to WEBTOON Entertainment Inc.

1,170,452

1,472,127

Total liabilities, redeemable non-controlling interest, and equity

1,595,510

1,935,334

Parent

Current assets:

Cash and cash equivalents

338,159

364,927

Receivables, net of allowance

4,518

15,883

Other current assets, net

9,749

10,736

Total current assets

352,425

391,546

Property and equipment, net

488

210

Operating lease right-of-use assets

625

1,040

Debt and equity securities

16,000

Intangible assets, net

466

110

Investments in subsidiaries

738,743

1,001,775

Long-term loan

76,131

Other non-current assets, net

1,005

Total assets

1,185,883

1,486,860

Current liabilities:

Accounts payables

3,986

4,689

Accrued expenses

9,301

7,287

Current portion of operating lease liabilities

630

1,300

Contract liabilities

1,514

591

Other current liabilities

866

Total current liabilities

15,431

14,733

Total liabilities

15,431

14,733

Stockholders’ equity:

Common stock

Additional paid-in capital

2,137,926

2,103,931

Accumulated other comprehensive loss

(114,363)

(124,620)

Accumulated deficit

(853,124)

(507,197)

Total stockholders’ equity attributable to WEBTOON Entertainment Inc.

1,170,452

1,472,127

Total liabilities, redeemable non-controlling interest, and equity

1,185,883

1,486,860

Subsidiary

Current assets:

Long-term loan

$ 22,839

$ 53,292

[1]	Includes amounts due from related parties of $55,156 and $59,495 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts due from related parties of $33,913 and $32,072 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts due to related parties of $18,765 and $17,173 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[4]	Includes amounts due to related parties of $6,849 and $5,562 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[5]	Includes amounts due to related parties of $5,221 and $3,506 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Other Income (Loss), net (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Other Income and Expenses [Abstract]

Gain (loss) on debt and equity securities, net

$ (8,605)

$ 2,263

$ (22,585)

Loss on foreign currency, net

(625)

(2,103)

(7,590)

Retirement benefit (loss), net

(601)

2,807

8,763

Dividend income

2,640

Other

1,689

(1,341)

Loss on disposal of investment in subsidiaries, net

(2,713)

(884)

Gain on right of use asset disposal, net

1,899

Total other income (loss), net

^[1]

$ (9,808)

$ 6,482

$ (23,574)

[1]	Includes amounts earned from related parties of $1,687, $3,592 and $4,761 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Balance Sheet Components [Abstract]

Schedule of Other Current Assets, net

Prepaid Expenses and Other Current Assets, net


	As of December 31,
	2025		2024
	(in thousands of USD)
Advance payments, net	$	38,138	$	47,545
Prepaid expenses	14,635		14,008
Other current assets, net	9,100		6,902
Term deposits	10,774		26,328
Total other current assets, net	$	72,647	$	94,783

Schedule of Other Non-Current Assets, net

Other Non-Current Assets, net


	As of December 31,
	2025		2024

	(in thousands of USD)
Advance payments, net	$	25,486	$	29,222

Long-term loans, net	30,890		31,859
Other non-current assets, net	8,818		4,825
Total other non-current assets, net	$	65,194	$	65,906

Schedule of Accrued Expenses

Accrued Expenses

Accrued expenses as of December 31, 2025, and December 31, 2024, consisted of:


	As of December 31,
	2025		2024

	(in thousands of USD)
Accrued royalties	$	26,126	$	21,201
Accrued allowances	10,959		8,531
Accrued bonuses	16,070		14,987
Accrued other expenses	13,535		17,490
Total Accrued Expenses	$	66,690	$	62,209

Goodwill, net and Intangible Assets, net - Schedule of Intangible Assets, net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Line Items]
Intangible assets with definite lives, accumulated amortization	$ (150,376)	$ (104,452)
Intangible assets with definite lives, impairment	(978)
Total intangible assets, net	158,172
Total intangible assets, gross	309,158	285,364
Total intangible assets, net	157,804	180,912
Intellectual property rights
Goodwill [Line Items]
Intangible assets with indefinite lives	346	346
Membership
Goodwill [Line Items]
Intangible assets with indefinite lives	$ 265	$ 259
Brand
Goodwill [Line Items]
Estimated Useful Lives (in years)	15 years	15 years
Intangible assets with definite lives, gross amount	$ 133,164	$ 133,837
Intangible assets with definite lives, accumulated amortization	(36,354)	(27,565)
Intangible assets with definite lives, impairment	0
Total intangible assets, net	96,810	106,272
Intellectual property rights
Goodwill [Line Items]
Intangible assets with definite lives, gross amount	120,165	109,552
Intangible assets with definite lives, accumulated amortization	(66,481)	(50,270)
Intangible assets with definite lives, impairment	(978)
Total intangible assets, net	$ 52,706	$ 59,282
Software
Goodwill [Line Items]
Estimated Useful Lives (in years)	5 years	5 years
Intangible assets with definite lives, gross amount	$ 55,120	$ 41,290
Intangible assets with definite lives, accumulated amortization	(47,484)	(26,576)
Intangible assets with definite lives, impairment	0
Total intangible assets, net	7,636	14,714
Trademarks, copyrights, and patents
Goodwill [Line Items]
Intangible assets with definite lives, gross amount	98	80
Intangible assets with definite lives, accumulated amortization	(57)	(41)
Intangible assets with definite lives, impairment	0
Total intangible assets, net	$ 41	$ 39
Minimum \| Intellectual property rights
Goodwill [Line Items]
Estimated Useful Lives (in years)	4 years	4 years
Minimum \| Trademarks, copyrights, and patents
Goodwill [Line Items]
Estimated Useful Lives (in years)	4 years 3 months 25 days	4 years 3 months 25 days
Maximum \| Intellectual property rights
Goodwill [Line Items]
Estimated Useful Lives (in years)	14 years	14 years
Maximum \| Trademarks, copyrights, and patents
Goodwill [Line Items]
Estimated Useful Lives (in years)	15 years	15 years

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets, Gross [Abstract]
Stock compensation	$ 6,252	$ 4,991
Accrued expenses	10,313	9,701
Operating lease liabilities	8,073	5,253
Property and equipment	4,754	47
Intangible assets	4,388	7,565
Foreign currency translation	1,705	0
Valuation of investment	11,641	9,307
Provision for retirement benefits	6,285	6,437
Bad debt allowance	5,455	3,266
Unearned revenue	14,309	10,792
Taxation on foreign currency translation gains or losses	11,975	13,830
Capitalization of specified research	10,942	7,392
Net operating loss carry-forwards	53,036	62,360
Tax credits	13,245	24,940
Others	1,931	662
Subtotal deferred tax assets	164,304	166,543
Less: Valuation allowance	(100,833)	(125,648)	$ (131,524)	$ (105,345)
Total deferred tax assets	63,471	40,895
Deferred tax liabilities:
Operating lease right -of-use assets	(6,406)	(4,459)
Foreign currency translation	0	(1,805)
Deferred gain on restructuring	0	(322)
Intangible assets	(40,520)	(46,988)
Total deferred tax liabilities	(46,926)	(53,574)
Net deferred tax assets (liabilities)	$ 16,545
Net deferred tax assets (liabilities)		$ (12,679)

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Samil PricewaterhouseCoopers
Auditor Firm ID	1103
Auditor Location	Seoul, Korea

Redeemable Non-Controlling Interest in Subsidiary

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest [Abstract]

Redeemable Non-Controlling Interest in Subsidiary

In February 2022, the Company entered into a shareholders’ agreement under which the third-party former majority owner of Munpia has the right to require the Company to redeem its Munpia shares if certain events that are not solely within the Company’s control occur. The redemption price on the put option shall equal $26.20 (the equivalent of KRW 33,251) per share plus 15% per annum.

As a portion of the Munpia shares held by holders other than the Company are redeemable, such shares must be classified outside of stockholders’ equity. During the year 2023, the third-party former owner of Munpia sold a portion of their Munpia shares to their employees and other third-parties, and the redemption rights under the shareholders’ agreement did not transfer along with the shares that were sold. Accordingly, such shares sold are no longer redeemable and the shares that were sold were reclassified from redeemable non-controlling interest to non-controlling interest.

Prior to the acquisition, in September 2021, the Company entered into a side letter agreement with a third party, Cloudary, under which the Cloudary had the option to require the Company to purchase Cloudary’s Munpia shares for $26.20 per share (the equivalent of KRW 33,251). Such put option was set to expire upon the earlier of (i) March 2023 or (ii) when Cloudary holds less than 5% of the outstanding shares of Munpia. When the Company acquired Munpia in February 2022, the shares held by Cloudary were recognized as redeemable non-controlling interest. In December 2023, Cloudary exercised its put option and the Company purchased 425,016 of Cloudary’s Munpia shares. As a result of the exercise, Cloudary owned less than 5% of the outstanding shares of Munpia, and the remaining Munpia shares held by Cloudary were no longer redeemable. Accordingly, the remaining Cloudary owned shares were reclassified from redeemable non-controlling interest to non-controlling interest.

The Company has redeemable non-controlling interests in one subsidiary, Munpia. The following table summarizes the redeemable non-controlling interest activity of Munpia for the periods indicated below (in thousands of USD):


Balance as of December 31, 2022	$	46,964



Total comprehensive income (loss) attributable to redeemable non-controlling interest	(5,535)
Balance as of December 31, 2023	$	41,429
Total comprehensive income (loss) attributable to redeemable non-controlling interest	(4,849)
Balance as of December 31, 2024	$	36,580
Total comprehensive income (loss) attributable to redeemable non-controlling interest	(12,040)
Balance as of December 31, 2025	$	24,540

Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	Description of Business and Summary of Significant Accounting Policies Organization and Description of Business WEBTOON Entertainment Inc. (the “Parent”), together with its subsidiaries, (the “Company”, “we”, “us” or “our”), is a majority-owned subsidiary of NAVER Corporation (“NAVER”), and a leading online and web-comic platform service company. We provide hosting services for web-comics through both web and mobile applications and offer thousands of titles with episodes that are updated on a daily basis. We offer extensive and diverse genres of content, including fantasy, romance, and science fiction, on our platform. Platform refers to the various offerings through which we engage with users across diverse geographical markets including Korea, the United States, Japan, Southeast Asia, and Europe. Basis of Presentation On June 1, 2023, the Parent entered into a stock contribution agreement with NAVER pursuant to which the Parent acquired 100% of the common shares of Wattpad in exchange for 413,482 shares of the common stock of the Parent (the “Wattpad Transfer”). The Wattpad Transfer was accounted for as a common control transaction in a manner similar to the pooling-of-interest method. Thus, the financial statements of Wattpad were combined, retrospectively, as if the transaction had occurred as of January 1, 2022. For the period after June 1, 2023, Wattpad is presented as part of the Company consolidated financial information. These financial statements and footnotes are therefore referred to as “Consolidated Financial Statements” throughout. NAVER’s equity interest in Wattpad during the period preceding the Wattpad Transfer is reflected within “Group Equity” within the Consolidated Statements of Stockholders’ Equity and Group Equity. Upon completion of the Wattpad Transfer, the Company acquired NAVER’s equity interest in Wattpad and the Group Equity is no longer applicable. On June 26, 2024, the Company filed an Amended and Restated Certificate of Incorporation (the “Amended Charter”) which effectuated a 30-for-1 forward stock split of its common stock and adjusted the par value of its common stock from $0.01 to $0.0001 on such date. Accordingly, all share and per share amounts presented in the Consolidated Financial Statements have been retroactively adjusted to reflect the stock split and change in par value for all periods presented. In lieu of issuing fractional shares, the Company opted to pay the holder thereof an amount in cash equal to the fair market value of such fractional share. The Amended Charter authorized 2,100,000,000 shares of capital stock, consisting of 2,000,000,000 shares of common stock, par value $0.0001 per share, and 100,000,000 shares of undesignated preferred stock, par value $0.0001 per share. No preferred stock was issued and outstanding as of December 31, 2024 and December 31, 2023. On June 28, 2024, the Company completed its initial public offering (the “IPO”) in which it issued and sold 15,000,000 shares of its common stock at a public offering price of $21.00 per share. The Company received proceeds of approximately $281.7 million from the IPO, net of underwriting discounts and commissions of $22.1 million and offering costs of $11.2 million. Additionally, the underwriters have the option, for a period of 30 days, to purchase up to an additional 2,250,000 common shares at the public offering price, less the underwriting discount and commissions to cover over-allotment. On July 26, 2024, the underwriters exercised the over-allotment option to purchase 1,371,549 shares of common stock for proceeds of $26.8 million, net of underwriting discounts and commissions. Substantially concurrently with the closing of the IPO, the Company issued 2,380,952 shares of common stock to NAVER U.Hub Inc., a wholly-owned subsidiary of NAVER, at the public offering price of $21.00 per share for aggregate proceeds of $50.0 million. The sale of such shares to U.Hub is not registered under the Securities Act and these shares were subject to a 180-day lock-up agreement with the underwriters in connection with the offering. The underwriters did not receive any fees in connection with the sale of such shares. Prior to the IPO, deferred offering costs, which consist of direct incremental legal, accounting, and other fees relating to the IPO, were capitalized in Other non-current assets on the Consolidated Balance Sheets. Upon completion of the IPO, all deferred offering costs were reclassified into stockholders’ equity as an offset against proceeds from the IPO. In addition, as of June 30, 2024, the Company had accrued a $30.0 million cash bonus that became due to the chief executive officer upon completion of the IPO. The bonus was paid out, less applicable payroll related taxes and expenses, in July 2024. The following Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Our fiscal year ends on December 31. Dollar amounts presented in tables are shown in thousands of United States Dollars (in thousands of USD). Changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary are accounted for as equity transactions (investments by owners and distributions to owners acting in their capacity as owners) with no gain or loss recognized in net loss or comprehensive loss. The carrying amount of any non-controlling interest is adjusted to reflect the change in a parent’s ownership interest in the subsidiary. Any difference between the fair value of the consideration received or paid and the amount by which the non-controlling interest is adjusted is recognized in equity attributable to the parent. All intercompany and intra-entity transactions and balances have been eliminated. The Consolidated Financial Statements for all periods presented include all the costs of doing business, including the expenses that represent services provided by NAVER to the Company and its subsidiaries. Such services under certain agreements are charged to the Company and its subsidiaries based on estimated cost allocation plus mark-up methodology, which management believes is approximating arm’s length costs. The Company believes the charges are reasonably calculated in accordance with SAB Topic 1 Q2. The amounts are billed to and paid for by the Company or its subsidiaries on a regular basis. Reclassifications Certain amounts reported for prior years have been reclassified to conform to the current year's presentation. None of these reclassifications impacted reported operating or net loss for any presented period. Use of Estimates The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates relate primarily to determining the fair value of assets and liabilities acquired in business combinations, acquired intangible assets and goodwill, unit price of virtual currency in revenue recognition, deferred revenue, allowance for credit losses, evaluation of contingencies, deferred tax assets net of a valuation allowance, uncertain tax positions, the fair value of stock-based awards, the fair value of debt and equity securities and the fair value of reporting units for goodwill impairment testing. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates. Segment Information The Company operates as one operating segment which is also its reportable segment. Our Chief Executive Officer (“CEO”) is our Chief Operating Decision Maker (“CODM”), who assesses performance and makes resource allocations based on financial data presented on a consolidated basis. See Note 14. Segment and Geographic Information for more information related to the Company’s segment. Foreign Currency The functional currency of the Parent and reporting currency for the Company is U.S. dollars. The Korean won and the Japanese yen are the functional currencies of our major operating subsidiaries. The other subsidiaries predominantly utilize their local currencies as their functional currencies. Assets and liabilities of each subsidiary are translated into U.S. dollars at the exchange rate in effect at the end of each period. Revenue and expenses for these subsidiaries are translated into U.S. dollars using average rates that approximate those in effect during the period. Translation adjustments are included in Accumulated other comprehensive loss as a separate component of the Consolidated Statements of Stockholders’ Equity and Group Equity and in the effect of exchange rate changes on cash and cash equivalents in the Consolidated Statements of Cash Flows. Revenue Recognition The Company primarily generates revenue through its platform by providing users with access to Paid Content, and by providing advertising services on the platform. We recognize revenue when services are transferred to customers at the transaction price which considers estimated returns on promotional discounts and earned loyalty rewards. Revenue excludes amounts collected on behalf of third parties, such as value added taxes. Historical data is used to estimate returns, promotional discounts, and earned loyalty rewards using the expected value method. We include these amounts in the transaction price to the extent it is probable that a significant reversal of revenue will not occur and update our estimate of transaction price as additional information becomes available. For revenue contracts with multiple performance obligations, the transaction price is allocated to each performance obligation using the relative stand-alone selling price which is primarily determined based on the price charged to customers for sales on a stand-alone basis. Paid Content Revenue Paid Content revenue is recognized when the Company provides services that provide content to users through the platform. Content provided by the platform includes, but is not limited to, web-comics, movies, web-novels, and e-books. We have an obligation to upload and maintain content on the platform by contracting with creators and publishers to make the content available to our customers. On most of our offering, customers purchase access to content by first purchasing a virtual currency (such as Coins or Cookies) then redeeming such virtual currency for access to particular content. There are other offerings where content can be purchased directly with cash. For the majority of transactions, we have determined that we are the principal for services provided to users and recognize revenue gross of commissions payable to the creator or publisher. In cases where we have determined that we are an agent in the transaction, we recognize revenue net of amounts remitted to the creator or publisher. The determination of whether the Company is a principal or as an agent in Paid Content revenue transactions requires significant judgment and is based on an assessment of relevant accounting guidance and the arrangements the Company has in place with creators or publishers and end users. Key considerations in this determination include the Company’s ability to control access to, monetization of, and promotion of the content, as well as its responsibility for resolution of end user inquiries and complaints and its ability to establish the price of the content on the platform. The period of time the user can view the content varies depending on the platform and the terms of the arrangement with the user. We recognize Paid Content revenue over the estimated service period, which we determine based on the weighted average number of days between the first day the user can access the content and last day the user views the content, which varies by platform and is typically within one week. We believe this provides a reasonable depiction of the transfer of services. Paid Content revenue also includes the sale of physical books from other publishers. The Company earns commissions on the sales of books to end users from merchants that sell their products through the Company’s offerings. For the majority of these transactions, the Company is not the seller of record, nor does it take control of the related inventory, which has led the Company to determine that it is an agent in these transactions. Accordingly, although the Company processes and collects the full payment on these transactions, it records revenue net of amounts remitted to the third party merchant when control transfers to the customer, generally at the time of product shipment from its facilities. Advertising Revenue We post advertisements on our websites and mobile applications and recognize revenue for advertising services. Advertising revenue is recognized at the point in time the advertisement is displayed or based on clicks, impressions, or end-user activity, which represents the point in time that control is transferred to the customer thereby completing our performance obligation. When the customer is an advertising agency, advertising revenue is comprised of the commission the Company earns for lending advertisement space to the advertising agency. IP Adaptations We internally develop IP Adaptations for films, streaming series, or other rich media format adaptations, the majority of which are commissioned for production by third party studios or streaming platforms. IP Adaptations revenue is recognized based on the terms of the contract with the customer and the determination of the Company’s performance obligation is dependent on which party has authority to make key creative decisions on the produced content. For IP Adaptations where the content is made to an individual customer specification such that the customer controls the output during the production process, the Company’s performance obligation is production services. Revenue and the associated costs of such contracts are recognized over time on a percentage of completion basis. For IP Adaptations where the Company controls the key creative decisions and output of the production process, its performance obligation is the sale of content to third-party studios and video-streaming platforms. Fixed payments for the content are recognized as revenue on a gross basis upon delivery and acceptance of the content or as sales-based royalties when sell-through sales of the content occur. IP Adaptations revenue also includes license fees generated from sub-licensing content to third parties for secondary media such as video game production. Content sub-licensing revenue is recognized when the Company brokers licensing arrangements between creators or publishers and other third-party platforms on a net commission basis as the Company is acting as an agent in these transactions. IP Adaptations also include the sale of licensed merchandise under two types of arrangements. In one type of arrangement the Company acts as a principal in the sale of licensed merchandise, while in the other, the Company serves as an agent. In Korea, the Company directly sells licensed merchandise to customers through digital storefronts, including the related-party NAVER platform and other e-commerce websites. The merchandise is manufactured by third parties in small batches to meet estimated demand or fulfill preorders. As the seller of record, the Company takes control of the relevant inventory prior to distribution, sets the merchandise price, and manages any after-sale issues including refund claims. Thus, the Company is considered a principal in this type of arrangement and recognizes revenues on a gross basis. In other countries, the Company generates merchandise revenues by licensing IP to third parties who operate all aspects of the revenue stream, from manufacturing the products to maintaining the online merchandise store which operates under the WEBTOON brand. Licensing fees are determined by the contractual commission rate or fixed fee applied to the underlying sales of merchandise. In this type of arrangement, the Company is considered an agent as it is not the seller of record, nor does it take control of the related inventory. Accordingly, although the Company processes and collects the full payments on these transactions, the Company recognizes revenues net of the amounts remitted to the third-party merchant when control transfers to the customer, generally at the time of product shipment from its facilities. Cost of Revenue Cost of revenue primarily consists of the commission fees payable to content rights holders as well as other costs directly associated with the acquisition, licensing and production of content, such as payroll and related personnel expenses, amortization and production related costs. Cost of revenue also includes fees charged by payment gateway companies for processing payments on the offerings as well as platform fees payable to companies that provide consumers with the ability to download the mobile app through app stores (such as Google and Apple) or to third parties providing a platform hosting service. Marketing Marketing expenses primarily consist of online and offline advertising and marketing program costs. Marketing expenses also include market research and public relations related expenses that support marketing activities. Advertising costs are expensed as incurred and total advertising expenses were $67.0 million, $36.6 million, and $28.3 million for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. General and Administrative Expenses General and administrative expenses include all our operating costs, excluding cost of revenue and marketing, as described above. More specifically, these expenses include costs related to operating and maintenance of our platform, general corporate function costs, and depreciation and amortization of non-operating assets. Stock-Based Compensation The Company accounts for stock-based employee compensation arrangements in accordance with U.S. GAAP which requires compensation expense for the grant-date fair value of equity-based awards to be recognized over the requisite service period. The Company determines the fair value of equity-based awards granted on the grant date using appropriate valuation techniques. Forfeitures are estimated using historical experience at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimate. See Note 11. Stock-Based Compensation for more information on the Company’s stock compensation plans. Stock-Based Awards Issued to Employees of NAVER The Company issues stock-based awards to employees of NAVER that do not render services to the Company. The Company measures the award based on the grant-date fair value and accounts for the awards as a dividend distribution to NAVER following the attribution principles of ASC 718. Forward Stock Split, Change in Par Value On June 26, 2024, the Company filed an Amended and Restated Certificate of Incorporation which effectuated a 30-for-1 forward stock split of its common stock and adjusted the par value of its common stock from $0.01 to $0.0001 on such date. Accordingly, all share and per share amounts presented in the audited Consolidated Financial Statements have been retroactively adjusted to reflect the stock split and change in par value for all periods presented. Phantom Units During the twelve months ended December 31, 2025, the Company granted awards in the form of “Phantom Units”, which provide recipients with the right to receive cash payments, less applicable withholding, equivalent to the fair market value of one share of the Company’s common stock on the applicable vesting date, multiplied by the number of Phantom Units that vest. While these Phantom Units do not confer ownership rights, they are also entitled to dividends, if declared, equivalent in an amount in cash and form equal to the dividend that would have been paid on the shares underlying the Phantom Unit had such shares been outstanding on such record date. Any such dividend equivalents shall be subject to the same vesting conditions applicable to the underlying Phantom Unit with respect to which they accrue. Phantom Units are recorded as an expense based on the fair value of the units on the balance sheet date. The fair value of these awards is updated at each balance sheet date and changes in the fair value of the vested portions of the awards are recorded as increases or decreases to compensation expense in the Consolidated Statements of Operations and Comprehensive Loss. All of the outstanding Phantom Units at December 31, 2025 met the criteria to be treated under liability classification in accordance with ASC 718, given that these awards will settle in cash on the vesting date. See Note 11. Stock-Based Compensation for more information on the Company’s Phantom Units. Defined severance benefits We accrue severance benefits for employees of our Korean subsidiaries. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees with one or more years of service are entitled to severance payments upon the termination of their employment based on their length of service and pay rate. We recognize the defined severance benefits in the Consolidated Balance Sheets with a corresponding adjustment to Consolidated Statements of Operations and Comprehensive Loss. The obligations are measured annually, or more frequently if there is a remeasurement event, based on our measurement date utilizing various actuarial assumptions and methodologies. We use certain assumptions including, but not limited to, the discount rates, salary growth rates, and certain employee-related factors, such as turnover, retirement age and mortality. We review our actuarial assumptions and make modifications to the assumptions based on current rates and trends when appropriate. We have adopted a policy of immediate recognition of actuarial gains and losses where any differences arising from the annual remeasurement is immediately charged in the period of the remeasurement within the Consolidated Statements of Operations and Comprehensive Loss as Other income (loss), net. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Our deferred tax assets are recorded net of valuation allowances when, based on the weight of available evidence, it is more likely than not that all or some portion of the recorded deferred tax assets will not be realized in future periods. The consolidated financial statements reflect the jurisdictional netting of deferred tax assets and liabilities within each tax jurisdiction. However, the tax footnote disclosures are presented on a gross basis, without netting across jurisdictions, to provide a detailed breakdown of deferred tax balances as required by the applicable accounting standards. Realization of our deferred tax assets is dependent on the generation of future taxable income. In considering the need for a valuation allowance, we consider our historical, as well as future projected taxable income, along with other positive and negative evidence in assessing the realizability of our deferred tax assets. Decreases to valuation allowances are recorded as reductions to our income tax expense and increases to valuation allowances result in additional expense for income taxes. We recognize and measure uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step process. In the first step, recognition, we determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The second step addresses measurement of a tax position that meets the more-likely-than-not criteria. The tax position is measured at the largest amount of benefit that has a likelihood of greater than 50 percent of being realized upon ultimate settlement. The Company does not record a deferred tax liability for the excess of the book basis over the tax basis of its investments in foreign subsidiaries to the extent that the basis difference meets the indefinite reversal criteria. These criteria are met if the Company has invested or will invest the undistributed earnings on the foreign subsidiaries indefinitely. The management’s intention is to invest the undistributed earnings on the foreign subsidiaries indefinitely. The decision as to the amount of undistributed earnings that the Company intends to maintain in non-U.S. subsidiaries takes into account various items, including, but not limited to, forecasts and budgets of financial needs of cash for working capital, liquidity plans, capital improvement programs, merger and acquisition plans, and planned loans to other non-U.S. subsidiaries. Cash and Cash Equivalents Cash and cash equivalents are short-term, highly liquid investments with original maturities of three months or less from the date of purchase and are mainly comprised of bank deposits. Receivables, net of allowance for credit losses Receivables, net of allowance for credit losses, are stated at their carrying value, net of allowance for credit losses based on lifetime expected losses. Receivable balances are primarily receivables due from payment gateway providers relating to sales processed for the Company’s online platform service business, as well as receivables from advertising activities, net of estimated allowances for credit losses. The Company estimates the allowance for credit losses based upon historical experience, the age and delinquency rates of receivables and the credit quality of the customers, as well as economic and regulatory conditions combined with reasonable and supportable management forecasts of collectibility and other economic factors over the lifetime of the receivables. The Company writes off accounts against the allowance for credit losses when they are deemed to be uncollectible. The total allowances for credit losses as of December 31, 2025, and December 31, 2024, were $3.4 million and $3.4 million, respectively. Credit loss expense is included in General and administrative expenses. Property and Equipment, net Property and equipment, net is stated at historical cost, less accumulated depreciation. Property and equipment primarily include buildings, land, leasehold improvements, and information technology equipment. Depreciation expense is classified within General and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. We compute depreciation using the straight-line method over the estimated useful lives of the assets. Maintenance and repairs are expensed as incurred. Leases We determine whether an arrangement is or contains a lease at contract inception. Leases with contractual terms greater than twelve months are classified as either operating or finance leases. Operating leases are recorded as operating lease right-of-use assets and operating lease liabilities on the Consolidated Balance Sheets. We elected to account for lease and non-lease components as a single lease component for all classes of assets and elected to not record leases with an initial term of twelve months or less on the Consolidated Balance Sheets. If the rate implicit in the Company’s leases is not readily determinable, we use our incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments over the lease term. When the Company has the option to extend the term or terminate the lease before the contractual expiration date, and it is reasonably certain that it will exercise the option, the Company considers these options in determining the lease term. The Company’s operating leases are comprised of leases of real estate and equipment that are typically entered into for a fixed term that may contain extension and termination options. Certain agreements have free rent periods or escalating rent payment provisions. Rent expense is recognized on a straight-line basis over the lease term. The Company subleases its properties, which are all classified as operating leases. Any sub-leasing revenue is classified as Other income (loss), net. The Company does not have any finance leases. See Note 8. Leases for further information. Impairment of Long-lived Assets Long-lived assets include property and equipment, trademarks, copyrights, patents, software, brand and other intangible assets with finite lives. Long-lived assets are not required to be tested for impairment annually, but rather whenever circumstances indicate that the carrying amount of the asset may not be recoverable. Conditions that may necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may indicate potential impairment. When the undiscounted future cash flows indicate the long-lived asset or asset group is not recoverable, any potential impairment loss is measured and recognized at the amount by which the carrying value exceeds its fair value. Change in Estimated Useful Lives of Intangible Assets The Company conducts an annual review, at a minimum, of the estimated useful lives of its finite-lived intangible assets. This review indicates that the actual lives of certain intangible assets were shorter than the estimated useful lives over which such assets are amortized due to the abandonment of certain intangible assets that cease to be used. As a result, the Company recognized accelerated amortization expense for these intangible assets of $1.6 million, $3.9 million and $2.5 million for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. Fair Value Measurements Certain financial instruments are required to be recorded at fair value. Other financial instruments, including cash and cash equivalents, are recorded at cost, which approximates fair value. Additionally, receivables, term deposits, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these financial instruments. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. We measure the fair value of certain equity securities based on quoted prices in active markets for identical assets or liabilities. Other debt and equity securities are valued either based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. Fair Value Option The Company elects to account for debt securities under the fair value option in accordance with ASC 825, Financial Instruments, (“ASC 825”). Under the fair value option, these debt securities are recognized at fair value at inception and change in fair value at each subsequent reporting date is recognized as a component of Other income (loss), net in the Consolidated Statements of Operations and Comprehensive Loss. Equity Securities without Readily Determinable Fair Value For equity securities without readily determinable fair value, securities are recorded at cost less impairment, and adjusted for subsequent observable price changes as of the date that an observable transaction takes place. The Company performs a qualitative assessment on a quarterly basis to determine if any observable price changes have occurred. If the qualitative assessment indicates that an observable price change has occurred for the same or similar security of the issuer, a gain or loss is recorded equal to the difference between the fair value and carrying value in the current period as a component of Other income (loss), net. Loans Typically, loans that do not meet the definition of a debt security, are stated at amortized cost, net of allowance for credit losses. We write off loans against the allowance for credit losses when they are deemed to be uncollectible. Refer to Receivables, net of allowance for credit losses in Note 1. Description of Business and Summary of Significant Accounting Policies for additional information on estimated credit losses for loan receivables. Accrued interest receivable on loans is recorded in the Consolidated Balance Sheets in Other current assets, net. As of December 31, 2025, and December 31, 2024, accrued interest receivable was $0.7 million and $0.7 million, respectively. Equity Method Investments We apply the equity method to account for investments in which we have the ability to exercise significant influence, but not control, over the investee. There is a rebuttable presumption that an investor has significant influence when it owns more than 20% of the common stock of a corporation and more than 3% partnership interest in a partnership. This presumption may be overcome based on specific facts and circumstances that demonstrate the ability to exercise significant influence is restricted. We apply the equity method to investments in common stock. We record the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses and other comprehensive income of the investee. Basis differences between the cost of an equity method investment and the underlying equity in the intangible assets are amortized over the estimated economic useful life of the underlying intangible asset. We record dividends or other equity distributions as reductions in the carrying value of the investment. If net losses reduce our carrying amount to zero, additional net losses may reduce other investments in the same investee, if they exist. Such additional equity method losses, if any, are based upon the change in our claim on the investee’s book value. Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company may estimate the fair value of its equity method investments by considering recent investee equity transactions, discounted cash flow analysis, recent operating results, comparable public company operating cash flow multiples and, in certain situations, balance sheet liquidation values. If the fair value of the investment has dropped below its carrying amount, management considers several factors when determining whether an other-than-temporary decline has occurred, such as the length of the time and the extent to which the estimated fair value or market value has been below the carrying value, the financial condition and the near-term prospects of the investee, the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in market value, and general market conditions. The estimation of fair value and whether an other-than-temporary impairment has occurred requires the application of significant judgment and future results may vary from current assumptions. If declines in the value of the equity method investments are determined to be other-than-temporary, a loss is recorded in earnings in the current period as a component of Loss on equity method investment, net on the Consolidated Statements of Operations and Comprehensive Loss. Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, term deposits, receivables and loan receivables. We maintain cash deposits, cash equivalent balances with several financial institutions. Cash and cash equivalents may be withdrawn or redeemed on demand. We believe that these financial institutions that hold our cash, cash equivalents and term deposits are financially sound and, accordingly, minimal credit risk exists with respect to these balances. We extend credit to our customers, payment gateway companies and borrowers based on an evaluation of their ability to pay amounts due under contractual arrangement and generally do not obtain or require collateral. Cash and cash equivalents, receivables and loan receivables are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with several financial institutions that management believes are of high credit quality. The Company’s receivables include amounts concentrated with three payment gateway companies representing 55.3% and 54.9% of the total receivables balance as of December 31, 2025 and December 31, 2024, respectively. Three borrowers represent 88.9% and 89.0% of the total loan receivables balance as of December 31, 2025 and December 31, 2024, respectively. There are no individual customers who account for more than 10% of total revenue for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, or 10% or more of its receivables balance as of December 31, 2025 or December 31, 2024. Business Combinations We include the results of operations of the businesses that we acquire from the date of acquisition. We determine the fair value of the assets acquired and liabilities assumed based on their estimated fair values as of the respective date of acquisition. The excess purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates, and selection of comparable companies. Our estimates of fair value are based on assumptions believed to be reasonable, but which are inherently uncertain and unpredictable. As a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, we may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill. At the conclusion of the measurement period, any subsequent adjustments are reflected in the Consolidated Statements of Operations and Comprehensive Loss. When we issue payments or grants of equity to selling stockholders in connection with an acquisition, we evaluate whether the payments or awards are compensatory. This evaluation includes whether cash payments or stock award vesting is contingent on the continued employment of the selling stockholder beyond the acquisition date. If continued employment is required for the cash to be paid or stock awards to vest, the award is treated as compensation for post-acquisition services and is recognized as compensation expense. Transaction costs associated with business combinations are expensed as incurred and are included in General and administrative expenses in our Consolidated Statements of Operations and Comprehensive Loss. Variable Interest Entity We determine at the inception of each arrangement whether an entity in which we have made an investment or in which we have other variable interests is considered a variable interest entity (“VIE”). We consolidate a VIE when we are the primary beneficiary (see Note 16. Related Parties and Variable Interest Entity). We are the primary beneficiary of a VIE when we have the power to direct activities that most significantly affect the economic performance of the VIE and have the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. If we are not the primary beneficiary in a VIE, we account for the investment or other variable interests in a VIE in accordance with applicable GAAP. Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether we are the primary beneficiary. Non-Controlling Interest and Redeemable Non-Controlling Interest in Subsidiary A non-controlling interest in a consolidated subsidiary represents the portion of the equity in a subsidiary not attributable, directly or indirectly, to the Company. Non-controlling interests are presented as a separate component of equity in the consolidated balance sheets and the presentation of net income is modified to present earnings attributed to controlling and non-controlling interests. Redeemable non-controlling interests are presented as a component of temporary equity in the mezzanine section of the consolidated balance sheet and the presentation of net income is modified to present earnings attributed to the controlling and redeemable non-controlling interest. The redeemable non-controlling interest is initially recorded at the acquisition date fair value. Subsequently, if it is probable that redeemable non-controlling interest will become redeemable, they are recorded at the higher of (1) the cumulative amount that would result from applying the measurement guidance in ASC 810-10 (i.e., initial carrying amount, increased or decreased for the non-controlling interest’s share of net income or loss, OCI or other comprehensive loss, and dividends) or (2) the redemption price. If it is not probable that redeemable non-controlling interest will become redeemable, they are recorded at the amount based on step (1) and when the redemption becomes probable, the Group recognizes changes in the redemption price immediately. The Company does not consider the redemption of the redeemable non-controlling interest probable of being redeemable. Accordingly, the redeemable non-controlling interest will not be remeasured until the redeemable non-controlling interest is probable of becoming redeemable. See Note 20. Redeemable Non-Controlling Interest in Subsidiary Note 21. Non-Controlling Interest in Subsidiaries for more information on the Company’s redeemable and nonredeemable non-controlling interests. Common Control Transactions Assets and liabilities transferred in common control transactions are recognized at the historical cost of the ultimate parent of the entities under common control. In determining the receiving entity in common control transactions, the entity that first came under control of the ultimate parent is presented as the accounting receiving entity regardless of the legal form of the transaction. Any difference in the amount paid by the receiving entity versus the assets and liabilities transferred at the historical cost of the ultimate parent to the receiving entity is recorded as an adjustment to equity. Business combinations between entities under common control that result in a change in reporting entity are accounted for retrospectively for all periods presented as if the combination had been in effect since the inception of common control. Assets acquisitions between entities under common control are accounted for prospectively. When performing goodwill impairment testing during the period when common control transactions are retrospectively presented, we use the historical reporting unit structures of each of the respective common control entities. The reporting units are reassessed for goodwill impairment testing purposes at the time of the common control transaction to the extent any changes are made to the reporting units as a result of such common control transaction. Goodwill and Indefinite-Lived Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. The Company evaluates goodwill and indefinite-lived intangible assets such as membership and intellectual property rights for impairment annually as of October 1, or earlier if an event or other circumstance indicates that it may not recover the carrying value of the asset. If the Company believes that, as a result of its qualitative assessment, it is more likely than not that the fair value of a reporting unit or other indefinite-lived intangible asset is greater than its carrying amount, a quantitative impairment test is not required. Reporting units are businesses for which individual financial information is available. If a qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit goodwill or other indefinite-lived intangible asset exceeds its fair value, a quantitative impairment test is performed. The Company may elect to bypass this qualitative assessment for annual impairment evaluations as of October 1 for some or all of its reporting units and perform a quantitative test. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, an impairment charge is recorded for the amount by which the carrying amount exceeds the fair value, not to exceed the amount of goodwill recorded for that reporting unit. Application of the goodwill impairment test requires judgment based on market and operational conditions at the time of the evaluation, including management’s best estimates of the reporting unit’s future business activity and the related estimates and assumptions of future cash flows from the assets that include the associated goodwill. In determining the fair value of the reporting units, management considers both the income approach and the market approach. Fair value is estimated using a discounted cash flow model (income valuation approach) based on projections of future years’ operating results and associated cash flows combined with comparable trading and transaction multiples based on guideline public companies. The calculated estimated fair value of the reporting unit reflects a number of significant management assumptions and estimates including the forecast of revenue growth, terminal growth rates, and discount rates. Changes in these assumptions could materially impact the estimated fair value. The Company’s projections incorporate management’s best estimates of the expected future results, which include expectations related to new and retained business and future operating margins. Projected future cash flows are then discounted to present value using a discount rate management believes is commensurate with the risks inherent in the cash flows. Basic and Diluted Losses per Share The share numbers are retroactively stated for purposes of calculating weighted average number of shares outstanding for loss per share to reflect the outstanding shares of Wattpad as if the equity structure of the Parent (the accounting acquirer) was stated to reflect the number of shares of Wattpad (the accounting acquiree) issued in the common control transactions. Basic loss per share available to common stockholders is computed by dividing the net loss available to common stockholders by the weighted average number of common stock outstanding for the period. Diluted loss per share is computed using the weighted-average number of shares of common stock and potentially dilutive potential common shares outstanding during the period. The dilutive loss per share impact of the subsidiaries is included in our numerator when calculating loss per share. Each reporting period, a measurement period adjustment is recorded to adjust the redeemable non-controlling interest to its maximum redemption amount with changes recorded in retained earnings (or Additional paid-in capital if the Company has an accumulated deficit) if such non-controlling interest is probable of being redeemed. Changes to redemption value will be reflected as a corresponding adjustment to the numerator for earnings (loss) per share. As of December 31, 2025, December 31, 2024, and December 31, 2023, no adjustments were made to redemption value or loss per share as the redeemable non-controlling interest was not probable of being redeemed. Recent Accounting Pronouncements Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures, which requires enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This update is effective for fiscal years beginning after December 15, 2024, on a prospective basis and retrospective application is permitted. The Company adopted ASU 2023-09 prospectively during the year ended December 31, 2025. See Note 12. Income Taxes” for more information about the impact of the adoption of ASU 2023-09. Recent Accounting Pronouncements Yet to Be Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Topic 220): Disaggregation of Income Statement Expenses, which requires additional disclosures of certain amounts included in the expense captions presented on the Statement of Operations as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides an expedient for measuring expected credit losses on current trade receivables and contract assets by assuming that current conditions remain unchanged over the life of the asset, and for non-public business entities, an accounting policy election to consider subsequent cash collections. The amendments are effective for annual and interim periods beginning after December 15, 2025, with early adoption permitted. We do not expect the adoption of this standard to have a material impact on our Consolidated Financial Statements. In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for software costs by removing all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40. The amendments are effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures.

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Options
Beginning balance (in shares)		10,932,251	10,883,310
Granted (in shares)		0	241,920
Forfeited (in shares)		(241,501)	(125,490)
Exercised (in shares)	(425,016)	(112,902)	(67,489)
Ending balance (in shares)	10,883,310	10,577,848	10,932,251	10,883,310
Weighted- Average Exercise Price
Beginning balance (in usd per share)		$ 14.36	$ 14.18
Granted (in usd per share)		0	22.45
Forfeited (in usd per share)		17.48	16.67
Exercised (in usd per share)		11.75	11.05
Ending balance (in usd per share)	$ 14.18	$ 14.31	$ 14.36	$ 14.18
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted- Average Remaining Contractual Term (in years)		3 years 8 months 12 days	4 years 10 months 24 days	5 years 9 months 18 days
Aggregate Intrinsic Value - Outstanding	$ 75,758	$ 14,372	$ 19,163	$ 75,758
Aggregate Intrinsic Value - Forfeited		56
Aggregate Intrinsic Value - Exercised		$ 648	$ 252
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest [Abstract]
Options expected to vest (in shares)		10,558,530	10,790,203
Options exercisable (in shares)		8,896,348	8,381,081
Options expected to vest (in usd per share)		$ 14.30	$ 14.27
Options exercisable (in usd per share)		$ 12.96	$ 11.45
Weighted-Average Remaining Contractual Term (in years), Options expected to vest		3 years 8 months 12 days	4 years 3 months 18 days
Weighted-Average Remaining Contractual Term (in years), Options exercisable		3 years 2 months 12 days	4 years 1 month 6 days
Aggregate Intrinsic Value, Options expected to vest		$ 14,372	$ 19,163
Aggregate Intrinsic Value, Options exercisable		$ 14,372	$ 19,163

Fair Value Measurements - Schedule of Ranges of Significant Unobservable Inputs Used to Value Level 3 Assets (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	$ 46,024	$ 48,142
Equity Securities	23,645	22,036
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	46,024	48,142
Equity Securities	23,645	22,034
Debt Securities \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	46,024	48,142
Debt Securities \| Level 3 \| Redeemable Convertible Preferred Stock \| Option Pricing model \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	$ 46,024	$ 48,142
Debt Securities \| Level 3 \| Redeemable Convertible Preferred Stock \| Option Pricing model \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities measurement input	0.0825	0.0901
Debt Securities \| Level 3 \| Redeemable Convertible Preferred Stock \| Option Pricing model \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities measurement input	0.2168	0.2194
Debt Securities \| Level 3 \| Redeemable Convertible Preferred Stock \| Option Pricing model \| Volatility \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities measurement input	0.3998	0.4160
Debt Securities \| Level 3 \| Redeemable Convertible Preferred Stock \| Option Pricing model \| Volatility \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities measurement input	0.5146	0.6630
Equity Securities \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities	$ 23,645	$ 22,034
Equity Securities \| Level 3 \| Redeemable Convertible Preferred Stock \| Measurement alternative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities	15,000	15,000
Equity Securities \| Level 3 \| Contribution to investment fund \| Measurement alternative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities	642	506
Equity Securities \| Level 3 \| Private equity securities \| Measurement alternative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities	735	51
Equity Securities \| Level 3 \| Convertible Preferred Stock \| Option Pricing model \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities	$ 6,268	$ 5,477
Equity Securities \| Level 3 \| Convertible Preferred Stock \| Option Pricing model \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities measurement input	0.0235	0.0300
Equity Securities \| Level 3 \| Convertible Preferred Stock \| Option Pricing model \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities measurement input	0.0294	0.1671
Equity Securities \| Level 3 \| Convertible Preferred Stock \| Option Pricing model \| Volatility \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities measurement input	0.5146	0.4496
Equity Securities \| Level 3 \| Convertible Preferred Stock \| Option Pricing model \| Volatility \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities measurement input	0.5146	0.5060
Equity Securities \| Level 3 \| Convertible Preferred Stock \| Measurement alternative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities		$ 1,000
Equity Securities \| Level 3 \| Simple Agreement For Future Equity (SAFE) \| Measurement alternative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities	$ 1,000

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

2020 Equity Incentive Plan

In November 2020, the Company’s board of directors approved and adopted the 2020 Equity Incentive Plan (the “2020 Plan”) that was amended and restated in December 2021 (“First Amendment”), February 2023 (“Second Amendment”) and in November 2023 (“Third Amendment”). The 2020 Plan governs the terms for the granting of incentive stock options, non-statutory stock options and RSUs, to employees, consultants, and directors of the Company. The Company granted stock options that vest upon the satisfaction of both service-based and performance-based conditions and stock options that vest upon satisfaction of a service-based condition. In addition, the Company granted RSUs that vest upon the satisfaction of both service-based and performance-based conditions, RSUs that vest upon the satisfaction of either a service-based condition or a performance-based condition and RSUs that vest upon the satisfaction of a service-based condition. For the stock options and RSUs with the performance conditions satisfied upon the completion of the Company’s IPO, the Company recorded $48.6 million in stock-based compensation expense in 2024, consisting primarily of a cumulative catch-up adjustment related to such awards based on the full or partial fulfillment of requisite service periods. Unrecognized stock-based compensation expense related to these awards will be recorded over the remaining requisite service period. Under the 2020 Plan, 7,639,440 shares of the Company’s common stock reflecting 2024 stock split effect were initially reserved for grant. Options and RSUs under the 2020 Plan that expire or are forfeited, canceled, exchanged or repurchased are returned to the pool of shares of common stock available for issuance under the 2020 Plan. The maximum number of shares of the Company’s common stock issuable under the 2020 Plan is 19,288,192 shares. As of December 31, 2025, and December 31, 2024, the Company had 4,652,016 shares and 5,277,764 shares of common stock available for future issuance, respectively.

2024 Omnibus Incentive Plan

In June 2024, the Company's board of directors adopted, and the stockholders approved, the 2024 Omnibus Incentive Plan ("2024 Plan"), which became effective on June 14, 2024. The Company initially reserved 10,950,515 shares of common stock for issuance under the 2024 Plan. Under the 2024 Plan, the number of common shares reserved will be increased by 5% or any such smaller number of shares as determined by the board of directors beginning on January 1, 2025 through January 1, 2034. Shares of the Company’s common stock subject to an award under the 2024 Plan shall again be made available for issuance or delivery under the 2024 Plan if such shares are (i) shares delivered, withheld or surrendered in payment of the exercise or purchase price of an award, (ii) shares delivered, withheld, or surrendered to satisfy any tax withholding obligation or (iii) shares subject to a stock-settled award that expires or is canceled, forfeited or terminated without issuance of the full number of shares to which the award related. The 2024 Plan provides for the granting of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, other share-based awards, other cash-based awards, substitute awards, and performance awards to employees, consultants, executives, and directors. As of December 31, 2025, and December 31, 2024, the Company had 7,570,494 and 10,818,583 shares, respectively, of common stock available for future issuance under the 2024 Plan.

Stock options

The Company’s stock options are granted with exercise prices equal to the estimated fair value of common stock at the date of grant. For stock options that vest only upon the satisfaction of both service and performance-based vesting conditions with cliff vesting at the end of the requisite service period (all of which were granted prior to the completion of the Company’s IPO), the Company recognizes stock-based compensation expense over the requisite service period when the performance condition is deemed probable or met. Such pre-IPO options vest on the third anniversary of the grant date, subject to the recipient remaining an employee of the Company and the performance-based condition was satisfied upon the completion of the Company's IPO. Options with only a service-based condition generally vest quarterly over three years from the vesting start date, subject to the recipient remaining an employee of the Company at each vesting date. Stock options issued under the 2020 Plan expire eight years from the grant date. As of December 31, 2025, and December 31, 2024, the total unrecognized compensation expense related to unvested stock options was $4.6 million and

$12.4 million, respectively, and is expected to be recognized over the remaining weighted-average service period of 0.96 years using the straight-line method, net of estimated forfeitures.

The table below summarizes the Company’s stock option activity:


(in thousands of USD, except unit price)	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Balance as of January 1, 2024	10,883,310	$	14.18	5.8	$	75,758
Granted	241,920	22.45
Forfeited	(125,490)	16.67
Exercised	(67,489)	11.05			252
Balance as of December 31, 2024	10,932,251	$	14.36	4.9	$	19,163
Options vested and expected to vest as of December 31, 2024	10,790,203	14.27		4.3	19,163
Options exercisable as of December 31, 2024	8,381,081	11.45		4.1	19,163

Balance as of January 1, 2025	10,932,251	$	14.36	4.9	$	19,163
Granted	—	—
Forfeited	(241,501)	17.48			56
Exercised	(112,902)	11.75			648
Balance as of December 31, 2025	10,577,848	$	14.31	3.7	$	14,372
Options vested and expected to vest as of December 31, 2025	10,558,530	$	14.30	3.7	14,372
Options exercisable as of December 31, 2025	8,896,348	$	12.96	3.2	14,372

The fair value of the Company’s stock options was estimated using a Black-Scholes option pricing model on the grant date based on the following assumptions:


	2024	2023
Weighted-average expected term	5.5 years	4.9 years
Weighted-average expected volatility	34.60%	34.15%
Expected dividend yield	—	—
Risk-free interest rate	3.85%-4.52%	4.15%-4.62%
Weighted-average grant-date fair value	$9.04	$7.94

All stock options were granted prior to the completion of the Company’s IPO. As the Company was privately held prior to its IPO and did not have trading history for the Company’s common stock, the expected price volatility for the Company’s common stock was estimated by taking the average historical price volatility for industry peers that also served as benchmark references in the Company’s common stock valuations. The expected term is the midpoint between the end of the requisite service period and the contractual term of the award. The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the options for each option group. The Company utilized a dividend yield of zero, as it had no history or plan of declaring dividends on its common stock. No options were granted during the year ended December 31, 2025.

Restricted Stock Units

The Company granted (i)under the 2020 Plan RSUs with both a service- and performance-based condition, RSUs that vest upon satisfaction of a service-based condition or a performance-based condition, and RSUs that vest upon a service-based condition and (ii) under the 2024 Plan, RSUs that vest upon a service-based condition. RSUs generally time-

vest over one to four years from the vesting start date, subject to the recipient remaining an employee of the Company at each vesting date. For RSUs subject to a performance-based condition, the performance condition was satisfied upon the completion of the Company's IPO. The RSUs carry dividend-equivalent rights during the vesting period which is accrued over the vesting period if the Company declares any dividends. Dividend equivalents are subject to the same vesting conditions applicable to the underlying RSUs and the dividend-equivalent rights are forfeited in the event the recipient is no longer an employee on the vesting date. The accrued dividend is paid upon vesting of the RSUs. As of December 31, 2025, no dividends were declared.

As of December 31, 2025 and December 31, 2024, the total unrecognized compensation expense related to unvested RSUs was $27.0 million and $28.8 million respectively, and is expected to be recognized over the remaining weighted-average service period of 1.43 years using the straight-line method and graded-vesting methods, as appropriate, net of estimated forfeitures. The total fair value of RSUs vested during the years ended December 31, 2025, and December 31, 2024, was $40.4 million and $6.6 million respectively. No RSUs vested during the year ended December 31, 2023.

The table below summarizes the Company’s RSU activity:


(in USD per unit)	Number of RSUs	Weighted Average Grant-Date Fair Value
Balance as of January 1, 2024	509,192	$	20.34
Granted	2,783,197	22.06
Forfeited	(149,769)	22.50
Released	(506,845)	20.53
Balance as of December 31, 2024	2,635,775	$	22.00

Balance as of January 1, 2025	2,635,775	$	22.00
Granted	3,248,089	9.08
Forfeited	(177,535)	10.73
Released	(2,407,816)	16.77
Balance as of December 31, 2025	3,298,513	$	13.69


	Year Ended December 31,
	2025		2024		2023

	(in thousands of USD)
Cost of revenue	$	9,472	$	10,561	$	1,196
Marketing	1,574		1,575		444
General and administrative expenses	30,861		75,243		6,705
Total	$	41,907	$	87,379	$	8,345

The following table summarizes the Company's Phantom Unit activity for the year ended December 31, 2025:


	Number of Phantom Units	Weighted Average Grant-Date Fair Value
Balance as of January 1, 2025	—	$	—
Granted	557,180	9.04
Forfeited	(21,399)	9.04
Vested	(207,033)	9.04
Balance as of December 31, 2025	328,748	$	9.04

As of December 31, 2025, the Company recognized stock-based compensation expense related to the Phantom Units of $4.1 million. Compensation expense for the Phantom Units is based on the fair value of the units as of the balance sheet date, as further discussed in Note 1. Description of Business and Summary of Significant Accounting Policies, and such costs are recognized ratably over the service period of the awards. As the fair value of liability awards is required to be re-measured each period end, stock compensation expense amounts recognized in future periods for these awards will vary. The estimated future cash payments of these awards are presented within accrued expenses on the Company's Consolidated Balance Sheets. As of December 31, 2025, the total unrecognized compensation expense related to unvested Phantom Units is $2.1 million and is expected to be recognized over the remaining weighted-average service period of 1.06 years using the straight-line method, net of estimated forfeitures.

Redeemable Non-Controlling Interest in Subsidiary - Additional Information (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2023 shares	Dec. 31, 2025 shares	Dec. 31, 2024 shares	Feb. 28, 2022 $ / shares	Feb. 28, 2022 KRW (₩)	Sep. 30, 2021 $ / shares	Sep. 30, 2021 KRW (₩)
Noncontrolling Interest [Abstract]
Redemption price (in usd per share) \| $ / shares				$ 26.20		$ 26.20
Aggregate amount of redemption \| ₩					₩ 33,251		₩ 33,251
Annual increase in redemption price (percent)					15.00%
Outstanding shares held (percent)							5.00%
Exercise of stock options (in shares) \| shares	425,016	112,902	67,489

- Definition

Aggregate amount of redemption requirements for each class or type of redeemable stock classified as temporary equity for each of the five years following the latest balance sheet date. The redemption requirement does not constitute an unconditional obligation that will be settled in a variable number of shares constituting a monetary value predominantly indexed to (a) a fixed monetary amount known at inception, (b) an amount inversely correlated with the residual value of the entity, or (c) an amount determined by reference to something other than the fair value of issuer's stock. Does not include mandatorily redeemable stock. The exception is if redemption is required upon liquidation or termination of the reporting entity.

+ References + Details

Fair Value Measurements - Schedule of Changes in Carrying Value of Equity Securities Measured Using Measurement Alternative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 70,178	$ 91,233
Purchases	6,801	1,000
Net unrealized gain (loss)	(8,605)	2,321
Currency translation differences	1,295	(8,688)
Ending balance	69,669	70,178
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	16,557	16,431
Purchases	844	1,000
Disposition and Other	0	(773)
Net unrealized gain (loss)	0	0
Currency translation differences	(24)	(101)
Ending balance	$ 17,377	$ 16,557

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Related Parties and Variable Interest Entity - Schedule of Significant Related Party Transactions (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenue

^[1]

$ 1,382,705

$ 1,348,478

$ 1,282,748

Cost of revenue

^[2]

1,060,524

1,009,410

987,258

General and administrative expenses incurred

^[3]

259,543

331,984

210,762

Revenue

74,297

72,228

78,698

Cost of revenue

111,254

96,498

22,412

Marketing expense incurred (cost reimbursed)

(9,339)

(7,691)

203

General and administrative expenses incurred

31,249

32,478

30,945

Other income, net

1,687

3,592

4,761

Loan receivable provided

11,633

Loan receivable received

(783)

(204)

Related Parties | NW Media Loan

NW Media Loan repaid

$ 0

$ (3,638)

$ 0

[1]	Includes amounts earned from related parties of $74,297, $72,228 and $78,698 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts incurred from related parties of $111,254, $96,498 and $22,412 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts incurred from related parties of $31,249, $32,478 and $30,945 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Other Income (Loss), net (Tables)

12 Months Ended

Dec. 31, 2025

Other Income and Expenses [Abstract]

Schedule of Other Income (Loss), net

The following table summarizes Other income (loss), net for the years ended December 31, 2025, December 31, 2024, and December 31, 2023:


	Year Ended December 31,
	2025		2024		2023

	(in thousands of USD)
Gain (loss) on debt and equity securities, net	$	(8,605)	$	2,263	$	(22,585)
Loss on foreign currency, net	(625)		(2,103)		(7,590)
Retirement benefit (loss), net	(601)		2,807		8,763
Dividend income	—		2,640		—
Other	23		1,689		(1,341)
Loss on disposal of investment in subsidiaries, net	—		(2,713)		(884)
Gain on right of use asset disposal, net	—		1,899		63
Total other income (loss), net	$	(9,808)	$	6,482	$	(23,574)

Redeemable Non-Controlling Interest in Subsidiary (Tables)

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest [Abstract]

Schedule of Redeemable Noncontrolling Interest in Subsidiary

The following table summarizes the redeemable non-controlling interest activity of Munpia for the periods indicated below (in thousands of USD):


Balance as of December 31, 2022	$	46,964



Total comprehensive income (loss) attributable to redeemable non-controlling interest	(5,535)
Balance as of December 31, 2023	$	41,429
Total comprehensive income (loss) attributable to redeemable non-controlling interest	(4,849)
Balance as of December 31, 2024	$	36,580
Total comprehensive income (loss) attributable to redeemable non-controlling interest	(12,040)
Balance as of December 31, 2025	$	24,540

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Equity Method Investments - Changes in the Balance of Company's Equity Method Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Balance at January 1	$ 78,668	$ 64,222
Additions	0	9,068
Disposals	0	(5,938)
Other than temporary impairment losses	(953)	(3,566)
Valuation gain, net	2,236	2,443
Reclassification	(1,134)	21,820
Share of other comprehensive income	896	(94)	$ (906)
Dividends	(725)	0
Currency translation differences	1,452	(9,287)
Balance at December 31	$ 80,440	$ 78,668	$ 64,222

Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Balance Sheet Components [Abstract]

Balance Sheet Components

Prepaid Expenses and Other Current Assets, net


	As of December 31,
	2025		2024
	(in thousands of USD)
Advance payments, net	$	38,138	$	47,545
Prepaid expenses	14,635		14,008
Other current assets, net	9,100		6,902
Term deposits	10,774		26,328
Total other current assets, net	$	72,647	$	94,783

Advance payments are primarily comprised of the payment of minimum guarantees to creators or publishers for their provision of content, such as web-comics, on the Company’s platform.

The advance payments for production of film contents are directly related to the contract that will be used to satisfy a future performance obligation and are expected to be recovered. The Company’s balance of advance payments due to film

production contracts are $29.0 million and $35.1 million, as of December 31, 2025, and December 31, 2024, respectively. These costs are amortized on a systematic basis consistent with the transfer of services to the customer to which the asset relates. The Company recorded amortization of $10.2 million, $11.5 million ,and $8.0 million during the years ended December 31, 2025, December 31, 2024, and December 31, 2023 respectively.

The advance payments for minimum guarantee are amortized as the associated commission expenses payable to creators or publishers are incurred. When the Company determines the estimated future commission expenses payable are less than the carrying amount of such advance payments, the remaining portion of that advance payment is charged to expense in the period in which such determination is made. The Company charged advance payments to expense due to such determination in the amounts of $0.2 million, $0.2 million, and $1.2 million for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 respectively.

Other current assets, net, consist primarily of inventories, the current portion of leasehold deposits and contract asset. The allowances on short-term loans were immaterial to the Company’s consolidated balance sheets as of December 31, 2025, and December 31, 2024, respectively.

Term deposits are bank deposits held by Korean and Japanese subsidiaries of the Company with maturities of less than one year but more than three months. As of December 31, 2025, and December 31, 2024, the term deposit balance of $8.7 million and $8.0 million was pledged to Sumitomo Mitsui Banking Corporation as a compensating balance deposit on contract liabilities of the Company’s subsidiary in accordance with the Payment Services Act in Japan.

Other Non-Current Assets, net


	As of December 31,
	2025		2024

	(in thousands of USD)
Advance payments, net	$	25,486	$	29,222

Long-term loans, net	30,890		31,859
Other non-current assets, net	8,818		4,825
Total other non-current assets, net	$	65,194	$	65,906

Long-term advance payments represent the portion of advance payments expected to remain on the balance sheet beyond one year. When the Company determines the estimated future commission expenses payable are less than the carrying amount of the long-term advance payments, the remaining portion of that long-term advance payment is charged to expense in the period in which such determination is made. The Company’s balance of advance payments due to film production contracts are $7.3 million and $8.5 million as of December 31, 2025 and December 31, 2024, respectively, and charged long-term advance payments to expense due to such determination in the amounts of $11.9 million, $6.9 million and $4.4 million, for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. The Company recorded amortization expense of $65.3 million, $36.3 million, and $64.2 million, and impairment loss of $0.7 million, $0.4 million and $0.5 million during the years ended December 31, 2025, and December 31, 2024, and December 31, 2023, respectively, for contracts related to film products.

Accrued Expenses

Accrued expenses as of December 31, 2025, and December 31, 2024, consisted of:


	As of December 31,
	2025		2024

	(in thousands of USD)
Accrued royalties	$	26,126	$	21,201
Accrued allowances	10,959		8,531
Accrued bonuses	16,070		14,987
Accrued other expenses	13,535		17,490
Total Accrued Expenses	$	66,690	$	62,209

Accrued royalties are liabilities recorded on an accrual basis for amounts to be paid to the content providers by the Company, and Accrued other expenses are liabilities recorded on an accrual basis for marketing and advertising expenses. Accrued allowances and Accrued bonuses are liabilities recorded on an accrual basis for labor expenses.

Balance Sheet Components - Schedule of Other Current Assets, net (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Balance Sheet Components [Abstract]

Advance payments, net

$ 38,138

$ 47,545

Prepaid expenses

14,635

14,008

Other current assets, net

9,100

6,902

Term deposits

10,774

26,328

Total other current assets, net

^[1]

$ 72,647

$ 94,783

[1]	Includes amounts due from related parties of $4,730 and $9,258 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of Changes in Defined Severance Benefits

Changes in Defined severance benefits are as follows:


	2025		2024

	(in thousands of USD)
Beginning balance, January 1	$	23,031	$	24,316
Current service costs	4,983		6,532
Interest expense	1,081		1,279
Actuarial gain	(480)		(4,086)
Payments from plans	(1,955)		(1,026)
Transfer in/(out)	(863)		70


Cumulative effects of foreign currency translation	467		(4,054)
Ending balance, December 31	$	26,264	$	23,031
Current	$	1,195	$	1,001
Non-current	$	25,069	$	22,030

Schedule of Provision for Retirement Benefits

Our provision for retirement benefits is as follows:


	As of December 31,
	2025		2024

	(in thousands of USD)
Defined benefit liabilities	$	26,264	$	23,031
Plan assets	—		—
Provision for Defined severance benefits	$	26,264	$	23,031

Schedule of Net Periodic Cost (Income)

Net periodic cost (income) consists of the following:


	As of December 31,
	2025		2024		2023

	(in thousands of USD)
Current service costs	$	4,983	$	6,532	$	8,026
Interest expense	1,081		1,279		1,509
Actuarial gain	(480)		(4,086)		(10,272)
Net periodic benefit cost (income)	$	5,584	$	3,725	$	(737)

Schedule of Principal Actuarial Assumptions Used to Determine Defined Severance Benefits

The principal actuarial assumptions used to determine defined severance benefits were as follows:


	As of December 31,
	2025			2024
Discount rates	3.75%	—	5.35%	3.71%	—	4.74%
Salary growth rates	3.67%	—	8.12%	4.00%	—	9.63%

The principal actuarial assumptions used to determine the net periodic benefit cost (income) were as follows:


	As of December 31,
	2025			2024
Discount rates	3.71%	—	4.74%	4.81%	—	5.95%
Salary growth rates	4.00%	—	9.63%	5.00%	—	10.31%

Schedule of Expected Maturity Analysis of Undiscounted Defined Severance Benefits

The expected maturity analysis of undiscounted defined severance benefits as of December 31, 2025 is as follows:


	Defined severance benefits
	(in thousands of USD)
Less than 1 year	$	1,360
Between 1 - 2 years	1,644
Between 2 - 5 years	5,425
Over 5 years	276,596
Total	$	285,025

Leases - Schedule of Weighted Average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term	3 years 2 months 26 days	3 years 6 months 21 days
Weighted-average discount rate	3.86%	4.49%

Condensed Financial Information of Parent - Schedule of Condensed Statement of Cash Flows (Details) - USD ($)
$ in Thousands

12 Months Ended

Jul. 26, 2024

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Operating activities:

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

$ (373,387)

$ (152,912)

$ (144,759)

Adjustments to reconcile net loss to cash used in operating activities:

Depreciation and amortization

35,431

40,074

38,359

Operating lease expense

9,690

10,446

11,965

Loss on investments in subsidiaries, net

2,713

884

Total deferred income tax expense

(28,965)

(24,535)

(15,573)

Stock-based compensation

41,907

87,379

3,220

Other non-cash items

(707)

(3,411)

Changes in operating assets and liabilities

Changes in receivables

(873)

(24,063)

30,919

Changes in other assets

1,219

(35,928)

(6,523)

Changes in accounts payable

3,421

26,177

(7,583)

Changes in accrued expenses

6,216

1,869

3,083

Changes in operating lease liabilities

(8,062)

(9,035)

(10,193)

Changes in contract liabilities

2,400

21,584

1,088

Changes in other liabilities

(6,540)

(812)

4,907

Net cash provided by operating activities

11,216

17,883

14,804

Investing activities:

Proceeds from maturities of short-term investments

42,538

68,018

15,321

Proceeds from sale of debt and equity securities

2,970

2,428

Proceeds from sale of property and equipment

297

6,495

659

Payment made for short-term investments

(26,372)

(77,371)

(35,100)

Purchases of debt and equity securities

(6,801)

(1,000)

(8,700)

Purchases of property and equipment

(7,619)

(2,404)

(10,199)

Purchases of intangible assets

(10,292)

(10,745)

(12,143)

Net cash used in investing activities

(7,498)

(17,276)

(51,982)

Financing activities:

Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions

292,950

Proceeds from issuance of common stock related to private placement

50,000

Payments of initial public offering costs

(11,154)

Proceeds from exercise of over-allotment, net of underwriting discounts and commissions

26,786

Proceeds from stock option exercise

1,327

746

Net cash provided by (used in) financing activities

1,466

353,867

(6,499)

Effect of exchange rate changes on cash and cash equivalents

4,220

(13,817)

(4,287)

Net increase (decrease) in cash and cash equivalents

9,404

340,657

(47,964)

Cash and cash equivalents at beginning of the year

572,402

231,745

279,709

Cash and cash equivalents at end of the year

581,806

572,402

231,745

Supplemental disclosure:

Income taxes paid

24,702

25,675

26,644

Non-cash transactions:

Share exchange with NAVER upon issuance of new WEBTOON Entertainment Inc. shares

^[1]

579,876

Reclassification of deferred offering costs to additional paid-in capital upon IPO

11,215

Parent

Operating activities:

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

(345,927)

(143,905)

(116,455)

Adjustments to reconcile net loss to cash used in operating activities:

Depreciation and amortization

1,536

229

244

Interest income

(18,256)

(14,326)

(2,324)

Operating lease expense

1,168

1,229

1,595

Loss on investments in subsidiaries, net

333,972

13,933

89,524

Total deferred income tax expense

2,124

3,445

Stock-based compensation

7,520

81,893

Other non-cash items

407

Changes in operating assets and liabilities

Changes in receivables

11,366

10,184

(14,436)

Changes in other assets

18,368

3,588

(3,392)

Changes in accounts payable

(4,559)

10,532

(16,360)

Changes in accrued expenses

(2,112)

(4,785)

7,085

Changes in operating lease liabilities

(1,448)

(1,512)

(1,919)

Changes in contract liabilities

923

(835)

(13,304)

Changes in other liabilities

(6,395)

(1,242)

(15)

Net cash provided by operating activities

(1,693)

(41,500)

(69,350)

Investing activities:

Proceeds from maturities of short-term investments

20,000

Proceeds from sale of debt and equity securities

2,264

Proceeds from sale of property and equipment

Payment made for short-term investments

(20,000)

Purchases of debt and equity securities

(1,000)

Purchases of property and equipment

(450)

(144)

(29)

Purchases of intangible assets

(2)

(4)

(2)

Purchases of investments in subsidiaries

(26,000)

(6,000)

Net cash used in investing activities

(26,452)

1,135

(6,025)

Financing activities:

Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions

292,950

Proceeds from issuance of common stock related to private placement

50,000

Payments of initial public offering costs

(11,154)

Proceeds from stock option exercise

1,377

746

Net cash provided by (used in) financing activities

1,377

359,328

Effect of exchange rate changes on cash and cash equivalents

(2)

Net increase (decrease) in cash and cash equivalents

(26,768)

318,961

(75,375)

Cash and cash equivalents at beginning of the year

364,927

45,966

121,341

Cash and cash equivalents at end of the year

338,159

364,927

45,966

Supplemental disclosure:

Income taxes paid

(4,787)

(1,242)

(15)

Interest received

18,792

13,225

1,189

Non-cash transactions:

Share exchange with NAVER upon issuance of new WEBTOON Entertainment Inc. shares

579,876

Reclassification of deferred offering costs to additional paid-in capital upon IPO

11,215

Over-Allotment

Financing activities:

Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions

$ 26,800

Over-Allotment | Parent

Financing activities:

Proceeds from exercise of over-allotment, net of underwriting discounts and commissions

$ 0

$ 26,786

$ 0

[1]	Refer to Organization and Description of Business in Note 1. Description of Business and Summary of Significant Accounting Policies.

Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Trade receivables, allowance for doubtful accounts

$ 3,378

$ 3,418

Preferred stock par value (in usd per share)

$ 0.0001

Preferred stock authorized (in shares)

100,000,000

Preferred stock issued (in shares)

Preferred stock outstanding (in shares)

Common stock par value (in usd per share)

$ 0.0001

Common stock authorized (in shares)

2,000,000,000

Common stock issued (in shares)

130,776,161

128,587,944

Common stock outstanding (in shares)

130,776,161

128,587,944

Receivables, net of allowance

^[1]

$ 176,779

$ 169,187

Prepaid expenses and other current assets, net

^[2]

72,647

94,783

Accounts payables

^[3]

136,962

127,306

Accrued expenses

^[4]

66,690

62,209

Current portion of operating lease liabilities

^[5]

9,617

6,053

Long-term operating lease liabilities

^[6]

14,055

11,187

Related Parties

Receivables, net of allowance

55,156

59,495

Prepaid expenses and other current assets, net

4,730

9,258

Other non-current assets, net

33,913

32,072

Accounts payables

18,765

17,173

Accrued expenses

6,849

5,562

Current portion of operating lease liabilities

5,221

3,506

Long-term operating lease liabilities

$ 5,371

$ 9,519

[1]	Includes amounts due from related parties of $55,156 and $59,495 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts due from related parties of $4,730 and $9,258 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts due to related parties of $18,765 and $17,173 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[4]	Includes amounts due to related parties of $6,849 and $5,562 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[5]	Includes amounts due to related parties of $5,221 and $3,506 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[6]	Includes amounts due to related parties of $5,371 and $9,519 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Retirement Benefits - Schedule of Principal Actuarial Assumptions Used to Determine Defined Severance Benefits (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Minimum
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rates	3.75%	3.71%
Salary growth rates	3.67%	4.00%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rates	3.71%	4.81%
Salary growth rates	4.00%	5.00%
Maximum
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rates	5.35%	4.74%
Salary growth rates	8.12%	9.63%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rates	4.74%	5.95%
Salary growth rates	9.63%	10.31%

Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
U.S. Federal	$ 2,810	$ 2,419	$ 0
State	(575)	1,025	150
Uncertain tax position liability (Korea)	(258)	(169)	(268)
Total current income tax expense	12,943	28,139	27,579
Total deferred income tax expense	(28,965)	(24,535)	(15,573)
Total income tax expense (benefit)	$ (16,022)	$ 3,604	$ 12,006
Effective tax rate (percent)	4.11%	(2.41%)	(9.04%)
Korea
Effective Income Tax Rate Reconciliation [Line Items]
Foreign withholding taxes paid	$ 10,758	$ 23,074	$ 25,881
Deferred income tax expense	(4,822)	(5,673)	(13,156)
Other
Effective Income Tax Rate Reconciliation [Line Items]
Foreign withholding taxes paid	208	1,790	1,816
Deferred income tax expense	$ (24,143)	$ (18,862)	$ (2,417)

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Condensed Balance Sheet Statements, Captions [Line Items]
Advance payments due to film production	$ 29,000	$ 35,100
Advance payments charged to expense	200	200	$ 1,200
Allowance on short-term loans	0	0
Term deposits	10,774	26,328
Long-term advance payments due to film production contracts	7,300	8,500
Long-term advance payments charged to expense	11,900	6,900	4,400
Impairment loss	700	400	500
Sumitomo Mitsui Banking Corporation \| Asset Pledged as a Compensating Balance Deposit
Condensed Balance Sheet Statements, Captions [Line Items]
Term deposits	8,700	8,000
Other Current Assets
Condensed Balance Sheet Statements, Captions [Line Items]
Amortization	10,200	11,500	8,000
Other Noncurrent Assets
Condensed Balance Sheet Statements, Captions [Line Items]
Amortization	$ 65,300	$ 36,300	$ 64,200

Stock-Based Compensation - Schedule of RSU and Phantom Unit Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RSUs
Number of Units [Roll Forward]
Beginning balance (in shares)	2,635,775	509,192
Granted (in shares)	3,248,089	2,783,197
Forfeited (in shares)	(177,535)	(149,769)
Released (in shares)	(2,407,816)	(506,845)
Vested (in shares)			0
Ending balance (in shares)	3,298,513	2,635,775	509,192
Weighted Average Grant-Date Fair Value
Beginning balance (in usd per share)	$ 22.00	$ 20.34
Granted (in usd per share)	9.08	22.06
Forfeited (in usd per share)	10.73	22.50
Released (in usd per share)	16.77	20.53
Ending balance (in usd per share)	$ 13.69	$ 22.00	$ 20.34
Phantom Units
Number of Units [Roll Forward]
Beginning balance (in shares)	0
Granted (in shares)	557,180
Forfeited (in shares)	(21,399)
Vested (in shares)	(207,033)
Ending balance (in shares)	328,748	0
Weighted Average Grant-Date Fair Value
Beginning balance (in usd per share)	$ 0
Granted (in usd per share)	9.04
Forfeited (in usd per share)	9.04
Vested (in usd per share)	9.04
Ending balance (in usd per share)	$ 9.04	$ 0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Loss before Income Tax Expense

Loss before income tax expense for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 is as follows:


	As of December 31,
	2025		2024		2023
	(in thousands of USD)
U.S.	$	(9,894)	$	(92,622)	$	(26,780)
Korea	(106,975)		26,166		(10,850)
Other	(272,540)		(82,852)		(95,123)
Loss before income tax expense	$	(389,409)	$	(149,308)	$	(132,753)

Schedule of Components of Income Tax Expense

The components of income tax expense for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, consist of the following:


	As of December 31,
	2025		2024		2023
	(in thousands of USD)
Current income tax expense:
U.S. Federal	$	2,810	$	2,419	$	—
State	(575)		1,025		150
Korea	10,758		23,074		25,881
Other	208		1,790		1,816
Uncertain tax position liability (Korea)	(258)		(169)		(268)
Total current income tax expense	12,943		28,139		27,579
Deferred income tax expense:
Korea	(4,822)		(5,673)		(13,156)
Other	(24,143)		(18,862)		(2,417)
Total deferred income tax expense	(28,965)		(24,535)		(15,573)
Total income tax expense (benefit)	$	(16,022)	$	3,604	$	12,006
Effective tax rate	4.11%		(2.41)%		(9.04)%

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation from the statutory federal income tax rate to our effective income tax rate, applying ASU 2023-09 prospectively, for the year ended December 31, 2025 is as follows:


	2025		%
	(in thousands of USD)
Provision computed at federal statutory rate	$	(81,776)	21.0	%
State income taxes, net of federal effect *	188		—	%
Foreign tax effects
Korea
Difference in foreign tax rates	(816)		0.2	%
Non-deductible stock compensation	5,374		(1.4)	%
Foreign tax	(1,701)		0.4	%
Impairment of goodwill5	15,809		(4.1)	%
Others	1,201		(0.3)	%

Japan
Difference in foreign tax rates	1,853		(0.5)	%
Non-deductible stock compensation	1,548		(0.4)	%
Change in valuation allowance	(8,425)		2.2	%
Withholding tax7	8,533		(2.2)	%
Others	717		(0.2)	%

Canada
Difference in foreign tax rates	(1,145)		0.3	%
Change in valuation allowance	(17,059)		4.4	%
Impairment of goodwill5	54,622		(14.0)	%
Others	1,189		(0.3)	%

Effect of changes in tax laws or rates enacted in the current period	—		—	%
Effect of cross-border tax laws
Disavowed Deduction Addback3	13,755		(3.5)	%
Global Intangible Low Taxed Income4	2,195		(0.6)	%
Branch (loss)/income1	(14,736)		3.8	%
Investments in affiliates	8,169		(2.1)	%
Tax credits
Foreign tax credits1	(6,031)		1.5	%
Changes in valuation allowances
Change in valuation allowance	(363)		0.1	%
Nontaxable or nondeductible items
Disallowed Deduction of Covered Employees Compensation2	1,461		(0.4)	%
Other	(324)		0.1	%
Changes in unrecognized tax benefits
Uncertain tax positions liability	(258)		0.1	%
Income tax expense (benefit)	$	(16,022)	4.1	%

*The state that contributes to the majority (greater than 50%) of the tax effect in this category is California for 2025.


	2024		2023

	(in thousands of USD)
Provision computed at federal statutory rate	$	(31,355)	$	(27,878)
State income taxes, net of federal effect	1,006		150
Difference in foreign tax rates	1,406		(6,317)
Permanent differences:

Foreign tax	(1,681)		(1,145)
Branch (loss) income1	(16,834)		(13,987)
Non-deductible interest expense	489		1,038
Non-deductible stock compensation	6,500		1
Disallowed deduction of covered employee compensation2	15,680		—
Disavowed deduction addback3	10,290		—
Global intangible low taxed income4	3,899		—
Investment in subsidiaries	3,993		1,784
Impairment of goodwill5	13,618		13,317
Disposition of LOCUS6	—		5,355
Other permanent differences	1,105		850
Other tax credits	(534)		(47)
Withholding tax7	7,969		5,479
Foreign currency translation adjustments on deferred tax	7,734		699
Taxation on foreign currency translation gains or losses8	(13,256)		—
Change in valuation allowance	(7,198)		26,465
Uncertain tax positions liability	(169)		(268)
Tax audit payment9	—		7,044
Other	942		(534)
Income tax expense	$	3,604	$	12,006

______________

sale/purchase of stock was tax deductible and thus, the impairment of goodwill for book purpose for Wattpad, Munpia, WWS, and Purple Duck have been added back as permanent difference.

7.NAVER WEBTOON has received royalty income from various foreign entities and has paid withholding taxes on such income.

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) as of December 31, 2025, and December 31, 2024, consist of the following:


	2025		2024

	(in thousands of USD)
Deferred tax assets:
Stock compensation	$	6,252	$	4,991
Accrued expenses	10,313		9,701
Operating lease liabilities	8,073		5,253
Property and equipment	4,754		47
Intangible assets	4,388		7,565
Foreign currency translation	1,705		—
Valuation of investment	11,641		9,307
Provision for retirement benefits	6,285		6,437
Bad debt allowance	5,455		3,266
Unearned revenue	14,309		10,792
Taxation on foreign currency translation gains or losses	11,975		13,830
Capitalization of specified research	10,942		7,392
Net operating loss carry-forwards	53,036		62,360
Tax credits	13,245		24,940
Others	1,931		662
Subtotal deferred tax assets	164,304		166,543
Less: Valuation allowance	(100,833)		(125,648)
Total deferred tax assets	$	63,471	$	40,895
Deferred tax liabilities:
Operating lease right -of-use assets	(6,406)		(4,459)
Foreign currency translation	—		(1,805)
Deferred gain on restructuring	—		(322)
Intangible assets	(40,520)		(46,988)
Total deferred tax liabilities	(46,926)		(53,574)
Net deferred tax assets (liabilities)	$	16,545	$	(12,679)

Schedule of Cash Paid for Income Taxes, Net of Refunds Received, by Jurisdiction

Cash paid for income taxes, net of refunds received, by jurisdiction for the year ended December 31, 2025, is as follows (in thousands):


	As of December 31,
	2025
	(in thousands of USD)
Federal	4,305
State	577
Foreign
Korea	10,176
Japan	9,644
Cash Paid for income taxes, net of refunds received	$	24,702

Schedule of Changes in Valuation Allowance for Deferred Tax Assets

Changes in the valuation allowance for deferred tax assets for the years ended December 31, 2025, December 31, 2024 and December 31, 2023 are as follows:


	2025		2024		2023

	(in thousands of USD)
Beginning balance	$	125,648	$	131,524	$	105,345
Disposition of LOCUS	—		—		(5,355)
Changes to existing valuation allowances	(25,473)		5,167		32,246
Valuation allowance release	—		(16,987)		—
Taxation on foreign currency translation gains or losses	—		13,830		—
Translation adjustments	650		(7,886)		(712)
Rate Change	8		—		—
Valuation allowance, balance at the ending	$	100,833	$	125,648	$	131,524

Schedule of Net Operating Loss Carryforwards

Net operating loss carryforwards as of December 31, 2025 and December 31, 2024 follows:


	2025		2024

	(in thousands of USD)
Net operating loss carry-forwards	$	182,722	$	208,021

Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total	$ 80,440	$ 78,668	$ 64,222
Equity method investments in affiliates
Schedule of Equity Method Investments [Line Items]
Total	78,038	75,708
Joint venture
Schedule of Equity Method Investments [Line Items]
Total	$ 2,402	$ 2,960

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill, net and Intangible Assets, net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, net

Intangible assets, net as of December 31, 2025 and December 31, 2024 consist of the following:


	As of December 31, 2025
	Estimated Useful Lives (in years)	Gross amount		Accumulated Amortization		Impairment		Carrying amount

	(in thousands of USD)
Intangible assets with definite lives:
Brand	15	$	133,164	$	(36,354)	$	—	$	96,810
Intellectual property rights	4-14	120,165		(66,481)		(978)		52,706
Software	5	55,120		(47,484)		—		7,636
Trademarks, copyrights, and patents	4.32-15	98		(57)		—		41
Intangible assets with indefinite lives:								—
Intellectual property rights	Indefinite	346		—		—		346
Membership	Indefinite	265		—		—		265
Total intangible assets		$	309,158	$	(150,376)	$	(978)	$	157,804


	As of December 31, 2024
	Estimated Useful Lives (in years)	Gross amount		Accumulated Amortization		Carrying amount

	(in thousands of USD)
Intangible assets with definite lives:
Brand	15	$	133,837	$	(27,565)	$	106,272
Intellectual property rights	4-14	109,552		(50,270)		59,282
Software	5	41,290		(26,576)		14,714
Trademarks, copyrights, and patents	4.32-15	80		(41)		39
Intangible assets with indefinite lives:
Intellectual property rights	Indefinite	346		—		346
Membership	Indefinite	259		—		259
Total intangible assets		$	285,364	$	(104,452)	$	180,912

Schedule of Intangible Assets, net

Intangible assets, net as of December 31, 2025 and December 31, 2024 consist of the following:


	As of December 31, 2025
	Estimated Useful Lives (in years)	Gross amount		Accumulated Amortization		Impairment		Carrying amount

	(in thousands of USD)
Intangible assets with definite lives:
Brand	15	$	133,164	$	(36,354)	$	—	$	96,810
Intellectual property rights	4-14	120,165		(66,481)		(978)		52,706
Software	5	55,120		(47,484)		—		7,636
Trademarks, copyrights, and patents	4.32-15	98		(57)		—		41
Intangible assets with indefinite lives:								—
Intellectual property rights	Indefinite	346		—		—		346
Membership	Indefinite	265		—		—		265
Total intangible assets		$	309,158	$	(150,376)	$	(978)	$	157,804


	As of December 31, 2024
	Estimated Useful Lives (in years)	Gross amount		Accumulated Amortization		Carrying amount

	(in thousands of USD)
Intangible assets with definite lives:
Brand	15	$	133,837	$	(27,565)	$	106,272
Intellectual property rights	4-14	109,552		(50,270)		59,282
Software	5	41,290		(26,576)		14,714
Trademarks, copyrights, and patents	4.32-15	80		(41)		39
Intangible assets with indefinite lives:
Intellectual property rights	Indefinite	346		—		346
Membership	Indefinite	259		—		259
Total intangible assets		$	285,364	$	(104,452)	$	180,912

Schedule of Intangible Asset Amortization Expenses

Intangible asset amortization expenses for the following five years are expected to be as follows:


Years Ended December 31,	(in thousands of USD)
2026	$	31,826
2027	17,058
2028	12,982
2029	12,980
2030	12,980
Thereafter	70,346
Total intangible assets, net	$	158,172

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2025, and December 31, 2024 are as follows:


	2025		2024

	(in thousands of USD)
Goodwill at January 1	$	761,770	$	843,298
Less: accumulated impairment losses	(96,495)		(64,122)
Goodwill, net at January 1	$	665,275	$	779,176

Goodwill Activity:
Acquisition	1,398		—
Foreign currency translation adjustments	5,660		(30,564)
Disposition, net	—		(13,594)
Impairments	(335,508)		(69,743)
Goodwill, net at December 31	$	336,825	$	665,275
Goodwill at December 31	$	768,165	$	761,770
Less: accumulated impairment losses*	(431,340)		(96,495)
Goodwill, net at December 31	$	336,825	$	665,275

______________

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Condensed Financial Information of Parent (Tables)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheet

Condensed Balance Sheet

(in thousands of USD, except share and per share data)


	As of December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	338,159	$	364,927
Receivables, net of allowance	4,518		15,883
Other current assets, net	9,749		10,736
Total current assets	$	352,425	$	391,546
Property and equipment, net	488		210
Operating lease right-of-use assets	625		1,040

Debt and equity securities	16,000		16,000
Intangible asset, net	466		110
Investments in subsidiaries	738,743		1,001,775
Long-term loan1	76,131		76,131

Other non-current assets, net	1,005		48
Total assets	$	1,185,883	$	1,486,860
Liabilities and Equity
Current liabilities:
Accounts payable	3,986		4,689
Accrued expenses	9,301		7,287
Current portion of long-term operating lease liabilities	630		1,300
Contract liabilities	1,514		591
Other current liabilities	—		866
Total current liabilities	$	15,431	$	14,733


Total liabilities	$	15,431	$	14,733
Stockholders’ equity:
Common stock	13		13
Additional paid-in capital	2,137,926		2,103,931
Accumulated other comprehensive loss	(114,363)		(124,620)
Accumulated deficit	(853,124)		(507,197)
Total stockholders’ equity	$	1,170,452	$	1,472,127
Total liabilities and stockholders’ equity	$	1,185,883	$	1,486,860

______________

1.Consists of long-term loans to our subsidiaries NAVER WEBTOON, and LDF of $22,839 and $53,292, respectively, as of December 31, 2025 and December 31, 2024.

Schedule of Condensed Statement of Operations and Comprehensive Loss

Condensed Statement of Operations and Comprehensive Loss

(in thousands of USD)


	Year Ended December 31,
	2025		2024		2023
Revenue	$	50,320	$	38,836	$	73,922
Cost of revenue	(18,554)		(33,737)		(60,478)
Marketing	(240)		(2,761)		(16,760)
General and administrative expenses	(61,572)		(145,667)		(26,226)
Operating Loss	$	(30,046)	$	(143,329)	$	(29,542)
Interest income	18,256		14,326		3,513

Loss on equity method investments, net	(333,972)		(13,933)		(89,524)
Other income (loss), net	1,959		2,476		(752)
Loss before income tax	$	(343,803)	$	(140,460)	$	(116,305)
Income tax benefit (expense)	(2,124)		(3,445)		(150)
Net loss	$	(345,927)	$	(143,905)	$	(116,455)
Other comprehensive income (loss):

Share of other comprehensive income (loss) of equity method investments, net of tax	10,260		(69,796)		(18,157)
Total other comprehensive income (loss), net of tax	10,260		(69,796)		(18,157)
Total comprehensive loss	$	(335,667)	$	(213,701)	$	(134,612)

Schedule of Condensed Statement of Cash Flows

Condensed Statement of Cash Flows

(in thousands of USD)


	For the Year Ended December 31,
	2025		2024		2023
Operating activities:
Net loss	$	(345,927)	$	(143,905)	$	(116,455)
Adjustments to reconcile net income to cash used in operating activities:
Depreciation and amortization	1,536		229		244
Interest income	(18,256)		(14,326)		(2,324)
Operating lease expense	1,168		1,229		1,595


Loss on equity method investments, net	333,972		13,933		89,524
Income tax expense (benefit)	2,124		3,445		—
Stock-based compensation	7,520		81,893		—
Other non-cash items	27		72		407
Changes in operating assets and liabilities:
Changes in receivables	11,366		10,184		(14,436)
Changes in other assets	18,368		3,588		(3,392)
Changes in accounts payable	(4,559)		10,532		(16,360)
Changes in accrued expenses	(2,112)		(4,785)		7,085
Changes in operating lease liabilities	(1,448)		(1,512)		(1,919)
Changes in contract liabilities	923		(835)		(13,304)
Changes in other liabilities	(6,395)		(1,242)		(15)
Net cash used in operating activities	$	(1,693)	$	(41,500)	$	(69,350)
Investing activities:
Proceeds from maturities of short-term investments	—		20,000		—
Proceeds from sale of debt and equity securities	—		2,264		—
Proceeds from sale of property and equipment	—		19		6
Payment made for short-term investments	—		(20,000)		—

Purchases of debt and equity securities	—		(1,000)		—
Purchases of property and equipment	(450)		(144)		(29)
Purchases of intangible assets	(2)		(4)		(2)
Purchases of investments in subsidiaries	(26,000)		—		(6,000)
Net cash provided by (used in) investing activities	$	(26,452)	$	1,135	$	(6,025)
Financing activities:
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions	—		292,950		—
Proceeds from issuance of common stock related to private placement	—		50,000		—
Payments of initial public offering costs	—		(11,154)		—
Proceeds from exercise of over-allotment, net of underwriting discounts and commissions	—		26,786		—


Proceeds from stock option exercise	1,377		746		—


Net cash provided by financing activities	$	1,377	$	359,328	$	—
Effect of exchange rate changes on cash and cash equivalents	$	—	$	(2)	$	—
Net increase (decrease) in cash and cash equivalents	(26,768)		318,961		(75,375)
Cash and cash equivalents at beginning of the year	364,927		45,966		121,341
Cash and cash equivalents at end of the year	$	338,159	$	364,927	$	45,966
Supplemental disclosure:
Income taxes paid	$	(4,787)	$	(1,242)	$	(15)

Interest received	$	18,792	$	13,225	$	1,189


Non-cash transactions:

Share exchange with NAVER upon issuance of new WEBTOON Entertainment Inc. shares1	$	—	$	—	$	579,876
Reclassification of deferred offering costs to additional paid-in capital upon IPO	$	—	$	11,215	$	—

______________

1.Refer to Organization and Description of Business in Note 1. Description of Business and Summary of Significant Accounting Policies.

Loss per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Loss Per Share

The following table sets forth the computation of basic and diluted loss per share for the years ended December 31, 2025, December 31, 2024, and December 31, 2023:


	Year Ended December 31,
	2025		2024		2023

	(in thousands of USD, except share and per share data)
Basic loss per share:
Net loss attributable to WEBTOON Entertainment Inc.	$	(345,927)	$	(143,905)	$	(116,455)
Add: allocation to subsidiary/equity method investee participating security1	(207)		123		210
Net loss available to WEBTOON Entertainment Inc.	$	(346,134)	$	(143,782)	$	(116,245)
Shares used in computation:
Weighted-average common shares outstanding	130,177,475		119,231,997		109,505,150
Basic loss per share	$	(2.66)	$	(1.21)	$	(1.06)
Diluted loss per share:
Net loss available to WEBTOON Entertainment Inc.	$	(346,134)	$	(143,782)	$	(116,245)
Add: dilutive impact of subsidiary/equity method investee stock options	(8)		(9)		—
Diluted net loss available to WEBTOON Entertainment Inc.	$	(346,142)	$	(143,791)	$	(116,245)
Shares used in computation:
Weighted-average common shares outstanding	130,177,475		119,231,997		109,505,150
Diluted weighted-average common shares outstanding	130,177,475		119,231,997		109,505,150
Diluted loss per share	$	(2.66)	$	(1.21)	$	(1.06)

______________

Schedule of Potentially Dilutive Outstanding Securities Excluded From The Computation of Diluted Net Loss Per Share


	Year Ended December 31,
	2025	2024	2023
Stock options	10,577,848	10,932,250	10,883,310
Unvested RSUs	3,298,513	2,635,775	509,190
Subsidiary / equity method investee stock options	441,297	332,597	610,897
Total	14,317,658	13,900,622	12,003,397

Income Taxes - Schedule of Changes in Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Movement in Deferred Tax Asset Valuation Allowance [Roll Forward]
Beginning balance	$ 125,648	$ 131,524	$ 105,345
Disposition of LOCUS	0	0	(5,355)
Changes to existing valuation allowances	(25,473)	5,167	32,246
Valuation allowance release	0	(16,987)	0
Taxation on foreign currency translation gains or losses	0	13,830	0
Translation adjustments	650	(7,886)	(712)
Rate Change	8	0	0
Valuation allowance, balance at the ending	$ 100,833	$ 125,648	$ 131,524

Condensed Financial Information of Parent

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent

The Company performed a test on the restricted net assets of combined subsidiary in accordance with U.S. Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements of the parent company, WEBTOON Entertainment Inc.

These condensed Parent company only financial statements have been derived from its consolidated financial statements and should be read in conjunction with the consolidated financial statements and notes thereto of WEBTOON Entertainment, Inc. and subsidiaries included in Part II, Item 8 of this Form 10-K. The Parent’s significant accounting policies are consistent with those described in Note 1 - “Description of Business and Summary of Significant Accounting Policies” in Part II, Item 8, except that all subsidiaries are accounted for as equity method investments.

Certain foreign subsidiaries are regulated by governmental requirements. As a result, the ability of these subsidiaries to pay dividends or loan money to our Parent company is restricted due to their earnings and applicable law. In addition, the Parent has certain regulatory restrictions that dividends are only payable out of surplus or current net profits.

Condensed Balance Sheet

(in thousands of USD, except share and per share data)


	As of December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	338,159	$	364,927
Receivables, net of allowance	4,518		15,883
Other current assets, net	9,749		10,736
Total current assets	$	352,425	$	391,546
Property and equipment, net	488		210
Operating lease right-of-use assets	625		1,040

Debt and equity securities	16,000		16,000
Intangible asset, net	466		110
Investments in subsidiaries	738,743		1,001,775
Long-term loan1	76,131		76,131

Other non-current assets, net	1,005		48
Total assets	$	1,185,883	$	1,486,860
Liabilities and Equity
Current liabilities:
Accounts payable	3,986		4,689
Accrued expenses	9,301		7,287
Current portion of long-term operating lease liabilities	630		1,300
Contract liabilities	1,514		591
Other current liabilities	—		866
Total current liabilities	$	15,431	$	14,733


Total liabilities	$	15,431	$	14,733
Stockholders’ equity:
Common stock	13		13
Additional paid-in capital	2,137,926		2,103,931
Accumulated other comprehensive loss	(114,363)		(124,620)
Accumulated deficit	(853,124)		(507,197)
Total stockholders’ equity	$	1,170,452	$	1,472,127
Total liabilities and stockholders’ equity	$	1,185,883	$	1,486,860

______________

1.Consists of long-term loans to our subsidiaries NAVER WEBTOON, and LDF of $22,839 and $53,292, respectively, as of December 31, 2025 and December 31, 2024.

Condensed Statement of Operations and Comprehensive Loss

(in thousands of USD)


	Year Ended December 31,
	2025		2024		2023
Revenue	$	50,320	$	38,836	$	73,922
Cost of revenue	(18,554)		(33,737)		(60,478)
Marketing	(240)		(2,761)		(16,760)
General and administrative expenses	(61,572)		(145,667)		(26,226)
Operating Loss	$	(30,046)	$	(143,329)	$	(29,542)
Interest income	18,256		14,326		3,513

Loss on equity method investments, net	(333,972)		(13,933)		(89,524)
Other income (loss), net	1,959		2,476		(752)
Loss before income tax	$	(343,803)	$	(140,460)	$	(116,305)
Income tax benefit (expense)	(2,124)		(3,445)		(150)
Net loss	$	(345,927)	$	(143,905)	$	(116,455)
Other comprehensive income (loss):

Share of other comprehensive income (loss) of equity method investments, net of tax	10,260		(69,796)		(18,157)
Total other comprehensive income (loss), net of tax	10,260		(69,796)		(18,157)
Total comprehensive loss	$	(335,667)	$	(213,701)	$	(134,612)

Condensed Statement of Cash Flows

(in thousands of USD)


	For the Year Ended December 31,
	2025		2024		2023
Operating activities:
Net loss	$	(345,927)	$	(143,905)	$	(116,455)
Adjustments to reconcile net income to cash used in operating activities:
Depreciation and amortization	1,536		229		244
Interest income	(18,256)		(14,326)		(2,324)
Operating lease expense	1,168		1,229		1,595


Loss on equity method investments, net	333,972		13,933		89,524
Income tax expense (benefit)	2,124		3,445		—
Stock-based compensation	7,520		81,893		—
Other non-cash items	27		72		407
Changes in operating assets and liabilities:
Changes in receivables	11,366		10,184		(14,436)
Changes in other assets	18,368		3,588		(3,392)
Changes in accounts payable	(4,559)		10,532		(16,360)
Changes in accrued expenses	(2,112)		(4,785)		7,085
Changes in operating lease liabilities	(1,448)		(1,512)		(1,919)
Changes in contract liabilities	923		(835)		(13,304)
Changes in other liabilities	(6,395)		(1,242)		(15)
Net cash used in operating activities	$	(1,693)	$	(41,500)	$	(69,350)
Investing activities:
Proceeds from maturities of short-term investments	—		20,000		—
Proceeds from sale of debt and equity securities	—		2,264		—
Proceeds from sale of property and equipment	—		19		6
Payment made for short-term investments	—		(20,000)		—

Purchases of debt and equity securities	—		(1,000)		—
Purchases of property and equipment	(450)		(144)		(29)
Purchases of intangible assets	(2)		(4)		(2)
Purchases of investments in subsidiaries	(26,000)		—		(6,000)
Net cash provided by (used in) investing activities	$	(26,452)	$	1,135	$	(6,025)
Financing activities:
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions	—		292,950		—
Proceeds from issuance of common stock related to private placement	—		50,000		—
Payments of initial public offering costs	—		(11,154)		—
Proceeds from exercise of over-allotment, net of underwriting discounts and commissions	—		26,786		—


Proceeds from stock option exercise	1,377		746		—


Net cash provided by financing activities	$	1,377	$	359,328	$	—
Effect of exchange rate changes on cash and cash equivalents	$	—	$	(2)	$	—
Net increase (decrease) in cash and cash equivalents	(26,768)		318,961		(75,375)
Cash and cash equivalents at beginning of the year	364,927		45,966		121,341
Cash and cash equivalents at end of the year	$	338,159	$	364,927	$	45,966
Supplemental disclosure:
Income taxes paid	$	(4,787)	$	(1,242)	$	(15)

Interest received	$	18,792	$	13,225	$	1,189


Non-cash transactions:

Share exchange with NAVER upon issuance of new WEBTOON Entertainment Inc. shares1	$	—	$	—	$	579,876
Reclassification of deferred offering costs to additional paid-in capital upon IPO	$	—	$	11,215	$	—

______________

1.Refer to Organization and Description of Business in Note 1. Description of Business and Summary of Significant Accounting Policies.

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jun. 14, 2024	Nov. 30, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense		$ 48,600	$ 41,907	$ 87,379	$ 8,345
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense on stock options			$ 4,600	$ 12,400
Unrecognized stock-based compensation expense, period for recognition			11 months 15 days	11 months 15 days
Expected dividend yield (percent)			0.00%	0.00%	0.00%
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense, period for recognition			1 year 5 months 4 days	1 year 5 months 4 days
Unrecognized stock-based compensation expense			$ 27,000	$ 28,800
Fair value of RSUs that vested in period			$ 40,400	$ 6,600
RSUs that vested in period (in shares)					0
RSUs \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			1 year
RSUs \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			4 years
Phantom Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense			$ 4,100
Unrecognized stock-based compensation expense, period for recognition			1 year 21 days
RSUs that vested in period (in shares)			207,033
Unrecognized compensations expense			$ 2,100
2020 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)		7,639,440	4,652,016	5,277,764
Maximum number of common stock issuable under the Plan (in shares)			19,288,192
2020 Equity Incentive Plan \| Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period			8 years
2020 Equity Incentive Plan \| Awards with Service Conditions \| Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Service period			3 years
2024 Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	10,950,515		7,570,494	10,818,583
Percentage of automatic increase in reserved shares (percent)	5.00%

Stock-Based Compensation - Schedule of Compensation Expenses for All Stock-Based Payment Arrangements (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expenses	$ 48,600	$ 41,907	$ 87,379	$ 8,345
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expenses		9,472	10,561	1,196
Marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expenses		1,574	1,575	444
General and administrative expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expenses		$ 30,861	$ 75,243	$ 6,705

Balance Sheet Components - Schedule of Other Non-Current Assets, net (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Balance Sheet Components [Abstract]

Advance payments, net

$ 25,486

$ 29,222

Long-term loans, net

30,890

31,859

Other non-current assets, net

8,818

4,825

Total other non-current assets, net

^[1]

$ 65,194

$ 65,906

[1]	Includes amounts due from related parties of $33,913 and $32,072 as of December 31, 2025, and December 31, 2024, respectively. (See Note 16. Related Parties and Variable Interest Entity)

Related Parties and Variable Interest Entity

12 Months Ended

Dec. 31, 2025

The Company’s Related Parties

NAVER and LY Corporation (“LY”, and formerly named Z Holdings Corporation) are the primary shareholders of the Parent. Related parties include NAVER’s controlled affiliates, Company’s management, Company directors, and stakeholders that hold significant influence over the Company. During the years ended December 31, 2025 and December 31, 2024, the Company provided advertising services to NAVER group companies and LY giving rise to related party receivables as of December 31, 2025 and December 31, 2024. Additionally, during the years ended December 31, 2025 and December 31, 2024, the Company received brand-usage and outsourcing services from NAVER and LY, which resulted in the Company recognizing related party payables as of December 31, 2025 and December 31, 2024.

During the year ended December 31, 2025, and December 31, 2024, the Company received payment gateway services from NAVER group companies and LY group companies, which resulted in the Company recognizing related party receivables as of December 31, 2025, and December 31, 2024. During the year ended December 31, 2025, and December 31, 2024, the Company published content provided by various content providers over which the Company exercised significant influence and are considered as related parties. The Company recognized cost of revenue, other assets and accounts payable as of December 31, 2025, and December 31, 2024.

In March 2022, the Company started leasing office space from NAVER. Operating lease expenses from the lease were $4.3 million, $5.5 million and $7.2 million during the years ended December 31, 2025, December 31, 2024 and December 31, 2023, respectively, with related lease obligations of $10.6 million and $13.0 million as of December 31, 2025 and December 31, 2024, respectively. The Company paid a rental security deposit of $2.4 million related to a new office during the year ended December 31, 2024. The Company also subleases part of its office space to other related parties and the total other income generated from subleases was $0.2 million and $0.3 million for the years ended December 31, 2025 and December 31, 2024, respectively.

In February 2023, the Company issued a one-year loan to its related party, NAVER WEBTOON Company Corporation, for $11.6 million with a fixed interest rate of 5.26%. In February 2024 the loan was extended for an additional one-year with a fixed interest rate of 4.6%. In February 2025, the loan was once again extended for an additional year.

The Company awarded a non-employee director with 2,832,270 stock options in exchange for non-director services in November 2020. The options contained a performance-based condition which was satisfied upon the completion of the Company's IPO. The Company recorded the transaction as a dividend of $16.6 million and a reduction in additional paid-in capital as the director is employed by NAVER (See Note 1. Description of Business and Summary of Significant Accounting Policies for the treatment of stock-based awards issued to employees of NAVER).

On September 1, 2024, the merger between LDF and eBIJ became effective, following approval by the Company’s Board of Directors on March 27, 2024. Under the applicable corporate laws of Japan, eBIJ was merged into LDF through an absorption-type merger, with LDF as the surviving entity. Prior to this, eBIJ had been receiving reimbursements from Yahoo for certain costs and expenses incurred under its platform service agreement. The reimbursed amounts primarily related to platform service fees, marketing-related expenses, and other outsourcing fees. However, in the fourth quarter of 2023, Yahoo merged with Line, forming LY, resulting in these transactions being classified as related party transactions for financial reporting purposes. Following the merger of LDF and eBIJ in September 2024, the recipient of these reimbursements transitioned from eBIJ to LDF. For the years ended December 31, 2025, and December 31, 2024, LDF received total gross reimbursements of $20.0 million and $24.0 million, respectively, which is deducting $2.7 million and $11.0 million for cost of revenue, $11.8 million and $10.3 million for marketing, and $5.5 million and $2.7 million for general and administrative expenses, respectively.

Variable Interest Entity

In August 2023, WWS, the Company’s wholly-owned subsidiary, entered into a Limited Partnership Agreement with NWMC, a wholly-owned subsidiary of NAVER and a sister company of WEBTOON, to establish Bootcamp Limited Partnership (“Bootcamp”) pursuant to Limited Partnerships Act of the Province of Ontario, Canada. Bootcamp distributes a film produced by GPM Boot Productions Inc. which is a film adaptation of a web-novel titled Boot Camp published on our platform.

WWS is the general partner (“GP”) of Bootcamp and manages as well as makes all operating decisions over Bootcamp and receives a 1.0% variable interest management fee based on contributed capital. NWMC is the sole limited partner (“LP”) and has no unilateral participating or kick-out rights over the GP. Bootcamp is a VIE over which WWS is the primary beneficiary because the LP with the equity at risk is not able to exercise substantive kick-out rights or participating rights and WWS has the obligation to absorb losses and right to receive benefits that could potentially be significant to Bootcamp. Accordingly, we consolidated Bootcamp into the Consolidated Financial Statements.

Related Party Transactions and Balances

The Company entered into the following significant related party transactions during the periods presented:


	Year Ended December 31,
	2025		2024		2023

	(in thousands of USD)
Revenue generated	$	74,297	$	72,228	$	78,698
Cost of revenue incurred1	111,254		96,498		22,412
Marketing expenses incurred (cost reimbursed)1	(9,339)		(7,691)		203
General and administrative expenses incurred1	31,249		32,478		30,945
Other income, net	1,687		3,592		4,761


NW Media Loan repaid	—		(3,638)		—
Loan receivable provided	—		—		11,633
Loan receivable received	(783)		(204)		—

______________

1.All expenses are net amounts including reimbursement from its related parties.

The Company had the following significant balances due from and due to related parties as of December 31, 2025 and December 31, 2024:


	As of December 31,
	2025		2024

	(in thousands of USD)
Due from related parties
Receivables	$	55,156	$	59,495
Other current assets	4,730		9,258
Other non-current assets	5,496		3,569
Loan receivables	28,417		28,503
Due to related parties
Current portion of operating lease liabilities	5,221		3,506
Long-term operating lease liabilities	5,371		9,519

Accounts payables	18,765		17,173
Accrued expenses	6,849		5,562

Other	—		3

Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenue

^[1]

$ 1,382,705

$ 1,348,478

$ 1,282,748

Cost of revenue

^[2]

1,060,524

1,009,410

987,258

General and administrative expenses

^[3]

259,543

331,984

210,762

Other income (loss), net

^[4]

(9,808)

6,482

(23,574)

Related Parties

Revenue

74,297

72,228

78,698

Cost of revenue

111,254

96,498

22,412

Marketing

(9,339)

(7,691)

203

General and administrative expenses

31,249

32,478

30,945

Other income (loss), net

$ 1,687

$ 3,592

$ 4,761

[1]	Includes amounts earned from related parties of $74,297, $72,228 and $78,698 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[2]	Includes amounts incurred from related parties of $111,254, $96,498 and $22,412 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[3]	Includes amounts incurred from related parties of $31,249, $32,478 and $30,945 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)
[4]	Includes amounts earned from related parties of $1,687, $3,592 and $4,761 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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+ Details

Retirement Benefits - Schedule of Provision for Retirement Benefits (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined benefit liabilities	$ 26,264	$ 23,031	$ 24,316
Plan assets	0	0
Provision for Defined severance benefits	$ 26,264	$ 23,031

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

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+ Details

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 08, 2026	Dec. 31, 2025	Dec. 31, 2024	Jun. 26, 2024	Jun. 25, 2024
Subsequent Event [Line Items]
Common stock par value (in usd per share)		$ 0.0001	$ 0.0001	$ 0.0001	$ 0.01
Securities Purchase Agreement \| Subsequent event
Subsequent Event [Line Items]
Stock repurchased during period (shares)	2,666,757
Common stock par value (in usd per share)	$ 0.0001
Equity interest rate (as a percent)	2.00%
Aggregate purchase price	$ 32.8

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Revenue - Summary of Revenues Disaggregated by Stream (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Disaggregation of Revenue [Line Items]

Revenue

^[1]

$ 1,382,705

$ 1,348,478

$ 1,282,748

Korea

Disaggregation of Revenue [Line Items]

Revenue

522,033

517,534

566,368

Japan

Disaggregation of Revenue [Line Items]

Revenue

681,821

648,247

557,349

Rest of World

Disaggregation of Revenue [Line Items]

Revenue

178,851

182,697

159,031

Paid Content

Disaggregation of Revenue [Line Items]

Revenue

1,087,496

1,083,026

1,028,960

Advertising

Disaggregation of Revenue [Line Items]

Revenue

164,257

166,087

145,452

IP Adaptations

Disaggregation of Revenue [Line Items]

Revenue

$ 130,952

$ 99,365

$ 108,336

[1]	Includes amounts earned from related parties of $74,297, $72,228 and $78,698 for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. (See Note 16. Related Parties and Variable Interest Entity)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Loss per Share - Schedule of Potentially Dilutive Outstanding Securities Were Excluded From The Computation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share (in shares)	14,317,658	13,900,622	12,003,397
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share (in shares)	10,577,848	10,932,250	10,883,310
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share (in shares)	3,298,513	2,635,775	509,190
Subsidiary / equity method investee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share (in shares)	441,297	332,597	610,897

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 20, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	333-279863
Registrant Name	WEBTOON ENTERTAINMENT INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3830533
Entity Address, Address Line One	5700 Wilshire Blvd.
Entity Address, Address Line Two	Suite 220
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90036
City Area Code	323
Local Phone Number	424-3795
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	WBTN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 154.6
Entity Common Stock, Shares Outstanding		133,482,819
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Information required in response to Part III of Form 10-K (Items 10, 11, 12, 13 and 14) is hereby incorporated by reference to portions of the registrant’s definitive proxy statement for the 2026 Annual Meeting of Stockholders (the “2026 Proxy Statement”), to be filed with the Securities and Exchange Commission (“SEC”) no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2025.
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0001997859

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Operating activities:

Net loss

$ (373,387)

$ (152,912)

$ (144,759)

Adjustments to reconcile net loss to cash used in operating activities:

Allowance for credit losses

4,772

6,034

3,481

Depreciation and amortization

35,431

40,074

38,359

Impairment losses on goodwill and other intangible assets

336,486

69,743

63,412

Operating lease expense

9,690

10,446

11,965

Loss (Gain) on foreign currency, net

(1,605)

(2,519)

5,533

Deferred tax benefit

(28,965)

(24,535)

(15,573)

Loss (Gain) on debt and equity securities, net

8,605

(2,263)

22,585

Loss (Gain) on equity method investment

(1,282)

1,123

12,339

Contingent consideration liability

(3,712)

(789)

Stock-based compensation

41,907

87,379

3,220

Gain on disposal of right-of-use assets, net

(1,899)

(62)

Change in severance benefit, net

5,584

3,725

(737)

Loss on investments in subsidiaries, net

2,713

884

Other non-cash items

(707)

(3,411)

Changes in operating assets and liabilities

Changes in receivables

(873)

(24,063)

30,919

Changes in other assets

1,219

(35,928)

(6,523)

Changes in accounts payable

3,421

26,177

(7,583)

Changes in accrued expenses

6,216

1,869

3,083

Changes in consumption taxes payables

(5,725)

3,287

3,213

Changes in contract liabilities

2,400

21,584

1,088

Changes in withholdings

(6,122)

(8)

1,262

Changes in income tax payable - corporate tax

(8,857)

634

1,081

Changes in other liabilities

(6,540)

(812)

4,907

Changes in operating lease liabilities

(8,062)

(9,035)

(10,193)

Changes in deposits

(294)

2,444

(260)

Transfer of severance benefits

(2,817)

(956)

(2,637)

Net cash provided by operating activities

11,216

17,883

14,804

Investing activities:

Proceeds from maturities of short-term investments

42,538

68,018

15,321

Proceeds from sale of debt and equity securities

2,970

2,428

Proceeds from sale of property and equipment

297

6,495

659

Proceeds from sale of equity method investments

5,938

5,439

Proceeds from loan receivable

1,684

311

Payment from maturities of short-term investments

(26,372)

(77,371)

(35,100)

Payment made for loan receivable

(904)

(264)

(11,491)

Purchases of debt and equity securities

(6,801)

(1,000)

(8,700)

Purchases of property and equipment

(7,619)

(2,404)

(10,199)

Purchases of intangible assets

(10,292)

(10,745)

(12,143)

Purchases of equity method investments

(9,068)

(682)

Acquisition of businesses, net of cash

(148)

Disposal of businesses, net of cash

(315)

1,988

Other investing activities

119

470

187

Net cash used in investing activities

(7,498)

(17,276)

(51,982)

Financing activities:

Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions

292,950

Proceeds from issuance of common stock related to private placement

50,000

Capital contribution to a non-wholly owned subsidiary from a limited partner

3,257

Payments of initial public offering costs

(11,154)

Proceeds from exercise of over-allotment, net of underwriting discounts and commissions

26,786

Proceeds from stock option exercise

1,327

746

Proceeds from short-term borrowings

139

383

Repayments of short-term borrowings

(3,597)

(6,279)

Repayments of long-term borrowings

(15)

(64)

Payment of contingent consideration related to business acquisition

(1,849)

(3,796)

Net cash provided by (used in) financing activities

1,466

353,867

(6,499)

Effect of exchange rate changes on cash and cash equivalents

4,220

(13,817)

(4,287)

Net increase (decrease) in cash and cash equivalents

9,404

340,657

(47,964)

Cash and cash equivalents at beginning of the year

572,402

231,745

279,709

Cash and cash equivalents at end of the year

581,806

572,402

231,745

Supplemental disclosure:

Income taxes paid

24,702

25,675

26,644

Interest paid

Non-cash transactions:

Reclassification of debt and equity securities to equity method investments

18,701

Reclassification of deferred offering costs to additional paid-in capital upon IPO

11,215

Share exchange with NAVER upon issuance of new WEBTOON Entertainment Inc. shares

^[1]

579,876

Purchase of property and equipment included in accounts payable

$ 0

$ 2

$ 11

[1]	Refer to Organization and Description of Business in Note 1. Description of Business and Summary of Significant Accounting Policies.

Segment and Geographic Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment and Geographic Information

Segment Information

The Company operates as one reportable segment, which derives its revenue from paid content, advertising, and IP adaptations revenue streams. Our chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM reviews financial information presented on a consolidated basis for the purposes of allocating resources and evaluating financial performance. The CODM manages the Company as a consolidated ecosystem because the revenue streams are interrelated, and resources are shared.

The CODM uses net income (loss) as reported in our Consolidated Statements of Operations and Comprehensive Loss to assess performance and allocate resources such as employees and capital expenditures. Additionally, the net income (loss) is used to monitor trends in year-over-year or quarter-over-quarter performance comparisons and to compare actual results to forecasts.

The CODM receives and reviews expenses included in segment operating performance regularly. However, the CODM reviews general and administrative expenses on a more disaggregated basis to ensure the resources are in line with its business and operating needs.

The measure of segment revenue and assets are reported on the Consolidated Statements of Operations and Comprehensive Loss as total sales and the Consolidated Balance Sheets as total assets, respectively.

All intercompany and intra-entity transactions and balances have been eliminated.

The following table presents reportable segment profit and loss, including significant expense categories, attributable to the Company’s reportable segment for the periods presented:


	Year Ended December 31,
	2025		2024		2023
	(in thousands of USD)
Revenue	$	1,382,705	$	1,348,478	$	1,282,748
Less:
Cost of revenue	1,060,524		1,009,410		987,258
Marketing	126,149		107,783		121,086
General and administrative expenses - labor related	104,211		129,705		94,397
General and administrative expenses - non-labor related	155,332		202,279		116,365
Interest income	(19,170)		(15,820)		(3,009)
Interest expense	56		45		79
Loss (gain) on equity method investment, net	(1,282)		1,123		12,339
Impairment losses on goodwill and other intangible assets	336,486		69,743		63,412
Other loss (income), net	9,808		(6,482)		23,574
Income tax expense (benefit)	(16,022)		3,604		12,006
Net Loss	$	(373,387)	$	(152,912)	$	(144,759)

The following non-cash expense items are also included in the measure of segment profit or loss reviewed by the CODM:
Stock-based compensation	37,798		$	87,379	$	8,345
Depreciation and amortization	35,431		$	40,074	$	38,359

Geographic Information

Refer to Note 2. Revenue for revenues by location. The Company’s long-lived tangible assets as well as the Company’s operating lease right-of-use assets recognized on the Consolidated Balance Sheets, are located as follows:


	As of December 31,
	2025		2024

	(in thousands of USD)
Korea	$	14,131	$	17,465
Japan	15,620		182
Rest of World	2,294		2,784
Total long-lived tangible assets and operating lease right-of-use assets	$	32,045	$	20,431

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Fair Value Measurements - Schedule of Changes in Fair Value of Level 1 and Level 3 Assets Included Debt and Equity Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 70,178	$ 91,233
Purchases	$ 6,801	1,000
Consolidation inclusion		5,746
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)
Net unrealized gain (loss)	$ (8,605)	2,321
Sales and settlement		(2,732)
Reclassification		(18,702)
Currency translation differences	1,295	(8,688)
Ending balance	69,669	70,178
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	16,557	16,431
Purchases	844	1,000
Net unrealized gain (loss)	0	0
Currency translation differences	(24)	(101)
Ending balance	17,377	16,557
Level 1 \| Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	2	16,109
Purchases	0	0
Consolidation inclusion		0
Net unrealized gain (loss)	(2)	3,351
Sales and settlement		0
Reclassification		(18,702)
Currency translation differences	0	(756)
Ending balance	0	2
Level 3 \| Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	22,034	26,847
Purchases	846	1,000
Consolidation inclusion		(776)
Net unrealized gain (loss)	649	(949)
Sales and settlement		(2,713)
Reclassification		0
Currency translation differences	117	(1,375)
Ending balance	23,646	22,034
Level 3 \| Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	48,142	48,277
Purchases	5,955	0
Consolidation inclusion		6,522
Net unrealized gain (loss)	(9,252)	(81)
Sales and settlement		(19)
Reclassification		0
Currency translation differences	1,178	(6,557)
Ending balance	$ 46,023	$ 48,142