TOSE Co., a secretive Japanese game developer known as the industry’s “ghost developer,” reported a significant turnaround in its second-quarter results, swinging to a profit after multiple console game projects ramped up development activity.
The Kyoto-based company posted a net profit of 94 million yen ($618,000) for the September-February period, compared with a 315 million yen loss a year earlier. Revenue jumped 56.7% to 3.15 billion yen.
TOSE, which has created over 1,000 games since 1979 but typically avoids putting its name in credits, benefited from increased activity in its console game development segment, where several projects exceeded initial volume expectations. The gaming division generated 2.78 billion yen in sales, up 56.3% year-on-year, and delivered an operating profit of 264 million yen versus a 495 million yen loss in the same period last year.
“Other businesses,” including educational content development and karaoke music distribution, saw revenue climb 59.4% to 370 million yen.
The company raised its revenue and operating profit forecasts for the fiscal year ending August 2025, but lowered its net profit guidance due to special losses of about 177 million yen related to the demolition of its Nagaokakyo office building and partial land sales.
TOSE now expects full-year revenue of 6 billion yen, up 7.1% from its previous forecast and 30% higher than last year’s results.
