The 2022 World Champions have released their audited financial statements for fiscal year 2025. Positive net income, LCK franchise fees fully paid off, and a Kiwoom naming deal that couldn't have come at a better time. But the accumulated deficit is closing in on $20 million.
Private Equity Esports
Behind DRX sits ATU E-sports Growth Private Equity Fund #1, a South Korean investment fund holding the majority of both common and preferred shares. Around the table: Korea Development Bank (KDB), Shinhan Capital, Wemix Korea (the Korean blockchain publisher), several local VC funds, and — perhaps surprisingly — actor Bae Yong-joon (The Legend). DRX is, structurally, a financial asset backed by private equity, and has been so through multiple funding rounds.
Breaks even for two consecutive years
The club posts a positive net income for the second year running.
An unprecedented operational turnaround. Revenue is growing, operating profit stays positive, and net income — admittedly symbolic at $6,680 — crosses the break-even line.
Since inception, DRX has raised roughly $31M in capital from its investors. The accumulated deficit on the balance sheet now stands at $18.7M, against $8.86M of net equity.
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