This is a historic turning point for Korean esports. T1, the most decorated franchise in League of Legends history, has posted a positive net result for the first time since its founding in 2019.
The consolidated accounts for fiscal year 2025, signed by CEO Joseph Marsh, reveal revenue of over $60 million, up from $33.7 million a year earlier, an exceptional 78% increase.
But it is the bottom line that truly stands out: after accumulating nearly $50 million in cumulative losses over six years, T1 delivered an operating profit of $1.4 million and a net income of $555,000. The turnaround is all the more striking when set against the previous fiscal year, which ended with a $4.2 million loss.
Merch and derivatives: a marketing success story
Where does this growth come from? A look at the cost structure provides a major clue: the cost of goods sold surged from $6.3 million to $13.8 million, driving up logistics costs in the process. In short, T1 has become a merchandising powerhouse — jerseys, capsule collections, branded products — the organization has turned its fans' passion into massive revenue, capitalizing on its extraordinary competitive achievements.
The doubling of product inventory amount points to a genuine explosion in sales volume, not just a price increase.
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