0001997859-26-000072 | 10-Q | XBRL Viewer | Webtoon Entertainment INC

Disaggregation of Revenue

The following table shows revenues disaggregated by revenue stream for the three months ended March 31, 2026, and March 31, 2025, respectively:


	Three Months Ended
		March 31, 2026		March 31, 2025
	(in thousands of USD)
Paid Content		$	261,438	$	260,226
Advertising		39,682		39,898
IP Adaptations		19,752		25,583
Total		$	320,872	$	325,707

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 $2.4 million and $2.6 million of physical book sales through the platform for the three months ended March 31, 2026, and 2025, respectively.

Advertising revenue represents amounts earned for the display of advertisements on our offerings or product placement within content.

IP Adaptations revenue originates from the internal development of film, streaming series, or other rich media format adaptations commissioned by third party studios or streaming platforms. The composition of this revenue stream was primarily as follows for the three month periods ended March 31, 2026, and 2025:

•Licensing fees (from sublicensing content to third parties): $3.0 million and $3.1 million, respectively.

•Merchandise sales (from external platforms, IP royalties, and pop-up stores): $1.4 million and $1.1 million, respectively.

The following table shows disaggregation of revenue by geography for the three months ended March 31, 2026 and 2025:


	Three Months Ended
		March 31, 2026		March 31, 2025
	(in thousands of USD)
Korea		$	120,421	$	117,741
Japan		154,291		164,258
Rest of World		46,160		43,708
Total		$	320,872	$	325,707

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 $76.4 million and $71.8 million during the three months ended March 31, 2026, and 2025, respectively, that were included within Contract liabilities on the Condensed Consolidated Balance Sheets as of the beginning of the respective period.

Our remaining performance obligations were $94.6 million and $90.0 million as of March 31, 2026, and December 31, 2025, respectively, and we expect to recognize the entire amounts within one year of the respective dates.

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.

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Description of Business and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2026
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”), who is 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 The unaudited Condensed Consolidated Financial Statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair statement of the results of the interim period. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements as of and for the year ended December 31, 2025, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 5, 2026. Interim results are not necessarily indicative of the results for a full year. 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. Concentrations of Credit Risk 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 53.6% and 55.3% of the total receivables balance as of March 31, 2026, and December 31, 2025, respectively. Three borrowers represent 88.7% and 88.9% of the total loan receivables balance as of March 31, 2026, and December 31, 2025, respectively. Performance Stock Units During the three months ended March 31, 2026, the Company granted awards in the form of "Performance Stock Units" ("PSUs"), which provide recipients with the right to receive shares of the Company's common stock upon vesting, subject to the achievement of a market condition based on the Company's total shareholder return ("TSR") relative to a custom peer group over the performance period, and the recipient's continued service with the Company. Compensation expense for PSU awards is recognized ratably over the requisite service period based on the grant-date fair value, regardless of whether the market condition is ultimately achieved. The grant-date fair value of PSU awards is estimated using a Monte Carlo simulation model and is not subsequently remeasured. All of the outstanding PSU awards at March 31, 2026, are classified as equity awards in accordance with ASC 718, given that these awards will be settled in shares of the Company's common stock upon vesting. See Note 9. Stock-Based Compensation for more information on the Company's PSU awards. Goodwill and Impairment of Goodwill Goodwill represents the excess of the purchase price and related costs over the fair value of the net identified tangible and intangible assets and liabilities assumed in a business combination. In accordance with ASC Topic 350, “Intangibles—Goodwill and Other,” goodwill is not amortized but is tested for impairment annually, or more frequently if circumstances indicate a possible impairment may exist. During the fiscal year ended December 31, 2025, the Company recorded a significant impairment charge to write down the carrying value of goodwill to its estimated fair value, reflecting adjusted expectations for future cash flows and market valuations. While no additional impairment was recognized during the current interim period, the Company estimates the fair value of its reporting units using a discounted cash flow methodology, which represents a Level 3 fair value measurement under ASC 820. This process involves significant management assumptions and judgments, including projected sales growth, gross margins, and the selection of an appropriate discount rate. There can be no assurance that the estimates and assumptions used in these tests will prove to be accurate predictions of the future, and further material impairment charges may be required in the near term. Recent Accounting Pronouncements On January 1, 2026, the Company adopted ASU 2025-05 and elected the practical expedient for measuring expected credit losses on a prospective basis. The adoption did not have a material impact on the Company's unaudited Condensed Consolidated Financial Statements. Except for ASU 2025-05 adopted on January 1, 2026, there have been no significant changes to our accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2025.

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	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 69,669	$ 70,179
Purchases		3,790
Net unrealized gain (loss)	(2,627)	(944)
Currency translation differences	(2,694)	99
Ending balance	64,348	73,124
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	17,377,000
Currency translation differences	(71,000)
Ending balance	17,306,000
Level 1 \| Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0	3
Purchases		0
Net unrealized gain (loss)	0	0
Currency translation differences	0	0
Ending balance	0	3
Level 3 \| Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	23,645	22,034
Purchases		0
Net unrealized gain (loss)	(83)	225
Currency translation differences	(394)	12
Ending balance	23,168	22,271
Level 3 \| Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	46,024	48,142
Purchases		3,790
Net unrealized gain (loss)	(2,544)	(1,169)
Currency translation differences	(2,300)	87
Ending balance	$ 41,180	$ 50,850

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.

Redeemable Non-Controlling Interest in Subsidiary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of January 1,	$ 24,540	$ 36,580
Comprehensive income (loss) attributable to redeemable non-controlling interest	(204)	204
Balance as of March 31,	$ 24,336	$ 36,784

Prepaid Expenses and Other Assets, net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Schedule of Other Assets Net [Line Items]
Advance payments due to film production contracts, current	$ 31,900		$ 29,000
Term deposits	11,137		10,774
Advance payments due to film production contracts	9,800		7,300
Other Current Assets
Schedule of Other Assets Net [Line Items]
Amortization	6,400	$ 11,600
Assets Pledged as Collateral \| Sumitomo Mitsui Banking Corporation
Schedule of Other Assets Net [Line Items]
Term deposits	$ 8,500		$ 8,700

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

Supplemental disclosure of cash flow information related to operating leases is as follows for the three months ended March 31, 2026, and 2025, respectively:


	Three Months Ended
	March 31, 2026		March 31, 2025
	(in thousands of USD)
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,767	$	1,240
Right-of-use assets obtained in exchange for operating lease liabilities	$	4	$	12,007

In March 2025, LINE Digital Frontier entered into two lease agreements for office space. The leases commenced in March 2025, and expire in February 2030, with monthly payments of $0.1 million each, at a discount rate of 2.9%. Upon commencement, each of the two leases was recognized as a right-of-use asset in the amounts of $6.0 million and $6.0 million, respectively.

The Company subleases a portion of its operating lease right-of-use assets for buildings. Sublease income was $0.1 million and $0.1 million for the three months ended March 31, 2026, and 2025, respectively, and is included within Other income (loss), net on the Condensed Consolidated Statements of Operations and Comprehensive Loss.

As of March 31, 2026, the Company has executed a lease agreement, which commences April 1, 2026, for the Company’s new headquarters. Costs incurred prior to the commencement date, including leasehold improvements and the security deposit, are recorded within Property and equipment, net and other current assets, net respectively

Non-Controlling Interest in Subsidiaries

3 Months Ended

Mar. 31, 2026

Non-Controlling Interest in Subsidiaries

The Company has non-controlling interests in several of its subsidiaries. The balances of non-controlling interests as of March 31, 2026, and December 31, 2025, are as follows (in thousands of USD):


	As of
	March 31, 2026		December 31, 2025
Munpia 1	$	32,909	$	33,160

Bootcamp 2	114		120
Total	$	33,023	$	33,280

___________________________________________________________________________

1.The Munpia non-controlling interest balance excludes redeemable non-controlling interest (See Note 17. Redeemable Non-Controlling Interest in Subsidiary for detail).

2.The portion of net assets in Bootcamp attributable to the LP represents a non-controlling interest.

Prepaid Expenses and Other Assets, net (Tables)

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Current Assets, net

Other Current Assets, net


	As of
	March 31, 2026		December 31, 2025
	(in thousands of USD)
Advance payments, net	$	40,530	$	38,138
Prepaid expenses	13,856		14,635
Term deposits	11,137		10,774
Other current assets, net	7,846		9,100
Total other current assets, net	$	73,369	$	72,647

Schedule of Other Non-Current Assets, net

Other Non-Current Assets, net


	As of
	March 31, 2026		December 31, 2025
	(in thousands of USD)
Advance payments, net	$	27,753	$	25,486
Long-term loans, net	29,292		30,890
Other non-current assets, net	8,636		8,818
Total other non-current assets, net	$	65,681	$	65,194

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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

^[1]

$ 320,872

$ 325,707

Korea

120,421

117,741

Japan

154,291

164,258

Rest of World

46,160

43,708

Paid Content

261,438

260,226

Advertising

39,682

39,898

IP Adaptations

$ 19,752

$ 25,583

[1]	Includes amounts earned from related parties of $18,243 and $17,713 for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions)

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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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Schedule of Periodic Benefit Costs (Income)

Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

The following table provides the components of net periodic benefit costs (income):


	Three Months Ended
		March 31, 2026		March 31, 2025
	(in thousands of USD)
Current service costs		$	1,272	$	1,190
Interest expense		339		268
Actuarial gain		(49)		(884)
Net periodic benefit costs (income)		$	1,562	$	574

Redeemable Non-Controlling Interest in Subsidiary (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Redeemable Noncontrolling Interest in Subsidiary

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


	2026		2025
Balance as of January 1,	$	24,540	$	36,580
Comprehensive income (loss) attributable to redeemable non-controlling interest	(204)		204
Balance as of March 31,	$	24,336	$	36,784

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026, and December 31, 2025. 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 March 31, 2026

Debt Securities

Redeemable convertible preferred stock

41,180

Option pricing model

Discount rate

8.64%-27.20%

Volatility

42.65%-51.46%

Total

41,180

Equity Securities

Redeemable convertible preferred stock

15,000

Measurement alternative

Contribution to investment fund

609

Measurement alternative

Private equity securities

697

Measurement alternative

Convertible preferred stock

5,862

Option pricing model

Discount rate

3.14%-5.81%

Volatility

42.65%-42.65%

Simple Agreement For Future Equity (SAFE)

1,000

Measurement alternative

Total

23,168


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

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

The below tables present a summary of changes in fair value of Level 1 and Level 3 assets, included within Debt and equity securities in the Condensed Consolidated Balance Sheets, by investment type (in thousands of USD):


	Three Months Ended March 31, 2026
	Level 1		Level 3				Total
	Equity Securities		Equity Securities		Debt Securities		Debt & Equity Securities
Beginning balance, January 1	$	-	$	23,645	$	46,024	$	69,669


Net unrealized gain (loss)	-		(83)		(2,544)		(2,627)


Currency translation differences	-		(394)		(2,300)		(2,694)
Ending balance, March 31	$	-	$	23,168	$	41,180	$	64,348


	Three Months Ended March 31, 2025
	Level 1		Level 3				Total
	Equity Securities		Equity Securities		Debt Securities		Debt & Equity Securities
Beginning balance, January 1	$	3	$	22,034	$	48,142	$	70,179
Purchases	-		-		3,790		3,790

Net unrealized gain (loss)	-		225		(1,169)		(944)


Currency translation differences	-		12		87		99
Ending balance, March 31	$	3	$	22,271	$	50,850	$	73,124

The following table presents a summary of the changes in the carrying value of our equity securities measured using the measurement alternative for the three months ended March 31, 2026:


	(in thousands of USD)
Beginning balance, December 31, 2025	$	17,377



Currency translation differences	(71)
Ending balance, March 31, 2026	$	17,306

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.

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

Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

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


	Three Months Ended
	March 31, 2026		March 31, 2025
	(in thousands of USD)
Revenue	$	320,872	$	325,707

Cost of revenue	237,824		254,096
Marketing	30,520		31,543
General and administrative expenses - labor related	26,514		23,373
General and administrative expenses - non-labor related	34,045		43,329
Interest income	(4,374)		(5,113)
Interest expense	17		2
Loss(income) on equity method investment, net	446		569

Other loss (income), net	2,005		(2,670)
Income tax expense (benefit)	2,672		2,547
Net Income (Loss)	$	(8,797)	$	(21,969)

The following non-cash expense items are also included in the measure of segment profit or loss reviewed by the CODM:
Stock-based compensation1	$	7,603	$	18,253
Depreciation and amortization	$	7,998	$	8,437

1The measure of stock-based compensation excludes expenses related to Phantom Units.

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 as of March 31, 2026, and December 31, 2025, were located as follows:


	As of
	March 31, 2026		December 31, 2025

	(in thousands of USD)
Korea	$	12,097	$	14,131
Japan	14,366		15,620

Rest of World	4,641		2,294
Total long-lived tangible assets and operating lease right-of-use assets	$	31,104	$	32,045

Loss per share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Loss per share

Basic earnings (loss) per share is computed using the weighted-average number of outstanding shares of common stock during the period, including vested restricted stock units ("RSUs"). Diluted earnings (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 unvested RSUs and PSUs. For the three months ended March 31, 2026, and 2025, 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 earnings (loss) per share include the Parent's proportionate share of the diluted earnings or loss per share impact of outstanding subsidiaries and equity method investees' stock options.

The following table sets forth the computation of basic and diluted earnings (loss) per share for the three months ended March 31, 2026, and 2025, respectively, (in thousands of USD, except share and per share amounts):


	Three Months Ended
		March 31, 2026		March 31, 2025
Basic earnings (loss) per share:
Net income (loss) attributable to WEBTOON Entertainment Inc.		$	(9,455)	$	(22,389)
Add: allocation to subsidiary / equity method investee participating security 1		(107)		(87)
Net income (loss) attributable to WEBTOON Entertainment Inc.		$	(9,562)	$	(22,476)
Shares used in computation:
Weighted-average common shares outstanding		133,618,587		129,598,942
Basic earnings (loss) per share:		$	(0.07)	$	(0.17)
Diluted earnings (loss) per share:
Net income (loss) attributable to WEBTOON Entertainment Inc.		$	(9,562)	$	(22,476)
Add: dilutive impact of subsidiary / equity method investee stock options		—		(3)
Diluted net income (loss) attributable to WEBTOON Entertainment Inc.		$	(9,562)	$	(22,479)
Shares used in computation:
Weighted-average common shares outstanding		133,618,587		129,598,942
Dilutive effect of stock options and unvested RSUs		—		—
Dilutive effect of unvested PSUs		—		—
Diluted weighted-average common shares outstanding		133,618,587		129,598,942
Diluted earnings (loss) per share		$	(0.07)	$	(0.17)

___________________________________________________________________________

1.Represents net income/(loss) allocable to Jakga Company Inc. ("Jakga") redeemable convertible preferred stock which is a participating security per ASC 260.

The following potentially dilutive outstanding securities were excluded from the computation of diluted net earnings (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:


	Three Months Ended
		March 31, 2026	March 31, 2025
Stock options		10,470,017	10,824,760
Unvested RSUs		4,270,897	3,759,834
Unvested PSUs		267,720	—
Subsidiary / equity method investee stock options		443,657	332,597
Total		15,452,291	14,917,191

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, net

Property and equipment, net consists of the following:


		As of
	Estimated Useful Lives	March 31, 2026		December 31, 2025

	(in years)	(in thousands of USD)
Land	Indefinite	$	105	$	110
Buildings	40	165		174
Equipment	3-5	13,654		13,775
Leasehold improvements	Lesser of lease term or useful life	3,191		3,280
Construction in progress		3,029		295
Property and equipment		$	20,144	$	17,634
Less: Accumulated depreciation		(9,550)		(9,295)
Property and equipment, net		$	10,594	$	8,339

Non-Controlling Interest in Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Balances of Non-controlling Interest

The Company has non-controlling interests in several of its subsidiaries. The balances of non-controlling interests as of March 31, 2026, and December 31, 2025, are as follows (in thousands of USD):


	As of
	March 31, 2026		December 31, 2025
Munpia 1	$	32,909	$	33,160

Bootcamp 2	114		120
Total	$	33,023	$	33,280

___________________________________________________________________________

1.The Munpia non-controlling interest balance excludes redeemable non-controlling interest (See Note 17. Redeemable Non-Controlling Interest in Subsidiary for detail).

2.The portion of net assets in Bootcamp attributable to the LP represents a non-controlling interest.

Loss per share - Schedule of Potentially Dilutive Outstanding Securities Were Excluded From The Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
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)	15,452,291	14,917,191
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)	10,470,017	10,824,760
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)	4,270,897	3,759,834
Unvested PSUs
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)	267,720	0
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)	443,657	332,597

Loss per share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Loss Per Share


	Three Months Ended
		March 31, 2026		March 31, 2025
Basic earnings (loss) per share:
Net income (loss) attributable to WEBTOON Entertainment Inc.		$	(9,455)	$	(22,389)
Add: allocation to subsidiary / equity method investee participating security 1		(107)		(87)
Net income (loss) attributable to WEBTOON Entertainment Inc.		$	(9,562)	$	(22,476)
Shares used in computation:
Weighted-average common shares outstanding		133,618,587		129,598,942
Basic earnings (loss) per share:		$	(0.07)	$	(0.17)
Diluted earnings (loss) per share:
Net income (loss) attributable to WEBTOON Entertainment Inc.		$	(9,562)	$	(22,476)
Add: dilutive impact of subsidiary / equity method investee stock options		—		(3)
Diluted net income (loss) attributable to WEBTOON Entertainment Inc.		$	(9,562)	$	(22,479)
Shares used in computation:
Weighted-average common shares outstanding		133,618,587		129,598,942
Dilutive effect of stock options and unvested RSUs		—		—
Dilutive effect of unvested PSUs		—		—
Diluted weighted-average common shares outstanding		133,618,587		129,598,942
Diluted earnings (loss) per share		$	(0.07)	$	(0.17)

___________________________________________________________________________

1.Represents net income/(loss) allocable to Jakga Company Inc. ("Jakga") redeemable convertible preferred stock which is a participating security per ASC 260.

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


	Three Months Ended
		March 31, 2026	March 31, 2025
Stock options		10,470,017	10,824,760
Unvested RSUs		4,270,897	3,759,834
Unvested PSUs		267,720	—
Subsidiary / equity method investee stock options		443,657	332,597
Total		15,452,291	14,917,191

Fair Value Measurements - Schedule of Ranges of Significant Unobservable Inputs Used to Value Level 3 Assets (Details) - Level 3 $ in Thousands	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Debt Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	$ 41,180	$ 46,024
Debt Securities \| Redeemable convertible preferred stock \| Option pricing model \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities	$ 41,180	$ 46,024
Debt Securities \| Redeemable convertible preferred stock \| Option pricing model \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities measurement input	8.64	8.25
Debt Securities \| Redeemable convertible preferred stock \| Option pricing model \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities measurement input	27.20	21.68
Debt Securities \| Redeemable convertible preferred stock \| Option pricing model \| Volatility \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities measurement input	42.65	39.98
Debt Securities \| Redeemable convertible preferred stock \| Option pricing model \| Volatility \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities measurement input	51.46	51.46
Equity Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities	$ 23,168	$ 23,645
Equity Securities \| Redeemable convertible preferred stock \| Measurement alternative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities	15,000	15,000
Equity Securities \| Contribution to investment fund \| Measurement alternative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities	609	642
Equity Securities \| Private equity securities \| Measurement alternative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities	697	735
Equity Securities \| Convertible preferred stock \| Option pricing model \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities	$ 5,862	$ 6,268
Equity Securities \| Convertible preferred stock \| Option pricing model \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities measurement input	3.14	2.35
Equity Securities \| Convertible preferred stock \| Option pricing model \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities measurement input	5.81	2.94
Equity Securities \| Convertible preferred stock \| Option pricing model \| Volatility \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities measurement input	42.65	51.46
Equity Securities \| Convertible preferred stock \| Option pricing model \| Volatility \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities measurement input	42.65	51.46
Equity Securities \| Simple Agreement For Future Equity (SAFE) \| Measurement alternative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities	$ 1,000	$ 1,000

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Operating lease expense	$ 2,541	$ 1,985
Income from Sublease	100	100
Related Parties \| NAVER \| Leasing Office Space
Related Party Transaction [Line Items]
Operating lease expense	1,300	600
Lease obligation	8,900		$ 10,600
Income from Sublease	$ 100	$ 100

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Redeemable Non-Controlling Interest in Subsidiary

3 Months Ended

Mar. 31, 2026

Redeemable Non-Controlling Interest in Subsidiary

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


	2026		2025
Balance as of January 1,	$	24,540	$	36,580
Comprehensive income (loss) attributable to redeemable non-controlling interest	(204)		204
Balance as of March 31,	$	24,336	$	36,784

Equity Method Investments (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments


	(in thousands of USD)
Balance as of December 31, 2025	$	80,440
Share of net income (loss)	(446)
Share of other comprehensive income (loss)	(15)
Dividends	(280)
Currency translation differences	(3,487)
Balance as of March 31, 2026	$	76,212

Fair Value Measurements - Schedule of Changes in Carrying Value of Equity Securities Measured Using Measurement Alternative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 69,669	$ 70,179
Currency translation differences	(2,694)	99
Ending balance	64,348	$ 73,124
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	17,377,000
Currency translation differences	(71,000)
Ending balance	$ 17,306,000

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.

Goodwill, net (Details) $ in Thousands	3 Months Ended
Goodwill, net (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Goodwill [Roll Forward]
Goodwill net, Beginning Balance	$ 336,825
Foreign currency translation adjustments	(5,993)
Goodwill net, Ending Balance	$ 330,832

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2026
Equity [Abstract]
Stockholders' Equity	. Stockholders' Equity 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.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Revenue - Additional Information (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Customer liability revenue recognized during the period

^[1]

$ 320,872

$ 325,707

76,400

71,800

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

Revenue remaining performance obligation

$ 90,000

Revenue remaining performance obligation expected

1 year

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01

Revenue remaining performance obligation

$ 94,600

Revenue remaining performance obligation expected

1 year

Paid Content

Paid Content | Physical Book Sales Through Platform

$ 261,438

260,226

2,400

2,600

IP Adaptations

IP Adaptations | Licensing Agreements

19,752

25,583

IP Adaptations | Merchandise Sales

3,000

3,100

$ 1,400

$ 1,100

[1]	Includes amounts earned from related parties of $18,243 and $17,713 for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions)

Retirement Benefits - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Retirement Benefits [Abstract]
Defined severance expense	$ 0.7	$ 0.5

Stock-Based Compensation - Schedule of RSU, PSU and Phantom Unit activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Restricted Stock Units
Number of Units [Roll Forward]
Beginning balance (shares) \| shares	3,298,513
Granted (shares) \| shares	2,279,353
Forfeited (shares) \| shares	(71,174)
Vested (shares) \| shares	(1,235,795)
Ending balance (shares) \| shares	4,270,897
Weighted Average Grant-Date Fair Value
Beginning balance (in usd per share) \| $ / shares	$ 13.69
Granted (in usd per share) \| $ / shares	9.02
Forfeited (in usd per share) \| $ / shares	13.98
Vested (in usd per share) \| $ / shares	9.48
Ending balance (in usd per share) \| $ / shares	$ 12.41
Performance Stock Units
Number of Units [Roll Forward]
Beginning balance (shares) \| shares	0
Granted (shares) \| shares	267,720
Forfeited (shares) \| shares	0
Vested (shares) \| shares	0
Ending balance (shares) \| shares	267,720
Weighted Average Grant-Date Fair Value
Beginning balance (in usd per share) \| $ / shares	$ 0
Granted (in usd per share) \| $ / shares	13.27
Forfeited (in usd per share) \| $ / shares	0
Vested (in usd per share) \| $ / shares	0
Ending balance (in usd per share) \| $ / shares	$ 13.27
Phantom Units
Number of Units [Roll Forward]
Beginning balance (shares) \| shares	328,748
Granted (shares) \| shares	0
Forfeited (shares) \| shares	(3,152)
Vested (shares) \| shares	(198,941)
Ending balance (shares) \| shares	126,655
Weighted Average Grant-Date Fair Value
Beginning balance (in usd per share) \| $ / shares	$ 9.04
Granted (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	9.04
Vested (in usd per share) \| $ / shares	9.04
Ending balance (in usd per share) \| $ / shares	$ 9.04

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 2,672	$ 2,547
Effective income tax rate (as a percent)	(43.60%)	(13.10%)
Net discrete tax (benefit) expense	$ (1,800)	$ 1,400

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Share-Based Payment Arrangement [Abstract]

Leases - Schedule of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 2,767	$ 1,240
Right-of-use assets obtained in exchange for operating lease liabilities	$ 4	$ 12,007

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation

Restricted Stock Units

The table below summarizes the Company’s RSU activity for the three months ended March 31, 2026:


	Number of RSUs	Weighted Average Grant-Date Fair Value
Balance as of December 31, 2025	3,298,513	$	13.69
Granted	2,279,353	$	9.02
Forfeited	(71,174)	$	13.98
Vested	(1,235,795)	$	9.48
Balance as of March 31, 2026	4,270,897	$	12.41

As of March 31, 2026, the total unrecognized compensation expense related to unvested RSUs was $39.8 million and is expected to be recognized over the remaining weighted-average service period of 1.6 years using the straight-line method and graded-vesting methods, as appropriate, net of estimated forfeitures.

Performance Stock Units

On March 26, 2026, the Company granted Performance Stock Units ("PSUs") to certain employees under the 2024 Omnibus Incentive Plan. The vesting of PSUs is subject to a market condition based on the Company's total shareholder return ("TSR") relative to a custom peer group over the performance period from January 1, 2026, through December 31, 2028, and the recipient's continued service with the Company.

The PSUs are eligible to be earned and vest from 0% to 200% of the target number of shares granted, depending on the Company's relative TSR percentile ranking among the peer group at the end of the performance period. The grant-date fair value of the PSU awards was estimated using a Monte Carlo simulation model, resulting in a weighted-average grant-date fair value of $13.27 per target share. The simulation was performed using an expected volatility of 69.8%, a risk-free interest rate of 3.9%, and an expected dividend yield of 0%.

The table below summarizes the Company’s PSU activity for the three months ended March 31, 2026:


	Number of PSUs	Weighted Average Grant-Date Fair Value
Balance as of December 31, 2025	—	$	—
Granted	267,720	$	13.27
Forfeited	—	$	—
Vested	—	$	—
Balance as of March 31, 2026	267,720	$	13.27

As of March 31, 2026, total unrecognized compensation expense related to unvested PSU awards was $3.3 million, which is expected to be recognized over a weighted-average remaining service period of approximately 2.94 years using the straight-line method.

The following table summarizes the Company's Phantom Unit activity for the three months ended March 31, 2026:


	Number of Phantom Units	Weighted Average Grant-Date Fair Value
Balance as of December 31, 2025	328,748	$	9.04
Granted	—	$	—
Forfeited	(3,152)	$	9.04
Vested	(198,941)	$	9.04
Balance as of March 31, 2026	126,655	$	9.04

The following table summarizes the effects of all stock-based compensation in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the periods presented:


	Three Months Ended
		March 31, 2026		March 31, 2025
	(in thousands of USD)
Cost of revenue		$	1,543	$	4,780
Marketing		212		836
General and administrative expenses		5,870		12,637
Total		$	7,625	$	18,253

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-42144
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		135,234,730
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001997859
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Prepaid Expenses and Other Assets, net - Schedule of Other Non-Current Assets, net (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Advance payments, net

$ 27,753

$ 25,486

Long-term loans, net

29,292

30,890

Other non-current assets, net

8,636

8,818

Total other non-current assets, net

^[1]

$ 65,681

$ 65,194

[1]	Includes amounts due from related parties of $33,786 and $33,913 as of March 31, 2026, and December 31, 2025, respectively. (See Note 15. Related Party Transactions)

Retirement Benefits

3 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

Retirement Benefits

Defined severance benefits

The following table provides the components of net periodic benefit costs (income):


	Three Months Ended
		March 31, 2026		March 31, 2025
	(in thousands of USD)
Current service costs		$	1,272	$	1,190
Interest expense		339		268
Actuarial gain		(49)		(884)
Net periodic benefit costs (income)		$	1,562	$	574

Defined severance contribution

Defined severance expense was $0.7 million and $0.5 million for the three months ended March 31, 2026, and 2025, respectively.

The entire disclosure for retirement benefits.

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Equity Method Investments and Joint Ventures [Abstract]

Property and Equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment	$ 20,144	$ 17,634
Less: Accumulated depreciation	(9,550)	(9,295)
Property and equipment, net	10,594	8,339
Land
Property, Plant and Equipment [Line Items]
Property and equipment	$ 105	110
Buildings
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	40 years
Property and equipment	$ 165	174
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 13,654	13,775
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 3,191	3,280
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment	$ 3,029	$ 295

Equity Method Investments

3 Months Ended

Mar. 31, 2026

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.


	(in thousands of USD)
Balance as of December 31, 2025	$	80,440
Share of net income (loss)	(446)
Share of other comprehensive income (loss)	(15)
Dividends	(280)
Currency translation differences	(3,487)
Balance as of March 31, 2026	$	76,212

There were no equity method acquisitions or disposals during the three months ended March 31, 2026.

Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) - Customer Concentration Risk	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Three Payment Gateways Companies \| Non-trade receivables
Business Combination [Line Items]
Concentration risk (as a percent)	53.60%	55.30%
Three Borrowers \| Loans receivables
Business Combination [Line Items]
Concentration risk (as a percent)	88.70%	88.90%

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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For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

Segment and Geographic Information

Loss per share - Schedule of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Basic earnings (loss) per share:
Net income (loss) attributable to WEBTOON Entertainment Inc.	$ (9,455)	$ (22,389)
Add: allocation to subsidiary / equity method investee participating security	(107)	(87)
Net income (loss) attributable to WEBTOON Entertainment Inc.	$ (9,562)	$ (22,476)
Shares used in computation:
Weighted-average common shares outstanding (shares)	133,618,587	129,598,942
Basic earnings (loss) per share (in usd per share)	$ (0.07)	$ (0.17)
Diluted earnings (loss) per share:
Net income (loss) attributable to WEBTOON Entertainment Inc.	$ (9,562)	$ (22,476)
Add: dilutive impact of subsidiary / equity method investee stock options	0	(3)
Diluted net income (loss) attributable to WEBTOON Entertainment Inc.	$ (9,562)	$ (22,479)
Shares used in computation:
Weighted-average common shares outstanding (shares)	133,618,587	129,598,942
Diluted weighted-average common shares outstanding (shares)	133,618,587	129,598,942
Diluted earnings (loss) per share (in usd per share)	$ (0.07)	$ (0.17)
Stock options and unvested RSUs
Shares used in computation:
Dilutive effect of stock options and unvested RSUs and PSUs (shares)	0	0
Unvested PSUs
Shares used in computation:
Dilutive effect of stock options and unvested RSUs and PSUs (shares)	0	0

Segment and Geographic Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

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 Condensed 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 Condensed Consolidated Statements of Operations and Comprehensive Loss as total sales and the Condensed 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:


	Three Months Ended
	March 31, 2026		March 31, 2025
	(in thousands of USD)
Revenue	$	320,872	$	325,707

Cost of revenue	237,824		254,096
Marketing	30,520		31,543
General and administrative expenses - labor related	26,514		23,373
General and administrative expenses - non-labor related	34,045		43,329
Interest income	(4,374)		(5,113)
Interest expense	17		2
Loss(income) on equity method investment, net	446		569

Other loss (income), net	2,005		(2,670)
Income tax expense (benefit)	2,672		2,547
Net Income (Loss)	$	(8,797)	$	(21,969)

The following non-cash expense items are also included in the measure of segment profit or loss reviewed by the CODM:
Stock-based compensation1	$	7,603	$	18,253
Depreciation and amortization	$	7,998	$	8,437

1The measure of stock-based compensation excludes expenses related to Phantom Units.

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 as of March 31, 2026, and December 31, 2025, were located as follows:


	As of
	March 31, 2026		December 31, 2025

	(in thousands of USD)
Korea	$	12,097	$	14,131
Japan	14,366		15,620

Rest of World	4,641		2,294
Total long-lived tangible assets and operating lease right-of-use assets	$	31,104	$	32,045

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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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, net (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the three months ended March 31, 2026, are as follows:




	(in thousands of USD)
Goodwill, net at December 31, 2025	$	336,825
Foreign currency translation adjustments	(5,993)
Goodwill, net at March 31, 2026	$	330,832

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

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

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, net

3 Months Ended

Mar. 31, 2026

Goodwill, net

The changes in the carrying amount of goodwill for the three months ended March 31, 2026, are as follows:




	(in thousands of USD)
Goodwill, net at December 31, 2025	$	336,825
Foreign currency translation adjustments	(5,993)
Goodwill, net at March 31, 2026	$	330,832

The entire disclosure for goodwill.

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt and equity securities realized gain or loss	$ 0	$ 0

Amount of realized gain (loss) on investment in debt and equity securities.

General and administrative expenses incurred

Leases - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended
Leases - Additional Information (Details) $ in Thousands	Mar. 31, 2025 USD ($) lease	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
Number of lease arrangements entered into \| lease	2
Right-of-use asset		$ 20,510		$ 23,705
Total other income generated from subleases		$ 100	$ 100
Line Digital Frontier - Lease One
Lessee, Lease, Description [Line Items]
Monthly lease payment	$ 100		$ 100
Discount rate (as a percent)	2.90%		2.90%
Right-of-use asset	$ 6,000		$ 6,000
Line Digital Frontier - Lease Two
Lessee, Lease, Description [Line Items]
Monthly lease payment	$ 100		$ 100
Discount rate (as a percent)	2.90%		2.90%
Right-of-use asset	$ 6,000		$ 6,000

Related Party Transactions - Schedule of Significant Related Party Transactions (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenue generated

^[1]

$ 320,872

$ 325,707

Cost of revenue incurred

^[2]

237,824

254,096

^[3]

60,559

66,702

Revenue generated

18,243

17,713

Cost of revenue incurred

27,071

28,131

Marketing expenses incurred (cost reimbursed)

(1,729)

(2,581)

General and administrative expenses incurred

7,817

6,913

Other income, net

$ 408

$ 411

[1]	Includes amounts earned from related parties of $18,243 and $17,713 for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions)
[2]	Includes amounts incurred from related parties of $27,071 and $28,131 for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions)
[3]	Includes amounts incurred from related parties of $7,817 and $6,913 for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions).

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

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/2003/role/disclosureRef
-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://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 5: 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(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: 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 7: 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 8: 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 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-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)(iii)(A))
-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)(4)(iv))
-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 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

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)(i))
-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)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 15: 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)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 16: 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 17: 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

Cash and cash equivalents

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.

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Mar. 26, 2026	Mar. 31, 2026
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense		$ 39.8
Unrecognized stock-based compensation expense, period for recognition		1 year 7 months 6 days
Granted (in usd per share)		$ 9.02
Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense		$ 3.3
Unrecognized stock-based compensation expense, period for recognition		2 years 11 months 8 days
Granted (in usd per share)		$ 13.27
Expected volatility (as a percent)	69.80%
Interest rate (as a percent)	3.90%
Dividend rate (as a percent)	0.00%
Performance Stock Units \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares eligible to be earned and vest (as a percent)	0.00%
Performance Stock Units \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares eligible to be earned and vest (as a percent)	200.00%

Stock-Based Compensation - Schedule of Compensation Expenses for All Stock-Based Payment Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expenses	$ 7,625	$ 18,253
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expenses	1,543	4,780
Marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expenses	212	836
General and administrative expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expenses	$ 5,870	$ 12,637

Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Current assets:

$ 594,852

$ 581,806

Receivables, net of allowance for credit losses of $1,703 and $3,378 at March 31, 2026, and December 31, 2025, respectively

^[1]

182,781

176,779

Prepaid expenses and other current assets, net

^[2]

73,369

72,647

Total current assets

851,002

831,232

Property and equipment, net

10,594

8,339

Operating lease right-of-use assets

20,510

23,705

Debt and equity securities

64,348

69,669

Intangible assets, net

150,923

157,804

Goodwill, net

330,832

336,825

Equity method investments

76,212

80,440

Deferred tax assets

23,643

22,302

Other non-current assets, net

^[3]

65,681

65,194

Total assets

1,593,745

1,595,510

Current liabilities:

^[4]

137,695

136,962

^[5]

53,837

66,690

Provisions and defined pension benefits

^[6]

8,679

9,617

Contract liabilities

94,640

89,994

Taxes payable

7,000

4,136

7,013

8,766

Other current liabilities

3,913

2,457

Total current liabilities

312,777

318,622

Non-current liabilities:

Long-term operating lease liabilities

^[7]

11,673

14,055

Defined severance benefits

24,502

25,069

Deferred tax liabilities

5,879

5,755

Other non-current liabilities

3,683

3,737

Total liabilities

358,514

367,238

Commitments and Contingencies (Note 8)

Redeemable non-controlling interest in subsidiary

24,336

24,540

Stockholders' equity:

Common stock, $0.0001 par value (2,000,000,000 authorized, 134,635,086 shares and 130,776,161 shares issued and outstanding as of March 31, 2026, and December 31, 2025, respectively)

Additional paid-in capital

2,177,445

2,137,926

Accumulated other comprehensive loss

(137,007)

(114,363)

Accumulated deficit

(862,579)

(853,124)

Total stockholders' equity attributable to WEBTOON Entertainment Inc.

1,177,872

1,170,452

Non-controlling interests in consolidated subsidiaries

33,023

33,280

Total equity

1,210,895

1,203,732

Total liabilities, redeemable non-controlling interest, and equity

$ 1,593,745

$ 1,595,510

[1]	Includes amounts due from related parties of $54,303 and $55,156 as of March 31, 2026, and December 31, 2025, respectively. (See Note 15. Related Party Transactions)
[2]	Includes amounts due from related parties of $4,053 and $4,730 as of March 31, 2026, and December 31, 2025, respectively. (See Note 15. Related Party Transactions)
[3]	Includes amounts due from related parties of $33,786 and $33,913 as of March 31, 2026, and December 31, 2025, respectively. (See Note 15. Related Party Transactions)
[4]	Includes amounts due to related parties of $24,207 and $18,765 as of March 31, 2026, and December 31, 2025, respectively. (See Note 15. Related Party Transactions)
[5]	Includes amounts due to related parties of $6,048 and $6,849 as of March 31, 2026, and December 31, 2025, respectively.
[6]	6.Includes amounts due to related parties of $4,953 and $5,221 as of March 31, 2026, and December 31, 2025, respectively. (See Note 15. Related Party Transactions)
[7]	Includes amounts due to related parties of $3,933 and $5,371 as of March 31, 2026, and December 31, 2025, respectively. (See Note 15. Related Party Transactions)

Retirement Benefits - Schedule of Periodic Benefit Costs (Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Retirement Benefits [Abstract]
Current service costs	$ 1,272	$ 1,190
Interest expense	339	268
Actuarial gain	(49)	(884)
Net periodic benefit costs (income)	$ 1,562	$ 574

Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Beginning balance	$ 80,440
Share of net income (loss)	(446)	$ (569)
Share of other comprehensive income (loss)	(15)	$ (143)
Dividends	(280)
Currency translation differences	(3,487)
Ending balance	$ 76,212

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.

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

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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Income Statement [Abstract]

^[1]

$ 320,872

$ 325,707

General and administrative expenses

^[2]

(237,824)

(254,096)

Marketing

^[3]

(30,520)

(31,543)

^[4]

(60,559)

(66,702)

Operating income (loss)

(8,031)

(26,634)

Interest income

4,374

5,113

Interest expense

(17)

(2)

Gain (loss) on equity method investments, net

(446)

(569)

Other income (loss), net

^[5]

(2,005)

2,670

Income (loss) before income tax

(6,125)

(19,422)

Income tax expense

(2,672)

(2,547)

Net income (loss)

(8,797)

(21,969)

Net income (loss) attributable to WEBTOON Entertainment Inc.

(9,455)

(22,389)

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

658

420

Other comprehensive income (loss):

Foreign currency translation adjustments, net of tax

(23,747)

6,572

Share of other comprehensive loss of equity method investments, net of tax

(15)

(143)

Total other comprehensive income (loss), net of tax

(23,762)

6,429

Total comprehensive income (loss)

(32,559)

(15,540)

Total comprehensive income (loss) attributable to WEBTOON Entertainment Inc.

(32,099)

(15,999)

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

$ (460)

$ 459

Weighted average shares outstanding

Basic (shares)

133,618,587

129,598,942

Diluted (shares)

133,618,587

129,598,942

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

Basic (in usd per share)

$ (0.07)

$ (0.17)

Diluted (in usd per share)

$ (0.07)

$ (0.17)

[1]	Includes amounts earned from related parties of $18,243 and $17,713 for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions)
[2]	Includes amounts incurred from related parties of $27,071 and $28,131 for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions)
[3]	Includes amounts incurred from related parties of $(1,729) and $(2,581) for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions)
[4]	Includes amounts incurred from related parties of $7,817 and $6,913 for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions).
[5]	Includes amounts earned from related parties of $408 and $411 for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions)

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
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 March 31, 2026. 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 March 31, 2026. 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 unaudited Condensed 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 Company’s initial public offering completed on June 28, 2024 (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 our 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. 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 March 11, 2025, the lead plaintiff filed an opposition to this motion to dismiss, and on March 18, 2025, the Company, its directors, and the underwriters filed a reply in support of the motion to dismiss. On November 14, 2025, the court issued an order granting in part and denying 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. Fact discovery is ongoing. The Company intends to defend this case vigorously. 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. 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 of 1933, and 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 April 24, 2026, by stipulation of the parties, the court ordered the shareholder derivative lawsuit stayed until the end of the fact discovery period in the securities class action (currently scheduled for November 30, 2026). 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. On May 5, 2026, a purported shareholder 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 similar 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 breach of fiduciary duties, aiding and abetting breach of fiduciary duties, unjust enrichment, waste of corporate assets, and contribution under Section 11(f) of the Securities Act of 1933, and Section 31D of the Exchange Act of 1934. 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.

Property and Equipment, net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consists of the following:


		As of
	Estimated Useful Lives	March 31, 2026		December 31, 2025

	(in years)	(in thousands of USD)
Land	Indefinite	$	105	$	110
Buildings	40	165		174
Equipment	3-5	13,654		13,775
Leasehold improvements	Lesser of lease term or useful life	3,191		3,280
Construction in progress		3,029		295
Property and equipment		$	20,144	$	17,634
Less: Accumulated depreciation		(9,550)		(9,295)
Property and equipment, net		$	10,594	$	8,339

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

The Company’s Related Parties

NAVER and LY Corporation ("LY", 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 three months ended March 31, 2026, and 2025, the Company provided advertising services to NAVER group companies and LY giving rise to related party receivables as of March 31, 2026, and December 31, 2025. Additionally, during the three months ended March 31, 2026, and 2025, the Company received brand-usage and outsourcing services from NAVER and LY, which resulted in the Company recognizing related party payables as of March 31, 2026, and December 31, 2025.

In addition to the transactions mentioned above, the Company has a history of renting facilities from its parent, NAVER. Related party operating lease expenses were $1.3 million and $0.6 million during the three months ended March 31, 2026, and 2025, respectively, with related lease obligations of $8.9 million and $10.6 million as of March 31, 2026, and December 31, 2025, respectively (Refer to Note 7. Leases for additional information). The Company also subleases part of its office space to other related parties and the total other income generated from subleases was $0.1 million and $0.1 million for the three months ended March 31, 2026, and 2025, respectively.

Related Party Transactions and Balances

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


	Three Months Ended
		March 31, 2026		March 31, 2025
	(in thousands of USD)
Revenue generated		$	18,243	$	17,713
Cost of revenue incurred		27,071		28,131
Marketing expenses incurred (cost reimbursed)		(1,729)		(2,581)
General and administrative expenses incurred		7,817		6,913
Other income, net		408		411

*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 March 31, 2026, and December 31, 2025:


	As of
	March 31, 2026		December 31, 2025
	(in thousands of USD)
Due from related parties
Receivables	$	54,303	$	55,156
Other current assets	$	4,053	$	4,730
Other non-current assets	$	6,784	$	5,496
Loan receivables	$	27,002	$	28,417
Due to related parties
Current portion of operating lease liabilities	$	4,953	$	5,221
Operating lease liabilities	$	3,933	$	5,371

Accounts payable	$	24,207	$	18,765
Accrued expenses	$	6,048	$	6,849

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

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 946
-SubTopic 235
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Schedule of Significant Related Party Transactions

Segment and Geographic Information - Schedule of Geographic Information (Details) - Reportable Segment - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets and operating lease right-of-use assets	$ 31,104	$ 32,045
Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets and operating lease right-of-use assets	12,097	14,131
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets and operating lease right-of-use assets	14,366	15,620
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	$ 4,641	$ 2,294

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2026

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


	Three Months Ended
		March 31, 2026		March 31, 2025
	(in thousands of USD)
Revenue generated		$	18,243	$	17,713
Cost of revenue incurred		27,071		28,131
Marketing expenses incurred (cost reimbursed)		(1,729)		(2,581)
General and administrative expenses incurred		7,817		6,913
Other income, net		408		411

*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 March 31, 2026, and December 31, 2025:


	As of
	March 31, 2026		December 31, 2025
	(in thousands of USD)
Due from related parties
Receivables	$	54,303	$	55,156
Other current assets	$	4,053	$	4,730
Other non-current assets	$	6,784	$	5,496
Loan receivables	$	27,002	$	28,417
Due to related parties
Current portion of operating lease liabilities	$	4,953	$	5,221
Operating lease liabilities	$	3,933	$	5,371

Accounts payable	$	24,207	$	18,765
Accrued expenses	$	6,048	$	6,849

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of RSU Activity

The table below summarizes the Company’s RSU activity for the three months ended March 31, 2026:


	Number of RSUs	Weighted Average Grant-Date Fair Value
Balance as of December 31, 2025	3,298,513	$	13.69
Granted	2,279,353	$	9.02
Forfeited	(71,174)	$	13.98
Vested	(1,235,795)	$	9.48
Balance as of March 31, 2026	4,270,897	$	12.41

Schedule of PSU and Phantom Unit Activity

The table below summarizes the Company’s PSU activity for the three months ended March 31, 2026:


	Number of PSUs	Weighted Average Grant-Date Fair Value
Balance as of December 31, 2025	—	$	—
Granted	267,720	$	13.27
Forfeited	—	$	—
Vested	—	$	—
Balance as of March 31, 2026	267,720	$	13.27

The following table summarizes the Company's Phantom Unit activity for the three months ended March 31, 2026:


	Number of Phantom Units	Weighted Average Grant-Date Fair Value
Balance as of December 31, 2025	328,748	$	9.04
Granted	—	$	—
Forfeited	(3,152)	$	9.04
Vested	(198,941)	$	9.04
Balance as of March 31, 2026	126,655	$	9.04

Schedule of Compensation Expenses for All Stock-Based Payment Arrangements

The following table summarizes the effects of all stock-based compensation in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the periods presented:


	Three Months Ended
		March 31, 2026		March 31, 2025
	(in thousands of USD)
Cost of revenue		$	1,543	$	4,780
Marketing		212		836
General and administrative expenses		5,870		12,637
Total		$	7,625	$	18,253

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

3 Months Ended

Mar. 31, 2026

USD ($)

segment

Mar. 31, 2025

USD ($)

Segment Reporting [Abstract]

Number of reportable segments | segment

Number of operating segments | segment

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

^[1]

$ 320,872

$ 325,707

Less:

Loss(income) on equity method investment, net

^[2]

237,824

254,096

Marketing

^[3]

30,520

31,543

Interest income

(4,374)

(5,113)

Interest expense

446

569

Other loss (income), net

^[4]

2,005

(2,670)

Income tax expense (benefit)

2,672

2,547

Net income (loss)

(8,797)

(21,969)

Stock-based compensation

7,625

18,253

Reportable Segment

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

320,872

325,707

Less:

General and administrative expenses - labor related

237,824

254,096

Marketing

30,520

31,543

26,514

23,373

General and administrative expenses - non-labor related

34,045

43,329

Interest income

(4,374)

(5,113)

Interest expense

Loss(income) on equity method investment, net

446

569

Other loss (income), net

2,005

(2,670)

Income tax expense (benefit)

2,672

2,547

Net income (loss)

(8,797)

(21,969)

Stock-based compensation

7,603

18,253

Depreciation and amortization

$ 7,998

$ 8,437

[1]	Includes amounts earned from related parties of $18,243 and $17,713 for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions)
[2]	Includes amounts incurred from related parties of $27,071 and $28,131 for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions)
[3]	Includes amounts incurred from related parties of $(1,729) and $(2,581) for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions)
[4]	Includes amounts earned from related parties of $408 and $411 for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions)

Prepaid Expenses and Other Assets, net

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Assets, net

Other Current Assets, net


	As of
	March 31, 2026		December 31, 2025
	(in thousands of USD)
Advance payments, net	$	40,530	$	38,138
Prepaid expenses	13,856		14,635
Term deposits	11,137		10,774
Other current assets, net	7,846		9,100
Total other current assets, net	$	73,369	$	72,647

Advance payments are primarily comprised of the advance payments for production of film contents and 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. 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 expense of $6.4 million and $11.6 million during the three months ended March 31, 2026, and 2025, respectively. The Company's balance of advance payments, net due to film production contracts was $31.9 million and $29.0 million as of March 31, 2026, and December 31, 2025, respectively.

The advance payments for minimum guarantees are amortized as 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.

As of March 31, 2026, and December 31, 2025, $8.5 million and $8.7 million, respectively, of the term deposit balance 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
	March 31, 2026		December 31, 2025
	(in thousands of USD)
Advance payments, net	$	27,753	$	25,486
Long-term loans, net	29,292		30,890
Other non-current assets, net	8,636		8,818
Total other non-current assets, net	$	65,681	$	65,194

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, net due to film production contracts was $9.8 million and $7.3 million as of March 31, 2026, and December 31, 2025, respectively.

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net income (loss)	$ (8,797)	$ (21,969)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for credit losses	(749)	443
Depreciation and amortization	7,998	8,437
Operating lease expense	2,541	1,985
Gain on foreign currency, net	(6,207)	(2,793)
Deferred tax benefit	(2,151)	(1,143)
Loss on debt and equity securities, net	2,627	930
Change in severance benefit, net	1,562	574
Loss on equity method investments, net	446	569
Stock-based compensation	7,625	18,253
Other non-cash items	(2,963)	(1,369)
Changes in operating assets and liabilities
Changes in receivables	(11,669)	750
Changes in other assets	(4,122)	(2,250)
Changes in accounts payable	4,083	(2,801)
Changes in accrued expenses	(9,321)	(15,342)
Changes in contract liabilities	7,501	(1,450)
Changes in other liabilities	2,516	(236)
Changes in operating lease liabilities	(2,767)	(1,240)
Net cash used in operating activities	(11,847)	(18,652)
Investing activities:
Proceeds from maturities of short-term investments	684	3,446
Proceeds from sale of property and equipment	23	77
Purchases of property and equipment	(3,148)	(536)
Purchases of debt and equity securities	0	(3,789)
Payment made for short-term investments	(1,368)	(4,824)
Payment made for loan receivable	(68)	(207)
Purchases of intangible assets	(2,867)	(2,444)
Other investing activities	0	249
Net cash used in investing activities	(6,744)	(8,028)
Financing activities:
Proceeds from issuance of common stock related to private placement, net	32,682	0
Proceeds from stock option exercise	0	82
Net cash provided by financing activities	32,682	82
Effect of exchange rate changes on cash and cash equivalents	(1,045)	4,332
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	13,046	(22,266)
Cash and cash equivalents at beginning of the year	581,806	572,402
Cash and cash equivalents at end of the year	594,852	550,136
Supplemental disclosure:
Income taxes paid	2,711	6,826
Reclassification of long-term advances to current	(10,901)	(28,973)
Increase in right-of-use assets recognized from new lease agreements	$ 4	$ 12,007

Condensed Consolidated Statements of Stockholders' Equity and Group Equity (unaudited) - USD ($) $ in Thousands	Total	Total stockholders' equity attributable to WEBTOON Entertainment Inc.	Common Stock	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit	Non- controlling interests in consolidated subsidiaries
Beginning balance (in shares) at Dec. 31, 2024			128,587,944
Beginning 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 Income (Loss)	(22,156)	(22,389)				(22,389)	233
Foreign currency translation adjustments, net of tax	6,555	6,533			6,533		22
Equity in income of equity method investees	(143)	(143)			(143)
Equity-based compensation and others (in shares)			1,584,337
Equity-based compensation and others	11,631	11,419		11,419			212
Ending balance (in shares) at Mar. 31, 2025			130,172,281
Ending Balance at Mar. 31, 2025	$ 1,515,768	1,467,547	$ 13	2,115,350	(118,230)	(529,586)	48,221
Beginning balance (in shares) at Dec. 31, 2025	130,776,161		130,776,161
Beginning Balance at Dec. 31, 2025	$ 1,203,732	1,170,452	$ 13	2,137,926	(114,363)	(853,124)	33,280
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(9,090)	(9,455)				(9,455)	365
Foreign currency translation adjustments, net of tax	(23,251)	(22,629)			(22,629)		(622)
Equity in income of equity method investees	(15)	(15)			(15)
Equity-based compensation and others (in shares)			1,192,168
Equity-based compensation and others	7,036	7,036		7,036
Issuance of common stock through private placement, net (in shares)			2,666,757
Issuance of common stock through private placement, net	$ 32,483	32,483		32,483
Ending balance (in shares) at Mar. 31, 2026	134,635,086		134,635,086
Ending Balance at Mar. 31, 2026	$ 1,210,895	$ 1,177,872	$ 13	$ 2,177,445	$ (137,007)	$ (862,579)	$ 33,023

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

Mar. 31, 2026

Dec. 31, 2025

Allowances for credit losses

$ 1,703

$ 3,378

Common stock par value (in usd per share)

$ 0.0001

Common stock shares authorized ( shares)

2,000,000,000

Common stock shares issued (shares)

134,635,086

130,776,161

Common stock outstanding (in shares)

134,635,086

130,776,161

Receivables, net

^[1]

$ 182,781

$ 176,779

Prepaid expenses and other current assets, net

^[2]

73,369

72,647

^[3]

137,695

136,962

^[4]

53,837

66,690

Long-term operating lease liabilities

^[5]

8,679

9,617

^[6]

11,673

14,055

Related Parties

Receivables, net

54,303

55,156

Prepaid expenses and other current assets, net

4,053

4,730

Other assets net

33,786

33,913

24,207

18,765

6,048

6,849

Long-term operating lease liabilities

4,953

5,221

$ 3,933

$ 5,371

[1]	Includes amounts due from related parties of $54,303 and $55,156 as of March 31, 2026, and December 31, 2025, respectively. (See Note 15. Related Party Transactions)
[2]	Includes amounts due from related parties of $4,053 and $4,730 as of March 31, 2026, and December 31, 2025, respectively. (See Note 15. Related Party Transactions)
[3]	Includes amounts due to related parties of $24,207 and $18,765 as of March 31, 2026, and December 31, 2025, respectively. (See Note 15. Related Party Transactions)
[4]	Includes amounts due to related parties of $6,048 and $6,849 as of March 31, 2026, and December 31, 2025, respectively.
[5]	6.Includes amounts due to related parties of $4,953 and $5,221 as of March 31, 2026, and December 31, 2025, respectively. (See Note 15. Related Party Transactions)
[6]	Includes amounts due to related parties of $3,933 and $5,371 as of March 31, 2026, and December 31, 2025, respectively. (See Note 15. Related Party Transactions)

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Disaggregation

The following table shows revenues disaggregated by revenue stream for the three months ended March 31, 2026, and March 31, 2025, respectively:


	Three Months Ended
		March 31, 2026		March 31, 2025
	(in thousands of USD)
Paid Content		$	261,438	$	260,226
Advertising		39,682		39,898
IP Adaptations		19,752		25,583
Total		$	320,872	$	325,707

The following table shows disaggregation of revenue by geography for the three months ended March 31, 2026 and 2025:


	Three Months Ended
		March 31, 2026		March 31, 2025
	(in thousands of USD)
Korea		$	120,421	$	117,741
Japan		154,291		164,258
Rest of World		46,160		43,708
Total		$	320,872	$	325,707

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income tax provision for the three months ended March 31, 2026, is determined using an estimate of the Company’s annual effective tax rate, adjusted for any discrete items reflected in the relevant period. Income tax expense was $2.7 million and $2.5 million, with effective tax rates of (43.6)% and (13.1)%, during the three months ended March 31, 2026 and 2025, respectively. This includes a discrete tax benefit of $1.8 million and a discrete tax expense of $1.4 million for the three months ended March 31, 2026 and 2025, respectively, due to the return-to-provision true-up adjustments in Korea and Japan tax return filings. The change in effective tax rate is primarily driven by the change in jurisdictional profits and losses. The provision for income taxes differs from the U.S. statutory federal tax rate of 21% primarily due to state income taxes, foreign income taxes, and the non-recognition of deferred tax assets due to a full valuation allowance against deferred tax assets in the U.S. and taxable loss generating subsidiaries in Korea, Canada, and Japan. In evaluating the realizability of these deferred tax assets, we consider on a jurisdictional basis, the period of sustained taxable losses, the existence of taxable temporary differences, and available sources of future taxable income. As of March 31, 2026, we cannot objectively assert that these deferred tax assets are more likely than not to be realized and therefore we have maintained a valuation allowance. We intend to continue maintaining a valuation allowance on these deferred tax assets until there is sufficient positive evidence to support the reversal of all or some portion of these allowances. It is reasonably possible that within the next 12 months, we may have enough positive evidence to release part or all of the remaining valuation allowance in Japan. This release would reduce our income tax expense for the period, significantly impacting our net earnings. The timing and amount of the release depend on the Company’s actual profitability.

The entire disclosure for income tax.

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Description of Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited Condensed Consolidated Financial Statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair statement of the results of the interim period. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements as of and for the year ended December 31, 2025, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 5, 2026. Interim results are not necessarily indicative of the results for a full year.
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.
Concentrations of Credit Risk	Concentrations of Credit Risk 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 53.6% and 55.3% of the total receivables balance as of March 31, 2026, and December 31, 2025, respectively. Three borrowers represent 88.7% and 88.9% of the total loan receivables balance as of March 31, 2026, and December 31, 2025, respectively.
Performance Stock Units	Performance Stock Units During the three months ended March 31, 2026, the Company granted awards in the form of "Performance Stock Units" ("PSUs"), which provide recipients with the right to receive shares of the Company's common stock upon vesting, subject to the achievement of a market condition based on the Company's total shareholder return ("TSR") relative to a custom peer group over the performance period, and the recipient's continued service with the Company. Compensation expense for PSU awards is recognized ratably over the requisite service period based on the grant-date fair value, regardless of whether the market condition is ultimately achieved. The grant-date fair value of PSU awards is estimated using a Monte Carlo simulation model and is not subsequently remeasured. All of the outstanding PSU awards at March 31, 2026, are classified as equity awards in accordance with ASC 718, given that these awards will be settled in shares of the Company's common stock upon vesting. See Note 9. Stock-Based Compensation for more information on the Company's PSU awards.
Goodwill and Impairment of Goodwill	Goodwill and Impairment of Goodwill Goodwill represents the excess of the purchase price and related costs over the fair value of the net identified tangible and intangible assets and liabilities assumed in a business combination. In accordance with ASC Topic 350, “Intangibles—Goodwill and Other,” goodwill is not amortized but is tested for impairment annually, or more frequently if circumstances indicate a possible impairment may exist. During the fiscal year ended December 31, 2025, the Company recorded a significant impairment charge to write down the carrying value of goodwill to its estimated fair value, reflecting adjusted expectations for future cash flows and market valuations. While no additional impairment was recognized during the current interim period, the Company estimates the fair value of its reporting units using a discounted cash flow methodology, which represents a Level 3 fair value measurement under ASC 820. This process involves significant management assumptions and judgments, including projected sales growth, gross margins, and the selection of an appropriate discount rate. There can be no assurance that the estimates and assumptions used in these tests will prove to be accurate predictions of the future, and further material impairment charges may be required in the near term.
Recent Accounting Pronouncements	Recent Accounting Pronouncements On January 1, 2026, the Company adopted ASU 2025-05 and elected the practical expedient for measuring expected credit losses on a prospective basis. The adoption did not have a material impact on the Company's unaudited Condensed Consolidated Financial Statements. Except for ASU 2025-05 adopted on January 1, 2026, there have been no significant changes to our accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2025.

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

^[1]

$ 320,872

$ 325,707

General and administrative expenses

^[2]

237,824

254,096

^[3]

60,559

66,702

Other income (loss), net

^[4]

(2,005)

2,670

Related Parties

18,243

17,713

Marketing expenses incurred (cost reimbursed)

27,071

28,131

(1,729)

(2,581)

General and administrative expenses

7,817

6,913

Other income (loss), net

$ 408

$ 411

[1]	Includes amounts earned from related parties of $18,243 and $17,713 for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions)
[2]	Includes amounts incurred from related parties of $27,071 and $28,131 for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions)
[3]	Includes amounts incurred from related parties of $7,817 and $6,913 for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions).
[4]	Includes amounts earned from related parties of $408 and $411 for the three months ended March 31, 2026, and March 31, 2025, respectively. (See Note 15. Related Party Transactions)

Schedule of Supplemental Cash Flow Information Related to Operating Leases

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

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Supplemental disclosure of cash flow information related to operating leases is as follows for the three months ended March 31, 2026, and 2025, respectively:


	Three Months Ended
	March 31, 2026		March 31, 2025
	(in thousands of USD)
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,767	$	1,240
Right-of-use assets obtained in exchange for operating lease liabilities	$	4	$	12,007

Non-Controlling Interest in Subsidiaries - Schedule Of Balances Of Non-controlling Interest (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated subsidiaries	$ 33,023	$ 33,280
Munpia 1
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated subsidiaries	32,909	33,160
Bootcamp 2
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated subsidiaries	$ 114	$ 120

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

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Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 08, 2026	Mar. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Common stock par value (in usd per share)		$ 0.0001	$ 0.0001
Securities Purchase Agreement \| The Walt Disney Company (“Disney”) Subsidiary
Class of Stock [Line Items]
Shares of common stock (shares)	2,666,757
Common stock par value (in usd per share)	$ 0.0001
Equity interest rate (as a percent)	2.00%
Net proceeds	$ 32.8

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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Related Party Transactions - Schedule of Significant Balances Due From and Due To Related Parties (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Due from related parties

Receivables

^[1]

$ 182,781

$ 176,779

Other non-current assets

^[2]

65,681

65,194

Due to related parties

Operating lease liabilities

^[3]

8,679

9,617

^[4]

11,673

14,055

^[5]

137,695

136,962

^[6]

53,837

66,690

Other

3,913

2,457

Related Parties

Due from related parties

Receivables

54,303

55,156

Other current assets

4,053

4,730

Other non-current assets

6,784

5,496

Loan receivables

27,002

28,417

Due to related parties

Operating lease liabilities

4,953

5,221

3,933

5,371

24,207

18,765

$ 6,048

$ 6,849

[1]	Includes amounts due from related parties of $54,303 and $55,156 as of March 31, 2026, and December 31, 2025, respectively. (See Note 15. Related Party Transactions)
[2]	Includes amounts due from related parties of $33,786 and $33,913 as of March 31, 2026, and December 31, 2025, respectively. (See Note 15. Related Party Transactions)
[3]	6.Includes amounts due to related parties of $4,953 and $5,221 as of March 31, 2026, and December 31, 2025, respectively. (See Note 15. Related Party Transactions)
[4]	Includes amounts due to related parties of $3,933 and $5,371 as of March 31, 2026, and December 31, 2025, respectively. (See Note 15. Related Party Transactions)
[5]	Includes amounts due to related parties of $24,207 and $18,765 as of March 31, 2026, and December 31, 2025, respectively. (See Note 15. Related Party Transactions)
[6]	Includes amounts due to related parties of $6,048 and $6,849 as of March 31, 2026, and December 31, 2025, respectively.

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

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.

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 March 31, 2026

Debt Securities

Redeemable convertible preferred stock

41,180

Option pricing model

Discount rate

8.64%-27.20%

Volatility

42.65%-51.46%

Total

41,180

Equity Securities

Redeemable convertible preferred stock

15,000

Measurement alternative

Contribution to investment fund

609

Measurement alternative

Private equity securities

697

Measurement alternative

Convertible preferred stock

5,862

Option pricing model

Discount rate

3.14%-5.81%

Volatility

42.65%-42.65%

Simple Agreement For Future Equity (SAFE)

1,000

Measurement alternative

Total

23,168


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

As noted above, either the binomial optional pricing model or market approach were used in the determination of fair value of Level 3 assets as of March 31, 2026, and December 31, 2025. 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.

The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease in the fair value.


	Three Months Ended March 31, 2026
	Level 1		Level 3				Total
	Equity Securities		Equity Securities		Debt Securities		Debt & Equity Securities
Beginning balance, January 1	$	-	$	23,645	$	46,024	$	69,669


Net unrealized gain (loss)	-		(83)		(2,544)		(2,627)


Currency translation differences	-		(394)		(2,300)		(2,694)
Ending balance, March 31	$	-	$	23,168	$	41,180	$	64,348


	Three Months Ended March 31, 2025
	Level 1		Level 3				Total
	Equity Securities		Equity Securities		Debt Securities		Debt & Equity Securities
Beginning balance, January 1	$	3	$	22,034	$	48,142	$	70,179
Purchases	-		-		3,790		3,790

Net unrealized gain (loss)	-		225		(1,169)		(944)


Currency translation differences	-		12		87		99
Ending balance, March 31	$	3	$	22,271	$	50,850	$	73,124

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

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 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. These 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 three months ended March 31, 2026, there were no upward or downward adjustments resulting from observable price changes, and no impairment losses were identified or recognized for these investments.

The following table presents a summary of the changes in the carrying value of our equity securities measured using the measurement alternative for the three months ended March 31, 2026:


	(in thousands of USD)
Beginning balance, December 31, 2025	$	17,377



Currency translation differences	(71)
Ending balance, March 31, 2026	$	17,306

For the three months ended March 31, 2026, and 2025, the Company did not recognize any realized gain or loss on its Level 3 equity or debt securities.

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.

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