KREAM, Naver's limited-edition trading platform, achieved record-breaking revenue of 397.5 billion won ($290 million) last year. Its subsidiary SODA also saw sales surge 57% year-on-year.
KREAM announced on the 10th that it recorded combined revenue of 397.5 billion won and EBITDA (earnings before interest, taxes, depreciation, and amortization) of 12.5 billion won in 2025. On a standalone basis, revenue increased 14% year-on-year to 202.5 billion won. EBITDA, which indicates actual cash-generating capability, surged 159% year-on-year to 4.8 billion won on a standalone basis, maintaining profitability.
Operating losses decreased approximately 9% year-on-year to about 8.1 billion won. The current ratio excluding RCPS (redeemable convertible preferred stock) stood at 135%.
The company attributes these results to its category diversification strategy bearing fruit. Sneakers, which drove the platform's early growth, accounted for about half of total transaction volume in 2024, but that share dropped to approximately 37% in 2025. Consequently, non-sneaker categories expanded to 63%, diversifying the portfolio.
The tech category, centered on smartphones, grew rapidly to become the second-largest category after sneakers. Transaction volume continued to increase across all categories including apparel, luxury, and lifestyle.
Furthermore, KREAM launched "KREAM Gold," a gold and silver trading brokerage service, in January, expanding into physical assets. To strengthen competitiveness in the luxury segment, the company is enhancing its core authentication capabilities and continuing to expand related infrastructure investments.
KREAM has grown into a commerce platform encompassing diverse cultural areas including K-fashion, K-beauty, K-pop, sports, tickets, trading cards, and character IP. Recently, the company has been advancing its business model by introducing exclusive products and collaborative proprietary IP through brand partnerships.
Record growth at consolidated subsidiary SODA in Japan also drove overall performance. SODA's 2025 revenue surged 57% year-on-year to 190.4 billion won. Achieving the top position in Japan's premium trading card game (TCG) market and securing strong market share proved crucial. Driven by explosive demand in this segment, SODA's transaction volume increased 218% online and 194% offline compared to the previous year.
KREAM is also building integrated infrastructure to expand distribution across Southeast Asia, leveraging its network of major Asian platforms including Japan's SNKR DUNK, Thailand's SASOM, and Indonesia's KICK AVENUE.
"2025 was a year of strengthening our foundation through various investments such as opening the Dosan flagship store and introducing new authentication equipment, while also diversifying transaction categories and improving operational efficiency," said KREAM CEO Kim Chang-wook. "We will grow into Asia's largest limited-edition trading platform based on our solid IP."
