v3.26.1
Related Party Transactions
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Related Party Transactions 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 and six months ended June 30, 2026, and 2025, the Company provided advertising services to NAVER group companies and LY giving rise to related party receivables as of June 30, 2026, and December 31, 2025. Additionally, during the three and six months ended June 30, 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 June 30, 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 $1.0 million during the three months ended June 30, 2026, and 2025, respectively, and $2.6 million and $1.6 million during the six months ended June 30, 2026, and 2025, respectively, with related lease obligations of $7.6 million and $10.6 million as of June 30, 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 $0.0 million and $0.1 million for the three months ended June 30, 2026, and 2025, respectively, and $0.1 million and $0.1 million for the six months ended June 30, 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 EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(in thousands of USD)(in thousands of USD)
Revenue generated$24,551 $18,278 $42,794 $35,991 
Cost of revenue incurred28,259 28,399 55,330 56,530 
Marketing expenses incurred (cost reimbursed)613 (2,870)(1,116)(5,451)
General and administrative expenses incurred8,031 7,023 15,848 13,936 
Other income, net384 424 792 835 
*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 June 30, 2026, and December 31, 2025:
As of
June 30, 2026December 31, 2025
(in thousands of USD)
Due from related parties
Receivables$59,283 $55,156 
Other current assets$4,881 $4,730 
Other non-current assets$7,029 $5,496 
Loan receivables$26,500 $28,417 
Due to related parties
Current portion of operating lease liabilities$4,866 $5,221 
Operating lease liabilities$2,714 $5,371 
Accounts payable$20,010 $18,765 
Accrued expenses$5,898 $6,849 

In July 2026, subsequent to June 30, 2026, the Company entered into an Agreement of Limited Partnership with N Investment Co., Ltd. (“N Investment”), a wholly-owned subsidiary of NAVER Corporation, the Company’s majority stockholder, to co-invest in NW Webcomic Adaptation Fund, L.P. (the “Fund”). The Company has committed $40.0 million and N Investment has committed $60.0 million to the Fund. See Note 19. Subsequent Events