KREAM reported a ₩135.5bn profit that was a paper gain, then Naver injected ₩130bn anyway

KREAM, the Korean C2C resale platform Naver spun off from Snow in 2020, reported a headline net profit of ₩135.5 billion for 2025 even as its actual business kept losing money — an ₩8.1 billion operating loss that continued a multi-year streak of red ink. The entire net profit came from one non-cash source: KREAM's redeemable convertible preferred shares are booked as financial liabilities at fair value, and a year-end revaluation cut that liability by roughly ₩143 billion, which accounting rules count as a gain.

Behind the reported profit, cash reserves fell by ₩254 billion year over year to ₩404 billion, cash generated from operations dropped from ₩187 billion to ₩62 billion, and the current ratio sat at just 16.8%. Accumulated deficit reached ₩278.8 billion and shareholder equity stood at negative ₩176.5 billion — full capital impairment, unchanged by the 'record' profit on paper.

On 4 August 2026, Naver announced it would inject an additional ₩130 billion into KREAM in the second half of the year, raising its stake from 4.83% to 15.4% and its total investment since 2020 to ₩180 billion. KREAM said the funds would support expansion beyond resale, including its first in-house fashion brand, AKRYL, launched that June.