What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-03-05 compared with 2025-03-11 · 23 added, 18 removed, 261 unchanged (14% of the section changed)

2 unchanged sentences

WEBTOON empowers creators, by enabling them to participate economically in their own creation, and users, by offering an endless library of content.

Our community connected 27 million creators with approximately 157 million monthly active users in over 150 countries around the world.

Our creators, users and content drive a powerful community flywheel.

32 unchanged sentences

This enables a positive feedback loop for content creation and user engagement.

This community engagement powers a flywheel of user engagement and creator readership, which in turn drives WEBTOON’s success.

1 Metrics are as of the year ended December 31, 2025.

community engagement powers a flywheel of user engagement and creator readership, which in turn drives WEBTOON’s success.

This vibrant ecosystem is amplified by our foundational technology and artificial intelligence capabilities, which enable content creation, along with our content discovery and recommendation engines.

18 unchanged sentences

Web-comics generate the vast majority of revenue on our platform.

As of December 31, 2025, we had approximately 400 thousand web-comic creators, and had published over 500 thousand web-comic stories on our platform.

• Web-novels are digitally created, weekly serialized stories expressed through text with many titles releasing new content three to five times a week.

3 unchanged sentences

This leads to a greater velocity of content generation.

As of December 31, 2025, we had approximately 27.0 million web-novel creators and had generated over 67.0 million web-novel stories on our platform.

Advertising revenue represents revenue earned for the display of advertisements on our platform, including in-stream placement within content.

23 unchanged sentences

Occasionally, we may choose to rely entirely on our in-house production capability to produce the adaptation, if we determine the potential reward to be substantially in excess of the investment risk and the magnitude of the required investment to be manageable.

During the year-ended December 31, 2025, examples of our IP Adaptations included the theatrical release of My Daughter is a Zombie and The Trauma Cod e on Netflix.

Animation continues to be a major initiative for us, and we have recently announced that Amazon MGM Studios greenlit Lore Olympus to be developed into a new animated series in conjunction with The Jim Henson Company.

Our Technology Architecture

14 unchanged sentences

• Content Store Platform:

Infrastructure to manage and support in-app business models, including Daily Pass, Fast Pass, tipping and free Coins.

Infrastructure to manage and support in-app business models, including Fast Pass, Title Purchase, tipping and free Coins.

• Community Features:

23 unchanged sentences

• In North America, our user acquisition is split between paid and organic.

Our organic traffic benefits from partnerships with local creators or other popular technology platforms, such as our partnerships with Discord, Patreon, DC Comics and HYBE Entertainment, as well as through our IP Adaptations.

Our organic traffic benefits from partnerships with local creators or other popular technology platforms, such as our partnerships with DC Comics, Duolingo and HYBE Entertainment, as well as through our IP Adaptations.

Our paid marketing strategies include brand-marketing campaigns and performance marketing, aimed at increasing user awareness of and engagement with WEBTOON by promoting top content titles that have demonstrated strong readership.

35 unchanged sentences

It is imperative that we secure the creative assets, performance and user data (including personal information) that are critical to our business.

We devote considerable resources to our security program and regularly test the security of our services with the intent to ensure that user assets are securely stored, managed and otherwise processed.

considerable resources to our security program and regularly test the security of our services with the intent to ensure that user assets are securely stored, managed and otherwise processed.

We take steps designed to make it easy for content developers and creators to securely build and distribute their content in our ecosystem.

4 unchanged sentences

However, each of these frameworks and defenses is subject to uncertain or evolving judicial interpretation and regulatory and legislative amendments.

pending or recently adopted legislation in the U.S.

In addition, pending or recently adopted legislation in the U.S.

and EU may impose additional obligations or liability on us associated with content published by users to our platform.

29 unchanged sentences

In addition, some countries have enacted laws that allow websites to be blocked for hosting certain types of restricted content or may require websites to remove certain restricted content.

Our privacy policy and terms and conditions of use describe our practices concerning the use, transmission, disclosure and other processing of user information, including personal information, and are posted on our website.

evolving federal, state and international laws, regulations, rules, standards and contractual obligations regarding privacy, data protection and cybersecurity, which could result in investigations, claims, changes to our business practices, increased cost of operations and declines in user growth, retention or engagement, any of which could adversely affect our business.” Many of these laws and regulations are subject to change and uncertain interpretation, and could result in investigations, claims, changes to our business practices, increased cost of operations and declines in user growth, retention, or engagement, any of which could significantly harm our business.

Our privacy policy and terms and conditions of use describe our practices concerning the use,

transmission, disclosure and other processing of user information, including personal information, and are posted on our website.

For additional information, please see the sections titled “Risk Factors—Risks Related to Our Business, Industry and Operations—If the security of our platform is compromised, it could compromise our and our creators’ and users’ personal, sensitive, confidential and proprietary information, disrupt our internal operations and harm public perception of our platform, which could adversely affect our business and reputation,” “Risk Factors—Risks Related to Our Business, Industry and Operations—We anticipate that our ongoing efforts related to privacy, data protection and cybersecurity, and content review will identify instances of misuse of user data or other undesirable activity by third parties on our platform” and “Risk Factors—Risks Related to Government Regulations and Legal Proceedings—We are subject to complex and evolving federal, state and international laws, regulations, rules, standards and contractual obligations regarding privacy, data protection and cybersecurity, which could result in investigations, claims, changes to our business practices, increased cost of operations and declines in user growth, retention or engagement, any of which could adversely affect our business.” Many of these laws and regulations are subject to change and uncertain interpretation, and could result in investigations, claims, changes to our business practices, increased cost of operations and declines in user growth, retention, or engagement, any of which could significantly harm our business.

Intellectual Property

2 unchanged sentences

In addition to the protection provided by our intellectual property rights, we maintain a policy requiring our employees, consultants and other third parties to enter into confidentiality and proprietary rights agreements to control access to our intellectual property.

As of the end of December 2024, we owned 129 issued patents in the U.S.

and foreign countries relating to aspects of our actual or contemplated operations and technologies (of which 19 are U.S.

As of the end of December 2025, we had over 150 issued patents in the U.S.

and foreign countries relating to aspects of our actual or contemplated operations and technologies (of which over 20 are U.S.

Our issued patents are scheduled to expire between 2028 and 2042.

As of the end of December 2024, we also had 120 pending patent applications in the U.S.

As of the end of December 2025, we also had more than 130 pending patent applications in the U.S.

There can be no assurance that each of our patent applications will result in the issuance of a patent.

2 unchanged sentences

however, we are not dependent on any particular patent or application for the operation of our business.

We have registered the “WEBTOON” wordmark and logo as trademarks in certain classes of goods and services in the U.S.

We also hold various trademark rights, including registrations for the “WEBTOON” wordmark and logo as trademarks in certain classes of goods and services in the U.S.

and other key jurisdictions in which we maintain operations.

As of the end of December 2024, we were the registered holder of 323 trademarks and have 107 trademark applications in the U.S.

As of the end of December 2025, we were the registered holder of over 390 trademarks and had more than 115 pending trademark applications in the U.S.

and foreign countries.

There can be no assurance that each of our trademark applications will result in the issuance of a trademark or that each resulting trademark registration will be able to be maintained.

As of December 31, 2024, we were the registered holder of approximately 46 domestic and international domain names.

As of December 31, 2025, we were the registered holder of over 60 domestic and international domain names.

We continually monitor the registration of our domain names, trademarks and service marks in the U.S.

10 unchanged sentences

We cannot guarantee that our business does not and will not infringe or misappropriate the rights of third parties.

Although we are not presently involved in intellectual property lawsuits, we may face allegations from third parties, including our competitors and “non-practicing entities,” that we have infringed, misappropriated or otherwise violated their intellectual property rights.

Although we are not presently involved in intellectual property lawsuits, we may face allegations from third parties, including our competitors

and “non-practicing entities,” that we have infringed, misappropriated or otherwise violated their intellectual property rights.

There can be no guarantee that future lawsuits will not have a materially adverse impact on us.

4 unchanged sentences

We must also expeditiously remove

any infringing content upon acquiring actual knowledge of such infringement or, in the absence of actual knowledge, if we become aware of facts or circumstances from which infringing activity is apparent.

We must also expeditiously remove any infringing content upon acquiring actual knowledge of such infringement or, in the absence of actual knowledge, if we become aware of facts or circumstances from which infringing activity is apparent.

We must also adopt and reasonably implement, and inform users of our platform, of a policy that provides for the termination in appropriate circumstances of users who are repeat infringers of the copyrights of third parties.

18 unchanged sentences

We host an annual internal conference called “WEBTOON We Are” aimed at sharing the diverse work experiences and perspectives of our employees and bringing together teams from various geographies and functions.

In 2024, the conference featured 29 speakers with over 2,101 participants, a majority of our employees.

Available Information

8 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business