Company: DKI
Filing Date: 2025-08-11
Form Type: 424B4
Source: 0001641172-25-022921
Chunk: 99

Company: DarkIris Inc.
Filing Date: 2025-08-11
Form: 424B4
Chunk 99
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 product update cycles and event scheduling, they still contributed a stable user base, providing a foundation for long-term operations in the future.

(1) Quarterly Average MPU refers to the Average MPU calculated on a quarterly basis, facilitating year-over year comparisons.

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Average Revenue per Paying User (ARPPU)

We define Average Revenue per Paying User (ARPPU) as the total revenue attributed to in-game purchases during a given time period, divided by the number of months in that period, and then divided by the Average MPU for that period. We believe that ARPPU is a useful metric to describe monetization.

|                              |     | For the Years Ended September 30, |       |     |      |       |
| Quarterly ARPPU              |     |                              2024 |       |     | 2023 |       |
|                              |     |                               US$ |       |     |  US$ |       |
| Q1 (October 1 – December 31) |     |                                   | 15.58 |     |      |  7.99 |
| Q2 (January 1 – March 31)    |     |                                   | 16.35 |     |      |  8.27 |
| Q3 (April 1 – June 30)       |     |                                   | 16.77 |     |      | 13.17 |
| Q4 (July 1 – September 30)   |     |                                   | 20.38 |     |      | 19.34 |

For the fiscal year ended September 30, 2024, our ARPPU also showed steady growth, increasing from US$15.58 in Q1 to US$20.38 in Q4, with an overall average of US$17.27 for the year. This indicates substantial progress in enhancing product quality, user payment depth, and content value.

The main drivers include expansion of mid-to-high value user and improvement in paid scenarios and event operations. In key games such as Divine Serpent, Floating Sky, and Immortal Fate, the high-value user base grew steadily. In Divine Serpent, the average revenue per user for the third quarter for the fiscal year ended September 30, 2024 was US$35.07, and in Q4 it was US$35.80, demonstrating solid performance in terms of user value. Through time-limited promotions, version content updates, themed items, and other diversified revenue models