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    Gravity Reports First Quarter of 2025 Results and Business Update

    5/9/25 6:15:00 AM ET
    $GRVY
    Business Services
    Consumer Discretionary
    Get the next $GRVY alert in real time by email

    Seoul, South Korea, May 09, 2025 (GLOBE NEWSWIRE) -- GRAVITY Co., Ltd. (NASDAQGM:GRVY) ("Gravity" or "Company"), a developer and publisher of online and mobile games based in South Korea, today announced its unaudited financial results for the first quarter ended March 31, 2025, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates.

    FIRST QUARTER 2025 HIGHLIGHTS

    • Total revenues were KRW 137,464 million (US$ 93,231 thousand), representing a 6% increase from the fourth quarter ended December 31, 2024 ("QoQ") and a 14.8% increase from the first quarter ended March 31, 2024 ("YoY").
    • Operating profit was KRW 24,730 million (US$ 16,772 thousand), representing a 55% increase QoQ and an 8% decrease YoY.
    • Profit before income tax expenses was KRW 28,450 million (US$ 19,295 thousand), representing a 12.1% increase QoQ and a 12.5% decrease YoY.
    • Net profit attributable to parent company was KRW 22,038 million (US$ 14,947 thousand), representing a 4.6% decrease QoQ and an 18% decrease YoY.

    REVIEW OF FIRST QUARTER 2025 FINANCIAL RESULTS

    Revenues

    Online game revenues for the first quarter of 2025 were KRW 18,806 million (US$ 12,755 thousand), representing a 5.1% decrease QoQ from KRW 19,822 million and a 4.1% increase YoY from KRW 18,065 million. The decrease QoQ was mainly attributable to decreased revenues from Ragnarok Online in Thailand. Such decrease was partially offset by increased revenue from Ragnarok Online in Japan. The increase YoY was largely due to increased revenues from Ragnarok Online in Thailand and China.

    Mobile game revenues were KRW 115,486 million (US$ 78,325 thousand) for the first quarter of 2025, representing a 9.4% increase QoQ from KRW 105,586 million and a 17.2% increase YoY from KRW 98,548 million. The increase QoQ attributed to initial revenues from Ragnarok M: Classic which was launched in Southeast Asia on February 14, 2025 and Ragnarok Idle Adventure Plus launched in Global except Taiwan, Hong Kong, Macau, China, Korea and Japan on February 20, 2025. Such increase was partially offset by decreased revenues from Ragnarok Origin in Southeast Asia and THE RAGNAROK in Southeast Asia. The increase YoY was due to initial revenue from Ragnarok M: Classic in Southeast Asia, THE RAGNAROK in Southeast Asia launched on October 31, 2024 and Ragnarok: Rebirth in Taiwan, Hong Kong and Macau launched on October 31, 2024. This increase was partially offset by decreased revenues from Ragnarok Origin in Southeast Asia, Taiwan, Hong Kong and Macau and North, Central and South America.

    Other revenues were KRW 3,172 million (US$ 2,151 thousand) for the first quarter of 2025, representing a 26.5% decrease QoQ from KRW 4,315 million and a 0.2% increase YoY from KRW 3,166 million.

    Cost of Revenue

    Cost of revenue was KRW 87,458 million (US$ 59,316 thousand) for the first quarter of 2025, representing a 8% increase QoQ from KRW 81,008 million and a 18.8% increase YoY from KRW 73,628 million. The increase QoQ was mainly due to increased commission paid for mobile game services related to Ragnarok M: Classic in Southeast Asia. The increase YoY was primarily due to increased commission paid for mobile game services related to Ragnarok M: Classic in Southeast Asia, THE RAGNAROK in Southeast Asia and Ragnarok: Rebirth in Taiwan, Hong Kong and Macau.

    Operating Expenses

    Operating expenses were KRW 25,276 million (US$ 17,143 thousand) for the first quarter of 2025, representing a 22.9% decrease QoQ from KRW 32,765 million and a 31.1% increase YoY from KRW 19,282 million. The decrease QoQ was mainly due to decreased advertising expenses for THE RAGNAROK in Southeast Asia and salaries. The increase YoY was mainly due to increased advertising expenses for Ragnarok Idle Adventure Plus in Global, Ragnarok V: Returns in Thailand, Indonesia and Philippines and Ragnarok Begins in Taiwan, Hong Kong and Macau.

    Profit Before Income Tax Expenses

    Profit before income tax expenses was KRW 28,450 million (US$ 19,295 thousand) for the first quarter of 2025 compared with profit before income tax expense of KRW 25,377 million for the fourth quarter of 2024 and profit before income tax expenses of KRW 32,498 million for the first quarter of 2024.

    Net Profit

    As a result of the foregoing factors, Gravity recorded a net profit attributable to parent company of KRW 22,038 million (US$ 14,947 thousand) for the first quarter of 2025 compared with net profit attributable to parent company of KRW 23,099 million for the fourth quarter of 2024 and a net profit attributable to parent company of KRW 26,866 million for the first quarter of 2024.

    Liquidity

    The balance of cash and cash equivalents and short-term financial instruments was KRW 577,163 million (US$ 391,446 thousand) as of March 31, 2025.

    Note: For convenience purposes only, the KRW amounts have been expressed in U.S. dollars at the exchange rate of KRW 1,474.44 to US$ 1.00, the noon buying rate in effect on March 31, 2025 as quoted by the Federal Reserve Bank of New York.

    GRAVITY BUSINESS UPDATES

    Ragnarok Online IP-based Games

    • Ragnarok M: Classic, an MMORPG Mobile game

    Ragnarok M: Classic was officially launched in Southeast Asia on February 14, 2025 and Taiwan, Hong Kong and Macau on April 16, 2025.

    • Ragnarok Idle Adventure Plus, a Vertical Idle MMORPG Mobile game

    Ragnarok Idle Adventure Plus was launched in Global except for Taiwan, Hong Kong, Macau, China, Korea and Japan on February 20, 2025 and is underway for its launch in Taiwan, Hong Kong and Macau in the second quarter of 2025 and Korea in the second half of 2025.

    • Ragnarok X: Next Generation, an MMORPG Mobile and PC game

    Ragnarok X: Next Generation was officially launched in North, Central and South America, Oceania, England, Portugal, Spain and Ireland on May 8, 2025 and will be launching in Europe (except England, Portugal, Spain and Ireland) in the second quarter of 2025.

    • THE RAGNAROK, an MMORPG game

    THE RAGNAROK (Chinese title: 巴風特之怒) will be launched on WeChat (H5) Mini Programs in China in the second quarter of 2025.

    • Ragnarok: Dawn (tentative English title), an Idle MMORPG game

    Ragnarok: Dawn (tentative English title) was officially launched on WeChat Mini Programs in China on February 20, 2025, and mobile app version will be launched in Taiwan, Hong Kong and Macau in the second half of 2025.

    • Ragnarok V: Returns, a 3D MMORPG Mobile and PC game

    Ragnarok V: Returns was officially launched in Thailand, Indonesia and Philippines on March 27, 2025.

    • Ragnarok: Back to Glory, a 3D MMORPG Mobile game

    Ragnarok: Back to Glory was officially launched in Korea and re-launched in Southeast Asia on April 17, 2025 and will be launched in China in the third quarter of 2025.

    • Ragnarok Crush, a Puzzle and Tower Defense Mobile game

    Ragnarok Crush will be launched in Global in July 2025.

    • Ragnarok Online America Latina, an MMORPG PC game

    Ragnarok Online America Latina is scheduled to be direct-serviced in Latin America on May 28, 2025.

    • Ragnarok Zero, an RPG PC game

    Ragnarok Zero is being prepared to be launched in Taiwan in July 2025.

    • Ragnarok Libre, a Time Effective MMORPG Telegram game

    Ragnarok Libre is underway for its launch in Global in the second quarter of 2025.

    Ragnarok Online IP-based Blockchain Game

    • Ragnarok Landverse, an MMORPG Blockchain and PC game

    Ragnarok Landverse will be launched in Latin America in the second half of 2025.

    Ragnarok Landverse Genesis, a global new server integrated with RONIN platform, ranked first in trading volume after its official release in Global on March 29, 2025.

    Other IP-based games

    • JLPGA Heroine Collection, a Sports Mobile game

    JLPGA was officially launched in Japan on March 25, 2025.

    • Shambles: Sons of Apocalypse, a Deck-building Roguelike Mobile game

    Shambles: Sons of Apocalypse, was officially launched in Global except for China, Vietnam and Taiwan on March 27, 2025

    • Twilight Monk, a 2.5D Action RPG Console game

    Twilight Monk, was officially launched in Global on March 27, 2025

    • Snow Brothers 2 Special, an Action and Platformer Console game

    Snow Brothers 2 Special, was officially launched in Global on April 10, 2025

    • Meow Star Acers 2, a Farm Simulation Mobile game

    Meow Star Acers 2, is scheduled to be launched in Global in the second half of 2025.

    • Dragonica Origin, an MO Action RPG PC game

    Dragonica Origin will be launched in Southeast Asia in June 2025.

    • Gunbound, an MMO Turned-based Artillery PC game

    Gunbound is underway for its launch in Southeast Asia and Latin America in the second quarter of 2025.

    Expansion of Ragnarok IP-business

    Ragnarok Golf Monsters is an indoor-screen golf brand based on the Ragnarok monster characters. Gravity Communications Co., Ltd. opened the first facility of Ragnarok Golf Monsters in Taipei, Taiwan on February 27, 2025.

    Our New Subsidiary

    Gravity established Gravity Game Unite Sdn. Bhd. ("Gravity Game Unite"), a subsidiary in Malaysia, on March 12, 2025. Gravity will expand various game services including Ragnarok Online IP based games throughout Gravity Game Unite in Malaysian regions.

    Investor Presentation

    Gravity issued an investor presentation. The presentation contains the Company's recent business updates, results of the first quarter in 2025 and Gravity's business plan. The presentation can be found on the Company's website under the IR Archives section at https://www.gravity.co.kr/en/ir/updates. Korean and Japanese versions of the presentation are also provided on the website.

    About GRAVITY Co., Ltd. ---------------------------------------------------

    Gravity is a developer and publisher of online and mobile games. Gravity's principal product, Ragnarok Online, is a popular online game in many markets, including Japan and Taiwan, and is currently commercially offered in 91 regions. For more information about Gravity, please visit http://www.gravity.co.kr.

    Forward-Looking Statements:

    Certain statements in this press release may include, in addition to historical information, "forward-looking statements" within the meaning of the "safe-harbor" provisions of the U.S. Private Securities Litigation Reform Act 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe", "project," or "continue" or the negative thereof or other similar words, although not all forward-looking statements contain these words. Investors should consider the information contained in our submissions and filings with the United States Securities and Exchange Commission (the "SEC"), including our annual report for the fiscal year ended December 31, 2024 on Form 20-F, together with such other documents that we may submit to or file with the SEC from time to time, on Form 6-K. The forward-looking statements speak only as of this press release and we assume no duty to update them to reflect new, changing or unanticipated events or circumstances.

    Contact:

    Mr. Heung Gon Kim

    Chief Financial Officer

    Gravity Co., Ltd.

    Email: [email protected]

    Ms. Jin Lee

    Ms. Yujin Oh

    IR Unit

    Gravity Co., Ltd.

    Email: [email protected]

    Telephone: +82-2-2132-7800

    GRAVITY Co., Ltd.

    Consolidated Statements of Financial Position

    (In millions of KRW and thousands of US$)

      As of
      31-Dec-24  31-Mar-25
      KRW  US$  KRW  US$
      (audited)  (unaudited)  (unaudited)  (unaudited)
    Assets               
    Current assets:               
    Cash and cash equivalents       228,898       155,244       201,367       136,572
    Short-term financial instruments       324,304      219,951        375,796        254,874
    Accounts receivable, net         81,152        55,039         74,469         50,507
    Other receivables, net           1,572          1,066           2,162           1,466
    Prepaid expenses            8,115          5,504           6,669           4,523
    Other current financial assets           6,602          4,478           6,033            4,092
    Other current assets           2,967           2,012            3,091            2,096
    Total current assets       653,610      443,294       669,587        454,130
    Property and equipment, net           9,957           6,753         10,576           7,173
    Intangible assets, net           7,057           4,786            6,414            4,350
    Deferred tax assets           5,617           3,810            6,294            4,269
    Other non-current financial assets               1,767             1,198                670                454
    Other non-current assets           8,451          5,732          9,366           6,352
    Total assets       686,459      465,573       702,907       476,728
    Liabilities and Equity               
    Current liabilities:               
    Accounts payable         67,930        46,072         63,048         42,761
    Deferred revenue         26,761         18,150         24,015         16,288
    Withholdings           1,588           1,077           1,635            1,109
    Accrued expense           2,651          1,798           2,168           1,470
    Income tax payable           6,507          4,413           8,782           5,956
    Other current liabilities           3,212          2,178           3,390           2,299
    Total current liabilities           108,649           73,688         103,038           69,883
    Long-term account payables              220             149              220              149
    Long-term deferred revenue           2,572          1,744           1,322               897
    Other non-current liabilities           5,361           3,636           5,904            4,003
    Deferred tax liabilities           1,294            878           1,294               878
    Total liabilities        118,096        80,095       111,778          75,810
    Share capital           3,474          2,356           3,474            2,356
    Capital surplus             26,979           18,298           26,979           18,298
    Other components of equity         23,801        16,143         24,507          16,621
    Retained earnings       513,418       348,212        535,456        363,159
    Equity attributable to owners of the Parent Company       567,672       385,009       590,416        400,434
    Non-controlling interest              691              469               713               484
    Total equity       568,363       385,478       591,129        400,918
    Total liabilities and equity       686,459      465,573       702,907        476,728

    * For convenience purposes only, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,474.44 to US$ 1.00, the noon buying rate in effect on March 31, 2025 as quoted by the Federal Reserve Bank of New York.

    GRAVITY Co., Ltd.

    Consolidated Statements of Comprehensive Income

    (In millions of KRW and thousands of US$ except for share and ADS data)

      Three months ended
      31-Dec-24  31-Mar-24  31-Mar-25
      (KRW) (US$)  (KRW) (US$)  (KRW) (US$)
      (unaudited) (unaudited)  (unaudited) (unaudited)  (unaudited) (unaudited)
    Revenues:              
    Online games 19,822 13,444                 18,065  12,252                 18,806 12,755
    Mobile games 105,586 71,611                 98,548  66,838                115,486  78,325
    Other revenue 4,315 2,927                   3,166  2,147                   3,172  2,151
    Total net revenue 129,723 87,982                119,779  81,237               137,464  93,231
    Cost of revenue 81,008 54,942                 73,628  49,936                 87,458  59,316
    Gross profit 48,715 33,040                 46,151  31,301                 50,006  33,915
    Operating expenses:              
    Selling, general and administrative expenses 28,311 19,201                 15,747  10,680                 21,859  14,825
    Research and development 3,669 2,488                   3,601  2,442                   3,431  2,327
    Others, net                          785                      534                             (66)                    (45)                            (14)                       (9)
    Total operating expenses 32,765 22,223                 19,282  13,077                 25,276  17,143
    Operating profit 15,950 10,817                 26,869  18,224                 24,730  16,772
    Finance income(costs):              
    Finance income                   9,801              6,647                    6,297  4,271                 10,717  7,269
    Finance costs                        (374)                   (254)                         (668)                  (453)                      (6,997)               (4,746)
    Profit before income tax 25,377 17,210                 32,498  22,042                 28,450  19,295
    Income tax expense 2,274 1,542                   5,615  3,808                   6,372  4,322
    Profit for the year 23,103 15,668                 26,883  18,234                 22,078  14,973
    Profit attributable to:              
    Non-controlling interest                               4                          3                               17                       12                               40                        26
    Owners of Parent company 23,099 15,665                 26,866  18,222                 22,038  14,947
    Earning per share              
    - Basic and diluted                    3,324                2.25                    3,866  2.62                   3,171  2.15
    Weighted average number of shares outstanding              
    - Basic and diluted             6,948,900       6,948,900            6,948,900  6,948,900            6,948,900  6,948,900
    Earning per ADS              
    - Basic and diluted                    3,324               2.25                   3,866  2.62                 3,171  2.15

    * For convenience, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,474.44 to US$1.00, the noon buying rate in effect on March 31, 2025 as quoted by the Federal Reserve Bank of New York.

    (1) Each ADS represents one common share.





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