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    SEC Form 6-K filed by GRAVITY Co. Ltd.

    5/9/25 6:00:44 AM ET
    $GRVY
    Business Services
    Consumer Discretionary
    Get the next $GRVY alert in real time by email
    6-K 1 a6-k_gravityxfirstquarter2.htm 6-K Document

    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549
    Form 6-K

    REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

    For the month of May 2025
    Commission File Number 000-51138

    GRAVITY Co., Ltd.
    ———————————————————————————————————————
    (Translation of registrant’s name into English)

    15F, 396 World Cup buk-ro, Mapo-gu, Seoul 03925, Korea
    ———————————————————————————————————————
    (Address of principal executive office)


    Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F þ Form 40-F o

    Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

    Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o




    GRAVITY REPORTS FIRST QUARTER OF 2025 RESULTS AND BUSINESS UPDATES

    Seoul, South Korea – May 9, 2025 – 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-2431-Mar-25
    KRWUS$KRWUS$
    (audited)(unaudited)(unaudited)(unaudited)
    Assets
    Current assets:
    Cash and cash equivalents228,898 155,244 201,367 136,572 
    Short-term financial instruments324,304 219,951 375,796 254,874 
    Accounts receivable, net81,152 55,039 74,469 50,507 
    Other receivables, net1,572 1,066 2,162 1,466 
    Prepaid expenses8,115 5,504 6,669 4,523 
    Other current financial assets6,602 4,478 6,033 4,092 
    Other current assets2,967 2,012 3,091 2,096 
    Total current assets653,610 443,294 669,587 454,130 
    Property and equipment, net9,957 6,753 10,576 7,173 
    Intangible assets, net7,057 4,786 6,414 4,350 
    Deferred tax assets5,617 3,810 6,294 4,269 
    Other non-current financial assets1,767 1,198 670 454 
    Other non-current assets8,451 5,732 9,366 6,352 
    Total assets686,459 465,573 702,907 476,728 
    Liabilities and Equity
    Current liabilities:
    Accounts payable67,930 46,072 63,048 42,761 
    Deferred revenue26,761 18,150 24,015 16,288 
    Withholdings1,588 1,077 1,635 1,109 
    Accrued expense2,651 1,798 2,168 1,470 
    Income tax payable6,507 4,413 8,782 5,956 
    Other current liabilities3,212 2,178 3,390 2,299 
    Total current liabilities108,649 73,688 103,038 69,883 
    Long-term account payables220 149 220 149 
    Long-term deferred revenue2,572 1,744 1,322 897 
    Other non-current liabilities5,361 3,636 5,904 4,003 
    Deferred tax liabilities1,294 878 1,294 878 
    Total liabilities118,096 80,095 111,778 75,810 
    Share capital3,474 2,356 3,474 2,356 
    Capital surplus26,979 18,298 26,979 18,298 
    Other components of equity23,801 16,143 24,507 16,621 
    Retained earnings513,418 348,212 535,456 363,159 
    Equity attributable to owners of the Parent Company567,672 385,009 590,416 400,434 
    Non-controlling interest691 469 713 484 
    Total equity568,363 385,478 591,129 400,918 
    Total liabilities and equity686,459 465,573 702,907 476,728 

    * 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-2431-Mar-2431-Mar-25
    (KRW)(US$)(KRW)(US$)(KRW)(US$)
    (unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)
    Revenues:
    Online games19,82213,44418,065 12,25218,806 12,755
    Mobile games105,58671,61198,548 66,838115,486 78,325
    Other revenue4,3152,9273,166 2,1473,172 2,151
    Total net revenue129,72387,982119,779 81,237137,464 93,231
    Cost of revenue81,00854,94273,628 49,93687,458 59,316
    Gross profit48,71533,04046,151 31,30150,006 33,915
    Operating expenses:
    Selling, general and administrative expenses28,31119,20115,747 10,68021,859 14,825
    Research and development3,6692,4883,601 2,4423,431 2,327
    Others, net785 534 (66)(45)(14)(9)
    Total operating expenses32,76522,22319,282 13,07725,276 17,143
    Operating profit15,95010,81726,869 18,22424,730 16,772
    Finance income(costs):
    Finance income9,801 6,647 6,297 4,27110,717 7,269
    Finance costs(374)(254)(668)(453)(6,997)(4,746)
    Profit before income tax25,37717,21032,498 22,04228,450 19,295
    Income tax expense2,2741,5425,615 3,8086,372 4,322
    Profit for the year23,10315,66826,883 18,23422,078 14,973
    Profit attributable to:
    Non-controlling interest4 3 17 12 40 26 
    Owners of Parent company23,09915,66526,866 18,22222,038 14,947
    Earning per share
    - Basic and diluted3,324 2.25 3,866 2.623,171 2.15
    Weighted average number of shares outstanding
    - Basic and diluted6,948,900 6,948,9006,948,900 6,948,9006,948,900 6,948,900
    Earning per ADS
    - Basic and diluted3,324 2.25 3,866 2.623,171 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.






    SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


    GRAVITY CO., LTD.
    By:/s/ Heung Gon Kim
    Name:Heung Gon Kim
    Title:Chief Financial Officer
    Date: May 9, 2025



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