Gravity Stock Price, News & Analysis

GRAVITY Co., Ltd. (NasdaqGM: GRVY) is a developer and publisher of online and mobile games based in South Korea. According to its public disclosures, the company focuses on creating and operating games for PC, mobile devices and, through partners, console and blockchain platforms. Gravity’s principal product is Ragnarok Online, described in company materials as a popular online game in many markets, including Japan and Taiwan, and commercially offered in 91 regions or markets.

Core business and revenue sources

Gravity states that it generates revenue from online games, mobile games and other sources. Other sources include character-based merchandise and animation, as reflected in prior descriptions. Its periodic reports to the U.S. Securities and Exchange Commission (SEC) distinguish between online game revenues, mobile game revenues and other revenues, highlighting the importance of each category to the overall business.

Online game revenues are associated with PC-based titles such as Ragnarok Online, Ragnarok Zero and regional offerings like Ragnarok Online America Latina. Mobile game revenues are tied to a broad portfolio of titles, many of which are based on the Ragnarok Online intellectual property (IP), including games such as Ragnarok M: Classic, Ragnarok X: Next Generation, Ragnarok: Rebirth, Ragnarok Idle Adventure Plus, Ragnarok: Twilight, Ragnarok 3, Ragnarok Libre, Ragnarok: The Promised Adventure, Ragnarok: The New World, Ragnarok Abyss, Ragnarok: Back to Glory and other Ragnarok IP-based titles described in company updates.

In addition to Ragnarok Online IP-based games, Gravity discloses activity in other IP-based games such as Schop Hero, Chess Rumble, THE GOOD OLD DAYS, Meow Star Acres 2, Aeruta, Hashire HEBEREKE: EX, the Game of LIFE for Nintendo Switch, Gunbound and Dragonica Origin. These titles expand its presence beyond a single franchise into puzzle RPGs, tactical RPGs, simulation games, action RPGs, racing games, board and party console games and turn-based artillery games.

Ragnarok Online IP and global reach

Company press releases and SEC filings consistently emphasize the central role of the Ragnarok Online IP. Gravity describes Ragnarok Online as its principal product and notes that it is commercially offered in 91 regions or markets. The company also highlights that Ragnarok Online is popular in markets such as Japan and Taiwan.

Based on its own disclosures, Gravity licenses and publishes Ragnarok Online IP-based titles across multiple regions, including Japan, Taiwan, Hong Kong, Macau, China, Korea, Southeast Asia, North America, Central and South America, Europe, the Middle East, certain regions of North Africa, and Oceania. Recent announcements describe launches or planned launches in markets such as Latin America, various European countries, and Asia-Pacific territories, often through wholly owned subsidiaries or licensed partners.

Key game categories and platforms

Gravity’s disclosures show that it works across a range of game genres and platforms. Within the Ragnarok IP, it has described:

• MMORPG Mobile and PC games such as Ragnarok X: Next Generation, Ragnarok 3, Ragnarok M: Classic Global, Ragnarok: The New World and Ragnarok Abyss.
• Idle MMORPG and Idle MMOARPG mobile games such as Ragnarok Idle Adventure Plus and Ragnarok: Twilight.
• Vertical Idle MMORPG formats, as in Ragnarok Idle Adventure Plus, which features a vertical screen layout and auto-combat system designed to enhance user convenience.
• Time effective MMORPG line games such as Ragnarok Libre.
• Adventure MMORPG mobile and WeChat games such as Ragnarok: The Promised Adventure.
• Battle royal mobile games such as Ragnarok Endless Trails (tentative English title).

Beyond traditional PC and mobile titles, Gravity is involved in blockchain and Web3-related games based on the Ragnarok IP, such as Ragnarok Landverse and Ragnarok Landverse Genesis America. These are described as MMORPG blockchain and PC games, and external announcements note collaborations with partners like Maxion Tech Co., Ltd. for Web3 and blockchain-based gaming experiences.

Recent product and regional developments

Recent press releases highlight multiple launches and ISBN approvals for Ragnarok IP-based games and other IP-based titles. Examples include:

• Ragnarok X: Next Generation, an MMORPG mobile and PC game, launched in regions such as Taiwan, Hong Kong and Macau, Southeast Asia, Korea, China, North, Central and South America, Oceania, England, Portugal, Spain and Ireland, and later in France, Italy, Germany, the Middle East, Egypt and Algeria through Gravity’s subsidiary GRAVITY Game Hub PTE., Ltd.
• Ragnarok: Rebirth, a 3D MMORPG mobile game, launched in China and previously in Southeast Asia, Taiwan, Hong Kong and Macau, where it recorded strong rankings in app stores.
• Ragnarok Online Landverse America, a version of Ragnarok Online licensed to Maxion Tech Co., Ltd., bringing the Ragnarok Online universe into a Web3 context for Latin America and North America.
• Ragnarok: Twilight, an idle MMOARPG mobile game, launched as a WeChat Mini Programs game in China and later in Taiwan, Hong Kong and Macau and Southeast Asia, where the company reports notable rankings in both Google Play and Apple App Store.
• Ragnarok Idle Adventure Plus, a vertical idle MMORPG game, launched in global regions (excluding certain territories), Taiwan, Hong Kong and Macau, and Korea, and received an ISBN code from the Chinese government.
• Ragnarok 3, described as the official numbered title that recreates classic graphics and background music of the original Ragnarok Online using newer technology, received an ISBN code in China.

Gravity also reports publishing agreements and launches for non-Ragnarok IP, such as the Game of LIFE for Nintendo Switch in Asia (except Japan), and titles like Schop Hero, Chess Rumble, THE GOOD OLD DAYS, Meow Star Acres 2, Aeruta and Hashire HEBEREKE: EX across various platforms and regions.

Financial reporting and regulatory status

GRAVITY Co., Ltd. files periodic reports with the U.S. SEC as a foreign private issuer, including Form 20-F annual reports and Form 6-K current reports. Its financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. Recent Form 6-K filings discuss quarterly revenues split between online games, mobile games and other revenues, as well as cost of revenue, operating expenses, profit before income tax expense, net profit attributable to the parent company and liquidity measures.

These filings also provide detailed business updates, listing current and planned game launches, ISBN approvals in China, and publishing agreements in different regions. The company’s shares trade on the Nasdaq Global Market under the ticker symbol GRVY.

Business model characteristics

Based on its own descriptions, Gravity’s business model centers on developing and publishing games, operating live services and licensing its IP. The company highlights:

• Development and operation of online PC games and mobile games based on its own IP, especially Ragnarok Online.
• Licensing arrangements and regional publishing through subsidiaries and partners in markets such as China, Japan, Southeast Asia, Latin America, North America, Europe, the Middle East and other territories.
• Expansion into blockchain-enabled games using the Ragnarok IP, in cooperation with external game-tech companies.
• Additional revenue streams from character-based merchandise and animation, as noted in prior company descriptions.

Position within the software and gaming industry

Within the broader software publishers and information sector, Gravity presents itself as a game-focused company with a long-running online game franchise. Its disclosures emphasize the popularity and geographic reach of Ragnarok Online and the continued development of multiple titles based on that IP, alongside other licensed and original games.

Frequently Asked Questions (FAQ)

• What does GRAVITY Co., Ltd. do?
  GRAVITY Co., Ltd. is a developer and publisher of online and mobile games based in South Korea. According to its public statements, it creates, operates and licenses games for PC, mobile, console and blockchain platforms, with a particular focus on titles based on the Ragnarok Online intellectual property.
• What is Gravity’s principal product?
  The company identifies Ragnarok Online as its principal product. It describes Ragnarok Online as a popular online game in many markets, including Japan and Taiwan, and notes that it is commercially offered in 91 regions or markets.
• How does Gravity generate revenue?
  Gravity’s disclosures state that it generates revenue from online games, mobile games and other sources. Other sources include character-based merchandise and animation. Its SEC filings further break out revenues into online game revenues, mobile game revenues and other revenues.
• Which platforms does Gravity develop and publish games for?
  Company materials describe Gravity as developing and publishing games for PC and mobile platforms, including MMORPG and idle titles. Through licensing and publishing arrangements, it is also associated with console games, such as the Game of LIFE for Nintendo Switch, and blockchain-based PC games like Ragnarok Landverse Genesis America.
• What is the Ragnarok Online IP and why is it important to Gravity?
  The Ragnarok Online IP refers to the universe, characters and game world originating from the Ragnarok Online game. Gravity identifies Ragnarok Online as its principal product and has developed multiple related titles, including Ragnarok M: Classic, Ragnarok X: Next Generation, Ragnarok: Rebirth, Ragnarok Idle Adventure Plus, Ragnarok: Twilight, Ragnarok 3 and others, for various regions and platforms.
• In which regions are Gravity’s games available?
  According to Gravity’s press releases and SEC filings, its games are offered in regions including Japan, Taiwan, Hong Kong, Macau, China, Korea, Southeast Asia, North, Central and South America, Europe, the Middle East, certain regions of North Africa and Oceania. Ragnarok Online itself is described as being commercially offered in 91 regions or markets.
• Does Gravity work with partners or subsidiaries?
  Yes. Company announcements reference wholly owned subsidiaries such as GRAVITY Game Hub PTE., Ltd. and GRAVITY Game Vision, Ltd., which publish games in specific regions. Gravity also licenses its IP to external partners, such as Maxion Tech Co., Ltd. for Ragnarok Online Landverse America and Guangzhou Lingxi Interactive Entertainment Limited for Ragnarok: Rebirth in China.
• What types of non-Ragnarok games does Gravity publish?
  In addition to Ragnarok IP-based titles, Gravity reports involvement in other IP-based games such as Schop Hero, Chess Rumble, THE GOOD OLD DAYS, Meow Star Acres 2, Aeruta, Hashire HEBEREKE: EX, Gunbound and the Game of LIFE for Nintendo Switch. These span genres including puzzle RPG, tactical RPG, metroidvania adventure, farm simulation, action RPG, racing, board and party games and turn-based artillery.
• How does Gravity report its financial results?
  As a foreign private issuer listed on the Nasdaq Global Market, Gravity files annual reports on Form 20-F and current reports on Form 6-K with the U.S. SEC. Its financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
• Is Gravity still an active public company?
  Recent Form 6-K filings and press releases describe ongoing operations, new game launches and quarterly financial results. The company’s shares trade on the Nasdaq Global Market under the ticker symbol GRVY.