Gravity Co., Ltd. (GRVY) net profit surges 83.8% YoY in Q2 2026

Rhea-AI Filing Summary

Gravity Co., Ltd. reported Q2 2026 total revenue of KRW 161,884 million (US$ 104,524 thousand), essentially flat quarter over quarter and down 5.2% year over year. Online game revenue grew strongly, while mobile game revenue declined as older titles softened despite contributions from newer Ragnarok launches.

Operating profit was KRW 27,582 million, down 10.5% QoQ but up 40.2% YoY. Net profit attributable to the parent reached KRW 24,341 million, 17.2% lower QoQ yet 83.8% higher YoY. Cash and short-term financial instruments totaled KRW 649,231 million as of June 30, 2026, and the balance sheet showed total assets of KRW 815,075 million.

Positive

• Net profit attributable to the parent rose 83.8% YoY to KRW 24,341 million in Q2 2026, indicating substantially stronger profitability versus the same quarter of 2025 despite modest revenue contraction.

Negative

• None.

Filing Explained

Six-month revenue and parent profit were below 2025 levels, while reported weighted-average shares remained 6,948,900.

Gravity furnished an unaudited Form 6-K for the quarter ended June 30, 2026, updating operating results and liquidity; the holder-relevant share table reports basic and diluted weighted-average shares of 6,948,900.

For the six months ended June 30, 2026, total net revenue was KRW 308,204 million, operating profit was KRW 44,400 million, and profit attributable to the parent was KRW 35,283 million, versus KRW 323,762 million, KRW 58,412 million, and KRW 53,735 million, respectively, for the prior-year period.

The revenue mix shifted in opposite directions: six-month online-game revenue increased to KRW 55,566 million from KRW 40,777 million, while mobile-game revenue decreased to KRW 259,489 million from KRW 261,411 million; the company linked the mobile result partly to newer launches offsetting declines in older titles.

Key Figures

Total revenue Q2 2026: KRW 161,884 million Operating profit Q2 2026: KRW 27,582 million Net profit attributable to parent Q2 2026: KRW 24,341 million +5 more

8 metrics

Total revenue Q2 2026 KRW 161,884 million Three months ended June 30, 2026; flat QoQ and down 5.2% YoY

Operating profit Q2 2026 KRW 27,582 million Three months ended June 30, 2026; down 10.5% QoQ, up 40.2% YoY

Net profit attributable to parent Q2 2026 KRW 24,341 million Three months ended June 30, 2026; down 17.2% QoQ, up 83.8% YoY

Online game revenue Q2 2026 KRW 29,660 million Three months ended June 30, 2026; up 14.5% QoQ and 35.0% YoY

Mobile game revenue Q2 2026 KRW 128,611 million Three months ended June 30, 2026; down 3.2% QoQ and 10.7% YoY

Cash and short-term instruments KRW 649,231 million Cash, cash equivalents and short-term financial instruments as of June 30, 2026

Total assets KRW 815,075 million Consolidated total assets as of June 30, 2026

Weighted average shares 6,948,900 Weighted average number of shares outstanding, basic and diluted, for the periods presented

Key Terms

Deferred revenue, Non-controlling interest, Earnings per ADS, International Financial Reporting Standards, +1 more

5 terms

Deferred revenue financial

"Long-term deferred revenue ... 1,859 ... 1,200"

Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.

Non-controlling interest financial

"Non-controlling interest ... 516 ... 333"

Non-controlling interest represents the portion of ownership in a company held by investors who do not have a controlling stake, meaning they do not have enough voting power to make major decisions. It is similar to owning a minority share of a business partner’s company—while they benefit from profits, they cannot control how the company is run. This matters to investors because it shows how much of the company's value is owned by outside shareholders and affects overall financial reporting.

Earnings per ADS financial

"Earnings per ADS - Basic and diluted ... 3,503 ... 2.26"

International Financial Reporting Standards financial

"prepared in accordance with International Financial Reporting Standards as issued"

International Financial Reporting Standards are a common set of accounting rules used by companies in many countries to prepare and present their financial statements. They matter to investors because they make results easier to compare across borders — like using the same measuring tape — so investors can assess profitability, cash flow and risk more reliably and spot differences that come from business performance rather than differing accounting methods.

Short-term financial instruments financial

"Short-term financial instruments ... 439,173 ... 283,561"

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FAQ

What were Gravity (GRVY)'s total revenues in Q2 2026?

Gravity generated KRW 161,884 million (US$ 104,524 thousand) in total revenue in Q2 2026. This was essentially flat quarter over quarter and represented a 5.2% decrease compared with the second quarter ended June 30, 2025.

How did Gravity (GRVY)'s Q2 2026 net profit change year over year?

Net profit attributable to the parent was KRW 24,341 million (US$ 15,717 thousand) in Q2 2026, an 83.8% increase year over year from KRW 13,245 million in Q2 2025, despite a modest decline in total revenue.

How did Gravity (GRVY)'s online and mobile game revenues perform in Q2 2026?

Online game revenue reached KRW 29,660 million, up 14.5% QoQ and 35.0% YoY, driven by Ragnarok Online in several regions. Mobile game revenue was KRW 128,611 million, down 3.2% QoQ and 10.7% YoY as some older titles declined.

What were Gravity (GRVY)'s operating profit and margins in Q2 2026?

Operating profit was KRW 27,582 million (US$ 17,810 thousand) in Q2 2026, a 10.5% QoQ decrease but a 40.2% YoY increase. This reflects higher research and development and salary expenses quarter over quarter alongside lower advertising versus the prior year.

What liquidity position did Gravity (GRVY) report as of June 30, 2026?

As of June 30, 2026, Gravity held KRW 649,231 million (US$ 419,189 thousand) in cash, cash equivalents, and short-term financial instruments. This sizable balance provides financial flexibility for ongoing operations and game development.

How did Gravity (GRVY)'s operating expenses change in Q2 2026?

Operating expenses were KRW 24,761 million (US$ 15,987 thousand) in Q2 2026, up 18.9% quarter over quarter but down 33.2% year over year. The quarterly increase mainly reflected higher research and development expenses and salaries.

What were Gravity (GRVY)'s total assets and equity at June 30, 2026?

Total assets were KRW 815,075 million (US$ 526,269 thousand) at June 30, 2026. Total equity reached KRW 700,283 million, including equity attributable to owners of the parent of KRW 699,767 million, indicating a low level of liabilities relative to assets.

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 August 2026

Commission File Number 000-51138

GRAVITY CO., LTD.

————————————————————————————————————

(Translation of registrant’s name into English)

14F, 396 World Cup buk-ro, Mapo-gu, Seoul 121-795, 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 SECOND QUARTER OF 2026 RESULTS AND BUSINESS UPDATES

Seoul, South Korea – August 7, 2026 – 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 second quarter ended June 30, 2026, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates.

SECOND QUARTER 2026 HIGHLIGHTS

•Total revenues were KRW 161,884 million (US$ 104,524 thousand), remaining flat from the first quarter ended March 31, 2026 (“QoQ”) and a 5.2% decrease from the second quarter ended June 30, 2025 (“YoY”).

•Operating profit was KRW 27,582 million (US$ 17,810 thousand), representing a 10.5% decrease QoQ and a 40.2% increase YoY.

•Profit before income tax expense was KRW 32,470 million (US$ 20,966 thousand), representing a 15.3% decrease QoQ and a 73.6% increase YoY.

•Net profit attributable to parent company was KRW 24,341 million (US$ 15,717 thousand), representing a 17.2% decrease QoQ and an 83.8% increase YoY.

REVIEW OF SECOND QUARTER 2026 FINANCIAL RESULTS

Revenues

Online game revenues for the second quarter of 2026 were KRW 29,660 million (US$ 19,151 thousand), representing a 14.5% increase QoQ from KRW 25,906 million and a 35.0% increase YoY from KRW 21,971 million. The increase QoQ was mainly attributable to increased revenues from Ragnarok Online in Thailand and Ragnarok Online America Latina in Latin America. This increase was partially offset by decreased revenue from Ragnarok Online in Japan. The increase YoY was mainly due to increased revenues from Ragnarok Online in Thailand, Taiwan, Hong Kong and Macau. This increase was partially offset by decreased revenue from Ragnarok Online America Latina in Latin America.

Mobile game revenues were KRW 128,611 million (US$ 83,040 thousand) for the second quarter of 2026, representing a 3.2% decrease QoQ from KRW 132,800 million and a 10.7% decrease YoY from KRW 144,003 million. The decrease QoQ was resulted by decreased revenues from Ragnarok: The New World in Taiwan, Hong Kong and Macau, Ragnarok: Twilight in Southeast Asia and Ragnarok M: Classic in Southeast Asia. Such decrease was partially offset by increased revenue from Ragnarok Origin Classic in Korea, Taiwan, Hong Kong, Macau and Southeast Asia. The decrease YoY was mainly due to decreased revenues from Ragnarok M: Classic in Taiwan, Hong Kong, Macau and Southeast Asia, Ragnarok Idle Adventure Plus and Ragnarok Origin. This decrease was partially offset by initial revenues from Ragnarok: The New World launched in Taiwan, Hong Kong and Macau on January 15, 2026 and Ragnarok Origin Classic launched in Korea, Taiwan, Hong Kong, Macau and Southeast Asia on March 26, 2026.

Other revenues were KRW 3,613 million (US$ 2,333 thousand) for the second quarter of 2026, representing a 13.9% increase QoQ from KRW 3,172 million and a 24.2% decrease YoY from KRW 4,766 million.

Cost of Revenue

Cost of revenue was KRW 109,541 million (US$ 70,727 thousand) for the second quarter of 2026, representing a 0.6% decrease QoQ from KRW 110,224 million and a 3.9% decrease YoY from KRW 114,006 million. The decrease QoQ was mainly due to decreased salaries. The decrease YoY was primarily due to decreased commissions paid for mobile game services related to Ragnarok M: Classic in Taiwan, Hong Kong, Macau and Southeast Asia, and outsourcing fee.

Operating Expenses

Operating expenses were KRW 24,761 million (US$ 15,987 thousand) for the second quarter of 2026, representing an 18.9% increase QoQ from KRW 20,824 million and a 33.2% decrease YoY from KRW 37,064 million. The increase QoQ was mainly due to increased research and development expenses and salaries. The decrease YoY was mainly due to decreased advertising expenses for Ragnarok Idle Adventure Plus in Taiwan and Southeast Asia, Ragnarok Online America Latina in Latin America, Nobunaga's Ambition: The Road to the World in Japan and Ragnarok: Back to Glory in Korea.

Profit Before Income Tax Expense

Profit before income tax expense was KRW 32,470 million (US$ 20,966 thousand) for the second quarter of 2026 compared with profit before income tax expense of KRW 38,325 million for the first quarter of 2026 and profit before income tax expense

of KRW 18,706 million for the second quarter of 2025.

Net Profit

As a result of the foregoing factors, Gravity recorded a net profit attributable to parent company of KRW 24,341 million (US$ 15,717 thousand) for the second quarter of 2026 compared with net profit attributable to parent company of KRW 29,394 million for the first quarter of 2026 and a net profit attributable to parent company of KRW 13,245 million for the second quarter of 2025.

Liquidity

The balance of cash and cash equivalents and short-term financial instruments was KRW 649,231 million (US$ 419,189 thousand) as of June 30, 2026.

Note: For convenience purposes only, the KRW amounts have been expressed in U.S. dollars at the exchange rate of KRW 1,548.78 to US$ 1.00, the noon buying rate in effect on June 30, 2026 as quoted by the Federal Reserve Bank of New York.

GRAVITY BUSINESS UPDATES

Ragnarok Online IP-based Games

•Ragnarok M: Eternal Love 2, an MMORPG Mobile and PC game

Ragnarok M: Eternal Love 2 officially received an ISBN from Chinese government on July 23, 2026.

•Ragnarok: Twilight Global, an Idle MMORPG Mobile game

Ragnarok: Twilight Global was officially launched in Europe and North, Central and South America on June 4, 2026.

•Ragnarok: Rebirth, a 3D MMORPG Mobile game

Ragnarok: Rebirth was officially launched in Vietnam on July 9, 2026 and in Brazil on July 16, 2026.

•Ragnarok: Rebirth Global, a 3D MMORPG Mobile game

Ragnarok: Rebirth Global was officially launched in North, Central and South America (except Brazil) on July 16, 2026.

•Ragnarok: The New World, an MMORPG Mobile and PC game

Ragnarok: The New World was officially launched in Southeast Asia (except Vietnam) on July 16, 2026, and is preparing for its launch in Global (except certain regions).

•Ragnarok M: Classic, an MMORPG Mobile and PC game

Ragnarok M: Classic was officially launched in Korea on July 16, 2026.

•Ragnarok Origin Classic, an MMORPG Mobile and PC game

Ragnarok Origin Classic was officially launched in North, Central and South America on July 23, 2026.

•Ragnarok Zero: Global, an MMORPG PC game

Ragnarok Zero: Global will be launched in Southeast Asia, Europe and Oceania on August 18, 2026, and plans to be launched in North and South America in the fourth quarter of 2026.

•Ragnarok Online Plus, an MMORPG Mobile and PC game

Ragnarok Online Plus will be launched in Korea in the second half of 2026.

•Ragnarok: Midgard Senki, a 2D MMORPG Mobile and PC game

Ragnarok: Midgard Senki will be launched in Taiwan, Hong Kong and Macau in the second half of 2026, and is underway for its launch in Southeast Asia and Korea.

•Ragnarok Adventures, a Vertical Idle MMORPG Mobile game

Ragnarok Adventures will be launched in Japan in the second half of 2026.

•Ragnarok Online 3, an MMORPG Mobile and PC game

Ragnarok Online 3 is underway for its launch in China and Global within 2027.

•Ragnarok Abyss, an MMOARPG Mobile and PC game

Ragnarok Abyss will be launched in China in the first half of 2027, followed by launches in Taiwan, Hong Kong, Macau and Southeast Asia within 2027. Preparation for its launch in Korea is underway.

Other IP-based Games

•Requiem M, an MMORPG Mobile game

Requiem M was officially launched in Korea on June 30, 2026.

•Dragonica Landverse, an Action Adventure MMORPG Blockchain PC game

Dragonica Landverse was officially launched in Thailand on July 17, 2026.

•Hashire HEBEREKE: EX, a Racing and Remake Console and PC game

Hashire HEBEREKE: EX will be launched in Global on September 3, 2026.

•GALVATEIN: Adventure's Guild, a Simulation Console and PC game

GALVATEIN: Adventure's Guild will be launched in Global on September 22, 2026.

•Jaleco Arcade Collection, a Retro Console and PC game

Jaleco Arcade Collection will be launched in Global in the fourth quarter of 2026.

•LIGHT ODYSSEY, a Boss Rush Action and Soul-like Console and PC game

LIGHT ODYSSEY will be launched in Global in the fourth quarter of 2026.

•Final Knight, an Action RPG Console and PC game

Final Knight will be launched in Global within 2027.

Expansion of Ragnarok IP-business

Ragnarok Monsters Magic Rush! animation, comprising 50 episodes, premiered on the Cartoon Network Korea TV channel on May 6, 2026, and was subsequently selected as one of the channel's Top 10 programs based on viewership after its premiere.

Our New Joint Ventures

Gravity Co., Ltd. and its subsidiaries have completed the establishment of a joint venture in Indonesia, and plan to establish joint ventures in Thailand and two other countries. The Company aims to expand into new business areas by developing a global UGC(User Generated Content) platform and an HTML5 gaming platform, and launching an outsourcing business.

Investor Presentation

Gravity issued an investor presentation. The presentation contains the Company’s recent business updates, results of the second quarter in 2026 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 markets. 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, 2025 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: kheung@gravity.co.kr

Ms. Jin Lee

Ms. Jimin Park
IR Unit
Gravity Co., Ltd.
Email: ir@gravity.co.kr
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-25																								30-Jun-26
						KRW												US$												KRW												US$
						(audited)												(unaudited)												(unaudited)												(unaudited)
Assets
Current assets:
Cash and cash equivalents									203,599												131,458												210,058												135,628
Short-term financial instruments									415,034												267,975												439,173												283,561
Accounts receivable, net									56,318												36,363												76,380												49,316
Other receivables, net									2,904												1,875												1,175												759
Prepaid expenses									13,766												8,888												24,578												15,869
Other current financial assets									4,333												2,798												5,461												3,526
Other current assets									2,559												1,652												2,087												1,348
Total current assets									698,513												451,009												758,912												490,007
Property and equipment, net									10,770												6,954												8,960												5,785
Intangible assets, net									7,157												4,621												5,469												3,531
Deferred tax assets									7,209												4,655												6,830												4,410
Other non-current financial assets									3,812												2,461												4,075												2,631
Other non-current assets									15,201												9,815												30,829												19,905
Total assets									742,662												479,515												815,075												526,269
Liabilities and Equity
Current liabilities:
Accounts payable									61,927												39,984												66,926												43,212
Deferred revenue									21,501												13,883												21,651												13,979
Withholdings									1,655												1,069												1,959												1,265
Accrued expense									2,597												1,677												2,181												1,408
Income tax payable									4,633												2,991												9,087												5,867
Other current liabilities									3,718												2,401												3,598												2,323
Total current liabilities									96,031												62,005												105,402												68,054
Long-term account payables									623												402												623												402
Long-term deferred revenue									410												265												1,859												1,200
Deferred tax liabilities									1,736												1,121												1,736												1,121
Other non-current liabilities									6,496												4,194												5,172												3,339
Total liabilities									105,296												67,987												114,792												74,116
Share capital									3,474												2,243												3,474												2,243
Capital surplus									26,979												17,420												26,979												17,420
Other components of equity									25,523												16,479												34,697												22,403
Retained earnings									580,882												375,058												634,617												409,754
Equity attributable to owners of the Parent Company									636,858												411,200												699,767												451,820
Non-controlling interest									508												328												516												333
Total equity									637,366												411,528												700,283												452,153
Total liabilities and equity									742,662												479,515												815,075												526,269

* For convenience purposes only, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,548.78 to US$ 1.00, the noon buying rate in effect on June 30, 2026 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																																				Six months ended
						31-Mar-26									30-Jun-25									30-Jun-26																		30-Jun-25									30-Jun-26
						(KRW)									(KRW)									(KRW)									(US$)									(KRW)									(KRW)									(US$)
						(unaudited)									(unaudited)									(unaudited)									(unaudited)									(unaudited)									(unaudited)									(unaudited)
Revenues:
Online games									25,906									21,971									29,660									19,151									40,777									55,566									35,877
Mobile games									132,800									144,003									128,611									83,040									259,489									261,411									168,785
Other revenue									3,172									4,766									3,613									2,333									7,938									6,785									4,382
Total net revenue									161,878									170,740									161,884									104,524									308,204									323,762									209,044
Cost of revenue									110,224									114,006									109,541									70,727									201,464									219,765									141,896
Gross profit									51,654									56,734									52,343									33,797									106,740									103,997									67,148
Operating expenses:
Selling, general and administrative expenses									19,609									33,509									21,131									13,644									55,368									40,740									26,305
Research and development									1,133									3,291									2,951									1,905									6,722									4,084									2,637
Others, net									82									264									679									438									250									761									491
Total operating expenses									20,824									37,064									24,761									15,987									62,340									45,585									29,433
Operating profit									30,830									19,670									27,582									17,810									44,400									58,412									37,715
Finance income(costs):
Finance income									9,871									2,651									5,875									3,793									13,368									15,746									10,167
Finance costs									(2,376)									(3,615)									(987)									(637)									(10,612)									(3,363)									(2,171)
Profit before income tax									38,325									18,706									32,470									20,966									47,156									70,795									45,711
Income tax expense									8,934									5,486									8,123									5,245									11,858									17,057									11,013
Profit for the year									29,391									13,220									24,347									15,721									35,298									53,738									34,698
Profit attributable to:
Non-controlling interest									(3)									(25)									6									4									15									3									2
Owners of Parent company									29,394									13,245									24,341									15,717									35,283									53,735									34,696
Earnings per share
- Basic and diluted									4,230									1,906									3,503									2.26									5,077									7,733									4.99
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									6,948,900
Earnings per ADS
- Basic and diluted									4,230									1,906									3,503									2.26									5,077									7,733									4.99

* For convenience, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,548.78 to US$1.00, the noon buying rate in effect on June 30, 2026 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: August 7, 2026