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 March 2026
Commission File Number 000-51138
GRAVITY CO., LTD.
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(Translation of registrant’s name into English)
15F, 396 World Cup buk-ro, Mapo-gu, Seoul 121-795, Korea
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(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: [x] Form 20-F [ ] Form 40-F
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): [ ]
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): [ ]
RESULTS OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS OF GRAVITY CO., LTD.
Gravity Co., Ltd. (the “Company”) held its Annual General Meeting of Shareholders (the “AGM”) at the Conference Room #2 located at 3F, Business Tower, 396 World Cup buk-ro, Mapo-gu, Seoul 121-795 Korea at 10:00 a.m. on March 27, 2026.
The AGM was held with a quorum present, and the agenda items were resolved by the shareholders in accordance with the Korean Commercial Code and the Company’s Articles of Incorporation as follows:
•Agendum 1: the shareholders approved the Company’s consolidated and separate financial statements as of and for the years ended December 31, 2025 and 2024 prepared in accordance with International Financial Reporting Standards as adopted by the Republic of Korea, or Korean IFRS, and audited in accordance with Korean Standards on Auditing;
•Agendum 2: the shareholders approved the reappointment of ten directors, namely, Messrs. Hyun Chul Park, Yoshinori Kitamura, Kazuki Morishita, Kazuya Sakai, Koji Yoshida and Heung Gon Kim (who are executive directors), Messrs. Chung Lew, Yong Seon Kwon and Kee Woong Park and Ms. Geum Ok Sim (who are independent directors within the meaning of Nasdaq Stock Market Rule 5605(a)(2) (the “Nasdaq Rule”)), and the appointment of one additional director, Ms. Yeong Ah Park (who is an independent director within the meaning of the Nasdaq Rule); and
•Agendum 3: the shareholders approved the amount of KRW 4,000,000,000 as the maximum amount of compensation payable to directors as a group for fiscal year 2026.
Furthermore, the Company’s 2025 Annual Business Report (the “Business Report”) was presented to the shareholders at the AGM. A copy of the Business Report is furnished as Exhibit 99.3 to this report of foreign private issuer on Form 6-K (the “Report”).
APPOINTMENT OF DIRECTORS AND OFFICERS
The Company’s Board of Directors, consisting of the ten reelected directors and one elected director, held a meeting immediately following the AGM (the “Board Meeting”). At the Board Meeting, Mr. Yoshinori Kitamura was reappointed Chairman of our Board of Directors and newly appointed effective March 27, 2026 (the “Effective Date”) as Co-Chief Executive Officer alongside Mr. Hyun Chul Park (until now our sole Chief Executive Officer). Under this arrangement, as of the Effective Date, Messrs. Kitamura and Park will serve as Co-Chief Executive Officers and Mr. Kitamura will cease to serve as Chief Operating Officer and Chief Compliance Officer.
Messrs. Chung Lew, Yong Seon Kwon, and Kee Woong Park were reappointed as Audit Committee members at the Board Meeting.
FINANCIAL RESULTS
On March 27, 2026, the Company furnished consolidated and separate financial results for the fiscal year ended December 31, 2025 as Exhibits 99.1 and 99.2, respectively, to this Report.
The Company expects to file the Company’s consolidated and separate financial statements, including the notes thereto, which are prepared in the Korean language prepared in accordance with Korean IFRS and audited in accordance with Korean Standards on Auditing as of and for the years ended December 31, 2025 and December 31, 2024 (“2025/2024 Korean IFRS consolidated and separate financial statements”) with the Financial Supervisory Service of Korea no later than April 10, 2026. The condensed English translation version of the 2025/2024 Korean IFRS consolidated and separate financial statements are expected to be furnished with the United States Securities and Exchange Commission on a report of foreign private issuer on Form 6-K at the same time.
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.
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GRAVITY CO., LTD. |
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By: | /s/ Heung Gon Kim |
Name: | Heung Gon Kim |
Title: | Chief Financial Officer |
Date: March 27, 2026
Exhibit Index
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Exhibit No. | | Description |
99. 1 | | Gravity Reports Consolidated Financial Results for 2025 |
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99. 2 | | Gravity Reports Separate Financial Results for 2025 |
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99. 3 | | 2025 Annual Business Report |
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Exhibit 99.1
GRAVITY REPORTS CONSOLIDATED FINANCIAL RESULTS FOR 2025
Seoul, South Korea, March 27, 2026 - GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or the “Company”), an online and mobile game developer and publisher based in South Korea, announces its consolidated financial results for the fiscal year ended December 31, 2025, prepared in accordance with International Financial Reporting Standards as adopted by the Republic of Korea. Financial statements are available on Edgar at http://www.sec.gov.
REVIEW OF FINANCIAL RESULTS
Revenues and Cost of Revenues
Revenues for 2025 were KRW 560,548 million (US$ 388,043 thousand), representing a 11.9% increase from KRW 500,845 million for 2024.
Online game revenue increase by 17.3% to KRW 90,339 million (US$ 62,538 thousand) in 2025 from KRW 76,989 million in 2024. The increase in online game revenue was mostly due to initial revenues from Ragnarok Online America Latina launched in Latin America on May 28, 2025 and Ragnarok Zero launched in Taiwan, Hong Kong and Macau on July 3, 2025.
Mobile game revenue for 2025 was KRW 455,235 million (US$ 315,140 thousand), representing a 12.2% increase from KRW 405,676 million for 2024. This increase was mainly due to initial revenues from Ragnarok M: Classic which was launched in Southeast Asia on February 14, 2025 and in Taiwan, Hong Kong and Macau on April 16, 2025, and from Ragnarok X: Next Generation which was launched in North, Central and South America, Oceania, England, Portugal, Spain and Ireland on May 8, 2025. Such increase was partially offset by revenues from Ragnarok Origin in Southeast Asia, North, Central and South America, Taiwan, Hong Kong and Macau.
Other revenue was KRW 14,974 million (US$ 10,365 thousand) in 2025, representing a 17.6% decrease from KRW 18,180 million in 2024.
Cost of revenues was KRW 364,268 million (US$ 252,167 thousand) in 2025, representing a 18.7% increase from KRW 306,903 million in 2024. The increase in cost of revenues was mainly due to increased commission paid related to game services for Ragnarok M: Classic in Southeast Asia, Taiwan, Hong Kong and Macau.
As a result of the foregoing factors, gross profit for 2025 was KRW 196,280 million (US$ 135,876 thousand), representing a 1.2% increase from KRW 193,942 million for 2024.
Selling, General & Administrative Expenses (“SG&A”)
The Company’s total SG&A increase 8.8% to KRW 117,250 million (US$ 81,167 thousand) in 2025 compared with KRW 107,753 million in 2024. This increase in SG&A was mostly attributable to increased advertising expenses, salaries and commission paid.
Based on the foregoing factors, the Company recorded an operating income of KRW 79,030 million (US$ 54,709 thousand) in 2025, compared to an operating income of KRW 86,189 million in 2024.
Non-operating Income and Non-operating Expenses
Non-operating income for 2025 was KRW 11,909 million (US$ 8,244 thousand) compared with non-operating income KRW 20,158 million in 2024. This decrease in non-operating income was primarily due to decreased gain on foreign currency transaction and increased loss on an unrealized foreign currency.
Profit before income tax for 2025 was KRW 90,939 million (US$ 62,953 thousand), compared with profit before income tax of KRW 106,347 million in 2024.
Gravity recorded a net profit of KRW 67,309 million (US$ 46,595 thousand) in 2025 compared with a net profit of KRW 84,902 million in 2024.
The balance of cash and cash equivalents and short-term financial instruments was KRW 618,633 million (US$ 428,253 thousand) as of December 31, 2025.
Note: For convenience purposes only, the KRW amounts have been expressed in U.S. dollars at the rate of KRW 1,444.55 to US$1.00, the noon buying rate in effect on December 31, 2025 as quoted by the Federal Reserve Bank of New York.
Exhibit 99.2
GRAVITY REPORTS SEPARATE FINANCIAL RESULTS FOR 2025
Seoul, South Korea, March 27, 2026 - GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or the “Company”), an online and mobile game developer and publisher based in South Korea, announces its separate financial results for the fiscal year ended December 31, 2025, prepared in accordance with International Financial Reporting Standards as adopted by the Republic of Korea. Financial statements are available on Edgar at http://www.sec.gov.
REVIEW OF FINANCIAL RESULTS
Revenues and Cost of Revenues
Revenues for 2025 were KRW 186,121 million (US$ 128,843 thousand), representing a 3.8% increase from KRW 179,303 million for 2024.
Online game revenue increase by 4.0% to KRW 37,920 million (US$ 26,250 thousand) in 2025 from KRW 36,478 million in 2024. The increase is mainly due to initial revenue from Ragnarok Online America Latina which was launched in Latin America on May 28, 2025.
Mobile game revenue for 2025 was KRW 146,024 million (US$ 101,086 thousand), representing a 2.7% increase from KRW 142,122 million for 2024. This increase was mainly due to initial revenue from Ragnarok M: Classic which was launched in Southeast Asia on February 14, 2025, in Taiwan, Hong Kong and Macau on April 16, 2025 and increased revenue from Ragnarok X: Next Generation in Japan.
Other revenue was KRW 2,177 million (US$ 1,507 thousand) in 2025, representing a 209.7% increase from KRW 703 million in 2024.
Cost of revenues was KRW 78,629 million (US$ 54,431 thousand) in 2025, representing a 1.1% decrease from KRW 79,521 million in 2024. The decrease in cost of revenues was mainly due to decreased commission paid related to game services for Ragnarok X: Next Generation in Korea, Southeast Asia, Taiwan, Hong Kong and Macau and Ragnarok Origin in Korea and Japan.
As a result of the foregoing factors, gross profit for 2025 was KRW 107,492 million (US$ 74,412 thousand), representing a 7.7% increase from KRW 99,782 million for 2024.
Selling, General & Administrative Expenses (“SG&A”)
The Company’s total SG&A increase 16.0% to KRW 64,470 million (US$ 44,630 thousand) in 2025 compared with KRW 55,592 million in 2024. This increase in SG&A was mostly attributable to increased advertising expenses.
Based on the foregoing factors, the Company recorded an operating income of KRW 43,022 million (US$ 29,782 thousand) in 2025, compared to an operating income of KRW 44,190 million in 2024.
Non-operating Income and Non-operating Expenses
Non-operating income for 2025 was KRW 55,123 million (US$ 38,159 thousand) compared with non-operating income KRW 58,155 million in 2024. The decrease in non-operating income was primarily due to impairment losses on investment in subsidiaries in 2025.
Profit before income tax for 2025 was KRW 98,145 million (US$ 67,941 thousand), compared with profit before income tax of KRW 102,345 million in 2024.
Gravity recorded a net income of KRW 82,821 million (US$ 57,333 thousand) in 2025 compared with a net income of KRW 87,892 million in 2024.
The balance of cash and cash equivalents and short-term financial instruments was KRW 419,554 million (US$ 290,439 thousand) as of December 31, 2025.
Note: For convenience purposes only, the KRW amounts have been expressed in U.S. dollars at the rate of KRW 1,444.55 to US$1.00, the noon buying rate in effect on December 31, 2025 as quoted by the Federal Reserve Bank of New York.
Exhibit 99.3
2025 Annual Business Report
Table of Contents
1.Business Overview
(1)Business Results and Financial Statements for the Past Three Fiscal Years (2023 – 2025)
2.Company Overview
(1)Registered Purpose of the Company
(2)Description of Primary Business
(3)Problems Confronting the Company
(4)Business Offices and Game Development Facilities
(5)Stock
(6)Debenture
(7)Major Shareholders
(8)Investment in Other Companies
(9)Directors Holding Concurrent Positions
(10)Material Transactions with Related Parties
(11)Significant Creditors
(12)Employees
(13)Directors and Auditors
(14)Material Events after the End of Fiscal Year 2025
3. Consolidated Financial Statements as of and for the fiscal years ended December 31, 2025 and 2024
(1)Consolidated Financial Positions
(2)Consolidated Comprehensive Income
(3)Consolidated Statements of Changes in Equity
(4)Consolidated Statements of Cash Flows
4. Separate Financial Statements as of and for the fiscal years ended December 31, 2025 and 2024
(1)Financial Positions
(2)Comprehensive Income
(3)Statements of Appropriation of Retained earnings
(4)Statements of Changes in Equity
(5)Statements of Cash Flows
1. Business Overview
(1)Business Results and Financial Statements for the Past Three Fiscal Years (2023 – 2025)
(In thousands of Korean Won)
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Category | | 2025 | | 2024 | | 2023 |
Current assets | | 458,043,585 | | 388,828,361 | | 320,313,123 |
• Quick assets | | 458,043,585 | | 388,828,361 | | 320,313,123 |
Non-current assets | | 81,595,914 | | 73,268,527 | | 56,133,360 |
• Investment asset | | 49,236,515 | | 49,376,747 | | 35,451,234 |
• Property and Equipment, net | | 4,083,804 | | 5,344,496 | | 4,179,602 |
• Intangible asset | | 6,284,550 | | 6,765,893 | | 5,989,596 |
• Other non-current asset | | 14,529,957 | | 6,277,319 | | 5,279,592 |
Total assets | | 539,639,499 | | 462,096,888 | | 376,446,483 |
Current liabilities | | 34,186,669 | | 36,037,103 | | 41,707,393 |
Non-current liabilities | | 3,978,361 | | 7,406,050 | | 3,977,710 |
Total liabilities | | 38,165,030 | | 43,443,153 | | 45,685,103 |
Share capital | | 3,474,450 | | 3,474,450 | | 3,474,450 |
Capital surplus | | 27,482,683 | | 27,482,683 | | 27,482,683 |
Other components of equity | | - | | - | | - |
Retained earnings | | 470,517,336 | | 387,696,602 | | 299,804,247 |
Total equity | | 501,474,469 | | 418,653,735 | | 330,761,380 |
Revenues | | 186,120,945 | | 179,302,825 | | 242,775,498 |
Operating income | | 43,022,077 | | 44,190,431 | | 70,755,035 |
Net income before income tax | | 98,145,363 | | 102,345,511 | | 92,062,740 |
Net income | | 82,820,734 | | 87,892,355 | | 70,169,563 |
2. Company Overview
(1)Registered Purpose of the Company
1)Software consulting, development and supply
2)Development and sales of software and CD
3)Information-technology-related software development
4)Production, development, distribution, sales, and consulting of software, including game software, as well as corresponding licensing
5)Online network game services
6)Applied package-related software development
7)Production and sales of computer programs
8)Import and export of software
9)E-commerce
10) Character development business
11) Animation business
12) Real estate leasing
13) Service-area restaurant business
14) Media-related business
15) Printing and publication
16) Record & video production and distribution
17) Production, development, distribution, sales, and consulting of digital content, including digital content based on the technology of NFT and blockchain as well as corresponding licensing
18)Sports facility business including golf practice facilities and screen golf courses
19)Any other businesses incidental to the above businesses
(2)Description of Primary Business
Gravity Co., Ltd. (the “Company”) is the developer of Ragnarok Online, an MMORPG, which was launched in August 2002 and is commercially offered in 91 markets worldwide, including Korea, Japan, Taiwan, Thailand, Southeast Asia, North, Central and South America, Europe and Middle East as of December 31, 2025.
Having strong global network and success from Ragnarok Online, the Company is expanding its business areas from online game development and publishing to cultural contents business based on various platforms, such as development of games for smartphones, console and IPTV, and animation and game character merchandising.
In addition, the Company has 9 subsidiaries, such as Gravity NeoCyon, Inc. in Korea, Gravity Interactive, Inc. in the United States, Gravity Communications Co., Ltd in Taiwan. Gravity Game Tech Co., Ltd. in Bangkok, Thailand, PT Gravity Game Link in Jakarta, Indonesia, Gravity Game Arise Co., Ltd. in Tokyo, Japan, Gravity Game Hub PTE., Ltd in Singapore, Gravity Game Vision., Ltd in Hong Kong and Gravity Game Unite Sdn. Bhd. in Malaysia.
(3)Problems Confronting the Company
Since the Company operates in a highly competitive industry, the Company is making every effort to enhance its development capacity and to maintain and increase its market share in overseas markets to preserve its competitive advantage.
The Company is in need of diversified revenue structure, continuous global market expansion and new business initiatives for sustainable revenue growth. The Company is doing its best diversely to expand new markets, to publish mobile games, to develop mobile games and to do IP licensing business.
(4)Business Offices and Game Development Facilities
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Classification | | Location |
Head Office | | (Nuritkum Square R&D Tower) 15F, 396 World Cup buk-ro, Mapo-gu, Seoul 121-795, Korea |
Game Development Facilities | | (Nuritkum Square R&D Tower) 15F, 396 World Cup buk-ro, Mapo-gu, Seoul 121-795, Korea |
(5)Stock
1) Total number of shares
(As of December 31, 2025)
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Total number of shares authorized | | Total number of shares issued | | Total number of shares unissued |
40,000,000 shares | | 6,948,900 shares | | 33,051,100 shares |
2) Type of Stock issued (Par value per share: KRW 500)
(As of December 31, 2025)
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Type | | Number of shares | | Total par value | | % |
Registered common stock | | 6,948,900 shares | | KRW 3,474,450,000 | | 100 % |
(6)Debenture: None.
(7)Major Shareholders
(As of December 31, 2025)
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Shareholder | | Shares Owned | | % | | Transaction with the Company |
GungHo Online Entertainment, Inc. | | 4,121,737 | | 59.31 | | - |
Others | | 2,827,163 | | 40.69 | | - |
Total | | 6,948,900 | | 100.00 | | - |
(8)Investment in Other Companies
(As of December 31, 2025)
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Companies | | Relationship with the Company |
Name | | Location | | Common Stock | | Main business | | Shares owned | | % | | Relationship |
Gravity Interactive, Inc. | | California, USA | | USD 10,540,000 | | Online and Mobile Game Service | | 290,000 | | 100.00 % | | Subsidiary |
Gravity NeoCyon, Inc. | | Seoul, Korea | | KRW 6,990,985,000 | | Mobile game development | | 1,398,197 | | 100.00 % | | Subsidiary |
Gravity Communications Co., Ltd | | Taipei, Taiwan | | NTD 155,100,000 | | Online and Mobile Game Service | | 15,510,000 | | 100.00 % | | Subsidiary |
PT Gravity Game Link | | Jakarta, Indonesia | | IDR 43,221,000,000 | | Online and Mobile Game Service | | 3,025,470 | | 70.00 % | | Subsidiary |
Gravity Game Tech Co., Ltd. | | Bangkok, Thailand | | THB 188,049,960 | | Online and Mobile Game Service | | 18,804,994 | | | 100.00 % | | Subsidiary |
Gravity Game Arise Co., Ltd. | | Tokyo, Japan | | JPY 100,000,000 | | Online and Mobile Game Service | | 220,000 | | 100.00 % | | Subsidiary |
Gravity Game Hub PTE., Ltd. | | Singapore | | SGD 6,819,991 | | Online and Mobile Game Service | | 691,500 | | | 100.00 % | | Subsidiary |
Gravity Game Vision., Ltd. | | Hong Kong | | HKD 3,900,001 | | Online and Mobile Game Service | | 39,001 | | | 100.00 % | | Subsidiary |
Gravity Game Unite SDN. BHD. | | Kuala Lumpur, Malaysia | | MYR 2,250,000 | | Online and Mobile Game Service | | 22,500 | | | 100.00 % | | Subsidiary |
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(9)Directors Holding Concurrent Positions
(As of December 31, 2025)
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Name | | Company |
| Name | | Position | | Responsibility |
Hyun Chul Park | | Gravity Co., Ltd. | | CEO | | Overall management |
| Gravity NeoCyon, Inc. | | Executive Director | | Chief Operating Officer |
| Gravity Interactive, Inc. | | President | | - |
Yoshinori Kitamura | | Gravity Co., Ltd. | | Executive Director | | Chief Operating Officer Chief Compliance Officer |
| Gravity Interactive, Inc. | | CEO | | Overall management |
| Gravity NeoCyon, Inc. | | CEO | | Overall management |
| Gravity Communications Co., Ltd. | | CEO | | Overall management |
| PT Gravity Game Link | | CEO | | Overall management |
| Gravity Game Tech Co., Ltd. | | CEO | | Overall management |
| Gravity Game Arise Co., Ltd. | | CEO | | Overall management |
| Gravity Game Hub PTE., Ltd. | | CEO | | Overall management |
| Gravity Game Vision., Ltd. | | CEO | | Overall management |
| Gravity Game Unite Sdn. Bhd. | | CEO | | Overall management |
Heung Gon Kim | | Gravity Co., Ltd. | | Executive Director | | Chief Financial Officer |
| Gravity NeoCyon, Inc. | | Executive Director | | Chief Financial Officer |
| Gravity Interactive, Inc. | | Vice President | | - |
| Gravity Communications Co., Ltd. | | Executive Director | | Chief Financial Officer |
| PT Gravity Game Link | | Executive Director | | - |
| Gravity Game Tech Co., Ltd. | | Executive Director | | - |
| Gravity Game Arise Co., Ltd. | | Executive Director | | - |
| Gravity Game Hub PTE., Ltd. | | Executive Director | | Chief Financial Officer |
| Gravity Game Vision., Ltd. | | Executive Director | | Chief Financial Officer |
| Gravity Game Unite Sdn. Bhd. | | Executive Director | | Chief Financial Officer |
(10)Material Transactions with Related Parties
① Sales and purchases
(In thousands of Korean Won)
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Nature | Related Companies | 2025 | | 2024 |
Sales | | Purchases | | Sales | | Purchase |
Parent company | GungHo Online Entertainment, Inc. | 21,496,477 | | 16,764 | | 16,550,535 | | 15,946 |
Related company | GungHo Online Entertainment America | 7,241 | | 10,093 | | 559 | | 184,657 |
Subsidiaries | Gravity Interactive, Inc. | 43,197,718 | | 228,889 | | 8,492,456 | | 793,643 |
Gravity NeoCyon, Inc. | 1,007,282 | | 9,471,132 | | 373,127 | | 8,299,769 |
Gravity Communications Co., Ltd.(*1) | 10,862,929 | | 3,966,471 | | 15,425,660 | | 3,311,719 |
PT Gravity Game Link | 279,574 | | 85,167 | | 136,995 | | 81,750 |
Gravity Game Tech Co., Ltd. (*1) | 15,697,644 | | — | | 18,717,621 | | — |
Gravity Game Arise Co., Ltd. | 169,003 | | 13,321,111 | | 751,800 | | 3,520,167 |
Gravity Game Hub PTE., Ltd. (*1) | 20,506,269 | | 10,565 | | 9,830,668 | | — |
Gravity Game Vision Limited (*1) | 32,480,048 | | — | | 41,073,877 | | — |
Gravity Game Unite SDN.BHD | 1,767 | | — | | — | | — |
Total | 145,705,952 | | 27,110,192 | | 111,353,298 | | 16,207,651 |
(*1) In 2025 sales, the dividend received KRW 44,937,205 thousand is included, and in 2024 sales, the dividend received KRW 43,120,174 thousand is included.
② Receivables and Payables
(In thousands of Korean Won)
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Nature | | Related Companies | | 2025 | | 2024 |
| | Receivables | | Payables | | Receivables | | Payables |
Parent company | | GungHo Online Entertainment, Inc. | | 1,462,997 | | 2,700 | | 3,240,472 | | 2,755 |
Related company | | GungHo Online Entertainment America | | 1,016 | | 773 | | 573 | | 97,210 |
Subsidiaries | | Gravity Interactive, Inc. | | 4,265,138 | | 43,555 | | 2,210,555 | | 154,346 |
| Gravity NeoCyon, Inc. | | 654,894 | | 1,135,081 | | 245,600 | | 1,617,933 |
| Gravity Communications Co., Ltd. | | 766,117 | | 1,173,556 | | 684,193 | | 889,384 |
| PT Gravity Game Link | | 17,494 | | 21,483 | | 65,658 | | 19,385 |
| Gravity Game Tech Co., Ltd. | | 2,089,413 | | 365,130 | | 3,764,723 | | 194,022 |
| Gravity Game Arise Co., Ltd. | | 3,365,026 | | 2,140,529 | | 104,986 | | 490,422 |
| Gravity Game Hub PTE., Ltd. | | 1,226,749 | | 19,491 | | 1,377,730 | | 4,213 |
| Gravity Game Vision Limited | | 4,534,036 | | 60,408 | | 5,711,693 | | 921 |
| Gravity Game Unite SDN.BHD | | 81,355 | | 883 | | - | | - |
Total | | 18,464,235 | | 4,963,589 | | 17,406,183 | | 3,470,591 |
(11)Significant Creditors: The Company had no significant creditors as of December 31, 2025.
(12)Employees
(As of December 31, 2025)
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Category | | Directors & Officers | | Developers | | Marketing/Operating | | Finance/Administration | | Total |
Employees | | 18 | | 246 | | 130 | | 43 | | 437 |
(13)Directors and Auditors
(As of December 31, 2025)
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Name | | Position | | Main work | | Transaction with the Company |
Hyun Chul Park | | CEO | | Chief Executive Officer | | - |
Yoshinori Kitamura | | Executive Director | | Chief Operating Officer Chief Compliance Officer | | - |
Heung Gon Kim | | Executive Director | | Chief Financial Officer | | - |
Kazuki Morishita | | Executive Director | | - | | - |
Kazuya Sakai | | Executive Director | | - | | - |
Koji Yoshida | | Executive Director | | - | | - |
Chung Lew | | Independent Director | | Member of audit committee | | - |
Yong Seon Kwon | | Independent Director | | Member of audit committee | | - |
Kee Woong Park | | Independent Director | | Member of audit committee | | - |
Hyo Eun Lim | | Independent Director | | - | | - |
Geum Ok Sim | | Independent Director | | - | | - |
(14)Material Events after the end of fiscal year 2025: None.
3. Consolidated Financial Statements as of and for the fiscal year ended December 31, 2025 and December 31, 2024
(1)Consolidated Statements of Financial Position
GRAVITY CO., LTD. (In thousands of Korean Won)
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| December 31, 2025 | | December 31, 2024 |
Assets | | | | | |
Current assets | | 698,512,474 | | | 653,609,789 |
Cash and cash equivalents | 203,599,414 | | | 228,898,026 | |
Short-term financial instruments | 415,033,514 | | | 324,304,040 | |
Accounts receivable, net | 56,318,021 | | | 81,152,458 | |
Other receivable, net | 2,904,339 | | | 1,572,182 | |
Prepaid expenses | 13,765,956 | | | 8,115,292 | |
Other current financial assets | 4,332,769 | | | 6,601,519 | |
Other current assets | 2,558,461 | | | 2,966,272 | |
Non-current assets | | 44,149,389 | | | 32,849,153 |
Property and equipment, net | 10,770,421 | | | 9,957,086 | |
Intangible assets, net | 7,156,933 | | | 7,056,548 | |
Other non-current financial assets | 3,811,881 | | | 1,766,588 | |
Other non-current assets | 15,201,009 | | | 8,451,443 | |
Deferred tax assets | 7,209,145 | | | 5,617,488 | |
Total assets | | 742,661,863 | | | 686,458,942 |
Liabilities | | | | | |
Current liabilities | | 96,030,316 | | | 108,648,807 |
Account payables | 61,926,877 | | | 67,929,911 | |
Deferred revenue | 21,500,469 | | | 26,760,732 | |
Withholdings | 1,654,977 | | | 1,587,759 | |
Accrued expenses | 2,596,933 | | | 2,651,426 | |
Income tax payable | 4,633,281 | | | 6,507,227 | |
Other current liabilities | 3,717,779 | | | 3,211,752 | |
Non-current liabilities | | 9,264,786 | | | 9,446,676 |
Long-term account payables | 622,745 | | | 220,108 | |
Long-term deferred revenue | 409,752 | | | 2,571,862 | |
Other non-current liabilities | 6,495,937 | | | 5,361,025 | |
Deferred tax liabilities | 1,736,352 | | | | 1,293,681 | | |
Total liabilities | | 105,295,102 | | | 118,095,483 |
Equity attributable to owners of the parent company | | 636,858,430 | | | 567,672,221 |
Share capital | | 3,474,450 | | | 3,474,450 |
Common shares | 3,474,450 | | | 3,474,450 | |
Capital surplus | | 26,979,361 | | | 26,979,361 |
Other components of equity | | 25,523,046 | | | 23,800,551 |
Retained earnings | | 580,881,573 | | | 513,417,859 |
Non-controlling interest | | 508,331 | | | 691,238 |
Total equity | | 637,366,761 | | | 568,363,459 |
Total liabilities and equity | | 742,661,863 | | | 686,458,942 |
| | | | | |
(2)Consolidated Statements of Comprehensive Income
GRAVITY CO., LTD. (In thousands of Korean Won)
| | | | | | | | | | | | | | | | | |
| 2025 | | 2024 |
Revenues | | 560,547,445 | | | 500,845,120 |
Online games | 90,338,734 | | | 76,989,131 | |
Mobile games | 455,234,899 | | | 405,675,976 | |
Other revenue | 14,973,812 | | | 18,180,013 | |
Cost of revenues | | 364,267,566 | | | 306,903,066 |
Gross profit | | 196,279,879 | | | 193,942,054 |
Selling, general and administrative expenses | | 117,250,377 | | | 107,753,364 |
Operating Profit | | 79,029,502 | | | 86,188,690 |
Non-operating income and expenses | | 11,909,161 | | | 20,158,344 |
Financial income | 24,598,991 | | | 30,888,989 | |
Financial costs | (11,056,235) | | | (9,925,670) | |
Other non-operating income | 312,765 | | | 788,898 | |
Other non-operating expenses | (1,946,360) | | | (1,593,873) | |
Profit before income tax expense | | 90,938,663 | | | 106,347,034 |
Income tax expense | | 23,629,334 | | | 21,444,826 |
Profit for the year | | 67,309,329 | | | 84,902,208 |
Owners of the parent company | 67,463,714 | | | 84,919,277 | |
Non-controlling interests | (154,385) | | | (17,069) | |
Other comprehensive income | | 1,693,971 | | | 19,849,638 |
Items that may be subsequently reclassified to profit or loss | 1,670,895 | | | 19,825,684 | |
Foreign currency translation adjustments | 1,705,016 | | | 19,768,017 | |
| Non-controlling interest of foreign currency translation adjustments | (34,121) | | | 57,667 | |
Items that will never be reclassified to profit or loss | 23,076 | | | 23,954 | |
Remeasurement of defined benefit liabilities | 17,478 | | | 15,999 | |
Non-controlling interest of remeasurement of defined benefit liabilities | 5,598 | | | 7,955 | |
Total comprehensive income for the year | | 69,003,300 | | | 104,751,846 |
Owners of the parent company | 69,186,208 | | | 104,703,293 | |
Non-controlling interests | (182,908) | | | 48,553 | |
Earnings per share attributable to the equity holders of the parent company | | | | | |
Basic earnings per share | | 9,709 | | | 12,221 |
Diluted earnings per share | | 9,709 | | | 12,221 |
(3)Consolidated Statements of Changes in Equity
GRAVITY CO., LTD. (In thousands of Korean Won)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Share capital | | Capital surplus | | Other components of equity | | Retained Earnings | | Total | | Non-controlling interest | | Total Equity |
Balance at January 1, 2024 | 3,474,450 | | 27,098,264 | | 4,016,535 | | 428,498,582 | | 463,087,831 | | 640,131 | | 463,727,962 |
Total comprehensive income for the year | | | | | | | | | | | | | |
Profit for the year | - | | - | | — | | 84,919,277 | | 84,919,277 | | (17,069) | | 84,902,208 |
Defined benefit obligation adjustments | - | | - | | 15,999 | | - | | 15,999 | | 7,955 | | 23,954 |
Gain on overseas operations translation | - | | - | | 19,768,017 | | - | | 19,768,017 | | 57,667 | | 19,825,684 |
| Transaction with owners | | | | | | | | | | | | | |
| Subsidiaries paid-in capital increase | - | | (13,001) | | — | | - | | (13,001) | | (3,008) | | (16,009) |
| Non-controlling interest exchange | - | | (105,902) | | — | | - | | (105,902) | | 5,562 | | (100,340) |
Balance at December 31, 2024 | 3,474,450 | | 26,979,361 | | 23,800,551 | | 513,417,859 | | 567,672,221 | | 691,238 | | 568,363,459 |
Balance at January 1, 2025 | 3,474,450 | | 26,979,361 | | 23,800,551 | | 513,417,859 | | 567,672,221 | | 691,238 | | 568,363,459 |
Total comprehensive income for the year | | | | | | | | | | | | | |
Profit for the year | - | | - | | — | | 67,463,714 | | 67,463,714 | | (154,385) | | 67,309,329 |
Defined benefit obligation adjustments | - | | - | | 17,479 | | - | | 17,479 | | 5,598 | | 23,077 |
Gain on overseas operations translation | - | | - | | 1,705,016 | | - | | 1,705,016 | | (34,120) | | 1,670,896 |
Balance at December 31, 2025 | 3,474,450 | | 26,979,361 | | 25,523,046 | | 580,881,573 | | 636,858,430 | | 508,331 | | 637,366,761 |
(4) Consolidated Statements of Cash Flows
GRAVITY CO., LTD. (In thousands of Korean Won)
| | | | | | | | | | | | | | | | | |
| 2025 | | 2024 |
Cash flows from operating activities | | 76,092,217 | | | 78,555,174 |
Cash flows generated from operating activities | 86,073,208 | | | 95,574,035 | |
Profit for the year | 67,309,329 | | | 84,902,208 | |
Adjustments | 24,140,164 | | | 14,492,995 | |
Changes in operating assets and liabilities | (5,376,285) | | | (3,821,168) | |
Interest received | 16,550,426 | | | 15,053,915 | |
Interest paid | (271,969) | | | (130,027) | |
Income tax paid | (26,259,448) | | | (31,942,749) | |
Cash flows from investing activities | | (96,651,663) | | | (47,034,392) |
Cash inflow from investment activities | 54,047 | | | 21,836 | |
Proceeds from disposal of property and equipment | 1,503 | | | 6,673 | |
Decrease in other current financial assets | 8,333 | | | 6,667 | |
Decrease in other non-current financial assets | 44,211 | | | 8,496 | |
Cash outflow from investment activities | (96,705,710) | | | (47,056,228) | |
Increase in short-term financial instruments | (89,633,165) | | | (42,264,550) | |
Purchase of property and equipment | (1,055,422) | | | (613,947) | |
Purchase of intangible assets | (5,266,047) | | | (4,147,357) | |
Increase in other non-current financial assets | (751,076) | | | (30,374) | |
Cash flows from financing activities | | (4,514,664) | | | (4,641,636) |
Cash inflow from financing activities | - | | | - | |
Cash outflow from financing activities | (4,514,664) | | | (4,641,636) | |
Repayment of lease liabilities | (4,514,664) | | | (4,525,288) | |
Expense on subsidiaries share issuance | - | | | (16,009) | |
Acquisition of non-controlling interest | - | | | (100,339) | |
Effects of exchange rate changes on cash and cash equivalents | | (224,502) | | | 17,937,065 |
Net increase (decrease) in cash and cash equivalents | | (25,298,612) | | | 44,816,211 |
Cash and cash equivalents at beginning of the year | | 228,898,026 | | | 184,081,815 |
Cash and cash equivalents at end of the year | | 203,599,414 | | | 228,898,026 |
4. Separate Financial Statements as of and for the fiscal year ended December 31, 2025 and December 31, 2024.
(1)Statements of Financial Position
GRAVITY CO., LTD. (In thousands of Korean Won)
| | | | | | | | | | | | | | | | | |
| December 31, 2025 | | December 31, 2024 |
Assets | | | | | |
Current assets | | 458,043,585 | | | 388,828,361 |
Cash and cash equivalents | 30,553,616 | | | 64,263,198 | |
Short-term financial instruments | 389,000,000 | | | 278,000,000 | |
Accounts receivable, net | 28,536,382 | | | 35,651,270 | |
Other receivable, net | 3,420,324 | | | 3,409,219 | |
Prepaid expenses | 1,409,245 | | | 1,226,672 | |
Other current financial assets | 3,945,138 | | | 5,897,585 | |
Other current assets | 1,178,880 | | | 380,417 | |
Non-current assets | | 81,595,914 | | | 73,268,527 |
Investments in subsidiaries | 49,236,515 | | | 49,376,747 | |
Property and equipment, net | 4,083,804 | | | 5,344,496 | |
Intangible assets, net | 6,284,550 | | | 6,765,893 | |
Other non-current financial assets | 3,342,526 | | | 1,999,836 | |
Other non-current assets | 14,529,957 | | | 6,277,319 | |
Deferred tax assets | 4,118,562 | | | 3,504,236 | |
Total assets | | 539,639,499 | | | 462,096,888 |
Liabilities | | | | | |
Current liabilities | | 34,186,669 | | | 36,037,103 |
Accounts payables | 22,950,035 | | | 22,597,276 | |
Deferred income | 5,589,150 | | | 6,027,907 | |
Withholdings | 595,152 | | | 829,430 | |
Accrued expenses | 1,109,202 | | | 1,277,685 | |
Income tax payable | 2,604,736 | | | 3,435,351 | |
Other current liabilities | 1,338,394 | | | 1,869,454 | |
Non-current liabilities | | 3,978,361 | | | 7,406,050 |
Long-term account payables | 622,745 | | | 220,108 | |
Long-term deferred revenue | 409,752 | | | 2,571,862 | |
Other non-current liabilities | 2,945,864 | | | 4,614,080 | |
Total liabilities | | 38,165,030 | | | 43,443,153 |
Equity | | | | | |
Share capital | | 3,474,450 | | | 3,474,450 |
Common shares | 3,474,450 | | | 3,474,450 | |
Capital surplus | | 27,482,683 | | | 27,482,683 |
Retained earnings | | 470,517,336 | | | 387,696,602 |
Total equity | | 501,474,469 | | | 418,653,735 |
Total liabilities and equity | | 539,639,499 | | | 462,096,888 |
(2)Statements of Comprehensive Income
GRAVITY CO., LTD. (In thousands of Korean Won)
| | | | | | | | | | | | | | | | | |
| 2025 | | 2024 |
Revenues | | 186,120,945 | | | 179,302,825 |
Online games | 37,920,178 | | | 36,477,961 | |
Mobile games | 146,024,476 | | | 142,121,659 | |
Other revenue | 2,176,291 | | | 703,205 | |
Cost of revenues | | 78,629,202 | | | 79,520,828 |
Gross profit | | 107,491,743 | | | 99,781,997 |
Selling, general and administrative expenses | | 64,469,666 | | | 55,591,566 |
Operating Profit | | 43,022,077 | | | 44,190,431 |
Non-operating income and expenses | | 55,123,286 | | | 58,155,080 |
Financial income | 17,972,941 | | | 20,047,120 | |
Financial costs | (5,683,538) | | | (5,048,084) | |
Other non-operating income | 57,115,565 | | | 44,145,625 | |
Other non-operating expenses | (14,281,682) | | | (989,581) | |
Profit before income tax | | 98,145,363 | | | 102,345,511 |
Income tax expense | | 15,324,629 | | | 14,453,156 |
Profit for the year | | 82,820,734 | | | 87,892,355 |
Other comprehensive income | | - | | | - |
Total comprehensive income for the year | | 82,820,734 | | | 87,892,355 |
(3)Statements of Appropriation of Retained earnings
GRAVITY CO., LTD. (In thousands of Korean Won)
| | | | | | | | | | | | | | | | | |
| 2025 | | 2024 |
Confirmed disposition date: March 27, 2026 | | Confirmed disposition date: March 31, 2025 |
Retained earnings before appropriation | | 470,517,336 | | | 387,696,602 |
Unappropriated retained earnings carried over from prior year | 387,696,602 | | | 299,804,247 | |
Profit for the year | 82,820,734 | | | 87,892,355 | |
Appropriation of retained earnings | | - | | | - |
Unappropriated retained earnings to be carried forward | | 470,517,336 | | | 387,696,602 |
(4) Statements of Changes in Equity
GRAVITY CO., LTD. (In thousands of Korean Won)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Share capital | | Capital Surplus | | Other components of equity | | Retained Earnings | | Total |
Balance at January 1, 2024 | 3,474,450 | | 27,482,683 | | - | | 299,804,247 | | 330,761,380 |
Profit for the year | - | | - | | - | | 87,892,355 | | 87,892,355 |
Balance at December 31, 2024 | 3,474,450 | | 27,482,683 | | - | | 387,696,602 | | 418,653,735 |
Balance at January 1, 2025 | 3,474,450 | | 27,482,683 | | - | | 387,696,602 | | 418,653,735 |
Profit for the year | - | | - | | - | | 82,820,734 | | 82,820,734 |
Balance at December 31, 2025 | 3,474,450 | | 27,482,683 | | - | | 470,517,336 | | 501,474,469 |
(5)Statements of Cash Flows
GRAVITY CO., LTD. (In thousands of Korean Won)
| | | | | | | | | | | | | | | | | |
| 2025 | | 2024 |
Cash flows from operating activities | | 87,541,372 | | | 80,267,527 |
Cash flows generated from operating activities | 48,658,160 | | | 45,606,597 | |
Profit for the year | 82,820,734 | | | 87,892,355 | |
Adjustments | (31,553,425) | | | (35,637,197) | |
Changes in operating assets and liabilities | (2,609,149) | | | (6,648,561) | |
Interest received | 11,999,254 | | | 10,086,534 | |
Dividend received | 44,937,205 | | | 43,120,174 | |
Interest paid | (145,197) | | | (77,204) | |
Income tax paid | (17,908,050) | | | (18,468,574) | |
Cash flows from investing activities | | (119,963,144) | | | (46,474,806) |
Cash inflow from investment activities | 9,720 | | | 7,469 | |
Decrease in other current financial assets | 8,333 | | | 6,667 | |
Disposal of property and equipment | 1,387 | | | 802 | |
Cash outflow from investment activities | (119,972,864) | | | (46,482,275) | |
Acquisition of subsidiaries shares | (2,682,618) | | | (13,925,514) | |
Increase in short-term financial instruments | (111,000,000) | | | (29,000,000) | |
Increase in other non-current financial assets | (600,000) | | | — | |
Purchase of property and equipment | (532,207) | | | (207,306) | |
Purchase of intangible assets | (5,158,039) | | | (3,349,455) | |
Cash flows from financing activities | | (1,873,674) | | | (2,069,495) |
Cash inflow from financing activities | — | | | | — | | |
Cash outflow from financing activities | (1,873,674) | | | | (2,069,495) | | |
Repayment of lease liabilities | (1,873,674) | | | | (2,069,495) | | |
Effects of exchange rate changes on cash and cash equivalents | | 585,864 | | | 382,881 |
Net increase (decrease) in cash and cash equivalents | | (33,709,582) | | | 32,106,107 |
Cash and cash equivalents at the beginning of the year | | 64,263,198 | | | 32,157,091 |
Cash and cash equivalents at the end of the year | | 30,553,616 | | | 64,263,198 |
