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Gravity Co., Ltd. reported preliminary unaudited results showing consolidated revenue of KRW 113 billion and operating profit of KRW 12 billion for the fourth quarter of 2025. Revenue fell 18.6% quarter over quarter and 12.9% year over year, mainly due to lower revenue from Ragnarok M: Classic.
For full-year 2025, unaudited consolidated revenue was KRW 560 billion with operating profit of KRW 77 billion. As of December 31, 2025, cash, cash equivalents and short-term financial instruments totaled KRW 618,633 million, indicating a sizable liquidity position.
The company also highlighted an extensive pipeline of Ragnarok Online IP-based and other games, with multiple titles recently launched across Asia, Europe and global markets and many more scheduled through the second half of 2026, including Ragnarok Online 3 in China and worldwide.
Gravity Co., Ltd. (GRVY) reported Q3 2025 results. Total revenue was KRW 138,894 million (US$ 98,883 thousand), down 18.7% QoQ and up 8.2% YoY. Operating profit reached KRW 21,276 million (US$ 15,147 thousand), up 8.2% QoQ and down 22.8% YoY. Net profit attributable to the parent was KRW 19,869 million (US$ 14,145 thousand), a 50.0% QoQ increase and an 11.2% YoY decrease.
Online game revenue rose 18.2% QoQ to KRW 25,968 million, helped by Ragnarok Zero in Taiwan, Hong Kong and Macau. Mobile revenue fell 23.9% QoQ to KRW 109,571 million as Ragnarok M: Classic eased, partially offset by launches of Ragnarok: Twilight and Ragnarok M: Classic Global. Cost of revenue declined 22.3% QoQ; operating expenses fell 21.6% QoQ on lower advertising and R&D. Cash and short-term financial instruments were KRW 609,927 million (US$ 434,226 thousand) as of September 30, 2025.
Pipeline updates: multiple titles launched across China, Korea, and global regions, with additional releases slated through 2026, including Ragnarok 3 and regional expansions of Ragnarok X and The New World.
Gravity (GRVY) delivered a revenue-driven but margin-pressured Q2 2025. Total revenue hit KRW 170.7 bn (US$126.1 m), up 24.2 % QoQ and 38.9 % YoY, led by mobile titles Ragnarok M: Classic and Ragnarok X: Next Generation. Online-game revenue rose 16.8 % QoQ; mobile-game revenue surged 24.7 % QoQ and 45.4 % YoY. Cash and short-term financial instruments expanded to KRW 576.8 bn (US$426.2 m), underscoring solid liquidity.
Profitability softened sequentially. Operating profit fell 20.5 % QoQ to KRW 19.7 bn, while net profit attributable to the parent dropped 39.9 % QoQ to KRW 13.2 bn (yet up 5.4 % YoY). Gross margin slipped to 33.2 % as cost of revenue (+30.4 % QoQ) and operating expenses (+46.6 % QoQ) climbed on higher platform commissions and marketing spend supporting multiple launches.
Pipeline remains aggressive. Key upcoming catalysts include: Ragnarok: The Promised Adventure China launch (1 Oct 2025), regional roll-outs for Ragnarok X, Ragnarok M: Classic and several new IP extensions, plus blockchain title Ragnarok Landverse (4Q 2025). An investor deck with further details is available in the IR section of Gravity’s website.