Core Viewpoint - Gravity Co., Ltd. reported its unaudited financial results for Q1 2025, showing mixed performance across its online and mobile game segments, with overall revenue growth year-over-year but some declines quarter-over-quarter in specific areas [1][3][9]. Financial Results Summary Revenues - Online game revenues for Q1 2025 were KRW 18,806 million (US$ 12,755 thousand), a 5.1% decrease QoQ and a 4.1% increase YoY [3]. - Mobile game revenues reached KRW 115,486 million (US$ 78,325 thousand), reflecting a 9.4% increase QoQ and a 17.2% increase YoY [4]. - Other revenues totaled KRW 3,172 million (US$ 2,151 thousand), showing a 26.5% decrease QoQ but a slight 0.2% increase YoY [5]. Cost of Revenue - Cost of revenue was KRW 87,458 million (US$ 59,316 thousand), representing an 8% increase QoQ and an 18.8% increase YoY [6]. Operating Expenses - Operating expenses were KRW 25,276 million (US$ 17,143 thousand), a 22.9% decrease QoQ and a 31.1% increase YoY [7]. Profitability - Profit before income tax expenses was KRW 28,450 million (US$ 19,295 thousand), a 12.1% increase QoQ but a 12.5% decrease YoY [8]. - Net profit attributable to the parent company was KRW 22,038 million (US$ 14,947 thousand), a 4.6% decrease QoQ and an 18% decrease YoY [9]. Liquidity - As of March 31, 2025, the balance of cash and cash equivalents and short-term financial instruments was KRW 577,163 million (US$ 391,446 thousand) [10]. Business Updates Summary Game Launches - Ragnarok M: Classic launched in Southeast Asia on February 14, 2025, and in Taiwan, Hong Kong, and Macau on April 16, 2025 [12]. - Ragnarok Idle Adventure Plus launched globally on February 20, 2025, with further launches planned for Taiwan, Hong Kong, and Macau in Q2 2025 [12]. - Ragnarok X: Next Generation launched in various regions on May 8, 2025, with a European launch planned for Q2 2025 [12]. - Other games such as Ragnarok V: Returns and Ragnarok: Back to Glory were launched in Southeast Asia and Korea in March and April 2025, respectively [12]. Expansion Initiatives - Gravity established a new subsidiary, Gravity Game Unite, in Malaysia on March 12, 2025, to expand game services in the region [17]. - The company opened its first indoor-screen golf facility based on Ragnarok characters in Taipei, Taiwan, on February 27, 2025 [16].