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].

Core Viewpoint - Gravity Co., Ltd. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, revealing significant declines in revenue and profits compared to the previous year [1][3]. Financial Performance - The consolidated revenue for the fiscal year 2024 is KRW 500,845 million, a decrease of 31.0% from KRW 725,516 million in 2023 [4]. - The operating profit for 2024 is KRW 85,384 million, down 46.8% from KRW 160,367 million in 2023 [4]. - The net profit attributable to the parent company is KRW 84,919 million, reflecting a decline of 35.7% from KRW 132,019 million in 2023 [4]. Company Overview - Gravity is a developer and publisher of online and mobile games, with its principal product being Ragnarok Online, which is popular in various markets including Japan and Taiwan, and is offered in 91 regions [4].

Core Insights - GRAVITY Co., Ltd. has successfully launched its MMORPG mobile game, Ragnarok M: Classic, in Taiwan, Hong Kong, and Macau on April 16, 2025, achieving significant early success in these markets [1][2]. Performance Metrics - Ragnarok M: Classic ranked second in free downloads on Google Play in Taiwan and Macau, first in free downloads on the Apple App Store in Taiwan, and second in Hong Kong and Macau [2]. - The game also achieved first place in top grossing on the Apple App Store in Taiwan, second in Macau, and fourth in Hong Kong [2]. - The game recorded over 100,000 downloads on its first day and was prominently featured on major app stores, ranking second in mobile game rankings on Bahamut, a well-known gaming community [2]. Company Statements - The company expressed satisfaction with the game's performance in the new markets, highlighting the positive response from local users and the hosting of various events to celebrate the launch [3].

Core Insights - GRAVITY Co., Ltd. has successfully launched its MMORPG mobile game, Ragnarok M: Classic, in Taiwan, Hong Kong, and Macau on April 16, 2025, achieving significant early success in these markets [1][2]. Performance Metrics - Ragnarok M: Classic ranked second in free downloads on Google Play in Taiwan and Macau, first in free downloads on the Apple App Store in Taiwan, and second in Hong Kong and Macau [2]. - The game also achieved first place in top grossing on the Apple App Store in Taiwan, second in Macau, and fourth in Hong Kong [2]. - The game recorded over 100,000 downloads on its first day and was prominently featured on major app stores, ranking second in mobile game rankings on Bahamut, a well-known gaming community [2]. Company Statements - The company expressed satisfaction with the game's performance in the new markets, highlighting the positive response from local users and the hosting of various events to celebrate the launch [3].

Core Insights - Gravity Co., Ltd. officially launched its mobile game "Ragnarok: Back to Glory" in Korea and Southeast Asia on April 17, 2025 [1][3] - The game features a globally integrated marketplace for users in Taiwan, Hong Kong, Macau, Korea, and Southeast Asia to trade in-game items freely [2] - The game received positive feedback during its closed beta test (CBT) in Korea and attracted over 2 million pre-registrations in Southeast Asia, indicating strong anticipation for its launch [2] Company Overview - Gravity is a developer and publisher of online and mobile games, with its principal product being "Ragnarok Online," which is popular in various markets including Japan and Taiwan [3] - The company currently offers its games commercially in 91 regions [3]

Core Points - Gravity Co., Ltd. has officially launched its game Ragnarok V: Returns in Thailand, Indonesia, and the Philippines on March 27, 2025, expanding its reach in Southeast Asia [1][3] - The game was initially launched in other Southeast Asian countries in December 2024 and has shown stable service and user engagement since then [2] - During the Closed Beta Test (CBT) in March 2024, the game attracted over 20,000 users on the first day, indicating strong interest and engagement from players [2] Company Overview - Gravity Co., Ltd. is a developer and publisher of online and mobile games, with its principal product, Ragnarok Online, being popular in various markets including Japan and Taiwan [3] - The company has a significant presence, with its games currently offered in 91 regions [3]

Core Insights - Gravity Co., Ltd. has successfully launched its idle MMORPG mobile game, Ragnarok: Dawn, in China on February 20, 2025, following positive feedback from its closed beta test [1][2] - The game achieved notable success by ranking eighth in the top grossing of WeChat Mini Programs shortly after its launch, indicating strong market reception [2] - The company attributes the success of Ragnarok: Dawn to the support of its user base and expresses anticipation for the upcoming mobile app version [3] Company Overview - Gravity is a developer and publisher of online and mobile games, with its principal product, Ragnarok Online, being popular in various markets including Japan and Taiwan [3] - The company has successfully launched three previous Ragnarok IP titles that received ISBNs, contributing to the positive momentum for Ragnarok: Dawn [3]