Financial Performance - Gravity reported revenue of KRW 171 billion in 2025 2Q, a 242% QoQ increase and a 389% YoY increase[21] - Operating profit for 2025 2Q was KRW 20 billion, a 205% QoQ decrease but a 312% YoY increase[21] - Mobile games contributed KRW 144003 million to the total revenue in 2025 2Q[27] - PC games generated KRW 21971 million in revenue in 2025 2Q[27] - The largest regional revenue contribution came from Southeast Asia & others, accounting for 434% of the total in 2025 2Q[23] Game Launch and Pipeline - Gravity plans to launch "Ragnarok 3" globally in 2026[121] - "Ragnarok M Classic" is scheduled for additional launch in North and South America, Europe, Middle East, and Africa on September 3, 2025[49, 55, 121] - "PROJECT ABYSS" is scheduled for initial launch in Southeast Asia in 4Q 2025[62, 121] - "Ragnarok The Promised Adventure" is planned for launch in China on October 1, 2025[74, 121] Business Strategy - Gravity aims to maximize sustained growth and brand value through an IP-driven, multi-title strategy[32, 35, 40] - The company is expanding its global influence through various games based on the Ragnarok IP, leveraging subsidiaries in Thailand, Taiwan, Indonesia, Singapore, Hong Kong, America, and Malaysia[131]

Core Insights - Gravity Co., Ltd. reported its unaudited financial results for Q2 2025, showing significant growth in revenues driven by new game launches and expansions in various markets [1][2]. Financial Performance - Total revenues for Q2 2025 reached KRW 170,740 million (US$ 126,147 thousand), marking a 24.2% increase QoQ and a 38.9% increase YoY [9]. - Online game revenues were KRW 21,971 million (US$ 16,233 thousand), up 16.8% QoQ and 13.0% YoY, primarily due to the launch of Ragnarok Online America Latina [3]. - Mobile game revenues surged to KRW 144,003 million (US$ 106,393 thousand), reflecting a 24.7% increase QoQ and a 45.4% increase YoY, driven by new titles like Ragnarok M: Classic and Ragnarok X: Next Generation [4]. - Other revenues increased to KRW 4,766 million (US$ 3,521 thousand), a 50.3% increase QoQ and 5.8% increase YoY [5]. Cost and Expenses - Cost of revenue for Q2 2025 was KRW 114,006 million (US$ 84,231 thousand), representing a 30.4% increase QoQ and a 50.0% increase YoY, mainly due to commissions for mobile game services [6]. - Operating expenses rose to KRW 37,064 million (US$ 27,383 thousand), a 46.6% increase QoQ and 15.9% increase YoY, largely due to increased advertising expenses for new game launches [7]. Profitability - Operating profit for Q2 2025 was KRW 19,670 million (US$ 14,533 thousand), down 20.5% QoQ but up 31.2% YoY [9]. - Profit before income tax expense was KRW 18,706 million (US$ 13,821 thousand), a decrease of 34.2% QoQ and 6.7% YoY [9]. - Net profit attributable to the parent company was KRW 13,245 million (US$ 9,786 thousand), down 39.9% QoQ but up 5.4% YoY [10]. Liquidity - As of June 30, 2025, the company had cash and cash equivalents totaling KRW 576,840 million (US$ 426,184 thousand) [11]. Business Updates - Several new games were launched or are scheduled for launch, including Ragnarok: The Promised Adventure in China on October 1, 2025, and Ragnarok M: Classic in North and South America on September 3, 2025 [12][13]. - The company continues to expand its game portfolio with various titles across different regions, indicating a strong growth strategy [12][15].

Financial Performance - 2025年第一季度，公司收入为1380亿韩元，同比增长14.8%，环比增长6.0%[17]。 - 2025年第一季度，公司营业利润为250亿韩元，同比下降8.0%，环比增长55.0%[17]。 - 2025年第一季度，移动游戏收入占比为84.0%[20]。 - 2025年第一季度，东南亚及其他地区收入占比为53.1%[19]。 Game Releases and Strategy - 公司预计通过全面的全球市场扩张，在2025年实现持续的营收增长[29, 37, 45]。 - 《仙境传说M:经典版》在东南亚成功上线，并在泰国、菲律宾和印度尼西亚的App Store和Google Play畅销榜上名列前茅[34]。 - 《仙境传说X:下一代》计划于2025年第二季度在欧洲（英国、葡萄牙、西班牙、爱尔兰除外）推出[77]。 - 《Ragnarok Online America Latina》计划于2025年5月28日直接服务于拉丁美洲地区[55]。 - 公司正在通过子公司在泰国、台湾、印度尼西亚、新加坡、香港、美国和马来西亚等地的各种游戏，瞄准全球市场，以扩大Ragnarok IP的影响力[128]。 Business Development - 《Ragnarok Landverse Genesis》在RONIN平台上交易量排名第一[16, 103]。 - 公司于2025年3月12日正式在马来西亚成立全资子公司GRAVITY Game Unite Sdn Bhd，为在马来西亚市场拓展业务奠定基础[113, 115]。

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].