Core Viewpoint - GRAVITY Co., Ltd. reported a significant decline in its financial performance for the fourth quarter of 2025, primarily due to decreased revenues from its flagship game, Ragnarok M: Classic, and outlined various upcoming game launches to bolster future growth [1][3]. Financial Results - The tentative consolidated revenue for Q4 2025 is KRW 113 billion, with an operating profit of KRW 12 billion [2]. - The Q4 2025 revenue reflects an 18.6% decrease quarter-over-quarter (QoQ) and a 12.9% decrease year-over-year (YoY) [3]. - The unaudited preliminary consolidated revenue for the entire year of 2025 is KRW 560 billion, with an operating profit of KRW 77 billion [3]. - As of December 31, 2025, the balance of cash and cash equivalents and short-term financial instruments was KRW 618.633 billion [5]. Business Updates - The company plans to launch several new games, including: - Ragnarok Online 3 in China in Q4 2026 and globally in 2027 [6]. - Ragnarok Monster Kitchen, launched globally on December 11, 2025 [6]. - Ragnarok: Rebirth, launched in China on December 25, 2025 [6]. - Ragnarok X: Next Generation, launched in Europe and the Middle East on January 14, 2026 [6]. - Ragnarok: Twilight, launched in Vietnam on February 10, 2026, with plans for launches in other regions throughout 2026 [6][7]. - Ragnarok: The New World, launched in Taiwan, Hong Kong, and Macau on January 15, 2026, achieving top rankings in app stores [6][7]. - Additional upcoming titles include Ragnarok Origin Classic, Ragnarok M: Classic, and Ragnarok Abyss, with various launch timelines set for 2026 [7][8]. Investor Communication - The company has issued an investor presentation detailing recent business updates and Q4 2025 results, available on its website [11].

Core Viewpoint - Gravity Co., Ltd. has officially launched its MMORPG mobile game, Ragnarok: Twilight, in Vietnam on February 10, 2026, following its success in other regions [1]. Group 1: Game Features and Mechanics - Ragnarok: Twilight features fast-paced growth and farming, along with a hero transformation system that enhances gameplay [2]. - The game offers a 100% drop rate for rare equipment and cards when defeating the MVP boss, reducing the burden of acquiring equipment [2]. - Players can engage in stress-free combat through an exclusive MVP dungeon designed for solo play [2]. Group 2: Market Performance and Popularity - Ragnarok: Twilight has achieved significant popularity in previously launched regions, ranking first in free downloads on Google Play in four Southeast Asian regions and second in Singapore [3]. - The game also ranked second in free downloads on the Apple App Store in Thailand, third in Malaysia and the Philippines, and sixth in Singapore, while being second in top-grossing on the Apple App Store in Thailand and fourth in Malaysia [3]. - In China, the game ranked eighth in top-grossing in WeChat Mini Programs, second in Taiwan, sixth in Macau, and eighth in Hong Kong [3]. Group 3: Company Commitment and Future Plans - Gravity has expressed its commitment to providing excellent service in Vietnam, encouraging user participation in launch events and the enjoyment of various benefits [4].

Core Viewpoint - Gravity Co., Ltd. has launched its MMORPG mobile and PC game, Ragnarok X: Next Generation, in several European and Middle Eastern countries, expanding its global reach and enhancing its game quality and localization efforts [1][4]. Group 1: Game Launch Details - Ragnarok X: Next Generation was officially launched on January 14, 2026, in France, Italy, Germany, the Middle East, Egypt, and Algeria [1]. - The game features modernized graphics, a fresh story, and promotes fair item acquisition and a free-trade system [2]. - Cross-platform play is supported between mobile and PC versions, with the mobile version available on multiple platforms including Google Play and Apple App Store [2]. Group 2: Previous Success and Reception - The game had previously launched in regions such as Taiwan, Hong Kong, Macau, Southeast Asia, Korea, China, and the Americas, where it continues to achieve global success [3]. - The U.S. server, opened in May 2025, received positive feedback, generating interest in the new launch regions even before the official release [3]. Group 3: Company Background - 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 [4]. - The company currently offers its games in 91 regions worldwide [4].

Core Insights - Gravity Co., Ltd. has officially launched its 3D mobile MMORPG, Ragnarok: Rebirth, in China on December 25, 2025, marking a significant expansion into one of the largest gaming markets globally [1] - The game retains the classic identity of Ragnarok Online while introducing enhanced features such as 3D graphics, a screen conversion system, and an integrated exchange system [1] Regulatory Approval - The game received its ISBN code from Chinese authorities in December 2024, which allowed it to clear regulatory approval prior to its launch [2] Market Performance - Ragnarok: Rebirth is published in China by Guangzhou Lingxi Interactive Entertainment Limited and is available for download on the Apple App Store and TapTap [3] - Following its launch in 2024, the game performed strongly across Southeast Asia, Taiwan, Hong Kong, and Macau [3] - The title achieved first place in free downloads on the Apple App Store in Thailand, the Philippines, Indonesia, and Malaysia, and ranked second in free downloads on Google Play in Thailand [4] - It also secured second place in top-grossing rankings on the Apple App Store in Macau and fifth on Google Play in Macau [4] Company Overview - Gravity develops and publishes online and mobile games, with its flagship title, Ragnarok Online, commercially available in 91 regions, including Japan and Taiwan [4] Stock Performance - At the time of publication, GRVY shares were up 0.09% at $57.00 [5]

Core Viewpoint - Gravity Co., Ltd. has officially launched its mobile game "Ragnarok: Rebirth" in China on December 25, 2025, following its successful release in other regions [1][2]. Group 1: Game Launch and Features - "Ragnarok: Rebirth" is a 3D MMORPG that retains the classic elements of Ragnarok Online while introducing new graphics and an integrated exchange system [2]. - The game received an ISBN code from the Chinese government in December 2024, indicating regulatory approval prior to its launch [2]. Group 2: Market Performance - Following its launch in Southeast Asia, Taiwan, Hong Kong, and Macau in 2024, "Ragnarok: Rebirth" achieved significant popularity, ranking first in free downloads on the Apple App Store in Thailand, Philippines, Indonesia, and Malaysia [3]. - The game also ranked second in free downloads on Google Play in Thailand and was second in top grossing on the Apple App Store and fifth on Google Play in Macau [3]. Group 3: Company Communication - Gravity expressed gratitude to users for their patience leading up to the launch and announced various events to celebrate the official release of "Ragnarok: Rebirth" [4].

Core Insights - Maxion Tech Co., Ltd. is launching the Closed Beta Test (CBT) for Ragnarok Online Landverse America from November 20 to November 26, 2025, in collaboration with GRAVITY Co., Ltd. [1][2] Group 1: Closed Beta Test (CBT) Details - The CBT allows players to experience the reimagined Ragnarok Online universe, integrating MMORPG gameplay with blockchain technology for item ownership and a player-driven economy [2][4] - Participants will test core systems, game balance, and Web3 features, providing valuable feedback ahead of the official launch [2][4] Group 2: Pre-Registration and Pre-Sale Events - Pre-Registration and Pre-Sale events are ongoing from November 13 to December 10, 2025, enabling players to secure exclusive items and rewards [3][5] - The official launch of the game is scheduled for December 11, 2025 [5] Group 3: Company Background - Maxion Tech, founded in 2021, specializes in Web3 and blockchain-based interactive entertainment, collaborating with global partners to enhance gaming experiences [6] - Gravity Co., Ltd., established in 2000 and listed on Nasdaq, is known for its MMORPG, Ragnarok Online, and continues to expand its portfolio [7]

Core Insights - Gravity Co., Ltd. reported its unaudited financial results for Q3 2025, showing mixed performance across its online and mobile game segments, with notable revenue increases from new game launches [1][3][10]. Financial Performance - Online game revenues reached KRW 25,968 million (US$ 18,487 thousand), an 18.2% increase QoQ and a 32.1% increase YoY, driven by the launch of Ragnarok Zero in Taiwan, Hong Kong, and Macau [3][4]. - Mobile game revenues were KRW 109,571 million (US$ 78,007 thousand), reflecting a 23.9% decrease QoQ but a 6.9% increase YoY, influenced by decreased revenues from Ragnarok M: Classic and offset by new game launches [5]. - Other revenues decreased to KRW 3,355 million (US$ 2,389 thousand), a 29.6% decrease QoQ and a 45.8% decrease YoY [6]. - Total revenues amounted to KRW 138,894 million (US$ 98,883 thousand), an 18.7% decrease QoQ but an 8.2% increase YoY [10]. Cost and Profitability - Cost of revenue was KRW 88,542 million (US$ 63,036 thousand), a 22.3% decrease QoQ and a 16.1% increase YoY [7]. - Operating expenses totaled KRW 29,076 million (US$ 20,700 thousand), down 21.6% QoQ but up 18.5% YoY [8]. - Profit before income tax expense was KRW 27,207 million (US$ 19,369 thousand), a 45.4% increase QoQ but a 4.3% decrease YoY [9][10]. - Net profit attributable to the parent company was KRW 19,869 million (US$ 14,145 thousand), a 50.0% increase QoQ but an 11.2% decrease YoY [11]. Liquidity Position - As of September 30, 2025, the balance of cash and cash equivalents and short-term financial instruments was KRW 609,927 million (US$ 434,226 thousand) [12]. Business Updates - Several new games were launched, including Ragnarok Idle Adventure Plus in Korea and Ragnarok M: Classic Global in various regions, contributing to revenue growth [13][15]. - Upcoming launches include Ragnarok Landverse Genesis America on December 11, 2025, and Ragnarok: Back to Glory in China in Q4 2025 [15][17].

Core Insights - GRAVITY Co., Ltd. has successfully launched its mobile game Ragnarok: Twilight in Southeast Asia on October 23, 2025, through its subsidiary GRAVITY Game Vision, Ltd. [1] Performance Metrics - Ragnarok: Twilight has achieved top rankings in free downloads on Google Play, ranking first in Thailand, Malaysia, Indonesia, and the Philippines, and second in Singapore. It has also entered the top ten in grossing rankings in Thailand and the Philippines [2] - On the Apple App Store, the game ranked second in free downloads in Thailand, third in Malaysia and the Philippines, and sixth in Singapore. In terms of grossing, it ranked second in Thailand, fourth in Malaysia, fifth in Indonesia, and sixth in the Philippines [2] User Reception - The game received positive feedback during its closed beta test (CBT) in Southeast Asia and has shown strong performance in previously launched regions, ranking eighth in top grossing WeChat Mini Programs in China [3] - Following its launch in Taiwan, Hong Kong, and Macau, Ragnarok: Twilight ranked second in top grossing on the Apple App Store in Taiwan, sixth in Macau, and eighth in Hong Kong, indicating the strength of the Ragnarok IP [3] Company Strategy - The company believes that the introduction of new content while maintaining the core fun of the original game has been well received by users. Various events are currently being held to celebrate the official launch and encourage user engagement [4]

Core Insights - Gravity Co., Ltd. announced that its MMORPG mobile and PC game, RAGNAROK 3, received an ISBN code from the Chinese government on October 22, 2025, indicating progress towards its launch in China [1]. Game Features and Development - RAGNAROK 3 aims to recreate the classic graphics and background music of the original title while utilizing modern technology for enhanced quality. It includes features such as free trading, large-scale siege combat, and seasonal content, promising an immersive experience for players [2]. - The game generated significant interest following the release of its first trailer in July, which highlighted key features like class-specific skills, a weather change system, and a 10-player raid dungeon. A closed demo session held in August received positive feedback from participants [3]. - Gravity emphasized that RAGNAROK 3 is a modern reimagining of Ragnarok Online, with improved combat systems and a commitment to engaging with players through updates and communication as the official launch approaches [4].

Core Insights - Gravity Co., Ltd. has officially launched its mobile game Ragnarok: Twilight in Southeast Asia on October 23, 2025, through its subsidiary GRAVITY Game Vision, Ltd. [1] Game Features and Availability - Ragnarok: Twilight incorporates classic elements from the original Ragnarok Online and introduces a 100% equipment drop rate for the first time in the Ragnarok IP, enhancing item acquisition [2] - The game is available for download on Google Play, Apple App Store, and Huawei AppGallery in several Southeast Asian countries, including Thailand, Malaysia, Singapore, Indonesia, and the Philippines [2] Performance and Reception - The game achieved significant success in previous launches, ranking eighth in top grossing as a WeChat Mini Programs game in China in February, second in Taiwan's Apple App Store, sixth in Macau, and eighth in Hong Kong after its official launch in July [3] - Positive feedback was received during the closed beta test (CBT) held in Southeast Asia in September, generating anticipation among users for the official launch [3][4] Company Statements - Gravity expressed confidence in the game's performance in previously launched regions and emphasized efforts made for the Southeast Asia launch, inviting users to participate in various launch events [4]