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]

Core Insights - Gravity Co., Ltd. announced that its game Ragnarok Idle Adventure Plus received an ISBN code from the Chinese government on September 24, 2025, marking a significant step for its entry into the Chinese market [1][4] Game Development and Launch - Ragnarok Idle Adventure Plus is the third game to receive an ISBN in 2025, following two earlier titles released in January and May [2] - The game was co-developed with Shanghai TAREN Network Technology Co., Ltd. and launched globally in February, with subsequent releases in Taiwan, Hong Kong, Macau, and Korea [3] Market Performance - After its global launch, Ragnarok Idle Adventure Plus achieved notable success, ranking first in free downloads on Google Play in Brazil and Singapore, second in Thailand and the Philippines, and fifth in Malaysia [3] - In Korea, it ranked third in free downloads on the Apple App Store and fourth on Google Play, indicating strong performance and raising expectations for its release in China [3] Company Statement - Gravity emphasized the significance of achieving the third ISBN this year and expressed commitment to preparing for the launch in China while seeking continued support from stakeholders [4]

Core Points - Gravity Co., Ltd. has officially launched its mobile MMORPG game, "Ragnarok: The Promised Adventure," in China on September 25, 2025 [1] - The game retains the classic elements of Ragnarok Online while introducing new features such as a multi-character training system and automated rewards, enhancing user experience [2][3] - The game is co-developed with Kingnet Network Co., Ltd. and will be available on platforms like WeChat Mini Programs, TikTok Mini Games, and through APK downloads, with an Apple App Store release forthcoming [2] Company Overview - Gravity is a developer and publisher of online and mobile games, with its flagship product, Ragnarok Online, being popular in various markets including Japan and Taiwan, and currently offered in 91 regions [3] - The company aims to enhance the nostalgic appeal of the original Ragnarok IP while providing new systems and convenience features to improve gameplay [3]

Core Viewpoint - GRAVITY Co., Ltd. has officially launched Ragnarok M: Classic Global, an MMORPG mobile and PC game, in multiple regions including North and South America, Europe, the Middle East, certain areas of North Africa, and Oceania on September 3, 2025 [1]. Group 1 - Ragnarok M: Classic Global aims to provide a classic gaming experience reminiscent of early Ragnarok M: Eternal Love, featuring a Zeny-centered economy for fair gameplay [2]. - The game supports multiple languages including English, Portuguese, Spanish, and German, enhancing its accessibility to a broader audience [2]. - Positive feedback was received during the closed beta test (CBT) held in August, which has increased user anticipation for the official launch [2]. Group 2 - The PC version of Ragnarok M: Classic Global is available for download from the official website, while the mobile version can be accessed via Google Play and Apple App Store in their respective regions [2]. - The company expresses gratitude to global users for their patience and invites them to participate in various events celebrating the official launch [3]. - GRAVITY Co., Ltd. is recognized for its development and publishing of online and mobile games, with its principal product, Ragnarok Online, being popular in various markets including Japan and Taiwan, and currently offered in 91 regions [3].

Core Insights - Gravity Co., Ltd. has officially launched its mobile game Ragnarok: Twilight in China on August 15, 2025, marking a significant expansion in the Chinese gaming market [1] Game Features and Reception - Ragnarok: Twilight incorporates classic elements from Ragnarok Online while introducing innovative features such as a hero transformation system and offline auto-hunting functionality, enhancing user experience [2] - The game received positive feedback during its closed beta test, which has increased user anticipation prior to its official launch [2] Market Performance - After its launch, Ragnarok: Twilight achieved notable success by ranking eighth in top grossing as a WeChat Mini Programs game in China [3] - The game ranked first in free downloads on the Apple App Store in Taiwan, Hong Kong, and Macau before its launch, and subsequently ranked second in top grossing on the Apple App Store in Taiwan, sixth in Macau, and eighth in Hong Kong [3] - Additionally, it ranked first in free downloads on Google Play in Taiwan, third in Macau, and sixth in Hong Kong after launching [3] Company Expectations - Gravity expressed high expectations for Ragnarok: Twilight, highlighting its blend of classic and innovative features that aim to satisfy a broad user base [4]

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]