Gravity reported first-quarter 2025 revenue of KRW 137.5 billion, up 14.8% on a year earlier

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

On May 9, 2025, Gravity Co. filed a Form 6-K, the report a foreign company listed in the US uses to pass on what it has made public, carrying its unaudited results for the first quarter ended March 31, 2025, prepared under International Financial Reporting Standards. Gravity described itself as a developer and publisher of online and mobile games based in South Korea, and Ragnarok Online as its principal product, which it said was offered in 91 regions. Total revenues were KRW 137,464 million, 14.8% more than in the first quarter of 2024 and 6% more than in the fourth quarter of 2024. The release translated that into US$ 93.2 million for convenience only, at KRW 1,474.44 to US$1.00, the noon buying rate in effect on March 31, 2025.1^,2^,3^,4^,5^,6^,7

Operating profit was KRW 24,730 million, 55% above the fourth quarter of 2024 and 8% below the first quarter of 2024. Net profit attributable to the parent company, the share of profit that belongs to Gravity's own shareholders, was KRW 22,038 million, against KRW 23,099 million in the fourth quarter of 2024 and KRW 26,866 million in the first quarter of 2024. Cost of revenue was KRW 87,458 million, 18.8% more than a year earlier, and operating expenses were KRW 25,276 million, 31.1% more. The company tied the rise in cost of revenue from a year earlier to commission paid for mobile game services related to Ragnarok M: Classic and THE RAGNAROK in Southeast Asia and to Ragnarok: Rebirth in Taiwan, Hong Kong and Macau. It tied the rise in operating expenses from a year earlier mainly to advertising for Ragnarok Idle Adventure Plus, Ragnarok V: Returns and Ragnarok Begins.8^,6^,9^,10^,11^,12^,13

Mobile games brought in KRW 115,486 million in the quarter, 9.4% more than in the previous quarter and 17.2% more than a year earlier, while online games brought in KRW 18,806 million, 5.1% less than in the previous quarter and 4.1% more than a year earlier. The company credited the quarterly rise in mobile to initial revenue from Ragnarok M: Classic, launched in Southeast Asia on Feb 14, 2025, and from Ragnarok Idle Adventure Plus, launched on Feb 20, 2025 worldwide except Taiwan, Hong Kong, Macau, China, Korea and Japan. The business update said Ragnarok X: Next Generation had launched on May 8, 2025 in North, Central and South America, Oceania, England, Portugal, Spain and Ireland, and that Ragnarok Online America Latina was scheduled for direct service in Latin America on May 28, 2025.14^,15^,16^,17^,18

Gravity's annual report for the year ended December 31, 2024, a Form 20-F filed on Apr 25, 2025, gave operating income of KRW 85.38 billion for 2024, down from KRW 160.37 billion for 2023.19^,20^,21^,22

The quarter's figures are the company's own unaudited ones as its release prints them; the investor presentation the release points to is not read here.23^,3