GRAVITY Co., Ltd. Form 6-K Summary
Business Context and Reporting Period
GRAVITY Co., Ltd. (Nasdaq: GRVY), a South Korean developer and publisher of online and mobile games, reported preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2025. The filing was submitted on February 13, 2026.
Key Financial Metrics
| Metric | Q4 2025 | Full Year 2025 |
|---|---|---|
| Consolidated Revenue | KRW 113 billion | KRW 560 billion |
| Operating Profit | KRW 12 billion | KRW 77 billion |
| Cash and Short-term Instruments | KRW 618,633 million (as of Dec 31, 2025) |
The filing does not provide specific values for net profit, cash flow from operations, debt levels, or specific margin percentages beyond the operating profit figures.
Material Changes vs. Prior Period
- Revenue Decline: Q4 2025 revenue decreased 18.6% quarter-over-quarter (QoQ) and 12.9% year-over-year (YoY).
- Primary Driver: The decline is attributed to decreased revenues from Ragnarok M: Classic, which launched in Southeast Asia in February 2025 and in Taiwan, Hong Kong, and Macau in April 2025.
Outlook, Business Updates, and Risks
Management Commentary and Pipeline: The company highlighted a robust pipeline of new launches and expansions for 2026, including:
- Ragnarok Online 3: Planned for China in Q4 2026 and Global in 2027.
- Ragnarok: The New World: Launched in Taiwan, Hong Kong, and Macau in January 2026; scheduled for Southeast Asia and Global in H2 2026.
- Ragnarok: Twilight: Launched in Vietnam in February 2026; expansion to America, Europe, Middle East, and Korea planned for 2026.
- Ragnarok Online Landverse: Blockchain-based MMORPG launched in America in December 2025.
- Other IPs: Multiple non-Ragnarok titles including Little Gods of the Abyss and Wizmans World Re: Try launched in early 2026, with several others scheduled for H2 2026.
Risks and Contingencies: The filing includes standard forward-looking statements regarding future launch dates and market performance. Final financial results are subject to revision upon the release of the Form 20-F annual report.
Investor Verification Checklist
- Verify the final audited Q4 and full-year 2025 figures in the upcoming Form 20-F, as current numbers are preliminary and unaudited.
- Monitor the performance of Ragnarok: The New World in its new regions (Taiwan, HK, Macau) to assess if it can offset the decline from Ragnarok M: Classic.
- Confirm the actual launch dates and initial user reception for the H2 2026 pipeline, particularly Ragnarok Online 3 in China.
- Review the detailed breakdown of operating expenses to understand the impact of the revenue decline on the operating margin.