GRVY · Gravity Co., Ltd.

Gravity's first quarter 2026 results reflect strong operational momentum, driven primarily by the successful launch of new mobile games. Total revenue reached KRW 161,878 million, a 42.7% sequential increase and 17.8% year-over-year growth. The standout performer was mobile game revenue, which surged 54.1% QoQ to KRW 132,800 million, fueled by initial revenues from Ragnarok: The New World launched in Taiwan, Hong Kong, and Macau on January 15, 2026, as well as increased contributions from Ragnarok X: Next Generation in Global and the launch of Ragnarok Origin Classic in multiple regions on March 26, 2026. Online game revenue also grew 9.8% QoQ to KRW 25,906 million, driven by Ragnarok Online in Japan and Thailand. Cost of revenue increased 48.4% QoQ to KRW 110,224 million, primarily due to initial commissions for Ragnarok: The New World, but operating expenses declined 24.2% QoQ to KRW 20,824 million, reflecting lower advertising spend and impairment losses. As a result, operating profit soared 163.1% QoQ to KRW 30,830 million, and net profit attributable to parent company rose 138.7% QoQ to KRW 29,394 million. The company maintains a strong liquidity position with cash and short-term financial instruments of KRW 611,615 million as of March 31, 2026. Looking ahead, Gravity provided a robust pipeline of upcoming game launches across multiple regions and platforms, including Ragnarok Online 3 in China in Q1 2027 and several titles slated for 2026, indicating continued growth potential.