Gravity (GRVY) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached KRW 139 billion, up 8.2% year-over-year but down 18.7% sequentially; operating profit was KRW 21 billion, up 8.2% quarter-over-quarter but down 22.8% year-over-year.

• Net profit attributable to parent was KRW 19.8 billion, a 50.0% increase QoQ but an 11.2% decrease YoY.

• Profitability improved due to more efficient marketing expenses despite revenue stabilization from key titles.

• Multiple new game launches and global expansion initiatives, including Ragnarok M: Classic Global, Ragnarok: Twilight, and new publishing agreements, supported business diversification.

• Business diversification and global expansion, especially in Southeast Asia, Taiwan/HK/Macau, and Latin America, contributed to results.

Financial highlights

• Net profit for Q3 2025 was KRW 19.8 billion.

• Gross profit stood at KRW 50.4 billion, with total operating expenses at KRW 29.1 billion.

• Cash and cash equivalents plus short-term financial instruments totaled KRW 609.9 billion by quarter-end.

• Revenue breakdown: 34.7% from Southeast Asia & others, 32.7% from Taiwan/HK/Macau, 19.5% from Americas, 13.1% from Korea/Japan/China.

• Mobile platforms contributed 78.9% of revenue, PC 18.7%, others 2.4%.

Outlook and guidance

• Major upcoming launches include Ragnarok 3, Ragnarok: The New World, Ragnarok Abyss, Ragnarok Landverse Genesis America, and Ragnarok X: Next Generation, targeting global and regional markets in 2025-2026.

• Continued focus on IP value maximization, business diversification, and global expansion, especially in Western markets and blockchain gaming.