6-K 1 a6-k_gravityxsecondquarter.htm 6-K Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2025
Commission File Number 000-51138

GRAVITY CO., LTD.
————————————————————————————————————
(Translation of registrant’s name into English)

14F, 396 World Cup buk-ro, Mapo-gu, Seoul 121-795, Korea
————————————————————————————————————
(Address of principal executive office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F þ Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o



GRAVITY REPORTS SECOND QUARTER OF 2025 RESULTS AND BUSINESS UPDATES

Seoul, South Korea – August 8, 2025 – GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or “Company”), a developer and publisher of online and mobile games based in South Korea, today announced its unaudited financial results for the second quarter ended June 30, 2025, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates.
SECOND QUARTER 2025 HIGHLIGHTS

•Total revenues were KRW 170,740 million (US$ 126,147 thousand), representing a 24.2% increase from the first quarter ended March 31, 2025 (“QoQ”) and a 38.9% increase from the second quarter ended June 30, 2024 (“YoY”).

•Operating profit was KRW 19,670 million (US$ 14,533 thousand), representing a 20.5% decrease QoQ and a 31.2% increase YoY.

•Profit before income tax expense was KRW 18,706 million (US$ 13,821 thousand), representing a 34.2% decrease QoQ and a 6.7% decrease YoY.

•Net profit attributable to parent company was KRW 13,245 million (US$ 9,786 thousand), representing a 39.9% decrease QoQ and a 5.4% increase YoY.


REVIEW OF SECOND QUARTER 2025 FINANCIAL RESULTS

Revenues

Online game revenues for the second quarter of 2025 were KRW 21,971 million (US$ 16,233 thousand), representing a 16.8% increase QoQ from KRW 18,806 million and a 13.0% increase YoY from KRW 19,445 million. The increase QoQ was mainly attributable to initial revenue from Ragnarok Online America Latina launched in Latin America on May 28, 2025. The increase YoY was also mainly due to initial revenue from Ragnarok Online America Latina launched in Latin America on May 28, 2025.

Mobile game revenues were KRW 144,003 million (US$ 106,393 thousand) for the second quarter of 2025, representing a 24.7% increase QoQ from KRW 115,486 million and a 45.4% increase YoY from KRW 99,019 million. The increase QoQ was resulted by initial revenues from Ragnarok M: Classic launched in Taiwan, Hong Kong and Macau on April 16, 2025 and Ragnarok X: Next Generation launched in North, Central and South America, Oceania, England, Portugal, Spain and Ireland on May 8, 2025. Such increase was partially offset by decreased revenues from Ragnarok: Rebirth in Taiwan, Hong Kong and Macau, Ragnarok Origin in Southeast Asia, Taiwan, Hong Kong and Macau and THE RAGNAROK in Southeast Asia. The increase YoY was mainly due to initial revenues from Ragnarok M: Classic launched in Taiwan, Hong Kong and Macau on April 16, 2025 and Southeast Asia on February 14, 2025, increased revenue from Ragnarok Idle Adventure Plus launched in Global except Taiwan, Hong Kong, Macau, China, Korea and Japan on February 20, 2025 and initial revenue from Ragnarok X: Next Generation launched in North, Central and South America, Oceania, England, Portugal, Spain and Ireland on May 8, 2025. This increase was partially offset by decreased revenues from Ragnarok Origin in North, Central and South America and Southeast Asia.

Other revenues were KRW 4,766 million (US$ 3,521 thousand) for the second quarter of 2025, representing a 50.3% increase QoQ from KRW 3,172 million and a 5.8% increase YoY from KRW 4,503 million.

Cost of Revenue

Cost of revenue was KRW 114,006 million (US$ 84,231 thousand) for the second quarter of 2025, representing a 30.4% increase QoQ from KRW 87,458 million and a 50.0% increase YoY from KRW 76,006 million. The increase QoQ was mainly due to commission paid for mobile game services related to Ragnarok M: Classic in Taiwan, Hong Kong and Macau and


Ragnarok X: Next Generation in North, Central and South America, Oceania, England, Portugal, Spain and Ireland. The increase YoY was primarily due to increased commission paid for mobile game services related to Ragnarok M: Classic in Southeast Asia, Taiwan, Hong Kong and Macau, Ragnarok Idle Adventure Plus in Global except Taiwan, Hong Kong, Macau, China, Korea and Japan and Ragnarok X: Next Generation in North, Central and South America, Oceania, England, Portugal, Spain and Ireland.

Operating Expenses

Operating expenses were KRW 37,064 million (US$ 27,383 thousand) for the second quarter of 2025, representing a 46.6% increase QoQ from KRW 25,276 million and a 15.9% increase YoY from KRW 31,972 million. The increase QoQ was mainly due to increased advertising expenses for Ragnarok Online America Latina in Latin America, Nobunaga's Ambition: The Road to the World (Tentative English Title) in Japan, Ragnarok Idle Adventure Plus in Taiwan, Hong Kong and Macau and Ragnarok: Back to Glory in Korea. The increase YoY was also mainly due to increased advertising expenses for Ragnarok Online America Latina in Latin America, Ragnarok Idle Adventure Plus in Global, Taiwan, Hong Kong and Macau, Nobunaga's Ambition: The Road to the World (Tentative English Title) in Japan and Ragnarok: Back to Glory in Korea.


Profit Before Income Tax Expense

Profit before income tax expense was KRW 18,706 million (US$ 13,821 thousand) for the second quarter of 2025 compared with profit before income tax expense of KRW 28,450 million for the first quarter of 2025 and profit before income tax expense
of KRW 20,057 million for the second quarter of 2024.

Net Profit

As a result of the foregoing factors, Gravity recorded a net profit attributable to parent company of KRW 13,245 million (US$ 9,786 thousand) for the second quarter of 2025 compared with net profit attributable to parent company of KRW 22,038 million for the first quarter of 2025 and a net profit attributable to parent company of KRW 12,569 million for the second quarter of 2024.

Liquidity

The balance of cash and cash equivalents and short-term financial instruments was KRW 576,840 million (US$ 426,184 thousand) as of June 30, 2025.

Note: For convenience purposes only, the KRW amounts have been expressed in U.S. dollars at the exchange rate of KRW 1,353.50 to US$ 1.00, the noon buying rate in effect on June 30, 2025 as quoted by the Federal Reserve Bank of New York.


GRAVITY BUSINESS UPDATES

Ragnarok Online IP-based Games

•Ragnarok: The Promised Adventure (Tentative English Title), an Idle MMORPG Mobile and WeChat Mini Programs game

Ragnarok: The Promised Adventure (Tentative English Title, Chinese title: 仙境传说之约定好的冒险) officially received an ISBN from Chinese government on May 21, 2025, and will be launched in China on October 1, 2025.

•Ragnarok X: Next Generation, an MMORPG Mobile and PC game

Ragnarok X: Next Generation was officially launched in North, Central and South America, Oceania, England, Portugal, Spain and Ireland on May 8, 2025 and will be launched in Europe (except England, Portugal, Spain and Ireland), Middle East, Africa and South Asia in October 2025.

•Ragnarok Online America Latina, an MMORPG PC game

Ragnarok Online America Latina was officially launched in Latin America on May 28, 2025.

•Ragnarok Idle Adventure Plus, a Vertical Idle MMORPG Mobile game

Ragnarok Idle Adventure Plus was officially launched in Taiwan, Hong Kong and Macau on May 21, 2025 and will be launched in Korea on August 28, 2025.

•Poring Rush, an Idle RPG Mobile game

Poring Rush was officially launched in Korea on June 12, 2025.

•Ragnarok Zero, an MMORPG PC game

Ragnarok Zero was officially launched in Taiwan, Hong Kong and Macau on July 3, 2025.

•Ragnarok: Twilight, an Idle MMOARPG Mobile game

Ragnarok: Twilight was officially launched in Taiwan, Hong Kong and Macau on July 3, 2025. It will be launched in China on August 15, 2025 and is underway for its launch in Southeast Asia in the second half of 2025.

•Ragnarok Crush, a Strategy Action Puzzle RPG Mobile game

Ragnarok Crush was officially launched in Global except China and Japan on July 17, 2025.

•Ragnarok V: Returns, a 3D MMORPG Mobile and PC game

Ragnarok V: Returns was officially launched in Global on August 7, 2025.

•Ragnarok M: Classic, an MMORPG Mobile and PC game

Ragnarok M: Classic will be launched in North and South America, Europe, Middle East and Africa on September 3, 2025.

•Ragnarok: The New World, an MMORPG Mobile and PC game

Ragnarok: The New World is planned to be launched in Taiwan, Hong Kong and Macau in the fourth quarter of 2025.

•PROJECT ABYSS, an MMOARPG Mobile and PC game

PROJECT ABYSS is underway for its launch in Southeast Asia in the fourth quarter of 2025.



•Ragnarok Libre, a Time Effective MMORPG Line game

Ragnarok Libre will be launched in Global except Korea, China and Japan on August 11, 2025.

•I'm the Hero of This Ragnarok! (Tentative English Title), an SLG Simulation Mobile game

I'm the Hero of This Ragnarok! (Tentative English Title) is scheduled to be launched in Korea in September 2025.


Ragnarok Online IP-based Blockchain Game

•Ragnarok Landverse, an MMORPG Blockchain and PC game

Ragnarok Landverse will be launched in North and South America in the fourth quarter of 2025.


Other IP-based games

•Gunbound, an MMO Turn-based Artillery PC game

Gunbound was officially launched in Southeast Asia and Latin America on June 10, 2025.

•Nobunaga's Ambition: The Road to the World (Tentative English Title), an MMO History Strategy Simulation Mobile game

Nobunaga's Ambition: The Road to the World (Tentative English Title) was officially launched in Japan on June 18, 2025.

•Dragonica Origin, an MMORPG PC game

Dragonica Origin was officially launched in Southeast Asia on July 16, 2025.

•Meow Star Acres 2, a Farm Simulation Mobile game

Meow Star Acres 2 will be launched in Global in the fourth quarter of 2025.

•Schop Hero, a New Fresh Whole Digging Puzzle RPG Mobile game

Schop Hero will be launched in Japan in the third quarter of 2025, 2025.

•Chess Rumble, a Collectible Tactical RPG Mobile game

Chess Rumble is planned to be launched in Global except Korea and Japan in the third quarter of 2025.
















Investor Presentation

Gravity issued an investor presentation. The presentation contains the Company’s recent business updates, results of the second quarter in 2025 and Gravity’s business plan. The presentation can be found on the Company’s website under the IR Archives section at https://www.gravity.co.kr/en/ir/updates. Korean and Japanese versions of the presentation are also provided on the website.

About GRAVITY Co., Ltd. ---------------------------------------------------
Gravity is a developer and publisher of online and mobile games. Gravity's principal product, Ragnarok Online, is a popular online game in many markets, including Japan and Taiwan, and is currently commercially offered in 91 markets. For more information about Gravity, please visit http://www.gravity.co.kr.
Forward-Looking Statements:

Certain statements in this press release may include, in addition to historical information, “forward-looking statements” within the meaning of the “safe-harbor” provisions of the U.S. Private Securities Litigation Reform Act 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe”, “project,” or “continue” or the negative thereof or other similar words, although not all forward-looking statements contain these words. Investors should consider the information contained in our submissions and filings with the United States Securities and Exchange Commission (the “SEC”), including our annual report for the fiscal year ended December 31, 2024 on Form 20-F, together with such other documents that we may submit to or file with the SEC from time to time, on Form 6-K. The forward-looking statements speak only as of this press release and we assume no duty to update them to reflect new, changing or unanticipated events or circumstances.

Contact:
Mr. Heung Gon Kim
Chief Financial Officer
Gravity Co., Ltd.
Email: kheung@gravity.co.kr

Ms. Jin Lee
Ms. Yujin Oh
IR Unit
Gravity Co., Ltd.
Email: ir@gravity.co.kr
Telephone: +82-2-2132-7800





GRAVITY Co., Ltd.
Consolidated Statements of Financial Position

(In millions of KRW and thousands of US$)

As of
31-Dec-2430-Jun-25
KRWUS$KRWUS$
(audited)(unaudited)(unaudited)(unaudited)
Assets
Current assets:
Cash and cash equivalents228,898 169,116 215,441 159,173 
Short-term financial instruments324,304 239,604 361,399 267,011 
Accounts receivable, net81,152 59,957 81,368 60,117 
Other receivables, net1,572 1,161 1,948 1,439 
Prepaid expenses8,115 5,996 17,768 13,127 
Other current financial assets6,602 4,878 4,759 3,516 
Other current assets2,967 2,192 3,975 2,937 
Total current assets653,610 482,904 686,658 507,320 
Property and equipment, net9,957 7,356 10,703 7,908 
Intangible assets, net7,057 5,214 8,941 6,606 
Deferred tax assets5,617 4,150 6,498 4,801 
Other non-current financial assets1,767 1,306 1,686 1,246 
Other non-current assets8,451 6,245 7,966 5,885 
Total assets686,459 507,175 722,452 533,766 
Liabilities and Equity
Current liabilities:
Accounts payable67,930 50,188 82,024 60,601 
Deferred revenue26,761 19,772 20,868 15,418 
Withholdings1,588 1,173 1,599 1,181 
Accrued expense2,651 1,959 2,181 1,611 
Income tax payable6,507 4,808 7,667 5,665 
Other current liabilities3,212 2,373 3,653 2,699 
Total current liabilities108,649 80,273 117,992 87,175 
Long-term account payables220 163 623 460 
Long-term deferred revenue2,572 1,900 880 650 
Other non-current liabilities5,361 3,961 5,262 3,889 
Deferred tax liabilities1,294 956 1,290 953 
Total liabilities118,096 87,253 126,047 93,127 
Share capital3,474 2,567 3,474 2,567 
Capital surplus26,979 19,933 26,979 19,933 
Other components of equity23,801 17,585 16,601 12,265 
Retained earnings513,418 379,326 548,701 405,394 
Equity attributable to owners of the Parent Company567,672 419,411 595,755 440,159 
Non-controlling interest691 511 650 480 
Total equity568,363 419,922 596,405 440,639 
Total liabilities and equity686,459 507,175 722,452 533,766 

* For convenience purposes only, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,353.50 to US$ 1.00, the noon buying rate in effect on June 30, 2025 as quoted by the Federal Reserve Bank of New York.




GRAVITY Co., Ltd.
Consolidated Statements of Comprehensive Income

(In millions of KRW and thousands of US$ except for share and ADS data)
   Three months endedSix months ended
  31-Mar-2530-Jun-2430-Jun-2530-Jun-2430-Jun-25
  (KRW)(KRW)(KRW)(US$)(KRW)(KRW)(US$)
  (unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)(unaudited)
Revenues: 
Online games 18,80619,44521,97116,23337,51040,77730,127
Mobile games 115,48699,019144,003106,393197,567259,489191,717
Other revenue 3,1724,5034,7663,5217,6697,9385,865
Total net revenue 137,464122,967170,740126,147242,746308,204227,709
Cost of revenue 87,45876,006114,00684,231149,634201,464148,847
Gross profit 50,00646,96156,73441,91693,112106,74078,862
Operating expenses: 
Selling, general and administrative expenses 21,85928,10833,50924,75743,85555,36840,907
Research and development 3,4314,2863,2912,4317,8876,7224,966
Others, net (14)(422)264 195 (488)250 185 
Total operating expenses 25,27631,97237,06427,38351,25462,34046,058
Operating profit 24,73014,98919,67014,53341,85844,40032,804
Finance income(costs): 
Finance income 10,717 8,867 2,651 1,959 15,164 13,368 9,877 
Finance costs (6,997)(3,799)(3,615)(2,671)(4,467)(10,612)(7,840)
Profit before income tax 28,45020,05718,70613,82152,55547,15634,841
Income tax expense 6,3727,4765,4864,05313,09111,8588,761
Profit for the year 22,07812,58113,2209,76839,46435,29826,080
Profit attributable to: 
Non-controlling interest 40 12 (25)(18)29 15 12 
Owners of Parent company 22,03812,56913,2459,78639,43535,28326,068
Earnings per share 
- Basic and diluted 3,171 1,809 1,906 1.41 5,675 5,077 3.75 
Weighted average number of shares outstanding
- Basic and diluted6,948,900 6,948,900 6,948,900 6,948,900 6,948,900 6,948,900 6,948,900 
Earnings per ADS
- Basic and diluted3,171 1,809 1,906 1.41 5,675 5,077 3.75 


* For convenience, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,353.50 to US$1.00, the noon buying rate in effect on June 30, 2025 as quoted by the Federal Reserve Bank of New York.
(1) Each ADS represents one common share.





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


GRAVITY CO., LTD.
By:/s/ Heung Gon Kim
Name:Heung Gon Kim
Title:Chief Financial Officer
Date: August 8, 2025