Gravity Reports Preliminary Unaudited 4Q 2024 Results and Business Updates
Gravity Co., (GRVY) reported preliminary Q4 2024 results with consolidated revenue of KRW 130 billion and operating profit of KRW 16 billion. Q4 revenue showed a 1.3% QoQ increase but a 10.7% YoY decrease. For full-year 2024, preliminary unaudited revenue reached KRW 501 billion with operating profit of KRW 85 billion.
The company's Q4 performance was driven by increased revenues from new game launches, including THE RAGNAROK in Southeast Asia, Ragnarok: Rebirth in Taiwan, Hong Kong and Macau, and Ragnarok X: Next Generation in Japan. The company maintained strong liquidity with KRW 553,202 million in cash and cash equivalents.
Notable developments include receiving ISBN codes in China for two Ragnarok IP-based games and multiple game launches across various regions. The company has an extensive pipeline of upcoming Ragnarok titles planned for 2025-2026 launches across global markets.
Gravity Co., (GRVY) ha riportato i risultati preliminari del Q4 2024 con un fatturato consolidato di 130 miliardi di KRW e un utile operativo di 16 miliardi di KRW. Il fatturato del Q4 ha mostrato un incremento dell'1,3% rispetto al trimestre precedente, ma una diminuzione del 10,7% rispetto all'anno precedente. Per l'intero anno 2024, il fatturato preliminare non verificato ha raggiunto i 501 miliardi di KRW con un utile operativo di 85 miliardi di KRW.
Le performance del Q4 dell'azienda sono state favorite dall'aumento dei ricavi derivanti dal lancio di nuovi giochi, tra cui THE RAGNAROK nel sud-est asiatico, Ragnarok: Rebirth a Taiwan, Hong Kong e Macao, e Ragnarok X: Next Generation in Giappone. L'azienda ha mantenuto una forte liquidità con 553.202 milioni di KRW in cassa e mezzi equivalenti.
Sviluppi significativi includono l'ottenimento di codici ISBN in Cina per due giochi basati su IP di Ragnarok e il lancio di più giochi in diverse regioni. L'azienda ha un ampio portafoglio di titoli Ragnarok in programma per il lancio nel 2025-2026 sui mercati globali.
Gravity Co., (GRVY) reportó resultados preliminares del Q4 2024 con ingresos consolidados de 130 mil millones de KRW y una utilidad operativa de 16 mil millones de KRW. Los ingresos del Q4 mostraron un aumento del 1.3% en comparación con el trimestre anterior, pero una disminución del 10.7% en comparación con el año anterior. Para el año completo 2024, los ingresos preliminares no auditados alcanzaron los 501 mil millones de KRW con una utilidad operativa de 85 mil millones de KRW.
El rendimiento del Q4 de la compañía fue impulsado por el aumento de ingresos de los nuevos lanzamientos de juegos, incluyendo THE RAGNAROK en el sudeste asiático, Ragnarok: Rebirth en Taiwán, Hong Kong y Macao, y Ragnarok X: Next Generation en Japón. La empresa mantuvo una sólida liquidez con 553,202 millones de KRW en efectivo y equivalentes de efectivo.
Entre los desarrollos notables se incluye la recepción de códigos ISBN en China para dos juegos basados en IP de Ragnarok y múltiples lanzamientos de juegos en varias regiones. La compañía tiene una amplia cartera de títulos de Ragnarok planeados para lanzamientos en 2025-2026 en los mercados globales.
Gravity Co., (GRVY)는 2024년 4분기 예비 결과를 발표했으며, 통합 수익은 1300억 원, 운영 이익은 160억 원으로 보고했습니다. 4분기 수익은 전 분기 대비 1.3% 증가했지만, 전년 대비 10.7% 감소했습니다. 2024년 전체 연간 예비 감사 수익은 5010억 원, 운영 이익은 850억 원에 달했습니다.
회사의 4분기 성과는 동남아시아에서의 THE RAGNAROK, 대만, 홍콩 및 마카오에서의 Ragnarok: Rebirth, 일본에서의 Ragnarok X: Next Generation과 같은 새로운 게임 출시에서 증가한 수익에 의해 추진되었습니다. 회사는 553,202백만 원의 현금 및 현금성 자산으로 강력한 유동성을 유지했습니다.
주요 개발 사항으로는 중국에서 두 개의 Ragnarok IP 기반 게임에 대한 ISBN 코드를 받았고, 여러 지역에서 다양한 게임이 출시되었습니다. 회사는 2025-2026년 전 세계 시장에 출시할 예정인 광범위한 Ragnarok 제목 파이프라인을 보유하고 있습니다.
Gravity Co., (GRVY) a annoncé des résultats préliminaires pour le Q4 2024 avec un chiffre d'affaires consolidé de 130 milliards de KRW et un bénéfice opérationnel de 16 milliards de KRW. Le chiffre d'affaires du Q4 a montré une augmentation de 1,3 % par rapport au trimestre précédent, mais une diminution de 10,7 % par rapport à l'année précédente. Pour l'année entière 2024, le chiffre d'affaires préliminaire non audité a atteint 501 milliards de KRW avec un bénéfice opérationnel de 85 milliards de KRW.
La performance du Q4 de l'entreprise a été soutenue par l'augmentation des revenus issus des lancements de nouveaux jeux, y compris THE RAGNAROK en Asie du Sud-Est, Ragnarok: Rebirth à Taïwan, Hong Kong et Macao, et Ragnarok X: Next Generation au Japon. L'entreprise a maintenu une forte liquidité avec 553.202 millions de KRW en espèces et équivalents de trésorerie.
Parmi les développements notables, on peut citer l'obtention de codes ISBN en Chine pour deux jeux basés sur l'IP de Ragnarok et le lancement de plusieurs jeux dans diverses régions. L'entreprise dispose d'un large portefeuille de titres Ragnarok prévus pour des lancements en 2025-2026 sur les marchés mondiaux.
Gravity Co., (GRVY) berichtete über vorläufige Ergebnisse für das 4. Quartal 2024 mit einem konsolidierten Umsatz von 130 Milliarden KRW und einem operativen Gewinn von 16 Milliarden KRW. Der Umsatz im 4. Quartal zeigte einen Anstieg von 1,3 % im Vergleich zum Vorquartal, aber einen Rückgang von 10,7 % im Vergleich zum Vorjahr. Für das Gesamtjahr 2024 erreichte der vorläufige, nicht geprüfte Umsatz 501 Milliarden KRW mit einem operativen Gewinn von 85 Milliarden KRW.
Die Performance des Unternehmens im 4. Quartal wurde durch gestiegene Einnahmen aus neuen Spielveröffentlichungen, darunter THE RAGNAROK in Südostasien, Ragnarok: Rebirth in Taiwan, Hongkong und Macau sowie Ragnarok X: Next Generation in Japan, unterstützt. Das Unternehmen hielt eine starke Liquidität mit 553.202 Millionen KRW an Bargeld und liquiden Mitteln.
Bemerkenswerte Entwicklungen umfassen den Erhalt von ISBN-Codes in China für zwei auf der IP von Ragnarok basierende Spiele und mehrere Spielveröffentlichungen in verschiedenen Regionen. Das Unternehmen hat eine umfangreiche Pipeline geplanter Ragnarok-Titel für die Veröffentlichung in den Jahren 2025-2026 auf globalen Märkten.
- Strong liquidity position with KRW 553,202 million in cash and equivalents
- 1.3% QoQ revenue growth in Q4 2024
- Obtained ISBN codes for two games in China, enabling market entry
- Multiple successful game launches across key Asian markets
- Extensive pipeline of new games for 2025-2026 global releases
- 10.7% YoY revenue decline in Q4 2024
Insights
The preliminary Q4 2024 results reveal Gravity's robust execution of its multi-market expansion strategy. The KRW 130 billion quarterly revenue and KRW 16 billion operating profit demonstrate resilient performance despite challenging market conditions. The full-year figures of KRW 501 billion revenue and KRW 85 billion operating profit underscore the company's ability to maintain profitability while investing in growth.
Two critical developments stand out: First, the securing of ISBN codes in China for Ragnarok: Back to Glory and PROJECT ABYSS represents a significant breakthrough. China's gaming market is notoriously difficult to enter due to strict regulatory requirements, and these approvals could unlock substantial revenue potential in the world's largest gaming market.
The company's impressive KRW 553.2 billion cash position provides substantial firepower for both organic growth and potential strategic acquisitions. This strong liquidity buffer is particularly valuable given the current market environment and the company's ambitious expansion plans.
Gravity's product strategy shows sophisticated market segmentation, with games spanning multiple genres (MMORPG, casual, action, puzzle) and platforms (mobile, PC, blockchain). This diversification helps mitigate platform-specific risks while maximizing IP monetization. The global expansion strategy, particularly in Southeast Asia, Latin America, and Japan, suggests a well-planned approach to market penetration with localized content.
The venture into blockchain gaming with Ragnarok Landverse represents an important strategic pivot, potentially opening new revenue streams through digital asset monetization. However, the selective approach - launching without blockchain features in Vietnam - demonstrates prudent market-specific adaptation.
The collaboration with Kingnet Technology for Nobunaga's Ambition in Japan indicates a strategic move to diversify beyond the Ragnarok IP, potentially reducing dependency on a single franchise while leveraging established partnerships for market entry.
Seoul, South Korea, Feb. 14, 2025 (GLOBE NEWSWIRE) -- 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 fourth quarter ended December 31, 2024, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates.
PRELIMINARY UNAUDITED FOURTH QUARTER 2024 FINANCIAL RESULTS
Tentative consolidated revenue for the fourth quarter of 2024 is KRW 130 billion, and tentative consolidated operating profit is KRW 16 billion.
The preliminary fourth quarter of 2024 result is mainly attributed by increased revenues from THE RAGNAROK launched in Southeast Asia on October 31, 2024, Ragnarok: Rebirth launched in Taiwan, Hong Kong and Macau on October 31, 2024, and Ragnarok X: Next Generation launched in Japan on November 20, 2024. Tentative consolidated revenue for the fourth quarter of 2024 represented a
Unaudited preliminary consolidated revenue for 2024 is KRW 501 billion, and the operating profit is KRW 85 billion.
The preliminary 2024 figures are unaudited and subject to revision. Final result for the fourth quarter and year ended December 31, 2024 will be provided by our annual report for the fiscal year ended December 31, 2024 on Form 20-F.
Liquidity
The balance of cash and cash equivalents and short-term financial instruments was KRW 553,202 million as of December 31, 2024.
GRAVITY BUSINESS UPDATES
Two Ragnarok IP-based Games Received ISBN Codes in China
Ragnarok: Back to Glory (Ragnarok: Rebirth, Chinese title: 仙境传说：重生) and PROJECT ABYSS (Chinese title: 仙境传说：初心) have received ISBN codes from the Chinese government on December 24, 2024 and January 21, 2025, respectively.
Ragnarok Online IP-based Games
- THE RAGNAROK, an MMORPG Mobile and PC game
THE RAGNAROK was officially launched in Southeast Asia on October 31, 2024.
- Ragnarok in Wonderland, a Casual Healing Tycoon Mobile game
Ragnarok in Wonderland was officially launched in Korea on December 4, 2024.
- Ragnarok Classic, an MMORPG PC game
Ragnarok Classic was officially launched in Indonesia on December 5, 2024.
- Ragnarok Begins (Chinese Title: RO 仙境傳說：一定要可愛), an Action Side-Scrolling MMORPG Mobile and PC game
Ragnarok Begins (Chinese Title: RO 仙境傳說：一定要可愛) was officially launched in Taiwan, Hong Kong and Macau on February 13, 2025.
- Ragnarok M: Classic, an MMORPG Mobile game
Ragnarok M: Classic, a renewal version of Ragnarok M: Eternal Love, is officially launched in Southeast Asia on February 14, 2025, and is underway for its launch in Taiwan, Hong Kong and Macau in the first half of 2025.
- Ragnarok 3, an MMORPG Mobile and PC game
Ragnarok 3, the new sequel game of Ragnarok Online, is being prepared to be launched in Global within 2026.
- Ragnarok X: Next Generation, an MMORPG Mobile and PC game
Ragnarok X: Next Generation was officially launched in Japan on November 20, 2024 with preparations underway for its launch in North, Central, and South America and Europe in the first half of 2025.
- Ragnarok V: Returns, a 3D MMORPG Mobile and PC game
Ragnarok V: Returns will be officially launched in all nations of Southeast Asia in March 2025.
- Ragnarok M: Eternal Love 2, an MMORPG Mobile and PC Game
Ragnarok M: Eternal Love 2, the next generation new sequel game of Ragnarok M: Eternal Love, is on development.
- Ragnarok Crush, a Puzzle and Tower Defense Mobile game
Ragnarok Crush will be launching in Global except for China and Japan in the third quarter of 2025.
- Ragnarok: Back to Glory (Ragnarok: Rebirth), an MMORPG Mobile game
Ragnarok: Back to Glory (Ragnarok: Rebirth) will be re-launched in Southeast Asia and launched in Korea, in the second quarter of 2025.
- Ragnarok Idle Adventure Plus, an MMORPG Mobile game
Ragnarok Idle Adventure Plus is underway for its launch in Global except for Taiwan, Hong Kong, Macau, China, Korea and Japan in February 2025 and in Taiwan, Hong Kong and Macau in the first half of 2025.
- Ragnarok Promised Adventure (tentative English title), an MMORPG Mobile game
Ragnarok Promised Adventure (tentative English title) is scheduled to be launched within 2025.
- Ragnarok Online, an MMORPG PC game
Ragnarok Online is scheduled to be direct-serviced in Latin America in the second quarter of 2025.
- Ragnarok Landverse, an MMORPG Blockchain and PC game
Ragnarok Landverse Genesis, a global new server onboarding in RONIN platform, will be released in Global in March, 2025.
Ragnarok Landverse will be launched in Vietnam in the first half of 2025 and in Latin America in the second half of 2025. Ragnarok Landverse launching in Vietnam is a PC game without Blockchain.
Other IP-based games
- TOKYO PSYCHODEMIC, a 2D Cinematic Profiling Adventure PC and Console game
TOKYO PSYCHODEMIC was officially launched in Global on November 28, 2024.
- KAMiBAKO, a World Craft RPG PC and Console game
KAMiBAKO was officially launched in Global on January 30, 2025.
- Heroes Gambit, a Strategic Card Battle Mobile game
Heroes Gambit will be launched in Global in the first half of 2025.
- Scorp Hero, a Character Collecting RPG Mobile game
Scorp Hero is underway for its launch in Japan within 2025.
- Snow Brothers 2 Special, an Action and Platformer PC and Console game
Snow Brothers 2 Special will be launched in Global in April 2025.
- Gunbound an MMO Turn-Based Artillery PC game
Gunbound will be launched in Southeast Asia and Latin America in the first half of 2025.
- Dragonica New Origin, an MMORPG PC game
Dragonica New Origin will be launched in Southeast Asia in May 2025.
Expansion of Other IP business
Gravtiy Co., Ltd. has signed a publishing agreement of Nobunaga's Ambition: The Road to the World (tentative English title), a simulation mobile game based on Nobunaga's IP, in Japan with Kingnet Technology (HK) Limited.
Investor Presentation
Gravity issued an investor presentation. The presentation contains the Company’s recent business updates, results of the fourth quarter in 2024 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 regions, including Japan and Taiwan, and is currently commercially offered in 91 regions. 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
FAQ
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