Gravity Launches Ragnarok X: Next Generation in Multiple Countries
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 14 2026
0mins
Gravity announced that Gravity Game Hub PTE., Ltd., Gravity's wholly-owned subsidiary, has officially launched Ragnarok X: Next Generation, an MMORPG Mobile and PC game, in France, Italy, Germany, the Middle East, Egypt and Algeria on January 14. Ragnarok X: Next Generation reinterprets the original Ragnarok Online with a fresh story and modernized graphics, while promoting fair item acquisition and free-trade system. It also provides cross-platform play between the Mobile and PC versions. The Mobile version of Ragnarok X: Next Generation is available for download on Google Play, Apple App Store, Huawei App Gallery, Xiaomi GetApps and other platforms for download in each respective region. The PC version can be installed from official website and Steam. Ragnarok X: Next Generation supports a total of 10 languages including English, German, French, Italian, Spanish, Portuguese and Arabic.
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Analyst Views on GRVY
About GRVY
Gravity Co Ltd is a Korea-based company principally engaged in the development and supply of game software. The Company operates its business through three segments. The Mobile Game segment is engaged in the development and operation of mobile games such as Ragnarok Origin, Ragnarok X and Ragnarok M. The Online Game segment is engaged in the development and supply of online games such as Ragnarok Online, Dragonica, Ragnarok Online II, R.O.S.E. Online and Ragnarok Landverse. The Others segment is engaged in the provision of system development and maintenance services as well as system integration services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Operating Profit Surge: The operating profit for Q1 was KRW 30,830 million (approximately USD 20,236 thousand), representing a remarkable 163.1% increase quarter-over-quarter and a 24.7% increase year-over-year, showcasing effective strategies in cost control and revenue enhancement.
- Net Profit Increase: The net profit attributable to the parent company was KRW 29,394 million (approximately USD 19,294 thousand), marking a 138.7% increase from the previous quarter and a 33.4% increase year-over-year, reflecting improved profitability and financial health.
- Strong Mobile Game Revenue: Mobile game revenues amounted to KRW 132,800 million (approximately USD 87,168 thousand), with a 54.1% quarter-over-quarter increase and a 15.0% year-over-year increase, primarily driven by new game launches and revenue growth from existing titles, further solidifying the company's position in the mobile gaming market.
See More
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- Significant Revenue Growth: Gravity's FY revenue reached KRW 161,878 million (approximately USD 106,254 thousand), representing a 42.7% increase from Q4 2025, indicating strong performance amid recovering market demand, which is likely to boost investor confidence.
- Substantial Net Profit Increase: The net profit attributable to the parent company was KRW 29,394 million (approximately USD 19,294 thousand), showing a 138.7% QoQ increase and a 33.4% YoY increase, highlighting significant progress in cost control and operational efficiency, which may attract more institutional investor interest.
- Earnings Per Share Performance: The EPADS stood at $1.16, reflecting the company's sustained profitability, which is expected to positively impact shareholder returns and enhance market expectations for future growth.
- Quarterly Revenue Decline: Despite the strong FY revenue performance, Gravity's preliminary Q4 revenue fell nearly 13% YoY, which may raise concerns in the market regarding the sustainability of the company's future growth, necessitating close monitoring of subsequent performance.
See More
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- Total Revenue Growth: The company's total revenue for the year was KRW 560.55 billion, showcasing its ongoing growth potential, particularly in the digital entertainment sector where investments are yielding returns.
- Q4 Revenue Decline: Despite a strong annual performance, Gravity's preliminary Q4 revenue fell nearly 13% year-over-year, suggesting potential seasonal fluctuations or weakened market demand, necessitating attention to future recovery strategies.
- Financial Health: Overall financial data indicates that Gravity maintains profitability amidst challenges, highlighting the need for enhanced adaptability to market dynamics to sustain growth momentum.
See More
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- Profitability Changes: Despite revenue growth, the operating profit decreased to KRW 77,396 million, down 9.4% year-over-year, reflecting the impact of cost pressures on profitability.
- Net Profit Decline: The net profit attributable to the parent company was KRW 67,464 million, a 20.6% decrease compared to the previous year, suggesting challenges in maintaining profitability despite revenue growth, which may affect future investor confidence.
- Report Access: GRAVITY has filed its annual report on Form 20-F with the SEC, and shareholders and ADS holders can request a hard copy of the report free of charge, enhancing transparency and communication with investors.
See More
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- Effective Date: The new leadership structure will take effect on March 27, 2026.
See More
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- Game Launch Announcement: GRAVITY Co., Ltd. officially launched Ragnarok Origin Classic on March 26, 2026, across Korea, Taiwan, Hong Kong, Macau, and Southeast Asia, marking a significant expansion in the multi-platform gaming market.
- Multi-Platform Availability: The game supports both PC and mobile platforms, allowing players to download the PC client from the official website or find the mobile version on Google Play and Apple App Store, enhancing accessibility and convenience for users.
- Innovative Game Mechanics: Featuring a monthly pass system, the game emphasizes player skill and strategy while preserving the classic charm of Ragnarok Online, simplifying growth mechanics to optimize playtime, which is expected to attract both veteran and new players.
- Positive Player Feedback: During the previous CBT, most players reported satisfaction with the changes in Ragnarok Origin Classic, and GRAVITY aims to continue the legacy of Ragnarok Origin, anticipating that revamped systems and combat design will enhance the joy of adventure for players.
See More
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- Significant Revenue Growth: In Q1 2026, total revenues reached KRW 161,878 million (approximately USD 106,254 thousand), reflecting a 42.7% increase from Q4 2025 and a 17.8% year-over-year growth, indicating the company's robust performance and sustained growth potential in the market.
- Operating Profit Surge: The operating profit for Q1 was KRW 30,830 million (approximately USD 20,236 thousand), representing a remarkable 163.1% increase quarter-over-quarter and a 24.7% increase year-over-year, showcasing effective strategies in cost control and revenue enhancement.
- Net Profit Increase: The net profit attributable to the parent company was KRW 29,394 million (approximately USD 19,294 thousand), marking a 138.7% increase from the previous quarter and a 33.4% increase year-over-year, reflecting improved profitability and financial health.
- Strong Mobile Game Revenue: Mobile game revenues amounted to KRW 132,800 million (approximately USD 87,168 thousand), with a 54.1% quarter-over-quarter increase and a 15.0% year-over-year increase, primarily driven by new game launches and revenue growth from existing titles, further solidifying the company's position in the mobile gaming market.
See More
Gravity Reports 42.7% Revenue Growth in FY
- Significant Revenue Growth: Gravity's FY revenue reached KRW 161,878 million (approximately USD 106,254 thousand), representing a 42.7% increase from Q4 2025, indicating strong performance amid recovering market demand, which is likely to boost investor confidence.
- Substantial Net Profit Increase: The net profit attributable to the parent company was KRW 29,394 million (approximately USD 19,294 thousand), showing a 138.7% QoQ increase and a 33.4% YoY increase, highlighting significant progress in cost control and operational efficiency, which may attract more institutional investor interest.
- Earnings Per Share Performance: The EPADS stood at $1.16, reflecting the company's sustained profitability, which is expected to positively impact shareholder returns and enhance market expectations for future growth.
- Quarterly Revenue Decline: Despite the strong FY revenue performance, Gravity's preliminary Q4 revenue fell nearly 13% YoY, which may raise concerns in the market regarding the sustainability of the company's future growth, necessitating close monitoring of subsequent performance.
See More
Gravity Reports FY2023 Financial Results
- Annual Net Income: Gravity's FY2023 net income reached KRW 67.46 billion, reflecting an 11.9% year-over-year growth, indicating the company's stable performance in a competitive market.
- Total Revenue Growth: The company's total revenue for the year was KRW 560.55 billion, showcasing its ongoing growth potential, particularly in the digital entertainment sector where investments are yielding returns.
- Q4 Revenue Decline: Despite a strong annual performance, Gravity's preliminary Q4 revenue fell nearly 13% year-over-year, suggesting potential seasonal fluctuations or weakened market demand, necessitating attention to future recovery strategies.
- Financial Health: Overall financial data indicates that Gravity maintains profitability amidst challenges, highlighting the need for enhanced adaptability to market dynamics to sustain growth momentum.
See More
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- Financial Overview: GRAVITY reported consolidated revenue of KRW 560,548 million for FY 2025, marking an 11.9% increase from KRW 500,845 million in 2024, indicating stable growth potential in the market.
- Profitability Changes: Despite revenue growth, the operating profit decreased to KRW 77,396 million, down 9.4% year-over-year, reflecting the impact of cost pressures on profitability.
- Net Profit Decline: The net profit attributable to the parent company was KRW 67,464 million, a 20.6% decrease compared to the previous year, suggesting challenges in maintaining profitability despite revenue growth, which may affect future investor confidence.
- Report Access: GRAVITY has filed its annual report on Form 20-F with the SEC, and shareholders and ADS holders can request a hard copy of the report free of charge, enhancing transparency and communication with investors.
See More
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- New Leadership Announcement: Gravity Co. has appointed Yoshinori Kitamura as co-CEO alongside Hyun Chul Park.
- Effective Date: The new leadership structure will take effect on March 27, 2026.
See More
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- Game Launch Announcement: GRAVITY Co., Ltd. officially launched Ragnarok Origin Classic on March 26, 2026, across Korea, Taiwan, Hong Kong, Macau, and Southeast Asia, marking a significant expansion in the multi-platform gaming market.
- Multi-Platform Availability: The game supports both PC and mobile platforms, allowing players to download the PC client from the official website or find the mobile version on Google Play and Apple App Store, enhancing accessibility and convenience for users.
- Innovative Game Mechanics: Featuring a monthly pass system, the game emphasizes player skill and strategy while preserving the classic charm of Ragnarok Online, simplifying growth mechanics to optimize playtime, which is expected to attract both veteran and new players.
- Positive Player Feedback: During the previous CBT, most players reported satisfaction with the changes in Ragnarok Origin Classic, and GRAVITY aims to continue the legacy of Ragnarok Origin, anticipating that revamped systems and combat design will enhance the joy of adventure for players.
See More
