Gravity Officially Launches 'Ragnarok: Twilight' in Vietnam
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 10 2026
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Should l Buy GRVY?
Gravity announced that "Ragnarok: Twilight," an MMORPG Mobile game, has officially launched in Vietnam on February 10.
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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.
GRAVITY CO LTD NAMES YOSHINORI KITAMURA AS CO-CEO WITH HYUN CHUL PARK, STARTING MARCH 27, 2026
- 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
GRAVITY Launches Ragnarok Origin Classic MMORPG Across Asia
- 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
Ragnarok Zero: Global Pre-Registration Now Open
- Global Launch Service: On March 5, 2026, pre-registration for Ragnarok Zero: Global officially opened, marking the first global PC service for the Ragnarok franchise, aiming to bring the nostalgic world of Midgard to players across Southeast Asia, Europe, and Oceania, which is expected to attract a significant number of both returning and new players.
- Fair Competition Model: The game features a subscription-based service model that avoids the common 'pay-to-win' elements found in free-to-play games, ensuring that player progression is driven by adventure and cooperation, thereby enhancing fairness and player engagement, aligning with traditional MMORPG philosophies.
- Unique Gaming Experience: Ragnarok Zero preserves the classic progression of the original Ragnarok Online while introducing unique episodes and refined gameplay flow, offering a more structured leveling experience that is likely to appeal to players nostalgic for classic games.
- Rich Community Events: To celebrate the launch of pre-registration, a series of community events will be held, including pre-registration rewards, milestone rewards, and daily login activities, aimed at enhancing global Ragnarok community interaction and engagement, thereby increasing player anticipation for the game.
See More
Ragnarok Zero: Global Pre-Registration Opens
- Global Launch Service: On March 5, 2026, Gravity Game Unite officially opened pre-registration for Ragnarok Zero: Global, marking the first global PC service for the franchise aimed at attracting players from Southeast Asia, Europe, and Oceania, thereby enhancing brand influence.
- Fair Competition Model: The game adopts a subscription-based service, avoiding pay-to-win elements common in free-to-play games, ensuring player progression through adventure and cooperation, which reinforces the traditional MMORPG philosophy of fair competition and enhances player engagement.
- Unique Gaming Experience: Ragnarok Zero preserves the classic Ragnarok Online experience while introducing unique episodes and improved gameplay mechanics, such as a redesigned user interface and auto-combat support, allowing players to enjoy a nostalgic yet modernized gaming experience, which is expected to attract both veteran and new players.
- Rich Community Activities: To celebrate the launch of pre-registration, a series of community events have been introduced, including pre-registration rewards, milestone rewards, and daily login activities, aimed at enhancing global player interaction and engagement, further boosting the game's market excitement.
See More
GRAVITY Reports Preliminary Q4 Financials with Revenue Decline
- Revenue Decline: GRAVITY reported preliminary consolidated revenue of KRW 113 billion for Q4, reflecting an 18.6% quarter-over-quarter decline and a 12.9% year-over-year drop, primarily attributed to lower revenues from Ragnarok M: Classic, indicating weak market demand.
- Operating Profit Status: The consolidated operating profit for Q4 was KRW 12 billion, demonstrating the company's ability to maintain some profitability despite declining revenues, although the overall performance may undermine investor confidence.
- 2025 Outlook: The company anticipates unaudited consolidated revenue of KRW 560 billion and operating profit of KRW 77 billion for 2025, suggesting an optimistic outlook, yet it remains crucial to monitor potential impacts from market conditions on revenue.
- Cash Flow Position: As of December 31, 2025, GRAVITY's balance of cash and cash equivalents and short-term financial instruments stood at KRW 618.63 billion, indicating a degree of financial stability, though future revenue fluctuations pose risks.
See More
GRAVITY Reports Q4 2025 Financial Results and Business Updates
- Declining Financial Performance: GRAVITY reported its preliminary unaudited financial results for Q4 2025, with consolidated revenue of KRW 113 billion, reflecting an 18.6% quarter-over-quarter decline and a 12.9% year-over-year decrease, primarily due to reduced revenues from Ragnarok M: Classic, which negatively impacted overall profitability.
- Annual Financial Overview: The unaudited consolidated revenue for 2025 stands at KRW 560 billion, with an operating profit of KRW 77 billion; while the overall revenue decline raises concerns, the final results will be confirmed in the annual report, indicating financial uncertainty.
- New Game Launch Plans: GRAVITY is set to launch Ragnarok Online 3 in China in Q4 2026 and globally in 2027, demonstrating the company's proactive strategy in expanding its market presence and product offerings.
- Enhanced Market Competitiveness: Following the launch of Ragnarok: The New World in Taiwan, Hong Kong, and Macau, the game quickly ranked first on both the Apple App Store and Google Play, indicating a significant increase in market acceptance and competitiveness in these regions.
See More
GRAVITY CO LTD NAMES YOSHINORI KITAMURA AS CO-CEO WITH HYUN CHUL PARK, STARTING MARCH 27, 2026
- 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
GRAVITY Launches Ragnarok Origin Classic MMORPG Across Asia
- 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
Ragnarok Zero: Global Pre-Registration Now Open
- Global Launch Service: On March 5, 2026, pre-registration for Ragnarok Zero: Global officially opened, marking the first global PC service for the Ragnarok franchise, aiming to bring the nostalgic world of Midgard to players across Southeast Asia, Europe, and Oceania, which is expected to attract a significant number of both returning and new players.
- Fair Competition Model: The game features a subscription-based service model that avoids the common 'pay-to-win' elements found in free-to-play games, ensuring that player progression is driven by adventure and cooperation, thereby enhancing fairness and player engagement, aligning with traditional MMORPG philosophies.
- Unique Gaming Experience: Ragnarok Zero preserves the classic progression of the original Ragnarok Online while introducing unique episodes and refined gameplay flow, offering a more structured leveling experience that is likely to appeal to players nostalgic for classic games.
- Rich Community Events: To celebrate the launch of pre-registration, a series of community events will be held, including pre-registration rewards, milestone rewards, and daily login activities, aimed at enhancing global Ragnarok community interaction and engagement, thereby increasing player anticipation for the game.
See More
Ragnarok Zero: Global Pre-Registration Opens
- Global Launch Service: On March 5, 2026, Gravity Game Unite officially opened pre-registration for Ragnarok Zero: Global, marking the first global PC service for the franchise aimed at attracting players from Southeast Asia, Europe, and Oceania, thereby enhancing brand influence.
- Fair Competition Model: The game adopts a subscription-based service, avoiding pay-to-win elements common in free-to-play games, ensuring player progression through adventure and cooperation, which reinforces the traditional MMORPG philosophy of fair competition and enhances player engagement.
- Unique Gaming Experience: Ragnarok Zero preserves the classic Ragnarok Online experience while introducing unique episodes and improved gameplay mechanics, such as a redesigned user interface and auto-combat support, allowing players to enjoy a nostalgic yet modernized gaming experience, which is expected to attract both veteran and new players.
- Rich Community Activities: To celebrate the launch of pre-registration, a series of community events have been introduced, including pre-registration rewards, milestone rewards, and daily login activities, aimed at enhancing global player interaction and engagement, further boosting the game's market excitement.
See More
GRAVITY Reports Preliminary Q4 Financials with Revenue Decline
- Revenue Decline: GRAVITY reported preliminary consolidated revenue of KRW 113 billion for Q4, reflecting an 18.6% quarter-over-quarter decline and a 12.9% year-over-year drop, primarily attributed to lower revenues from Ragnarok M: Classic, indicating weak market demand.
- Operating Profit Status: The consolidated operating profit for Q4 was KRW 12 billion, demonstrating the company's ability to maintain some profitability despite declining revenues, although the overall performance may undermine investor confidence.
- 2025 Outlook: The company anticipates unaudited consolidated revenue of KRW 560 billion and operating profit of KRW 77 billion for 2025, suggesting an optimistic outlook, yet it remains crucial to monitor potential impacts from market conditions on revenue.
- Cash Flow Position: As of December 31, 2025, GRAVITY's balance of cash and cash equivalents and short-term financial instruments stood at KRW 618.63 billion, indicating a degree of financial stability, though future revenue fluctuations pose risks.
See More
GRAVITY Reports Q4 2025 Financial Results and Business Updates
- Declining Financial Performance: GRAVITY reported its preliminary unaudited financial results for Q4 2025, with consolidated revenue of KRW 113 billion, reflecting an 18.6% quarter-over-quarter decline and a 12.9% year-over-year decrease, primarily due to reduced revenues from Ragnarok M: Classic, which negatively impacted overall profitability.
- Annual Financial Overview: The unaudited consolidated revenue for 2025 stands at KRW 560 billion, with an operating profit of KRW 77 billion; while the overall revenue decline raises concerns, the final results will be confirmed in the annual report, indicating financial uncertainty.
- New Game Launch Plans: GRAVITY is set to launch Ragnarok Online 3 in China in Q4 2026 and globally in 2027, demonstrating the company's proactive strategy in expanding its market presence and product offerings.
- Enhanced Market Competitiveness: Following the launch of Ragnarok: The New World in Taiwan, Hong Kong, and Macau, the game quickly ranked first on both the Apple App Store and Google Play, indicating a significant increase in market acceptance and competitiveness in these regions.
See More
