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 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's Ragnarok: The New World Launches, Tops App Store Charts
- Launch Day Success: GRAVITY's Ragnarok: The New World launched on January 15, 2026, achieving first place in both free download and top grossing on the Apple App Store across Taiwan, Hong Kong, and Macau, indicating strong user interest and anticipation.
- Innovative Game Features: As the first open-world MMORPG based on the Ragnarok IP, the game introduces flying vehicles and free exploration, enhancing user experience and attracting a large player base, signaling significant future market potential.
- Enhanced Game Systems: The game features an improved convenience system that reduces repetitive content time, introduces offline auto-hunting, and allows customizable guild content opening times, thereby enhancing player experience and retention rates.
- Foundation for Long-Term Success: By ranking at the top across all three regions, Ragnarok: The New World lays a solid foundation for GRAVITY's long-term success, expected to become a pivotal point for the Ragnarok series and further solidify its market position.
See More
GRAVITY Launches Ragnarok: The New World, Achieves Top Rankings on Launch Day
- Launch Day Achievement: GRAVITY's Ragnarok: The New World, launched on January 15, 2026, achieved first rank in both free downloads and top grossing on the Apple App Store across Taiwan, Hong Kong, and Macau, indicating strong market demand and user anticipation.
- Innovative Game Features: As the first open-world MMORPG, the game introduces flying vehicles and a free exploration adventure mode, enhancing user experience while optimizing convenience systems to reduce repetitive content time, thereby increasing user engagement.
- Monetization System Improvement: The in-game monetization system has been enhanced with benefits such as reduced pet draw times and lower refining costs, along with the permanent provision of a Kafra VIP privilege card, aimed at boosting long-term user participation and spending willingness.
- Positive Market Response: Since the pre-download opened, Ragnarok: The New World has excelled in all three regions of the Apple App Store, particularly ranking first in revenue in Taiwan and Macau, showcasing the strong appeal and market potential of the Ragnarok IP.
See More
GRAVITY Launches Ragnarok X: Next Generation Across Multiple Countries
- Official Launch: Gravity Game Hub, a wholly-owned subsidiary of GRAVITY, officially launched Ragnarok X: Next Generation on January 14, 2026, in France, Italy, Germany, the Middle East, Egypt, and Algeria, marking a significant expansion in global markets.
- Cross-Platform Support: The game offers cross-platform play between mobile and PC versions and supports a total of 10 languages, including English, German, French, Italian, Spanish, Portuguese, and Arabic, enhancing user engagement and market reach.
- Continued Global Success: Following its successful launches in Taiwan, Hong Kong, Macau, and other regions, the positive reception of the U.S. server has laid a strong foundation for attracting more players in the newly launched markets.
- Enhanced Game Quality: GRAVITY has modernized the graphics and content of the game while improving localization services, aiming to provide a more satisfying gameplay experience that enhances brand loyalty and competitive positioning in the market.
See More
Gravity Co. Launches 3D MMORPG Ragnarok: Rebirth in China on Dec 25, 2025
- Market Expansion: Gravity Co. announced that its 3D mobile MMORPG Ragnarok: Rebirth will officially launch in China on December 25, 2025, marking a key expansion into one of the world's largest gaming markets, which is expected to significantly enhance the company's influence in China.
- Classic Reinvention: The game retains the classic identity of Ragnarok Online while introducing 3D graphics, a screen conversion system, and an integrated exchange system, aimed at attracting both new and returning players, thereby driving revenue growth.
- Regulatory Approval: The game received its ISBN code from Chinese authorities in December 2024, successfully clearing regulatory approval ahead of its launch, demonstrating the company's effective operations in compliance matters.
- User Interest: User interest surged during the pre-registration phase, with strong performance in Southeast Asia, Taiwan, Hong Kong, and Macau, further enhancing Gravity's brand recognition and market share in these regions.
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's Ragnarok: The New World Launches, Tops App Store Charts
- Launch Day Success: GRAVITY's Ragnarok: The New World launched on January 15, 2026, achieving first place in both free download and top grossing on the Apple App Store across Taiwan, Hong Kong, and Macau, indicating strong user interest and anticipation.
- Innovative Game Features: As the first open-world MMORPG based on the Ragnarok IP, the game introduces flying vehicles and free exploration, enhancing user experience and attracting a large player base, signaling significant future market potential.
- Enhanced Game Systems: The game features an improved convenience system that reduces repetitive content time, introduces offline auto-hunting, and allows customizable guild content opening times, thereby enhancing player experience and retention rates.
- Foundation for Long-Term Success: By ranking at the top across all three regions, Ragnarok: The New World lays a solid foundation for GRAVITY's long-term success, expected to become a pivotal point for the Ragnarok series and further solidify its market position.
See More
GRAVITY Launches Ragnarok: The New World, Achieves Top Rankings on Launch Day
- Launch Day Achievement: GRAVITY's Ragnarok: The New World, launched on January 15, 2026, achieved first rank in both free downloads and top grossing on the Apple App Store across Taiwan, Hong Kong, and Macau, indicating strong market demand and user anticipation.
- Innovative Game Features: As the first open-world MMORPG, the game introduces flying vehicles and a free exploration adventure mode, enhancing user experience while optimizing convenience systems to reduce repetitive content time, thereby increasing user engagement.
- Monetization System Improvement: The in-game monetization system has been enhanced with benefits such as reduced pet draw times and lower refining costs, along with the permanent provision of a Kafra VIP privilege card, aimed at boosting long-term user participation and spending willingness.
- Positive Market Response: Since the pre-download opened, Ragnarok: The New World has excelled in all three regions of the Apple App Store, particularly ranking first in revenue in Taiwan and Macau, showcasing the strong appeal and market potential of the Ragnarok IP.
See More
GRAVITY Launches Ragnarok X: Next Generation Across Multiple Countries
- Official Launch: Gravity Game Hub, a wholly-owned subsidiary of GRAVITY, officially launched Ragnarok X: Next Generation on January 14, 2026, in France, Italy, Germany, the Middle East, Egypt, and Algeria, marking a significant expansion in global markets.
- Cross-Platform Support: The game offers cross-platform play between mobile and PC versions and supports a total of 10 languages, including English, German, French, Italian, Spanish, Portuguese, and Arabic, enhancing user engagement and market reach.
- Continued Global Success: Following its successful launches in Taiwan, Hong Kong, Macau, and other regions, the positive reception of the U.S. server has laid a strong foundation for attracting more players in the newly launched markets.
- Enhanced Game Quality: GRAVITY has modernized the graphics and content of the game while improving localization services, aiming to provide a more satisfying gameplay experience that enhances brand loyalty and competitive positioning in the market.
See More
Gravity Co. Launches 3D MMORPG Ragnarok: Rebirth in China on Dec 25, 2025
- Market Expansion: Gravity Co. announced that its 3D mobile MMORPG Ragnarok: Rebirth will officially launch in China on December 25, 2025, marking a key expansion into one of the world's largest gaming markets, which is expected to significantly enhance the company's influence in China.
- Classic Reinvention: The game retains the classic identity of Ragnarok Online while introducing 3D graphics, a screen conversion system, and an integrated exchange system, aimed at attracting both new and returning players, thereby driving revenue growth.
- Regulatory Approval: The game received its ISBN code from Chinese authorities in December 2024, successfully clearing regulatory approval ahead of its launch, demonstrating the company's effective operations in compliance matters.
- User Interest: User interest surged during the pre-registration phase, with strong performance in Southeast Asia, Taiwan, Hong Kong, and Macau, further enhancing Gravity's brand recognition and market share in these regions.
See More
