Gravity Reports FY2023 Financial Results
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 24 2026
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Should l Buy GRVY?
Source: seekingalpha
- 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.
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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 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
GRAVITY Files Annual Report for FY 2025
- 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
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 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
GRAVITY Files Annual Report for FY 2025
- 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
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
