Quarterly ResultApr 26, 2026, 05:21 AM
GRVY 2025 Mobile Game Revenue +12.2% to $315.1M; Ragnarok Dependence
AI Summary
GRAVITY Co., Ltd. reported its 2025 financial performance, with mobile game revenue increasing by 12.2% to $315.1 million. The company remains highly dependent on its Ragnarok franchise, which accounted for 81.4% of total revenues in 2025. New mobile game launches, particularly Ragnarok M: Classic, drove revenue growth, though some markets like Brazil and Korea saw declines in mobile game revenue. The company also highlighted risks related to competition, reliance on third-party platforms and licensees, and potential regulatory changes.
Key Highlights
- GRVY's mobile game revenue increased 12.2% to $315.1M in 2025 from $280.8M in 2024.
- Ragnarok-based games generated $315.9M in 2025, representing 81.4% of total revenues.
- Ragnarok M: Classic, a new mobile game, contributed $107.0M (27.6% of total revenue) in 2025.
- Ragnarok Online generated $58.8M in 2025, representing 15.2% of total revenues.
- 72.1% of 2025 revenues were generated through third-party mobile platforms.
- Mobile game revenue from Brazil decreased from $16.9M in 2024 to $7.3M in 2025.
- Overseas mobile game license fees and royalties were 8.9% of total revenues in 2025.
- 81.3% of 2025 revenues came from games developed by third-party developers.
Price Impact
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