Seoul, South Korea, Nov. 13, 2026 (GLOBE NEWSWIRE) -- GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or “Company”), a developer and publisher of online and mobile games based in South Korea, today announced its unaudited financial results for the third quarter ended September 30, 2026, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates.

THIRD QUARTER 2026 HIGHLIGHTS

  • Total revenues were KRW 197,146 million (US$ 145,397 thousand), representing a 21.8% increase from the second quarter ended June 30, 2026 (“QoQ”) and a 41.9% increase from the third quarter ended September 30, 2025 (“YoY”).
  • Operating profit was KRW 28,728 million (US$ 21,186 thousand), representing a 4.2% increase QoQ and a 35.0% increase YoY.
  • Profit before income tax expense was KRW 27,684 million (US$ 20,416 thousand), representing a 14.7% decrease QoQ and a 1.8% increase YoY.
  • Net profit attributable to parent company was KRW 21,407 million (US$ 15,787 thousand), representing a 12.1% decrease QoQ and a 7.7% increase YoY.

REVIEW OF THIRD QUARTER 2026 FINANCIAL RESULTS

Revenues

Online game revenues for the third quarter of 2026 were KRW 25,139 million (US$ 18,540 thousand), representing a 15.2% decrease QoQ from KRW 29,660 million and a 3.2% decrease YoY from KRW 25,968 million. The decrease QoQ was mainly attributable to decreased revenue from Ragnarok Online in Thailand. This decrease was partially offset by initial revenue from Ragnarok Zero: Global launched in Southeast Asia, Europe and Oceania on August 18, 2026. The decrease YoY was mainly due to decreased revenues from Ragnarok Online America Latina in Latin America and Ragnarok Online in Taiwan, Hong Kong and Macau. This decrease was partially offset by initial revenue from Ragnarok Zero: Global launched in Southeast Asia, Europe and Oceania on August 18, 2026.

Mobile game revenues were KRW 169,387 million (US$ 124,925 thousand) for the third quarter of 2026, representing a 31.7% increase QoQ from KRW 128,611 million and a 54.6% increase YoY from KRW 109,571 million. The increase QoQ was mainly attributable to initial revenues from Ragnarok: The New World launched in Southeast Asia except for Vietnam on July 16, 2026, Ragnarok M: Classic launched in Korea on July 16, 2026 and Ragnarok Origin Classic launched in North, Central and South America on July 23, 2026. Such increase was partially offset by decreased revenues from Ragnarok Origin Classic in Korea, Taiwan, Hong Kong, Macau and Southeast Asia and Ragnarok: The New World in Taiwan, Hong Kong and Macau . The increase YoY was mainly due to initial revenues from Ragnarok: The New World launched in Southeast Asia except for Vietnam on July 16, 2026 and in Taiwan, Hong Kong and Macau on January 15, 2026 and Ragnarok Origin Classic launched in Korea, Taiwan, Hong Kong, Macau and Southeast Asia on March 26, 2026. Such increase was partially offset by decreased revenues from Ragnarok M: Classic in Taiwan, Hong Kong, Macau and Southeast Asia and Ragnarok: Twilight in Taiwan, Hong Kong and Macau.

Other revenues were KRW 2,620 million (US$ 1,932 thousand) for the third quarter of 2026, representing a 27.5% decrease QoQ from KRW 3,613 million and a 21.9% decrease YoY from KRW 3,355 million.

Cost of Revenue

Cost of revenue was KRW 141,696 million (US$ 104,503 thousand) for the third quarter of 2026, representing a 29.4% increase QoQ from KRW 109,541 million and a 60.0% increase YoY from KRW 88,542 million. The increase QoQ was mainly due to initial commission paid for mobile game services related to Ragnarok: The New World launched in Southeast Asia except for Vietnam on July 16, 2026. The increase YoY was primarily due to initial commissions paid for mobile game services related to Ragnarok: The New World launched in Southeast Asia except for Vietnam on July 16, 2026 and in Taiwan, Hong Kong and Macau on January 15, 2026 and Ragnarok Origin Classic launched in Korea, Taiwan, Hong Kong, Macau and Southeast Asia on March 26, 2026.

Operating Expenses

Operating expenses were KRW 26,722 million (US$ 19,708 thousand) for the third quarter of 2026, representing a 7.9% increase QoQ from KRW 24,761 million and an 8.1% decrease YoY from KRW 29,076 million. The increase QoQ was mainly due to increased advertising expenses for Ragnarok Zero: Global in Southeast Asia, Europe and Oceania. The decrease YoY was mainly due to decreased advertising expenses for Ragnarok Idle Adventure Plus in Korea and Global and Nobunaga's Ambition: The Road to the World in Japan.

Profit Before Income Tax Expense

Profit before income tax expense was KRW 27,684 million (US$ 20,416 thousand) for the third quarter of 2026 compared with profit before income tax expense of KRW 32,470 million for the second quarter of 2026 and profit before income tax expense of KRW 27,207 million for the third quarter of 2025.

Net Profit

As a result of the foregoing factors, Gravity recorded a net profit attributable to parent company of KRW 21,407 million (US$ 15,787 thousand) for the third quarter of 2026 compared with net profit attributable to parent company of KRW 24,341 million for the second quarter of 2026 and a net profit attributable to parent company of KRW 19,869 million for the third quarter of 2025.

Liquidity

The balance of cash and cash equivalents and short-term financial instruments was KRW 616,485 million (US$ 454,665 thousand) as of September 30, 2026.

Note: For convenience purposes only, the KRW amounts have been expressed in U.S. dollars at the exchange rate of KRW 1,355.91 to US$ 1.00, the noon buying rate in effect on September 30, 2026 as quoted by the Federal Reserve Bank of New York.

GRAVITY BUSINESS UPDATES

Ragnarok Online IP-based Games

  • Ragnarok Zero: Global, an MMORPG PC game

Ragnarok Zero: Global was officially launched in Southeast Asia (except Vietnam), Europe and Oceania on August 18, 2026. Ragnarok Zero: Americas will be launched in North and South America in January 2027.

  • Ragnarok: Midgard Senki , a 2D MMORPG Mobile and PC game

Ragnarok: Midgard Senki was officially launched in Taiwan, Hong Kong and Macau on October 23, 2026, and will be launched in Korea and Southeast Asia (except Vietnam) in the first half of 2027.

  • Ragnarok: GO, an Idle RPG Mobile game

Ragnarok: GO was officially launched in Southeast Asia (except Vietnam) on October 29, 2026, and will be launched in Taiwan, Hong Kong and Macau in the first quarter of 2027.

  • Ragnarok: Yggdrasil , an MMORPG and SLG Mobile and PC game

Ragnarok: Yggdrasil will be launched in Central and South America in December 2026.

  • Ragnarok: Adventures, a Vertical Idle MMORPG Mobile game

Ragnarok: Adventures will be launched in Japan in the fourth quarter of 2026.

  • Ragnarok Abyss, an MMOARPG Mobile and PC game

Ragnarok Abyss will be launched within 2027.

  • Ragmon Marble , a Casual Board and F2P with Blockchain-based reward Mobile game

Ragmon Marble will be launched in Thailand, Indonesia, the Philippines and Malaysia in the first quarter of 2027.

  • Ragnarok Origin Classic, an MMORPG Mobile and PC game

Ragnarok Origin Classic will be launched in Vietnam in the first quarter of 2027.

  • Ragnarok Online 3, an MMORPG Mobile and PC game

Ragnarok Online 3 is underway for its launch in China and Asia (Korea, Taiwan, Hong Kong, Macau and Southeast Asia (except Vietnam)) in the first half of 2027. Preparation for its launch in Japan, Europe and North, Central and South America is underway.

  • Ragnarok: The New World, an MMORPG Mobile and PC game

Ragnarok: The New World will be launched in Japan and Korea in the first half of 2027, and in China and Global (except certain regions) within 2027.

  • Ragnarok Online Plus+ , an MMORPG Mobile and PC game

Ragnarok Online Plus+ will be launched in Korea in the first half of 2027.

  • Ragnarok M: Eternal Love 2, an MMORPG Mobile and PC game

Ragnarok M: Eternal Love 2 will be launched in China within 2027.

  • Ragnarok: Path of Destiny (Ragnarok: The Promised Adventure), a Casual Idle MMORPG HTML5 and Mobile game

Ragnarok: Path of Destiny (Ragnarok: The Promised Adventure) will be launched in Southeast Asia (except Vietnam) in the first half of 2027.

Ragnarok Online IP-based Blockchain Game

  • Ragnarok Landverse Classic , an MMORPG Blockchain, HTML5, Mobile and PC game

Ragnarok Landverse Classic will be launched in Southeast Asia (except Indonesia and Vietnam) in December 2026.

Expansion of Ragnarok IP Business

We launched 'RO Lite' a casual-genre brand based on the Ragnarok IP, and have released two titles under it: RO Lite - Arrow on August 11, 2026, and RO Lite - BLOCK PUZZLE on September 16, 2026.

Other IP-based Games

  • RAMUSU: Ramen Girls 2048 Puzzle, a Puzzle Mobile game

RAMUSU: Ramen Girls 2048 Puzzle was officially launched in Global (except certain regions) on August 21, 2026.

  • Hashire HEBEREKE: EX , a Racing and Remake Console and PC game

Hashire HEBEREKE: EX was officially launched in Global (except for Japan on Nintendo Switch) on September 3, 2026.

  • Galvatein: Adventurers' Guild , a Simulation Console and PC game

Galvatein: Adventurers' Guild was launched in Early Access on Steam in Global on September 22, 2026.

  • NBA RISE , a Basketball Management and Card Collecting Mobile game

NBA RISE was officially launched in Korea, Southeast Asia (except Vietnam) and Oceania on October 20, 2026.

  • Aeruta , an Action RPG Console and PC game

Aeruta will be launched in Global in the fourth quarter of 2026.

  • Jaleco Arcade Collection , a Retro Console and PC game

Jaleco Arcade Collection will be launched in Global in the first quarter of 2027.

  • LIGHT ODYSSEY , a Boss Rush Action and Soul-like Console and PC game

LIGHT ODYSSEY will be launched in Global in the second quarter of 2027.

  • Final Knight , an Action RPG Console and PC game

Final Knight will be launched in Global in the second quarter of 2027.

Our New Businesses Operated by Joint Ventures

Gravity Game Max Co., Ltd., a subsidiary in Thailand to be established within 2026, will officially launch RAGLAND, a Ragnarok IP-based User Generated Content creation and distribution platform, in August 2028.

AIWAN PTE. LTD., a subsidiary in Singapore to be established within 2026, will soft-launch AIWAN, a platform for HTML5 gameplay, content creation and sharing, in the first quarter of 2027.

Investor Presentation

Gravity issued an investor presentation. The presentation contains the Company’s recent business updates, results of the third quarter in 2026 and Gravity’s business plan. The presentation can be found on the Company’s website under the IR Archives section at https://www.gravity.co.kr/en/ir/updates. Korean and Japanese versions of the presentation are also provided on the website.

About GRAVITY Co., Ltd. ---------------------------------------------------

Gravity is a developer and publisher of online and mobile games. Gravity's principal product, Ragnarok Online, is a popular online game in many markets, including Japan and Taiwan, and is currently commercially offered in 91 regions. For more information about Gravity, please visit http://www.gravity.co.kr .

Forward-Looking Statements:

Certain statements in this press release may include, in addition to historical information, “forward-looking statements” within the meaning of the “safe-harbor” provisions of the U.S. Private Securities Litigation Reform Act 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe”, “project,” or “continue” or the negative thereof or other similar words, although not all forward-looking statements contain these words. Investors should consider the information contained in our submissions and filings with the United States Securities and Exchange Commission (the “SEC”), including our annual report for the fiscal year ended December 31, 2025 on Form 20-F, together with such other documents that we may submit to or file with the SEC from time to time, on Form 6-K. The forward-looking statements speak only as of this press release and we assume no duty to update them to reflect new, changing or unanticipated events or circumstances.

Contact:

Mr. Heung Gon Kim
Chief Financial Officer
Gravity Co., Ltd.
Email: [email protected]

Ms. Jin Lee
Ms. Jimin Park
IR Unit
Gravity Co., Ltd.
Email: [email protected]
Telephone: +82-2-2132-7800

GRAVITY Co., Ltd.
Consolidated Statements of Financial Position

(In millions of KRW and thousands of US$)

As of
31-Dec-25 30-Sep-26
KRW US$ KRW US$
(audited) (unaudited) (unaudited) (unaudited)
Assets
Current assets:
Cash and cash equivalents 203,599 150,157 209,410 154,442
Short-term financial instruments 415,034 306,093 407,075 300,223
Accounts receivable, net 56,318 41,535 91,412 67,417
Other receivables, net 2,904 2,142 824 608
Prepaid expenses 13,766 10,153 10,731 7,914
Other current financial assets 4,333 3,196 6,246 4,607
Other current assets 2,559 1,887 2,988 2,204
Total current assets 698,513 515,163 728,686 537,415
Property and equipment, net 10,770 7,943 7,896 5,823
Intangible assets, net 7,157 5,278 4,881 3,600
Deferred tax assets 7,209 5,317 6,370 4,698
Other non-current financial assets 3,812 2,811 3,755 2,769
Other non-current assets 15,201 11,210 52,659 38,836
Total assets 742,662 547,722 804,247 593,141
Liabilities and Equity
Current liabilities:
Accounts payable 61,927 45,672 88,553 65,309
Deferred revenue 21,501 15,857 22,173 16,353
Withholdings 1,655 1,221 1,733 1,278
Accrued expense 2,597 1,915 2,197 1,620
Income tax payable 4,633 3,417 8,900 6,564
Other current liabilities 3,718 2,742 3,100 2,286
Total current liabilities 96,031 70,824 126,656 93,410
Long-term account payables 623 459 550 406
Long-term deferred revenue 410 302 4,561 3,364
Deferred tax liabilities 1,736 1,280 1,736 1,280
Other non-current liabilities 6,496 4,792 4,725 3,485
Total liabilities 105,296 77,657 138,228 101,945
Share capital 3,474 2,562 3,474 2,562
Capital surplus 26,979 19,897 26,979 19,897
Other components of equity 25,523 18,824 9,672 7,133
Retained earnings 580,882 428,407 625,449 461,276
Equity attributable to owners of the Parent Company 636,858 469,690 665,574 490,868
Non-controlling interest 508 375 445 328
Total equity 637,366 470,065 666,019 491,196
Total liabilities and equity 742,662 547,722 804,247 593,141

* For convenience purposes only, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,355.91 to US$ 1.00, the noon buying rate in effect on September 30, 2026 as quoted by the Federal Reserve Bank of New York.

GRAVITY Co., Ltd.
Consolidated Statements of Comprehensive Income

(In millions of KRW and thousands of US$ except for share and ADS data)

Three months ended Nine months ended
30-Jun-26 30-Sep-25 30-Sep-26 30-Sep-25 30-Sep-26
(KRW) (KRW) (KRW) (US$) (KRW) (KRW) (US$)
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
Revenues:
Online games 29,660 25,968 25,139 18,540 66,745 80,705 59,521
Mobile games 128,611 109,571 169,387 124,925 369,060 430,798 317,719
Other revenue 3,613 3,355 2,620 1,932 11,293 9,405 6,936
Total net revenue 161,884 138,894 197,146 145,397 447,098 520,908 384,176
Cost of revenue 109,541 88,542 141,696 104,503 290,006 361,461 266,582
Gross profit 52,343 50,352 55,450 40,894 157,092 159,447 117,594
Operating expenses:
Selling, general and administrative expenses 21,131 26,675 24,006 17,705 82,043 64,746 47,751
Research and development 2,951 2,149 2,753 2,030 8,871 6,837 5,042
Others, net 679 252 (37) (27) 502 724 534
Total operating expenses 24,761 29,076 26,722 19,708 91,416 72,307 53,327
Operating profit 27,582 21,276 28,728 21,186 65,676 87,140 64,267
Finance income(costs):
Finance income 5,875 3,283 2,240 1,652 16,651 17,986 13,265
Finance costs (987) 2,648 (3,284) (2,422) (7,964) (6,647) (4,902)
Profit before income tax 32,470 27,207 27,684 20,416 74,363 98,479 72,630
Income tax expense 8,123 7,362 6,285 4,635 19,220 23,342 17,215
Profit for the year 24,347 19,845 21,399 15,781 55,143 75,137 55,415
Profit attributable to:
Non-controlling interest 6 (24) (8) (6) (9) (5) (4)
Owners of Parent 24,341 19,869 21,407 15,787 55,152 75,142 55,419
Earnings per share
- Basic and diluted 3,503 2,859 3,081 2.27 7,937 10,814 7.98
Weighted average number of shares outstanding
- Basic and diluted 6,948,900 6,948,900 6,948,900 6,948,900 6,948,900 6,948,900 6,948,900
Earnings per ADS
- Basic and diluted 3,503 2,859 3,081 2.27 7,937 10,814 7.98

* For convenience, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,355.91 to US$1.00, the noon buying rate in effect on September 30, 2026 as quoted by the Federal Reserve Bank of New York.
(1) Each ADS represents one common share.