# Gravity Reports Third Quarter of 2026 Result and Business Updates - Published: 2026-11-13 - Author: [CFO Drive](https://cfodrive.com/author/cfodrive-com.md) - Topics: [News](https://cfodrive.com/news.md) - Source: https://cfodrive.com/news/gravity-reports-third-quarter-of-2026-result-and-business-updates/ - Publication: CFO Drive - Publisher: Connectively (Terkel, Inc.) - Editorial policy: https://cfodrive.com/editorial-policy/ Seoul, South Korea, Nov. 13, 2026 [(GLOBE NEWSWIRE)](https://www.globenewswire.com) -- 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: kheung@gravity.co.kr Ms. Jin Lee Ms. Jimin Park IR Unit Gravity Co., Ltd. Email: ir@gravity.co.kr 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-2630-Sep-2530-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. ![](https://ml.globenewswire.com/media/ZjhjMDA1NTctN2Q1OS00MWQ2LTg1OTAtMWIxNzVmNDUwMzMwLTEyNjgzNzYtMjAyNi0xMS0xMy1lbg==/tiny/GRAVITY-Co-Ltd-.png) ## Related - [Bekaert: Update on the Share Buyback Program and the Liquidity Agreement](https://cfodrive.com/news/bekaert-update-on-the-share-buyback-program-and-the-liquidity-agreement.md) - [Richemont posts strong results for the six-month period ended 30 September 2026 driven by sustained double-digit sales growth](https://cfodrive.com/news/richemont-posts-strong-results-for-the-six-month-period-ended-30-september-2026-driven-by.md) - [Bavarian Nordic Launches Next Tranche of DKK 750 Million Share Buy-Back Program](https://cfodrive.com/news/bavarian-nordic-launches-next-tranche-of-dkk-750-million-share-buy-back-program.md) - [Transaction in Own Shares](https://cfodrive.com/news/transaction-in-own-shares-2.md)