Seoul, South Korea, Feb. 14, 2025 (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 fourth quarter ended December 31, 2024, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates.
PRELIMINARY UNAUDITED FOURTH QUARTER 2024 FINANCIAL RESULTS
Tentative consolidated revenue for the fourth quarter of 2024 is KRW 130 billion, and tentative consolidated operating profit is KRW 16 billion.
The preliminary fourth quarter of 2024 result is mainly attributed by increased revenues from THE RAGNAROK launched in Southeast Asia on October 31, 2024, Ragnarok: Rebirth launched in Taiwan, Hong Kong and Macau on October 31, 2024, and Ragnarok X: Next Generation launched in Japan on November 20, 2024. Tentative consolidated revenue for the fourth quarter of 2024 represented a 1.3% increase in QoQ and a 10.7% decrease in YoY.
Unaudited preliminary consolidated revenue for 2024 is KRW 501 billion, and the operating profit is KRW 85 billion.
The preliminary 2024 figures are unaudited and subject to revision. Final result for the fourth quarter and year ended December 31, 2024 will be provided by our annual report for the fiscal year ended December 31, 2024 on Form 20-F.
Liquidity
The balance of cash and cash equivalents and short-term financial instruments was KRW 553,202 million as of December 31, 2024.
GRAVITY BUSINESS UPDATES
Two Ragnarok IP-based Games Received ISBN Codes in China
Ragnarok: Back to Glory (Ragnarok: Rebirth, Chinese title: 仙境传说：重生) and PROJECT ABYSS (Chinese title: 仙境传说：初心) have received ISBN codes from the Chinese government on December 24, 2024 and January 21, 2025, respectively.
Ragnarok Online IP-based Games
- THE RAGNAROK, an MMORPG Mobile and PC game
- Ragnarok in Wonderland, a Casual Healing Tycoon Mobile game
- Ragnarok Classic, an MMORPG PC game
- Ragnarok Begins (Chinese Title: RO 仙境傳說：一定要可愛), an Action Side-Scrolling MMORPG Mobile and PC game
- Ragnarok M: Classic, an MMORPG Mobile game
- Ragnarok 3, an MMORPG Mobile and PC game
- Ragnarok X: Next Generation, an MMORPG Mobile and PC game
- Ragnarok V: Returns, a 3D MMORPG Mobile and PC game
- Ragnarok M: Eternal Love 2, an MMORPG Mobile and PC Game
- Ragnarok Crush, a Puzzle and Tower Defense Mobile game
- Ragnarok: Back to Glory (Ragnarok: Rebirth), an MMORPG Mobile game
- Ragnarok Idle Adventure Plus, an MMORPG Mobile game
- Ragnarok Promised Adventure (tentative English title), an MMORPG Mobile game
- Ragnarok Online, an MMORPG PC game
- Ragnarok Landverse, an MMORPG Blockchain and PC game
Ragnarok Landverse will be launched in Vietnam in the first half of 2025 and in Latin America in the second half of 2025. Ragnarok Landverse launching in Vietnam is a PC game without Blockchain.
Other IP-based games
- TOKYO PSYCHODEMIC, a 2D Cinematic Profiling Adventure PC and Console game
- KAMiBAKO, a World Craft RPG PC and Console game
- Heroes Gambit, a Strategic Card Battle Mobile game
- Scorp Hero, a Character Collecting RPG Mobile game
- Snow Brothers 2 Special, an Action and Platformer PC and Console game
- Gunbound an MMO Turn-Based Artillery PC game
- Dragonica New Origin, an MMORPG PC game
Expansion of Other IP business
Gravtiy Co., Ltd. has signed a publishing agreement of Nobunaga's Ambition: The Road to the World (tentative English title), a simulation mobile game based on Nobunaga's IP, in Japan with Kingnet Technology (HK) Limited.
Investor Presentation
Gravity issued an investor presentation. The presentation contains the Company's recent business updates, results of the fourth quarter in 2024 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 regions, 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, 2024 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. Yujin Oh
IR Unit
Gravity Co., Ltd.
Email: ir@gravity.co.kr
Telephone: +82-2-2132-7800
