Gravity (GRVY) Q1 2026 earnings summary

Executive summary

• Achieved total revenues of KRW 161,878 million (US$106.3 million), up 42.7% QoQ and 17.8% YoY.

• Operating profit reached KRW 30,830 million (US$20.2 million), up 163.1% QoQ and 24.7% YoY.

• Net profit attributable to parent company was KRW 29,394 million (US$19.3 million), up 138.7% QoQ and 33.4% YoY.

Financial highlights

• Online game revenues rose 9.8% QoQ and 37.8% YoY, driven by Ragnarok Online in Japan, Thailand, and Latin America.

• Mobile game revenues surged 54.1% QoQ and 15.0% YoY, led by launches of Ragnarok: The New World and Ragnarok Origin Classic.

• Other revenues decreased 13.8% QoQ and remained flat YoY.

• Cost of revenue increased 48.4% QoQ and 26.0% YoY, mainly due to commissions for new mobile game launches.

• Operating expenses fell 24.2% QoQ and 17.6% YoY, primarily from reduced advertising and R&D costs.

Outlook and guidance

• Multiple new game launches planned globally in 2026 and 2027, including Ragnarok Online 3 in China and global markets.

• Expansion of Ragnarok IP with new titles and soundtrack releases on global streaming platforms.