Gravity Game Vision Limited(*2)63,608
Source: Gravity Co. 20-F: FY2022Gravity Game Tech Co., Ltd.40,204
Source: Gravity Co. 20-F: FY2022PT Gravity Game Link3,268
Source: Gravity Co. 20-F: FY2022PT Gravity Game Link3,372(374)
Source: Gravity Co. 20-F: FY2022Mobile games 320,164
Source: Gravity Co. 20-F: FY2022In 2022 and 2021, we derived Won 86,743 million (US$ 68,834 thousand) and Won 72,177 million in revenues from Ragnarok Online, respectively, representing approximately 18.7% and 17.4% of our
Source: Gravity Co. 20-F: FY2022We derived Won 358,599 million (US$ 284,562 thousand) and Won 314,282 million in revenues from the games developed based on the contents of Ragnarok Online in 2022 and 2021, respectively, representing approximately 77.3% and 75.9% of our total revenues for such periods.
Source: Gravity Co. 20-F: FY2022Depreciation 2,976
Source: Gravity Co. 20-F: FY2022GungHo Online Entertainment’s Vol. 42 report outlines the company’s strategic focus on expanding its two flagship intellectual properties—Puzzle & Dragons and Ragnarok—into global markets while sustaining robust financial performance. The report highlights that Puzzle & Dragons, launched in 2012, has achieved over 63 million downloads worldwide and continues to drive user engagement through frequent events, cross‑media collaborations, and a 13th‑anniversary release in May 2025. The Ragnarok franchise, managed by subsidiary Gravity Co., Ltd., has expanded from its original PC MMORPG roots to mobile and console titles, with recent releases such as Ragnarok X (PC/Android/iOS) and LUNAR Remastered Collection targeting Latin America, Southeast Asia, and other regions. Financially, consolidated net sales rose from ¥125.3 billion in 2022 to ¥103.6 billion in 2024, with operating profit increasing from ¥27.9 billion to ¥17.5 billion over the same period. Overseas sales ratio climbed from 39.3 % in 2022 to 47.7 % in 2024, reflecting successful international penetration. The company maintained a dividend payout ratio above 30 % and executed treasury‑share repurchases totaling ¥9.86 billion in 2024, underscoring a commitment to shareholder value. Methodologically, the report aggregates data from internal analytics on downloads, MAU, and revenue across more than 150 countries in 11 languages. It also references quarterly performance metrics and event‑based user activity to gauge engagement. Overall, the document presents a cohesive narrative of sustained growth through IP expansion, diversified platform presence, and disciplined financial management.
Ragnarok Online 3 is announced as a free‑to‑play smartphone and PC MMORPG that will launch in Japan on February 13, 2026. Developed by Gravity Co., Ltd. and Lee MyoungJin (studio DTDS) under GungHo Online Entertainment’s publishing umbrella, the title preserves core elements of the original Ragnarok series—job system, classic content, and atmospheric design—while introducing a modern art style and restructured systems that support global interaction and cooperative play. Seasonal updates will refresh status, skill building, and siege battles, offering continuous new experiences for both veteran players and newcomers. The service will be available on iOS, Android, and PC (planned), with in‑game purchases. Distribution is managed by a consolidated subsidiary of Gravity, excluding certain regions, and preparations for the Japanese launch are underway. GungHo emphasizes its commitment to high‑quality content and global expansion, aligning with its philosophy of pursuing new challenges and product creation. GungHo Online Entertainment, headquartered in Chiyoda‑ku, Tokyo, was founded in 1998 and reported paid‑in capital of ¥5.338 billion as of December 31, 2025. The announcement includes standard legal and trademark notices for Apple, Google, and related brands. Press inquiries are directed to GungHo’s IR group via [email protected].
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