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Most of GRAVITY’s revenue comes from mobile games based on Ragnarok Online’s characters and content, including Ragnarok M: Classic. Players buy virtual currency and items within these games. The original Ragnarok Online also earns mainly from in-game purchases, while overseas operators pay license fees and a share of game revenue to run games in their markets.
Much of this spending reaches GRAVITY through Apple’s App Store and Google Play. These platforms process purchases and take a share of revenue, leaving mobile games with generally lower margins than its online games. Where GRAVITY licenses games to local operators, it relies on them to distribute the games, collect payments and meet local legal requirements.
The business depends heavily on keeping Ragnarok players engaged and releasing new titles they will pay to play. The original game is mature in most principal markets, and recently released titles supply a significant share of mobile revenue. Third-party developers supply most revenue-generating games, making their ongoing support important. Game-rating rules restrict releases and access; Korea also requires disclosure of the odds for chance-based items, and Taiwan requires games to be registered before launch.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Gravity’s results hinge on demand for Ragnarok and its development and licensing relationships with X.D. Network, Nuverse and GungHo Online Entertainment, its majority shareholder and Japanese licensee.
Sohu’s Changyou competes for the online-game players Gravity needs for its Ragnarok franchise, operating role-playing games on both PC and mobile.
CTW competes with Gravity’s Ragnarok games for paying players through character-driven, free-to-play games on mobile and PC. Its G123.jp platform lets players buy virtual items and character upgrades, making those purchases the spending to watch against Gravity’s own in-game sales.
Roblox competes with Gravity for spending on virtual items and enhancements in social games, and Gravity explicitly names it as a mobile-game rival. Roblox users buy Robux to spend on avatar items and features within creator-built experiences; those purchases are the relevant competition for Ragnarok’s paid items and premium services.
GRAVITY Co., Ltd. earningsThis company
GRAVITY's report will show whether player spending in Ragnarok mobile games is sustaining revenue without platform fees and third-party royalties taking a larger share.
Read mobile-game revenue alongside gross margin—the share of revenue left after cost of revenue. If mobile revenue holds and gross margin is steady or improves, player spending is covering platform fees and third-party costs; if revenue falls or the margin narrows, those costs are taking a larger bite. The conclusion is whether GRAVITY's mobile games can sustain revenue without giving up more of each won to distribution and royalties.
Sohu.com Limited earningsSOHU
Sohu's report will show whether Changyou's role-playing games are still drawing spending from PC and mobile players who could also play GRAVITY's games.
Look at the game revenue Sohu reports for Changyou. Stronger revenue would show that Changyou is still drawing spending from PC and mobile players GRAVITY's online games also seek, so the competitive pressure remains; weaker revenue would mean less evidence of that rival pull, not proof that GRAVITY is retaining or winning those players. The conclusion is about the competitive pressure Changyou's game business puts on GRAVITY's online games.
CTW earningsCTW
CTW's report will show whether its free-to-play games are still drawing purchases of virtual items and character upgrades from paying players who could spend in GRAVITY's Ragnarok games.
Read CTW's game revenue alongside what it says about purchases of virtual items and character upgrades. Stronger paid activity would show CTW continuing to attract players who spend on this kind of game, putting more direct pressure on purchases in GRAVITY's Ragnarok games; weaker activity would ease that pressure but would not show that players have switched to GRAVITY. The conclusion is how strongly CTW is competing for GRAVITY's paying players.
