GRAVITY REPORTS PRELIMINARY UNAUDITED 4Q 2023 RESULTS AND BUSINESS UPDATES

Seoul, Feb. 14, 2024 (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, 2023, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates.

PRELIMINARY UNAUDITED FOURTH QUARTER 2023 FINANCIAL RESULTS

Tentative consolidated revenue for the fourth quarter of 2023 is KRW 146 billion, and tentative consolidated operating profit is KRW 26 billion.

The preliminary fourth quarter of 2023 result is mainly attributed by decreased revenues from Ragnarok Origin in Southeast Asia. Tentative consolidated revenue for the fourth quarter of 2023 represented a 17.1% decrease in QoQ and a 17.1% decrease in YoY.

Unaudited preliminary consolidated revenue for 2023 is KRW 726 billion, and the operating profit is KRW 160 billion.

The preliminary 2023 figures are unaudited and subject to revision. Final result for the fourth quarter and year ended December 31, 2023 will be provided by our annual report for the fiscal year ended December 31, 2023 on Form 20-F.

Liquidity

The balance of cash and cash equivalents and short-term financial instruments was KRW 461,313 million as of December 31, 2023.

Ragnarok Online IP-based Games

• Ragnarok X: Next Generation, an MMORPG mobile and PC game

Ragnarok X: Next Generation officially received a ISBN code from Chinese government on December 22, 2023, and is  preparing to be launched in China. The publisher of the game is Beihai Leyou Technology Co. Ltd, an affiliate of ZLONGAME.

• Ragnarok Origin, an MMORPG mobile and PC game

Ragnarok Origin will launch in China in the first half of 2024. Also, the global integrated version of this game will launch in North, Central, South America in the first quarter of  2024.

• Ragnarok Idle Adventure, an Idle RPG mobile game

Ragnarok Idle Adventure launched in Thailand on January 18, 2024. The game ranked the first in top grossing of Apple App Store and the sixth in top grossing of Google Play after its launching. Also, it is preparing to be launched in Taiwan, Hong Kong and Macau in the first half of 2024.

• Ragnarok Begins, an Action Side-scrolling MMORPG mobile and PC game

Ragnarok Begins launched in South Korea on December 7, 2023.

• Ragnarok V: Returns, a 3D MMORPG mobile and PC game

Ragnarok V: Returns will open its second CBT in South Korea and the first CBT in Southeast Asia in the first quarter of 2024.