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2025-03-11 15:36 grvy - 6k_20211112.htm GRAVITY REPORTS THIRD QUARTER OF 2021 RESULTS AND BUSINESS UPDATES - Seoul , South Korea November 12 , 2021 GRAVITY Co. , Ltd. ( Nasdaq GM : 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 third quarter ended September 30 , 2021 , prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates . SECOND QUARTER 2021 HIGHLIGHTS • • • Total revenues were KRW 128,670 million ( US $ 108,702 thousand ) , representing a 53.9 % increase from the second quarter ended June 30 , 2021 ( “ QoQ ” ) and a 2.4 % decrease from the third quarter ended September 30 , 2020 ( " YoY " ) . Operating profit was KRW 40,242 million ( US $ 33,997 thousand ) , representing a 110.1 % increase QoQ and a 17.1 % increase YoY . Profit before income tax expenses was KRW 41,435 million ( US $ 35,005 thousand ) , representing a 113.7 % increase QoQ and a 23.0 % increase YoY . Net profit attributable to parent company was KRW 26,351 million ( US $ 22,262 thousand ) , representing a 78.5 % increase QoQ and a 4.2 % increase YoY . REVIEW OF THIRD QUARTER 2021 FINANCIAL RESULTS Revenues Online game revenues for the third quarter of 2021 were KRW 18,295 million ( US $ 15,456 thousand ) , representing a 18.3 % decrease QoQ from KRW 22,380 million and a 42.5 % decrease YoY from KRW 31,833 million . The decrease QoQ was mainly attributable to decreased revenues from Ragnarok Online in Thailand and Japan . Such decrease was partially offset by increased revenues from Ragnarok Online in Taiwan . The decrease YoY was largely due to decreased revenues from Ragnarok Online in Thailand . Mobile game revenues were KRW 106,218 million ( US $ 89,734 thousand ) for the third quarter of 2021 , representing a 92.6 % increase QoQ from KRW 55,140 million and a 11.2 % increase YoY from KRW 95,531 million . The increase QoQ resulted primarily from increased revenues from Ragnarok X : Next Generation in Southeast Asia that was launched on June 18 , 2021 and Ragnarok Origin in Japan that was launched on June 28 , 2021. Such increase was partially offset by decreased revenues from Ragnarok Origin in Korea , Ragnarok X : Next Generation in Taiwan , Hong Kong and Macau and Ragnarok M : Eternal Love in Southeast Asia . The increase YoY was primarily due to revenues from Ragnarok X : Next Generation in Southeast Asia , Taiwan , Hong Kong and Macau , and Ragnarok Origin in Japan . This increase was partially offset by decreased revenues from Ragnarok Origin in Korea and Ragnarok M : Eternal Love . https://www.sec.gov/Archives/edgar/data/1313310/000156459021056370/grvy-6k_20211112.htm 2/9