UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2025

Commission File Number 000-51138

GRAVITY CO., LTD.

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(Translation of registrant’s name into English)

14F, 396 World Cup buk-ro, Mapo-gu, Seoul 121-795, Korea

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(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F þ Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

GRAVITY REPORTS THIRD QUARTER OF 2025 RESULTS AND BUSINESS UPDATES

Seoul, South Korea – November 7, 2025 – 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 third quarter ended September 30, 2025, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates.

THIRD QUARTER 2025 HIGHLIGHTS

•Total revenues were KRW 138,894 million (US$ 98,883 thousand), representing an 18.7% decrease from the second quarter ended June 30, 2025 (“QoQ”) and an 8.2% increase from the third quarter ended September 30, 2024 (“YoY”).

•Operating profit was KRW 21,276 million (US$ 15,147 thousand), representing an 8.2% increase QoQ and a 22.8% decrease YoY.

•Profit before income tax expense was KRW 27,207 million (US$ 19,369 thousand), representing a 45.4% increase QoQ and a 4.3% decrease YoY.

•Net profit attributable to parent company was KRW 19,869 million (US$ 14,145 thousand), representing a 50.0% increase QoQ and an 11.2% decrease YoY.

REVIEW OF THIRD QUARTER 2025 FINANCIAL RESULTS

Revenues

Online game revenues for the third quarter of 2025 were KRW 25,968 million (US$ 18,487 thousand), representing an 18.2% increase QoQ from KRW 21,971 million and a 32.1% increase YoY from KRW 19,657 million. The increase QoQ was mainly attributable to initial revenue from Ragnarok Zero launched in Taiwan, Hong Kong and Macau on July 3, 2025.

The increase YoY was mainly due to initial revenues from Ragnarok Online America Latina launched in Latin America on May 28, 2025 and Ragnarok Zero launched in Taiwan, Hong Kong and Macau on July 3, 2025.

Mobile game revenues were KRW 109,571 million (US$ 78,007 thousand) for the third quarter of 2025, representing a 23.9% decrease QoQ from KRW 144,003 million and a 6.9% increase YoY from KRW 102,524 million. The decrease QoQ was mainly attributable to decreased revenues from Ragnarok M: Classic launched in Southeast Asia and Taiwan, Hong Kong and Macau. Such decrease was partially offset by initial revenue from Ragnarok: Twilight launched in Taiwan, Hong Kong and Macau on July 3, 2025, increased revenue from Ragnarok X: Next Generation launched in North, Central and South America, Oceania, England, Portugal, Spain and Ireland and initial revenues from Ragnarok M: Classic Global launched in North and South America, Europe, Middle East, certain regions of North Africa and Oceania on September 3, 2025. The increase YoY was mainly due to initial revenues from Ragnarok M: Classic launched in Taiwan, Hong Kong and Macau on April 16, 2025 and Southeast Asia on February 14, 2025, Ragnarok: Twilight launched in Taiwan, Hong Kong and Macau on July 3, 2025 and Ragnarok X: Next Generation launched in North, Central and South America, Oceania, England, Portugal, Spain and Ireland on May 8, 2025. This increase was partially offset by decreased revenues from Ragnarok Origin in North, Central and South America, Southeast Asia and Taiwan, Hong Kong and Macau and THE RAGNAROK in Taiwan, Hong Kong and Macau.

Other revenues were KRW 3,355 million (US$ 2,389 thousand) for the third quarter of 2025, representing a 29.6% decrease QoQ from KRW 4,766 million and a 45.8% decrease YoY from KRW 6,195 million.

Cost of Revenue

Cost of revenue was KRW 88,542 million (US$ 63,036 thousand) for the third quarter of 2025, representing a 22.3% decrease QoQ from KRW 114,006 million and a 16.1% increase YoY from KRW 76,261 million. The decrease QoQ was mainly due to decreased commission paid for mobile game services related to Ragnarok M: Classic launched in Southeast Asia and Taiwan, Hong Kong and Macau. The increase YoY was primarily due to increased commission paid for mobile game services related to Ragnarok M: Classic in Taiwan, Hong Kong and Macau and Southeast Asia, Ragnarok: Twilight in Taiwan, Hong Kong and Macau and Ragnarok X: Next Generation in North, Central and South America, Oceania, England, Portugal, Spain and Ireland.

Operating Expenses

Operating expenses were KRW 29,076 million (US$ 20,700 thousand) for the third quarter of 2025, representing a 21.6% decrease QoQ from KRW 37,064 million and an 18.5% increase YoY from KRW 24,539 million. The decrease QoQ was mainly due to decreased advertising expenses for Ragnarok Online America Latina in Latin America, Ragnarok: Back to Glory in Korea and Nobunaga's Ambition: The Road to the World in Japan and research and development expenses. The increase YoY was mainly due to increased advertising expenses for Ragnarok Idle Adventure Plus in Korea and Global and Nobunaga's Ambition: The Road to the World in Japan, salaries and commission paid.

Profit Before Income Tax Expense

Profit before income tax expense was KRW 27,207 million (US$ 19,369 thousand) for the third quarter of 2025 compared with profit before income tax expense of KRW 18,706 million for the second quarter of 2025 and profit before income tax expense of KRW 28,415 million for the third quarter of 2024.

Net Profit

As a result of the foregoing factors, Gravity recorded a net profit attributable to parent company of KRW 19,869 million (US$ 14,145 thousand) for the third quarter of 2025 compared with net profit attributable to parent company of KRW 13,245 million for the second quarter of 2025 and a net profit attributable to parent company of KRW 22,385 million for the third quarter of 2024.

Liquidity

The balance of cash and cash equivalents and short-term financial instruments was KRW 609,927 million (US$ 434,226 thousand) as of September 30, 2025.

Note: For convenience purposes only, the KRW amounts have been expressed in U.S. dollars at the exchange rate of KRW 1,404.63 to US$ 1.00, the noon buying rate in effect on September 30, 2025 as quoted by the Federal Reserve Bank of New York.

GRAVITY BUSINESS UPDATES

Ragnarok Online IP-based Games

•Ragnarok Idle Adventure Plus, a Vertical Idle MMORPG Mobile game

Ragnarok Idle Adventure Plus officially received an ISBN from Chinese government on September 24, 2025 and was officially launched in Korea on August 28, 2025.

•Ragnarok 3, an MMORPG Mobile and PC game

Ragnarok 3 officially received an ISBN from Chinese government on October 21, 2025 and will be launched in Global within 2026.

•Ragnarok Libre, a Time Effective MMORPG Line game

Ragnarok Libre was officially launched in Global (except Korea, China and Japan) on August 11, 2025.

•Ragnarok: Twilight, an Idle MMOARPG Mobile game

Ragnarok: Twilight was officially launched in China on August 15, 2025 and Southeast Asia (except Vietnam) on October 23, 2025.

•Ragnarok M: Classic Global, an MMORPG Mobile and PC game

Ragnarok M: Classic Global was officially launched in North and South America, Europe, Middle East, certain regions of North Africa and Oceania on September 3, 2025.

•Ragnarok: The Promised Adventure (Tentative English Title), an Adventure MMORPG Mobile and WeChat game

Ragnarok: The Promised Adventure (Tentative English Title) was officially launched in China on September 25, 2025.

•THE RAGNAROK, an MMORPG Mobile and PC game

THE RAGNAROK was officially launched on WeChat (H5) Mini Programs in China on September 20, 2025.

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

Ragnarok X: Next Generation will be launched in Europe (except England, Portugal, Spain and Ireland), Middle East and North Africa in the first half of 2026.

•Ragnarok: The New World, an MMORPG Mobile and PC game

Ragnarok: The New World will be launched in Taiwan, Hong Kong and Macau in the first quarter of 2026.

•Ragnarok Abyss, an MMOARPG Mobile and PC game

Ragnarok Abyss is underway for its launch in Southeast Asia in the first half of 2026.

•Ragnarok: Back to Glory, an MMORPG Mobile game

Ragnarok: Back to Glory is scheduled to be launched in China in the fourth quarter of 2025.

•Ragnarok Endless Trails (Tentative English Title), a Battle Royal Mobile game

Ragnarok Endless Trails (Tentative English Title) is planned to be launched in Southeast Asia in the first quarter of 2026.

Ragnarok Online IP-based Blockchain Game

•Ragnarok Landverse Genesis America, an MMORPG Blockchain and PC game

Ragnarok Landverse Genesis America is scheduled to be launched in North and South America on December 11, 2025.

Other IP-based Games

•Schop Hero, a New Fresh Whole Digging Puzzle RPG Mobile game

Schop Hero was officially launched in Japan on September 17, 2025.

•Chess Rumble, a Collectible Tactical RPG Mobile game

Chess Rumble was officially launched in Global (except Korea and Japan) on October 15, 2025.

•THE GOOD OLD DAYS, a Metroidvania Adventure Console and PC game

THE GOOD OLD DAYS was officially launched in Global on October 23, 2025.

•Meow Star Acres 2, a Farm Simulation Mobile game

Meow Star Acres 2 was soft-launched in Canada, Australia, Philippines and Malaysia on October 28, 2025.

•Aeruta, an Action RPG PC game

Aeruta was officially launched on Steam in Global on November 6, 2025.

•Hashire HEBEREKE: EX, a Racing and Remake Console and PC game

Hashire HEBEREKE: EX is underway for its launch in Global in the first half of 2026.

•the Game of LIFE for Nintendo Switch, a Board and Party Console game

the Game of LIFE for Nintendo Switch will be launched in Asia (except Japan) on December 18, 2025.

Expansion of Other IP-business

Gravity Co., Ltd. has signed a publishing agreement of the Game of LIFE for Nintendo Switch, a Board and Party Console game based on the Game of LIFE's IP, in Asia (except Japan) with TOMY COMPANY, LTD.

Investor Presentation

Gravity issued an investor presentation. The presentation contains the Company’s recent business updates, results of the third quarter in 2025 and Gravity’s business plan. The presentation can be found on the Company’s website under the IR Archives section at https://www.gravity.co.kr/en/ir/updates. Korean and Japanese versions of the presentation are also provided on the website.

About GRAVITY Co., Ltd. ---------------------------------------------------

Gravity is a developer and publisher of online and mobile games. Gravity's principal product, Ragnarok Online, is a popular online game in many markets, including Japan and Taiwan, and is currently commercially offered in 91 regions. For more information about Gravity, please visit http://www.gravity.co.kr.

Forward-Looking Statements:

Certain statements in this press release may include, in addition to historical information, “forward-looking statements” within the meaning of the “safe-harbor” provisions of the U.S. Private Securities Litigation Reform Act 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe”, “project,” or “continue” or the negative thereof or other similar words, although not all forward-looking statements contain these words. Investors should consider the information contained in our submissions and filings with the United States Securities and Exchange Commission (the “SEC”), including our annual report for the fiscal year ended December 31, 2024 on Form 20-F, together with such other documents that we may submit to or file with the SEC from time to time, on Form 6-K. The forward-looking statements speak only as of this press release and we assume no duty to update them to reflect new, changing or unanticipated events or circumstances.

Contact:

Mr. Heung Gon Kim
Chief Financial Officer
Gravity Co., Ltd.
Email: kheung@gravity.co.kr

Ms. Jin Lee

Ms. Yujin Oh
IR Unit
Gravity Co., Ltd.
Email: ir@gravity.co.kr
Telephone: +82-2-2132-7800

GRAVITY Co., Ltd.

Consolidated Statements of Financial Position

(In millions of KRW and thousands of US$)


	As of
	31-Dec-24				30-Sep-25
	KRW		US$		KRW		US$
	(audited)		(unaudited)		(unaudited)		(unaudited)
Assets
Current assets:
Cash and cash equivalents		228,898		162,960		197,348		140,498
Short-term financial instruments		324,304		230,882		412,579		293,728
Accounts receivable, net		81,152		57,775		59,984		42,704
Other receivables, net		1,572		1,119		2,738		1,949
Prepaid expenses		8,115		5,777		15,734		11,202
Other current financial assets		6,602		4,700		4,158		2,960
Other current assets		2,967		2,112		4,777		3,401
Total current assets		653,610		465,325		697,318		496,442
Property and equipment, net		9,957		7,089		10,671		7,597
Intangible assets, net		7,057		5,024		8,062		5,740
Deferred tax assets		5,617		3,999		6,461		4,600
Other non-current financial assets		1,767		1,258		1,795		1,278
Other non-current assets		8,451		6,017		6,544		4,659
Total assets		686,459		488,712		730,851		520,316
Liabilities and Equity
Current liabilities:
Accounts payable		67,930		48,361		68,986		49,113
Deferred revenue		26,761		19,052		19,695		14,021
Withholdings		1,588		1,131		1,408		1,002
Accrued expense		2,651		1,887		2,511		1,788
Income tax payable		6,507		4,633		5,184		3,691
Other current liabilities		3,212		2,287		3,655		2,602
Total current liabilities		108,649		77,351		101,439		72,217
Long-term account payables		220		157		623		444
Long-term deferred revenue		2,572		1,831		506		360
Other non-current liabilities		5,361		3,817		5,388		3,837
Deferred tax liabilities		1,294		921		1,295		922
Total liabilities		118,096		84,077		109,251		77,780
Share capital		3,474		2,473		3,474		2,473
Capital surplus		26,979		19,207		26,979		19,207
Other components of equity		23,801		16,945		21,948		15,625
Retained earnings		513,418		365,518		568,570		404,783
Equity attributable to owners of the Parent Company		567,672		404,143		620,971		442,088
Non-controlling interest		691		492		629		448
Total equity		568,363		404,635		621,600		442,536
Total liabilities and equity		686,459		488,712		730,851		520,316

* For convenience purposes only, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,404.63 to US$ 1.00, the noon buying rate in effect on September 30, 2025 as quoted by the Federal Reserve Bank of New York.

GRAVITY Co., Ltd.

Consolidated Statements of Comprehensive Income

(In millions of KRW and thousands of US$ except for share and ADS data)


	Three months ended								Nine months ended
	30-Jun-25		30-Sep-24		30-Sep-25				30-Sep-24		30-Sep-25
	(KRW)		(KRW)		(KRW)		(US$)		(KRW)		(KRW)		(US$)
	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Revenues:
Online games		21,971		19,657		25,968		18,487		57,167		66,745		47,518
Mobile games		144,003		102,524		109,571		78,007		300,090		369,060		262,745
Other revenue		4,766		6,195		3,355		2,389		13,865		11,293		8,041
Total net revenue		170,740		128,376		138,894		98,883		371,122		447,098		318,304
Cost of revenue		114,006		76,261		88,542		63,036		225,895		290,006		206,464
Gross profit		56,734		52,115		50,352		35,847		145,227		157,092		111,840
Operating expenses:
Selling, general and administrative expenses		33,509		20,325		26,675		18,991		64,181		82,043		58,409
Research and development		3,291		3,706		2,149		1,530		11,594		8,871		6,316
Others, net		264		508		252		179		18		502		357
Total operating expenses		37,064		24,539		29,076		20,700		75,793		91,416		65,082
Operating profit		19,670		27,576		21,276		15,147		69,434		65,676		46,758
Finance income(costs):
Finance income		2,651		5,924		3,283		2,337		21,088		16,651		11,854
Finance costs		(3,615)		(5,085)		2,648		1,885		(9,552)		(7,964)		(5,670)
Profit before income tax		18,706		28,415		27,207		19,369		80,970		74,363		52,942
Income tax expense		5,486		6,080		7,362		5,241		19,172		19,220		13,683
Profit for the year		13,220		22,335		19,845		14,128		61,798		55,143		39,259
Profit attributable to:
Non-controlling interest		(25)		(50)		(24)		(17)		(21)		(9)		(6)
Owners of Parent company		13,245		22,385		19,869		14,145		61,819		55,152		39,265
Earnings per share
- Basic and diluted		1,906		3,221		2,859		2.04		8,896		7,937		5.65
Weighted average number of shares outstanding
- Basic and diluted		6,948,900		6,948,900		6,948,900		6,948,900		6,948,900		6,948,900		6,948,900
Earnings per ADS
- Basic and diluted		1,906		3,221		2,859		2.04		8,896		7,937		5.65

* For convenience, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,404.63 to US$1.00, the noon buying rate in effect on September 30, 2025 as quoted by the Federal Reserve Bank of New York.

(1) Each ADS represents one common share.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



			GRAVITY CO., LTD.

			By:			/s/ Heung Gon Kim
			Name:			Heung Gon Kim
			Title:			Chief Financial Officer

Date: November 7, 2025

GRAVITY Co., Ltd. 6-K