6-K

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 August 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 SECOND QUARTER OF 2025 RESULTS AND BUSINESS UPDATES

Seoul, South Korea – August 8, 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 second quarter ended June 30, 2025, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates.

SECOND QUARTER 2025 HIGHLIGHTS

•Total revenues were KRW 170,740 million (US$ 126,147 thousand), representing a 24.2% increase from the first quarter ended March 31, 2025 (“QoQ”) and a 38.9% increase from the second quarter ended June 30, 2024 (“YoY”).

•Operating profit was KRW 19,670 million (US$ 14,533 thousand), representing a 20.5% decrease QoQ and a 31.2% increase YoY.

•Profit before income tax expense was KRW 18,706 million (US$ 13,821 thousand), representing a 34.2% decrease QoQ and a 6.7% decrease YoY.

•Net profit attributable to parent company was KRW 13,245 million (US$ 9,786 thousand), representing a 39.9% decrease QoQ and a 5.4% increase YoY.

REVIEW OF SECOND QUARTER 2025 FINANCIAL RESULTS

Revenues

Online game revenues for the second quarter of 2025 were KRW 21,971 million (US$ 16,233 thousand), representing a 16.8% increase QoQ from KRW 18,806 million and a 13.0% increase YoY from KRW 19,445 million. The increase QoQ was mainly attributable to initial revenue from Ragnarok Online America Latina launched in Latin America on May 28, 2025. The increase YoY was also mainly due to initial revenue from Ragnarok Online America Latina launched in Latin America on May 28, 2025.

Mobile game revenues were KRW 144,003 million (US$ 106,393 thousand) for the second quarter of 2025, representing a 24.7% increase QoQ from KRW 115,486 million and a 45.4% increase YoY from KRW 99,019 million. The increase QoQ was resulted by initial revenues from Ragnarok M: Classic launched in Taiwan, Hong Kong and Macau on April 16, 2025 and Ragnarok X: Next Generation launched in North, Central and South America, Oceania, England, Portugal, Spain and Ireland on May 8, 2025. Such increase was partially offset by decreased revenues from Ragnarok: Rebirth in Taiwan, Hong Kong and Macau, Ragnarok Origin in Southeast Asia, Taiwan, Hong Kong and Macau and THE RAGNAROK in Southeast Asia. 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, increased revenue from Ragnarok Idle Adventure Plus launched in Global except Taiwan, Hong Kong, Macau, China, Korea and Japan on February 20, 2025 and initial revenue from 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 and Southeast Asia.

Other revenues were KRW 4,766 million (US$ 3,521 thousand) for the second quarter of 2025, representing a 50.3% increase QoQ from KRW 3,172 million and a 5.8% increase YoY from KRW 4,503 million.

Cost of Revenue

Cost of revenue was KRW 114,006 million (US$ 84,231 thousand) for the second quarter of 2025, representing a 30.4% increase QoQ from KRW 87,458 million and a 50.0% increase YoY from KRW 76,006 million. The increase QoQ was mainly due to commission paid for mobile game services related to Ragnarok M: Classic in Taiwan, Hong Kong and Macau and

Ragnarok X: Next Generation in North, Central and South America, Oceania, England, Portugal, Spain and Ireland. The increase YoY was primarily due to increased commission paid for mobile game services related to Ragnarok M: Classic in Southeast Asia, Taiwan, Hong Kong and Macau, Ragnarok Idle Adventure Plus in Global except Taiwan, Hong Kong, Macau, China, Korea and Japan and Ragnarok X: Next Generation in North, Central and South America, Oceania, England, Portugal, Spain and Ireland.

Operating Expenses

Operating expenses were KRW 37,064 million (US$ 27,383 thousand) for the second quarter of 2025, representing a 46.6% increase QoQ from KRW 25,276 million and a 15.9% increase YoY from KRW 31,972 million. The increase QoQ was mainly due to increased advertising expenses for Ragnarok Online America Latina in Latin America, Nobunaga's Ambition: The Road to the World (Tentative English Title) in Japan, Ragnarok Idle Adventure Plus in Taiwan, Hong Kong and Macau and Ragnarok: Back to Glory in Korea. The increase YoY was also mainly due to increased advertising expenses for Ragnarok Online America Latina in Latin America, Ragnarok Idle Adventure Plus in Global, Taiwan, Hong Kong and Macau, Nobunaga's Ambition: The Road to the World (Tentative English Title) in Japan and Ragnarok: Back to Glory in Korea.

Profit Before Income Tax Expense

Profit before income tax expense was KRW 18,706 million (US$ 13,821 thousand) for the second quarter of 2025 compared with profit before income tax expense of KRW 28,450 million for the first quarter of 2025 and profit before income tax expense

of KRW 20,057 million for the second quarter of 2024.

Net Profit

As a result of the foregoing factors, Gravity recorded a net profit attributable to parent company of KRW 13,245 million (US$ 9,786 thousand) for the second quarter of 2025 compared with net profit attributable to parent company of KRW 22,038 million for the first quarter of 2025 and a net profit attributable to parent company of KRW 12,569 million for the second quarter of 2024.

Liquidity

The balance of cash and cash equivalents and short-term financial instruments was KRW 576,840 million (US$ 426,184 thousand) as of June 30, 2025.

Note: For convenience purposes only, the KRW amounts have been expressed in U.S. dollars at the exchange rate of KRW 1,353.50 to US$ 1.00, the noon buying rate in effect on June 30, 2025 as quoted by the Federal Reserve Bank of New York.

GRAVITY BUSINESS UPDATES

Ragnarok Online IP-based Games

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

Ragnarok: The Promised Adventure (Tentative English Title, Chinese title: 仙境传说之约定好的冒险) officially received an ISBN from Chinese government on May 21, 2025, and will be launched in China on October 1, 2025.

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

Ragnarok X: Next Generation was officially launched in North, Central and South America, Oceania, England, Portugal, Spain and Ireland on May 8, 2025 and will be launched in Europe (except England, Portugal, Spain and Ireland), Middle East, Africa and South Asia in October 2025.

•Ragnarok Online America Latina, an MMORPG PC game

Ragnarok Online America Latina was officially launched in Latin America on May 28, 2025.

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

Ragnarok Idle Adventure Plus was officially launched in Taiwan, Hong Kong and Macau on May 21, 2025 and will be launched in Korea on August 28, 2025.

•Poring Rush, an Idle RPG Mobile game

Poring Rush was officially launched in Korea on June 12, 2025.

•Ragnarok Zero, an MMORPG PC game

Ragnarok Zero was officially launched in Taiwan, Hong Kong and Macau on July 3, 2025.

•Ragnarok: Twilight, an Idle MMOARPG Mobile game

Ragnarok: Twilight was officially launched in Taiwan, Hong Kong and Macau on July 3, 2025. It will be launched in China on August 15, 2025 and is underway for its launch in Southeast Asia in the second half of 2025.

•Ragnarok Crush, a Strategy Action Puzzle RPG Mobile game

Ragnarok Crush was officially launched in Global except China and Japan on July 17, 2025.

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

Ragnarok V: Returns was officially launched in Global on August 7, 2025.

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

Ragnarok M: Classic will be launched in North and South America, Europe, Middle East and Africa on September 3, 2025.

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

Ragnarok: The New World is planned to be launched in Taiwan, Hong Kong and Macau in the fourth quarter of 2025.

•PROJECT ABYSS, an MMOARPG Mobile and PC game

PROJECT ABYSS is underway for its launch in Southeast Asia in the fourth quarter of 2025.

•Ragnarok Libre, a Time Effective MMORPG Line game

Ragnarok Libre will be launched in Global except Korea, China and Japan on August 11, 2025.

•I'm the Hero of This Ragnarok! (Tentative English Title), an SLG Simulation Mobile game

I'm the Hero of This Ragnarok! (Tentative English Title) is scheduled to be launched in Korea in September 2025.

Ragnarok Online IP-based Blockchain Game

•Ragnarok Landverse, an MMORPG Blockchain and PC game

Ragnarok Landverse will be launched in North and South America in the fourth quarter of 2025.

Other IP-based games

•Gunbound, an MMO Turn-based Artillery PC game

Gunbound was officially launched in Southeast Asia and Latin America on June 10, 2025.

•Nobunaga's Ambition: The Road to the World (Tentative English Title), an MMO History Strategy Simulation Mobile game

Nobunaga's Ambition: The Road to the World (Tentative English Title) was officially launched in Japan on June 18, 2025.

•Dragonica Origin, an MMORPG PC game

Dragonica Origin was officially launched in Southeast Asia on July 16, 2025.

•Meow Star Acres 2, a Farm Simulation Mobile game

Meow Star Acres 2 will be launched in Global in the fourth quarter of 2025.

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

Schop Hero will be launched in Japan in the third quarter of 2025, 2025.

•Chess Rumble, a Collectible Tactical RPG Mobile game

Chess Rumble is planned to be launched in Global except Korea and Japan in the third quarter of 2025.

Investor Presentation

Gravity issued an investor presentation. The presentation contains the Company’s recent business updates, results of the second 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 markets. 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: [email protected]

Ms. Jin Lee

Ms. Yujin Oh IR Unit Gravity Co., Ltd. Email: [email protected] 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-Jun-25
	KRW		US	KRW		US
	(audited)		(unaudited)	(unaudited)		(unaudited)
Assets
Current assets:
Cash and cash equivalents		228,898			215,441
Short-term financial instruments		324,304			361,399
Accounts receivable, net		81,152			81,368
Other receivables, net		1,572			1,948
Prepaid expenses		8,115			17,768
Other current financial assets		6,602			4,759
Other current assets		2,967			3,975
Total current assets		653,610			686,658
Property and equipment, net		9,957			10,703
Intangible assets, net		7,057			8,941
Deferred tax assets		5,617			6,498
Other non-current financial assets		1,767			1,686
Other non-current assets		8,451			7,966
Total assets		686,459			722,452
Liabilities and Equity
Current liabilities:
Accounts payable		67,930			82,024
Deferred revenue		26,761			20,868
Withholdings		1,588			1,599
Accrued expense		2,651			2,181
Income tax payable		6,507			7,667
Other current liabilities		3,212			3,653
Total current liabilities		108,649			117,992
Long-term account payables		220			623
Long-term deferred revenue		2,572			880
Other non-current liabilities		5,361			5,262
Deferred tax liabilities		1,294			1,290
Total liabilities		118,096			126,047
Share capital		3,474			3,474
Capital surplus		26,979			26,979
Other components of equity		23,801			16,601
Retained earnings		513,418			548,701
Equity attributable to owners of the Parent Company		567,672			595,755
Non-controlling interest		691			650
Total equity		568,363			596,405
Total liabilities and equity		686,459			722,452

All values are in US Dollars.

* For convenience purposes only, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,353.50 to US$ 1.00, the noon buying rate in effect on June 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							Six months ended
	31-Mar-25		30-Jun-24		30-Jun-25			30-Jun-24		30-Jun-25
	(KRW)		(KRW)		(KRW)		(US)	(KRW)		(KRW)		(US)
	(unaudited)		(unaudited)		(unaudited)		(unaudited)	(unaudited)		(unaudited)		(unaudited)
Revenues:
Online games		18,806		19,445		21,971			37,510		40,777
Mobile games		115,486		99,019		144,003			197,567		259,489
Other revenue		3,172		4,503		4,766			7,669		7,938
Total net revenue		137,464		122,967		170,740			242,746		308,204
Cost of revenue		87,458		76,006		114,006			149,634		201,464
Gross profit		50,006		46,961		56,734			93,112		106,740
Operating expenses:
Selling, general and administrative expenses		21,859		28,108		33,509			43,855		55,368
Research and development		3,431		4,286		3,291			7,887		6,722
Others, net		(14)		(422)		264			(488)		250
Total operating expenses		25,276		31,972		37,064			51,254		62,340
Operating profit		24,730		14,989		19,670			41,858		44,400
Finance income(costs):
Finance income		10,717		8,867		2,651			15,164		13,368
Finance costs		(6,997)		(3,799)		(3,615)			(4,467)		(10,612)
Profit before income tax		28,450		20,057		18,706			52,555		47,156
Income tax expense		6,372		7,476		5,486			13,091		11,858
Profit for the year		22,078		12,581		13,220			39,464		35,298
Profit attributable to:
Non-controlling interest		40		12		(25)			29		15
Owners of Parent company		22,038		12,569		13,245			39,435		35,283
Earnings per share
- Basic and diluted		3,171		1,809		1,906			5,675		5,077
Weighted average number of shares outstanding
- Basic and diluted		6,948,900		6,948,900		6,948,900			6,948,900		6,948,900
Earnings per ADS
- Basic and diluted		3,171		1,809		1,906			5,675		5,077

All values are in US Dollars.

* For convenience, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,353.50 to US$1.00, the noon buying rate in effect on June 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: August 8, 2025