Announcement • Jun 04
Gravity Game Vision Officially Launches Ragnarok: Twilight Global Idle Mmorpg Mobile Game in Europe and North, Central and South America GRAVITY Game Vision, Ltd., Gravity’s wholly-owned subsidiary, has officially launched Ragnarok: Twilight Global, an idle MMORPG Mobile game, in Europe and North, Central and South America on June 4, 2026. Ragnarok: Twilight Global inherits the classic sentiment of its own Ragnarok IP title while standing out from other games with unique content and systems that had never been attempted before. Ragnarok: Twilight Global has demonstrated both its gameplay and excitement by achieving consecutive success in previously launched regions including China, Taiwan, Hong Kong, Macau, and Southeast Asia. As key achievements, Ragnarok: Twilight ranked first in free download on Google Play and second in top-grossing on Apple App Store in Taiwan. It also ranked first in four regions in Southeast Asia, and second in Singapore in free download on Google Play. On Apple App Store, it ranked second in Thailand, and third in Malaysia and the Philippines in free download, while ranking second in Thailand and fourth in Malaysia in top-grossing. Reported Earnings • May 16
First quarter 2026 earnings released: NT$0.15 loss per share (vs NT$0.23 loss in 1Q 2025) First quarter 2026 results: NT$0.15 loss per share (improved from NT$0.23 loss in 1Q 2025). Revenue: NT$7.95m (up NT$7.93m from 1Q 2025). Net loss: NT$4.91m (loss narrowed 36% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. New Risk • Mar 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -NT$35m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-NT$35m free cash flow). Revenue is less than US$1m (NT$15m revenue, or US$475k). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (NT$652.5m market cap, or US$20.4m). 
