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). Announcement • Mar 27
Gravity Game Vision Ltd Launches Ragnarok Origin Classic in Korea, Taiwan, Hong Kong, Macau and Southeast Asia GRAVITY Game Vision, Ltd., Gravity’s wholly-owned subsidiary, has officially launched Ragnarok Origin Classic (Chinese Title: RO ????:????Classic), an MMORPG Mobile and PC game, in Korea, Taiwan, Hong Kong, Macau and Southeast Asia on March 26, 2026. Ragnarok Origin Classic was released as a multi-platform for both PC and Mobile. The PC version can be installed by downloading the client from official website or the Mobile version can be downloaded on Google Play and Apple App Store in their respective regions after searching the title name. Ragnarok Origin Classic operates monthly pass system, which promotes a gaming environment where players can enjoy the game through skill and strategy. It has enhanced overall game convenience by preserving classic charm from the original Ragnarok Online universe and job class system while simplifying the growth mechanics to optimize playtime. In the previous CBT, the majority of players reported that they felt the changes in Ragnarok Origin Classic. Reported Earnings • Mar 18
Full year 2025 earnings released: NT$0.65 loss per share (vs NT$1.05 loss in FY 2024) Full year 2025 results: NT$0.65 loss per share (improved from NT$1.05 loss in FY 2024). Revenue: NT$15.2m (up NT$15.1m from FY 2024). Net loss: NT$21.5m (loss narrowed 38% from FY 2024). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Announcement • Mar 17
Gravity Co., Ltd., Annual General Meeting, Jun 25, 2026 Gravity Co., Ltd., Annual General Meeting, Jun 25, 2026. Location: b2 floor no,2 ln.150, sec.5 shen yih rd., sinyi district, taipei city Taiwan Board Change • Feb 25
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.30 loss per share (vs NT$0.37 loss in 2Q 2024) Second quarter 2025 results: NT$0.30 loss per share (improved from NT$0.37 loss in 2Q 2024). Net loss: NT$9.71m (loss narrowed 21% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Board Change • May 15
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 19
Full year 2024 earnings released: NT$1.05 loss per share (vs NT$2.29 loss in FY 2023) Full year 2024 results: NT$1.05 loss per share (improved from NT$2.29 loss in FY 2023). Net loss: NT$34.4m (loss narrowed 55% from FY 2023). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Announcement • Mar 11
Gravitytai Co.,Ltd., Annual General Meeting, Jun 30, 2025 Gravitytai Co.,Ltd., Annual General Meeting, Jun 30, 2025. Location: b2 floor no,2 ln.150, sec.5 shen yih rd., sinyi district, taipei city Taiwan Reported Earnings • Aug 18
Second quarter 2024 earnings released: NT$0.37 loss per share (vs NT$0.91 loss in 2Q 2023) Second quarter 2024 results: NT$0.37 loss per share (improved from NT$0.91 loss in 2Q 2023). Revenue: NT$15.0k (down 100% from 2Q 2023). Net loss: NT$12.3m (loss narrowed 59% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Jun 29
Gravitytai Co.,Ltd. Announces Rebirth Official Launching in Southeast Asia on June 27, 2024 Gravitytai Co.,Ltd. announced that Ragnarok: Rebirth, a mobile 3D MMORPG game, was launched in Southeast Asia on June 27, 2024. The game’s publisher in Southeast Asia is Gravity Game Vision Limited ("GGV"), Gravity's subsidiary in Hong Kong. Ragnarok: Rebirth ranked the first in Thailand and second in Philippines in Free Popular Game Downloads in the Apple App Store on the day before the official launching day. After launching, it ranked the first in Free Popular Game Downloads in Thailand, Philippines, Indonesia and Malaysia in Apple App Store, and also ranked second in Free Popular Game Download in Thailand in Google Play. Ragnarok: Rebirth is the 3D MMORPG game that features the Ragnarok fantasy world with vibrant 3D backgrounds. The game enhances immersion with its adventure game-style presentation and offers a variety of enjoyable features, including multiple levels of content, a highly flexible trading system, equipment development and a pet system. Additionally, players can switch between portrait and landscape modes for convenient gameplay. Users can download the game through Google Play, Apple App Store and Huawei AppGallery. Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.24 loss per share (vs NT$0.74 loss in 1Q 2023) First quarter 2024 results: NT$0.24 loss per share (improved from NT$0.74 loss in 1Q 2023). Net loss: NT$7.96m (loss narrowed 68% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Mar 19
Gravitytai Co.,Ltd., Annual General Meeting, Jun 14, 2024 Gravitytai Co.,Ltd., Annual General Meeting, Jun 14, 2024. Reported Earnings • Mar 16
Full year 2023 earnings released: NT$2.29 loss per share (vs NT$4.63 loss in FY 2022) Full year 2023 results: NT$2.29 loss per share (improved from NT$4.63 loss in FY 2022). Revenue: NT$22.9m (down 75% from FY 2022). Net loss: NT$75.7m (loss narrowed 51% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Board Change • Feb 19
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 13
Second quarter 2023 earnings released: NT$0.91 loss per share (vs NT$1.14 loss in 2Q 2022) Second quarter 2023 results: NT$0.91 loss per share (improved from NT$1.14 loss in 2Q 2022). Revenue: NT$4.04m (down 73% from 2Q 2022). Net loss: NT$30.2m (loss narrowed 22% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 29
Full year 2022 earnings released: NT$4.63 loss per share (vs NT$4.76 loss in FY 2021) Full year 2022 results: NT$4.63 loss per share (improved from NT$4.76 loss in FY 2021). Revenue: NT$90.6m (down 74% from FY 2021). Net loss: NT$155.6m (loss narrowed 2.9% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$1.14 loss per share (vs NT$0.85 loss in 2Q 2021) Second quarter 2022 results: NT$1.14 loss per share (down from NT$0.85 loss in 2Q 2021). Revenue: NT$15.0m (down 82% from 2Q 2021). Net loss: NT$38.5m (loss widened 40% from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
First quarter 2022 earnings released: NT$1.38 loss per share (vs NT$0.27 profit in 1Q 2021) First quarter 2022 results: NT$1.38 loss per share (down from NT$0.27 profit in 1Q 2021). Revenue: NT$43.2m (down 61% from 1Q 2021). Net loss: NT$46.7m (down NT$55.4m from profit in 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Board Change • Apr 29
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 28
Full year 2021 earnings released: NT$4.76 loss per share (vs NT$0.70 profit in FY 2020) Full year 2021 results: NT$4.76 loss per share (down from NT$0.70 profit in FY 2020). Revenue: NT$343.0m (down 57% from FY 2020). Net loss: NT$160.3m (down NT$183.0m from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Reported Earnings • Nov 12
Third quarter 2021 earnings released: NT$1.11 loss per share (vs NT$0.84 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$84.4m (down 64% from 3Q 2020). Net loss: NT$35.8m (down 232% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 44% per year. Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.85 loss per share (vs NT$1.52 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: NT$82.5m (down 60% from 2Q 2020). Net loss: NT$27.4m (down 156% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 24% share price gain to NT$61.90, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 100% over the past three years. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improved over the past week After last week's 22% share price gain to NT$48.10, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 67% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.27 (vs NT$1.07 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: NT$110.0m (down 34% from 1Q 2020). Net income: NT$8.74m (up NT$43.3m from 1Q 2020). Profit margin: 8.0% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$0.70 (vs NT$1.39 in FY 2019) The company reported a mediocre full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$797.7m (up 68% from FY 2019). Net income: NT$22.7m (down 21% from FY 2019). Profit margin: 2.8% (down from 6.0% in FY 2019). Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 19% share price gain to NT$49.90, the stock is trading at a trailing P/E ratio of 20.8x, up from the previous P/E ratio of 17.4x. This compares to an average P/E of 18x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 25%. Is New 90 Day High Low • Feb 20
New 90-day low: NT$40.95 The company is down 49% from its price of NT$80.00 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 24% over the same period. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improved over the past week After last week's 16% share price gain to NT$49.95, the stock is trading at a trailing P/E ratio of 20.8x, up from the previous P/E ratio of 18x. This compares to an average P/E of 18x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 82%. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$54.00, the stock is trading at a trailing P/E ratio of 22.5x, down from the previous P/E ratio of 27.8x. This compares to an average P/E of 18x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 80%. Is New 90 Day High Low • Dec 30
New 90-day low: NT$65.00 The company is down 29% from its price of NT$91.80 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 04
New 90-day low: NT$71.50 The company is down 7.0% from its price of NT$76.50 on 04 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 8.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.84 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$236.3m (up NT$203.2m from 3Q 2019). Net income: NT$27.2m (up NT$28.6m from 3Q 2019). Profit margin: 12% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Sep 22
New 90-day high: NT$85.00 The company is up 35% from its price of NT$63.00 on 24 June 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 2.0% over the same period.