Mobile revenue roundup - Week 19, 2025
4th weeks in a row seeing Gravity (GRVY) #1 trending in US-traded stock, a GREAT start to Q2.
We maintain a complete database of all publicly traded companies that are active in mobile marketplaces, and estimate their mobile revenue on a daily basis using proprietary tools.
Public companies Dashboard - Highlights
Here is the dash, remarks below:
Reminder: The “Est. Rev Delta“ % is an increase/decreased from last week’s estimated mobile revenue versus the average of the past 7 weeks of mobile revenue.
Content
Winners (US/World):
Our Picks and Watchlist
Winners this week
US-traded
Gravity Interactive (GRVY) is #1 for US-traded companies in revenue increase for a 4th week in a row (see all mentions of Gravity this sub). with 49% increase vs last 7 weeks baseline. There is nothing new here, it’s still Ragnarok M Classic performing well overall, in particular in Taiwan
Whilst this is good news, it’s not a catalyst. But Gravity doesn’t need a catalyst, 'it’s highly undervalued with about $60 of its stock in cash.
Last Friday, they announced their Q1 earnings, which were better than we expected. Here’s their deck. The summary is:
Revenue increased to KRW 138B, a 6% increase QoQ and 15% increase YoY
Net profit was however pretty much flat due lower due to finance costs. We don’t know what they are, likely some currency hedging.
No relevant news about cash allocation (dividend, buyback, acquisition etc.), however they are clearly seeking growth aggressively with a vast amount of games to be released in 2025 still in their pipeline
Investors reacted well with +5% on Friday. Based on our data, Q2 is off to a much stronger start than Q1 - so we’re holding on tight to our shares. We don’t believe Q2 success is priced in.
Worldwide Markets
Appirits (4174.T) is seeing quite the uptick with an estimated weekly revenue growth of 93%, amounting to a revenue change of $160K. This surge, largely attributed to the app "櫻坂46・日向坂46 UNI'S ON AIR," which saw a 128% increase could signal a valuation catalyst should it last, especially given its 15% annualized revenue increase versus its TTM revenue.
As you can see from the graph, it’s likely to be short-lived as there has been occurrences of their revenue rising for 2-3 weeks in a row in the past.
With an EV/Sales ratio of 0.4, the company appears undervalued based on sales. PE of 17 is fairly average for the industry. We’ll monitor.
Mobile Factory (3912.T) has been in the top 5 for 2-3 weeks now - which is starting to be interesting, for a company with a sub $50M market cap.
The app driving this surge is "駅メモ！ - ステーションメモリーズ！- 鉄道位置ゲーム" (Station Memories! - Railway Location Game), which saw a 40% rise in revenue, adding $59K. You can see from the graph revenue is starting to dwindle - let’s see if live ops are kicking in and they manage to keep the game up in the rankings.
We dived into the other charts of the top 5 worldwide (NHN, Coly and Devsisters) - and they hold no long-term impact, for now.
Ongoing Picks - Watch list
Drecom (3793.T) earnings are today - in fact they may be out by the time this airs. We’ve been covering them since November 2024. We expect investors will be quite surprised, mostly because we don’t think they noted a successful launch in Taiwan, as they focused on Japan market.
The short summary is that it makes no sense to use that the stock is lower today than when they launched Wizardry Variants Daphne, which has been an unexpected major success and is still driving considerably higher revenue.
We’ll probably comment on X & Bluesky about the highlights of their Monday ER.
Feiyu (1022.HK), is getting some traction with 1-Step 2-Steps game. Not in catalyst territory but it’s good news to see other games than their staple (Defend The Carrot!) getting some good revenue in. We still hold a few share at at loss. Long game-
Gala Technology (2458.HK) and Qingci Games (6633.HK) - No update worth covering.