Mobile revenue roundup - Week 21, 2025
Gravity (GRVY) top spot for a 6th week in a row and tiny Danish player Trophy Games (TGAMES.CO) makes an appearance.
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.
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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.
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US-traded
Gravity Interactive (GRVY) is #1 for US-traded companies in revenue increase for a 6th week in a row (see all mentions of Gravity this sub).
The only update is that Ragnarok: Idle Adventure Plus was released in Taiwan and Hong Kong late last week, and is performing very well, already in the top 25 grossing.
Meanwhile, Ragnarok M: Classic edition is still steady in the top 10-15 in those countries as well for 6 weeks now, which explains how GRVY is at the #1 spot again:
This is quite an exciting Q2 for Gravity Interactive, and we have a full month to go until Q3. They could beat Q2 by 25%+ at this rhythm.
GDEV Inc. (GDEV) is 2nd with an est. +30% increase vs 7 weeks’ baseline. If you don’t know GDEV, they’re a mainly mobile video game company, owning several strong studios/publishers: Nexters, Royal Ark, Cubic Games, RJ Games and GAMEGEARS notably.
Most of their mobile revenue is derived from Hero Wars: Alliance (Nexters), followed by Idle Zombie Miner (Royal Ark). Here’s the chart:
The increase isn’t a clear demarcation, and is driven by Hero Wars mostly - no new games. Far from a catalyst at this stage - but we’ll see if this becomes a trend.
Worldwide Markets
Trophy Games (TGAMES.CO) is one of the smallest public company active in mobile gaming. It’s a Danish company, traded on the Copenhagen exchange, with a $35M market cap and about $10M in revenue in 2024. So we’re always interested to see movements in these types of companies - as a sudden success could be major for their top and bottom line.
They’re known for their various manager games like Airline Manager, Truck Manager, Shipping Manager, and even Train Manager!
As you can see from the graph, we’re far from catalyst territory - as it’s still fairly low revenue. We do have a tendency to lowball apps in the lower rankings, but looking at the trend, we would want to see double that revenue to start digging.
CROOZ, Inc. (2138.T) is experiencing an estimated 74% weekly revenue growth, translating to an annualized increase of $3.1M. This is just 3% of their TTM revenue, which likely means mobile doesn’t account for much of their revenue. The standout contributor this week was PROJECT_XENO, with a 135% revenue surge.
As one can see from the graph, it’s rather a return to baseline than anything more.
Archosaur Games (9990.HK), Netmarble and BoomBit aren’t meaningful increases after checking the chart.
Ongoing Picks - Watch list
Feiyu (1022.HK) is still getting decent traction vs 52W revenue baseline. 1 Step 2 Steps game seems fairly sticky::
Which translates to higher revenue:
Drecom (3793.T) was covered quite a lot in recent weeks. Catalyst is still very much ongoing, Wizardry Variants Daphne keeps outperforming our expectations, and One Piece Treasure Cruise (published by Bandai Namco) is still doing the rounds!
Gala Technology (2458.HK) and Qingci Games (6633.HK) - No update worth covering.