Mobile revenue roundup - Week 33, 2025
Feiyu stock extends a 3× run, launch momentum lifts ZX, GREE, and TGAMES. Gravity pauses its Q2 streak.
Hey, as you may have noted, I skipped a few weeks. Between a high workload and moving to the absolute other side of the world, it’s been busy. But I’m back, and I’ll be looking at bringing more value on this niche investment that is publicly-traded mobile apps makers!
Public companies Dashboard
Reminder: The “Est. Rev Delta“ % is an increase/decrease from last week’s estimated mobile revenue versus the average of the past 7 weeks of mobile revenue.
Executive Summary
Launch momentum led: ZX (Yulgang: Return), GREE (summer events), and TGAMES (Farm Manager) drove the week—strength is clear; durability is the test.
Feiyu , our ongoing pick triples in 2 months. Just that.
Gravity cooled after months on top; eyes on the Sept 3 global launch of Ragnarok M: Classic.
Small-cap watch: Snail popped on Nine Yin
US Markets
Snail, Inc. (SNAL) — small cap, familiar IP pop
SNAL’s weekly estimate jumped ~120% vs trend (≈$64K; ~$3.3M ARR). The lift lines up with renewed interest in the Nine Yin / Age of Wushu martial-arts IP. On a ~$33M market cap, even modest, sustained mobile growth can act as a valuation nudge—key question is staying power.
Gravity (GRVY) — a breather after months at the top; next leg is dated
Gravity screens down versus an elevated 7-week base—unsurprising after months in our top five. Q2 revenue landed strong, validating the run we’ve been tracking, while profitability was lighter as the company front-loaded marketing for upcoming launches (i.e., investing for growth). The catalyst calendar is clear: Ragnarok M: Classic goes worldwide on Sept. 3, after a successful rollout in Taiwan/HK and earlier strength across SEA.
That being said, it’s slightly surprising to see revenue fall down so quickly this past week.
Worldwide Markets
ZX Inc. (9890.HK) — “Yulgang: Return” lights up the charts
ZX posted the week’s biggest step-up on our board (≈$1.3M for the week; ~$67M ARR at last week’s pace). The driver is the martial-arts MMORPG 열혈강호: 귀환 / Yulgang: Return, which just launched and is charting strongly across Asia:
ZX is a larger, diversified web+mobile publisher, so this spike needs to persist for several weeks to truly move the needle. But it’s an unmistakably strong start.
Trophy Games (TGAMES.CO) — Farm Manager joins a hot “Manager” stable
Our dashboard shows Trophy’s mobile revenue breaking out (≈$171K for the week; ~$8.9M ARR).
That extends what management has already telegraphed: Airline Manager is going strong, and alongside Truck Manager, have pushed monthly revenue higher.
Combined with Farm Manager’s release looking more and more like a strong success:
Shares moved ahead of the print, so near-term upside may be capped without another leg up, but execution in the “Manager” niche remains excellent.
Below chart shows how share price moved early:
The way we’ll be playing this is simple: hoping the upcoming earning (which doesn’t include Farm Manager in the numbers, but surely will in the commentary) disappoints data-driven fund managers and jump on it if the stock goes down. GLTA.
GREE, Inc. (3632.T) — events nudge WFS titles back toward form
GREE’s estimated mobile take rose triple-digits week over week (≈$2.0M for the week; ~$102M ARR). The pattern fits live-ops: Heaven Burns Red and Another Eden ran summer content that pulled spending back toward earlier-year levels:
Good traction, but for now it looks like a reset to the prior range rather than a clear new plateau—“positive,” not yet “catalyst.”
Ongoing Picks
Feiyu (1022.HK) — tripled in ~2 months; profit alert backs it up
The stock’s 3x move tracks improving fundamentals, which we’ve been highlighting several times in the past 6 months.
Management issued a positive profit alert for 1H25, with a strong contribution from its mini-game portfolio (notably 一步兩步 / “1 Step 2 Steps”).
Investors jumped on the stock as highlighted by the black line here, which doesn’t include todays’ +20% move !
We’ll publish a deeper dive on Feiyu in the coming days.
That’s it - have a good week. If you’d like to keep yourself updated every week on the ups and downs of the publicly-traded companies publishing mobile app - give us a follow or subscribe!