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GDEV

GDEV Inc.

GDEV

GDEV Inc. • NASDAQ
$17.21 ▼ -6.64% (-1.23)
Market Cap $312.02 M
52w High $42.20
52w Low $8.60
Dividend Yield 3.31%
P/E 6.72
Volume 1.36K
Outstanding Shares 18.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $119.911M ▲ $61.843M ▲ $16.625M ▲ 13.864% ▼ $0.92 ▲ $18.858M ▲
Q1-2025 $97M ▼ $50M ▼ $14M ▲ 14.433% ▲ $0.78 ▲ $15M ▲
Q4-2024 $97.514M ▼ $50.975M ▼ $-2.357M ▼ -2.417% ▼ $-0.13 ▼ $13.524M ▼
Q3-2024 $110.664M ▲ $59.417M ▲ $14.618M ▼ 13.209% ▼ $0.79 ▼ $16.267M ▲
Q2-2024 $105.824M $55.411M $14.713M 13.903% $0.81 $15.572M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $65.971M ▼ $210.177M ▲ $339.61M ▲ $-129.433M ▼
Q1-2025 $139.08M ▲ $0 ▼ $101.529M ▼ $-101.529M
Q4-2024 $134.806M ▲ $272.196M ▼ $373.725M ▼ $-101.529M ▲
Q3-2024 $116.706M ▲ $283.391M ▲ $386.487M ▼ $-103.096M ▲
Q2-2024 $105.398M $282.837M $401.544M $-118.707M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $16.625M ▲ $-1.882M $-5.664M $-28.188M $0 ▲ $-1.979M
Q1-2025 $15.445M ▲ $-1.882M ▼ $-5.664M ▼ $-28.188M ▼ $-111.049M ▼ $-1.979M ▼
Q4-2024 $-2.357M ▼ $4.897M ▼ $20.893M ▼ $-159K ▲ $24.482M ▼ $4.837M ▼
Q3-2024 $14.618M ▼ $11.932M ▲ $24.282M ▲ $-1.068M ▼ $35.815M ▲ $11.787M ▲
Q2-2024 $14.713M $11.274M $-45.305M $-130K $-33.874M $11.195M

Revenue by Products

Product Q2-2022Q4-2022
Advertising
Advertising
 $0 ▲$20.00M ▲
Ingame purchases
Ingame purchases
 $120.00M ▲$340.00M ▲

Five-Year Company Overview

Income Statement

Income Statement GDEV’s income statement shows a business that has moved from a period of losses to steady, if modest, profitability. Revenue grew strongly in the earlier years, then flattened and slipped a bit more recently, suggesting the company is now in a mature or transition phase rather than rapid expansion. The good news is that gross margins are high, meaning the core game business is quite profitable once users are acquired. Operating profit and net income have been positive for several years in a row after a loss in 2021, but recent earnings are lower than the peak, pointing to pressure on growth, marketing efficiency, or user spending. Overall, the income statement reflects a solid, profitable game portfolio, but with limited top-line momentum and some volatility in earnings per share.

Balance Sheet

Balance Sheet The balance sheet is a mixed picture. On the positive side, GDEV carries no financial debt and holds a meaningful portion of its assets in cash, which reduces refinancing risk and provides some flexibility for investment or downturns. However, shareholders’ equity is negative, and has been negative for several years, which is an important red flag from a capital structure standpoint. This usually reflects accumulated past losses, buybacks, or other equity adjustments and means the company has a thinner cushion if results weaken. Total assets are relatively small and stable, consistent with an asset‑light, digital business, but it also means less hard backing behind the equity value.

Cash Flow

Cash Flow Cash flow is one of GDEV’s clearer strengths. The company has generated positive operating cash flow every year in the period shown, even in the year when it posted an accounting loss. Free cash flow closely tracks operating cash flow because capital spending is minimal, which is typical for a mobile and online game developer that does not need heavy physical investment. This pattern suggests that reported profits are reasonably well supported by cash and that the business model converts a good share of revenue into available cash. The risk is that sustaining this cash generation depends heavily on maintaining player engagement and efficient user acquisition in a competitive market.

Competitive Edge

Competitive Edge Competitively, GDEV benefits from a portfolio of established “live service” titles with large global audiences and long lifespans. Flagship games like Hero Wars and Pixel Gun have created strong franchises, recurring revenue, and high user engagement, which are difficult for new entrants to replicate quickly. The company also has experience in user acquisition and monetization at scale, and a multi-studio structure that gives it a range of genres and creative teams. The main vulnerabilities are heavy reliance on a few key titles, intense competition in mobile and online gaming, rapid shifts in player tastes, and the typical hit‑driven nature of the industry. The SPAC heritage and reverse split also hint at past market skepticism and small‑cap risk, even though the operating business is profitable.

Innovation and R&D

Innovation and R&D Innovation and R&D are central to GDEV’s strategy. The company is leaning heavily into AI, using AI‑first workflows in development, generative AI for marketing and content production, and building new interactive formats like the “Shortly” platform that blend gaming and video. This could lower development costs, speed up experimentation, and create more personalized experiences if executed well. Upcoming projects such as the sequel to Pixel Gun and the expansion of the AI entertainment ecosystem show a clear pipeline of new products. At the same time, these are still largely forward‑looking bets: they carry meaningful execution risk, uncertain user adoption, and the challenge of standing out in a crowded AI and media landscape.

Summary

GDEV is an asset‑light, cash‑generative gaming company with a base of successful live‑service titles and an ambitious push into AI‑driven entertainment. Financially, it has transitioned to consistent profitability and solid cash flow, supported by high margins and low capital needs, but revenue growth has leveled off and earnings have been uneven. The balance sheet is unusual: no debt and decent cash, but negative equity, which warrants attention. Competitively, strong franchises and operational know‑how give it a defensible position, yet dependence on key titles and the highly competitive nature of gaming remain key risks. The AI strategy and new platforms could redefine its growth path, but their impact will only become clear as new products launch and either gain traction or not. Overall, GDEV looks like a mature live‑service business trying to reinvent its future through AI and new interactive formats, with both meaningful upside potential and visible execution and concentration risks.

NEWS

September 2, 2025 · 8:12 AM UTC

GDEV announces results for the second quarter and first half of 2025

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September 2, 2025 · 8:00 AM UTC

GDEV Strengthens Strategic Partnership with Royal Ark as Zombie Miner Reaches TOP-1 Position in its Genre

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