Market (Overall)·Updated Mar 17, 2026 by GDev
GDEV achieved a full-year profit of $46 million in 2023, a significant recovery from $7 million in 2022, driven by a reduction in total costs from $454 million to $420 million.
Full-year revenue declined to $465 million from $480 million, with fourth-quarter revenue falling 19% year-over-year to $109 million.
The company remains highly concentrated on the Hero Wars franchise, which accounted for 89% of total bookings in the fourth quarter of 2023.
Monthly Paying Users (MPUs) increased 14% year-over-year to 359,000 in Q4 2023, though Average Bookings Per Paying User (ABPPU) dropped 18% to $92.
Net cash from operating activities fell sharply to $18 million in 2023, down from $116 million in 2022, due to shifts in platform commissions and deferred revenue.
The United States remains the company's largest market, contributing 34% of total bookings, followed by Europe at 27% and Asia at 24%.
As of December 31, 2023, GDEV held $321 million in total assets, including a cash balance of $72 million.
GDEV achieved a full-year profit of $46 million in 2023, a significant recovery from $7 million in 2022, driven by a reduction in total costs from $454 million to $420 million.
Full-year revenue declined to $465 million from $480 million, with fourth-quarter revenue falling 19% year-over-year to $109 million.
The company remains highly concentrated on the Hero Wars franchise, which accounted for 89% of total bookings in the fourth quarter of 2023.
Monthly Paying Users (MPUs) increased 14% year-over-year to 359,000 in Q4 2023, though Average Bookings Per Paying User (ABPPU) dropped 18% to $92.
Net cash from operating activities fell sharply to $18 million in 2023, down from $116 million in 2022, due to shifts in platform commissions and deferred revenue.
The United States remains the company's largest market, contributing 34% of total bookings, followed by Europe at 27% and Asia at 24%.
As of December 31, 2023, GDEV held $321 million in total assets, including a cash balance of $72 million.