GDEV Inc Q3 2024 Financial Results

Key insights

6 takeaways

01
GDEV Inc reported Q2 2025 revenue of $119.9 million, an increase from $105.8 million in Q2 2024.See it on page 11
02
Profit for the period rose to $16.6 million, up from $14.7 million in the same quarter of the previous year.See it on page 11
03
Adjusted EBITDA reached $22 million in Q2 2025, improving from $17 million in Q2 2024.See it on page 11
04
Bookings declined 14% year-over-year to $92 million, driven by a decrease in monthly paying users and average bookings per paying user.See it on page 5
05
As of June 30, 2025, the company held $41.6 million in cash and cash equivalents following dividend payments and investment activities.See it on page 10
06
The company's primary revenue drivers remain its core titles: Hero Wars: Alliance, Hero Wars: Dominion Era, and Pixel Gun 3D.See it on page 6

Summary

GDEV Inc’s financial results for the second quarter of 2025 demonstrate a period of operational growth and improved profitability, despite a decline in certain user engagement metrics. The company reported revenue of $119.9 million for the three months ending June 30, 2025, representing an increase from $105.8 million in the same period of the previous year. This growth in revenue was accompanied by a rise in profit for the period, which reached $16.6 million, up from $14.7 million in the second quarter of 2024.

Key performance indicators reveal a mixed operational landscape. While revenue increased, the company experienced a year-over-year decline in monthly paying users and average bookings per paying user. Specifically, bookings for the second quarter of 2025 were $92 million, reflecting a 14% decrease compared to the same quarter in the prior year. To assess core operating performance, the company utilizes Adjusted EBITDA, which reached $22 million in the second quarter of 2025, an increase from $17 million in the second quarter of 2024. This non-IFRS measure excludes items such as depreciation, amortization, share-based payments, and certain financial adjustments to provide a clearer view of ongoing business health.

The company maintains a diversified portfolio, with its primary titles—Hero Wars: Alliance, Hero Wars: Dominion Era, and Pixel Gun 3D—driving the majority of its bookings. Geographically, the business remains focused on the US, Europe, and Asia. The financial data provided is unaudited and includes forward-looking statements subject to inherent market risks. As of June 30, 2025, the company reported cash and cash equivalents of $41.6 million, following significant cash outflows related to dividend payments and investment activities during the first half of the year.