GDEV Inc. Fourth Quarter and Twelve Months 2025 Financial Results

Key insights

6 takeaways

01
GDEV Inc. achieved a significant profitability turnaround in 2025, with annual net profit rising to $69 million from $26 million in 2024.See it on page 1
02
Adjusted EBITDA grew by 87% year-over-year to $79 million for the full year, driven by disciplined cost management and a 25% reduction in annual selling and marketing expenses.See it on page 6
03
Annual revenue declined 4% to $404 million, with fourth-quarter revenue falling 8% to $90 million as the company intentionally prioritized high-quality users over acquisition volume.See it on page 2
04
Monthly paying users dropped 18% annually to 281,000, though this was partially offset by a 7% increase in average bookings per paying user.See it on page 4
05
The company is shifting its geographic revenue concentration, reducing reliance on U.S. and Asian markets while increasing contributions from Europe and other regions.See it on page 4
06
Fourth-quarter net profit increased to $14 million, up from $2 million in the same period of 2024, supported by a 66% year-over-year increase in quarterly adjusted EBITDA to $15 million.See it on page 6

Summary

GDEV Inc. released its preliminary, unaudited financial and operational results for the fourth quarter and full year of 2025, highlighting a strategic shift toward operational efficiency and long-term user value. The company reported annual revenue of $404 million, a 4% decrease from the previous year, while fourth-quarter revenue reached $90 million, an 8% year-over-year decline. This revenue contraction is attributed to a deliberate strategy of reducing marketing expenditures to prioritize high-quality, higher-paying users over short-term volume, alongside broader trends of declining consumer spending.

Despite the revenue dip, profitability metrics showed significant improvement. Net profit for the fourth quarter rose to $14 million from $2 million in the same period of 2024, while annual net profit reached $69 million compared to $26 million in 2024. Adjusted EBITDA also saw substantial growth, increasing to $15 million for the quarter and $79 million for the full year, representing year-over-year gains of 66% and 87%, respectively. These improvements were driven by a 25% reduction in annual selling and marketing expenses and disciplined cost management, which successfully offset the impact of lower bookings.

Operational data indicates a decline in monthly paying users, which fell by 18% annually to 281,000, though this was partially mitigated by a 7% increase in average bookings per paying user. Geographically, the company saw a shift in its revenue base, with a decreased reliance on the U.S. and Asian markets and a corresponding increase in European and other regional contributions. The company continues to focus on its core franchise portfolio across mobile and PC platforms, maintaining a stable, cash-generative business model as it prepares for its final audited 2025 annual report.