GDEV Q3 and First Nine Months 2025 Financial Results

Key insights

6 takeaways

01
GDEV reported a Q3 2025 net profit of $24 million, a 65% increase year-over-year, despite a 12% decline in revenue to $98 million.
02
Adjusted EBITDA for Q3 2025 rose 50% to $26 million, driven by a strategic reduction in selling and marketing expenses, which fell 43% to $30 million.
03
Total bookings for Q3 2025 decreased 4% to $90 million, primarily due to a 16% drop in monthly paying users (MPU) that was partially offset by a 16% increase in average bookings per paying user (ABPPU).
04
The company is shifting its marketing strategy toward high-quality, long-term value users rather than short-term volume, contributing to a 15% decline in bookings for the first nine months of 2025.
05
Advertising bookings declined 18% in Q3 2025, with the share of advertising as a percentage of total bookings dropping to 6.0% from 7.1% in Q3 2024 due to lower global CPM rates.
06
Platform distribution shifted slightly in Q3 2025, with PC bookings increasing to 41% of the total (up from 38% in Q3 2024) while mobile bookings decreased to 59%.

Summary

GDEV Inc. released its unaudited financial and operational results for the third quarter and first nine months of 2025, detailing a strategic shift toward operational efficiency and higher-quality user acquisition. The company’s primary objective during this period was to improve profitability by prioritizing long-term player value over short-term volume, a strategy that resulted in reduced marketing expenditures and improved bottom-line performance despite a contraction in top-line revenue.

Financial results for the third quarter of 2025 show revenue of $98 million, a 12% decrease year-over-year, largely attributed to lower consumer spending and a deliberate reduction in broad-scale marketing campaigns. Despite the revenue decline, the company achieved a net profit of $24 million, up from $15 million in the same period of 2024. Adjusted EBITDA also saw significant growth, rising 50% to $26 million for the quarter. This improvement was driven by a $22 million reduction in selling and marketing expenses, reflecting a more selective approach to performance marketing.

Operational data indicates a 4% decline in quarterly bookings to $90 million, influenced by a 16% drop in monthly paying users. However, this was partially offset by a 16% increase in the average bookings per paying user. Geographically, the company maintained a stable footprint, with Europe accounting for 34% of bookings, followed by the United States at 32%. Platform distribution shifted slightly toward PC, which grew to 41% of total bookings, while mobile’s share decreased to 59%. These results reflect the company’s ongoing efforts to optimize its franchise portfolio and enhance core business performance amidst broader market trends, such as declining advertising CPM rates.