GDEV Q4 and Full Year 2025 Financial Results

Key insights

7 takeaways

01
GDEV reported a full-year 2025 revenue of $404 million, a 4% year-over-year decrease, while Q4 2025 revenue fell 8% to $90 million due to lower consumer spending and a strategic shift toward higher-quality user acquisition.
02
Despite revenue declines, full-year 2025 profit rose to $69 million from $26 million in 2024, and Adjusted EBITDA increased by $37 million to reach $79 million for the year.
03
Selling and marketing expenses were cut significantly, dropping by $50 million for the full year and $12 million in Q4 2025, reflecting a move away from broadscale campaigns toward more selective performance marketing.
04
Total bookings for 2025 declined to $351 million from $404 million in 2024, driven by an 18% drop in monthly paying users that was only partially offset by an increase in Average Bookings Per Paying User (ABPPU).
05
Operating cash flow for 2025 remained flat at $29 million, with the company noting a divergence between earnings and cash flow due to the impact of deferred revenue recognition.
06
Game operation costs rose by $6 million in 2025 to $57 million, primarily due to increased investments in IT infrastructure.
07
The share of advertisement sales as a percentage of total bookings fell to 5.7% in 2025 from 6.7% in 2024, attributed to a global decline in advertising CPM rates.

Summary

GDEV Inc. released its preliminary, unaudited financial and operational results for the fourth quarter and full year ending December 31, 2025. The company’s primary strategic objective during this period was to transition away from maximizing short-term volume toward a more disciplined marketing approach, prioritizing the acquisition of higher-quality, better-paying users. This shift in strategy, combined with broader declines in consumer spending, resulted in a year-over-year revenue decrease of 8% in the fourth quarter to $90 million and a 4% decrease for the full year to $404 million.

Despite lower top-line revenue, the company achieved significant improvements in profitability and operational efficiency. Selling and marketing expenses were reduced by $50 million for the full year, reflecting a more selective approach to performance marketing. Consequently, the company reported a profit of $69 million for 2025, up from $26 million in 2024. Adjusted EBITDA for the full year reached $79 million, an increase of $37 million compared to the previous year. Operating cash flows remained stable at $29 million for the full year, though the fourth quarter saw a notable increase to $18 million compared to $5 million in the same period of 2024.

Operational metrics highlighted a decline in monthly paying users, which fell by 18% over the full year, largely attributed to reduced user acquisition investments. Additionally, the company noted a global trend of declining advertising CPM rates, which impacted advertisement sales. Geographically, the company experienced a shift in booking shares, with a decrease in contributions from the United States and Asia, offset by growth in Europe and other regions. These results remain subject to final audit before the publication of the 2025 Annual Report.