Hero Wars
Game
Documents about Hero Wars
GDev Form 20-F: Fiscal Year 2025
GDEV Inc., a British Virgin Islands-based gaming holding company listed on the Nasdaq, presents its 2025 annual report as an emerging growth company operating under International Financial Reporting Standards.
- GDEV Inc. reported a net decrease in cash and cash equivalents to $62.9 million for the fiscal year ended December 31, 2025, down from $111.0 million at the end of 2024.
- The mobile RPG genre, a core focus for the company, faced a multi-year downward trend with material declines in in-app purchase (IAP) revenue throughout 2025 across Asia, North America, and Europe.
- The company faces increasing regulatory scrutiny regarding data privacy and consumer protection, specifically receiving inquiries in 2025 from authorities in the UK and Poland concerning cookies, loot boxes, and advertising practices.
GDEV Inc Q3 2024 Financial Results
The Q3 2024 financial results for GDEV Inc. demonstrate a period of strategic operational refinement and improved profitability.
- GDEV Inc. reported a Q3 2025 profit of $24 million, up from $15 million in the same period of the previous year.
- Adjusted EBITDA increased to $26 million in Q3 2025, with the margin improving to 27% from 16% in Q3 2024.
- Total costs and expenses were reduced to $72.7 million, primarily driven by a significant decrease in selling and marketing expenditures.
GDEV Inc Q3 2024 Financial Results
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.
- GDEV Inc reported Q2 2025 revenue of $119.9 million, an increase from $105.8 million in Q2 2024.
- Profit for the period rose to $16.6 million, up from $14.7 million in the same quarter of the previous year.
- Adjusted EBITDA reached $22 million in Q2 2025, improving from $17 million in Q2 2024.
GDev Form 20-F: FY2024
GDEV Inc.’s FY2024 Form 20-F provides a comprehensive overview of the company’s financial standing and operational risk profile as a Cyprus-headquartered, British Virgin Islands-incorporated mobile gaming developer.
- GDEV reported annual bookings of $404.0 million for the fiscal year ended December 31, 2024, representing a decline from $421.6 million in 2023.
- The company experienced a decrease in Monthly Paying Users (MPUs) during 2024, which management attributed to a strategic shift in user acquisition toward higher-efficiency, more targeted audiences.
- Average Bookings Per Paying User (ABPPU) increased in 2024 because the decline in total bookings was less pronounced than the decline in the number of paying users.
GDEV Q4 and Full Year 2024 Financial Results
GDEV Inc. reported its financial and operational results for the fourth quarter and full year ending December 31, 2024, highlighting a period of strategic adjustment and shifting revenue recognition.
- GDEV reported a 11% year-over-year revenue decline to $98 million for Q4 2024, primarily driven by a $12 million decrease in bookings compared to the same period in 2023.
- The Board of Directors authorized a one-time, nonrecurring special cash dividend of $3.31 per share, totaling approximately $60 million in cash outflow.
- Q4 2024 profit for the period, net of tax, fell to $2 million from $11 million in the same period of 2023, while Adjusted EBITDA increased by $2 million to $12 million.
Q3 2024 Financial Results
The financial results for the third quarter of 2024 reveal a period of stabilization and shifting cost structures within the gaming portfolio.
- The company achieved a $15 million profit in Q3 2024, marking a significant recovery from the $3 million net loss recorded in Q1 2024.
- Total revenue reached $111 million, representing a 5% increase over the previous quarter but an 8% decline compared to Q3 2023.
- Monthly Paying Users (MPUs) grew 21% year-over-year to 381,000, though Average Bookings Per Paying User (ABPPU) dropped 11% to $92.
GDEV Inc. Q2 2023 Financial Results
GDEV Inc.’s financial results for the second quarter of 2023 reflect a period of strategic investment and operational transition.
- GDEV Inc. reported Q2 2023 revenue of $115 million, a 9% year-over-year decrease from $127 million, primarily due to changes in deferred revenue.
- Adjusted EBITDA fell to $17 million from $37 million in Q2 2022, driven by deliberate increases in selling and marketing expenditures.
- Total comprehensive income declined to $21 million from $33 million in the prior-year period as the company prioritized growth-oriented investments.
Q2 2024 Financial Results
The second quarter 2024 financial results for the organization reveal a period of strategic transition characterized by a slight decline in revenue alongside a significant recovery in profitability.
- The company achieved a net profit of $15 million in Q2 2024, a significant turnaround from the $1 million loss reported in the previous quarter.
- Revenue reached $106 million, representing an 8% year-over-year decline, while adjusted EBITDA improved to $16 million from a negative $3 million in Q1 2024.
- The Hero Wars franchise remains the primary revenue driver, accounting for 89% of total earnings across its Alliance and Dominion Era titles.
GDE 1Q 2024 Financial Results
This financial presentation details the unaudited operational and financial performance of a gaming company for the first quarter of 2024, providing comparative data against the same periods in 2022 and 2023.
- The company achieved a positive operating profit of $1.9 million in Q1 2024, a significant turnaround from the $13.5 million operating loss recorded in Q1 2023.
- Net loss narrowed substantially to $1.4 million in Q1 2024, down from $8.2 million in the same period last year.
- Total revenue declined 10.4% year-over-year, falling from $119.3 million in Q1 2023 to $106.9 million in Q1 2024.
GDev Form 20-F: FY2023
GDEV Inc.’s fiscal year 2023 annual report details the financial and operational status of a Cyprus-based international gaming company specializing in mobile and web-based titles.
- As of December 31, 2023, GDEV reported 5.6 million Monthly Active Users (MAUs) and 264,000 Monthly Paying Users (MPUs), representing a monthly payer conversion rate of 4.7%.
- The company’s Average Bookings Per Paying User (ABPPU) reached $120.3 per month, with web platform users contributing a higher average of $136.3 per month.
- Bookings from the former Soviet Union (FSU) markets accounted for 8% of total 2023 bookings, a segment the company expects to see continued negative pressure due to ongoing geopolitical instability and sanctions.
FY and 4Q 2023 Financial Results
GDEV’s financial and operational performance for the fourth quarter and full fiscal year of 2023 reveals a period of strategic transition characterized by improved profitability despite declining year-over-year revenues.
- 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.
Q3’23 Financial Results
Financial results for the third quarter of 2023 reveal a period of strategic reinvestment and portfolio expansion despite a year-over-year decline in top-line revenue.
- Q3 2023 revenue fell 5% year-over-year to $121 million, while Adjusted EBITDA dropped 35% to $29 million due to a doubling of marketing spend to $43 million for player acquisition.
- Monthly Paying Users (MPUs) increased by 23% to 375,000, though Average Bookings Per Paying User (ABPPU) declined by 26% to $84.
- The flagship Hero Wars franchise reached a lifetime booking milestone of $1.55 billion across mobile and PC platforms.