GDEV Inc. Financials
GDEV Inc. (GDEV) reported $404.3M in revenue for fiscal year 2025, down 3.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Profitability is rising even as sales shrink, but cash conversion and a liability-funded balance sheet still define how this business operates.
FY2025 net income of$69.3M was more than double operating cash flow of$29.4M , while revenue fell for a second straight year from$464.5M in FY2023 to$404.3M . That combination suggests the earnings improvement did not come from simple volume growth, and only part of the accounting profit turned into cash the company could actually redeploy.
The balance sheet is liability-heavy without being debt-heavy: FY2025 ended with negative equity of
Capex of
Financial Health Signals
GDEV Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
GDEV Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, GDEV Inc. generates $0.42 in operating cash flow ($29.4M OCF vs $69.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
GDEV Inc. generated $404.3M in revenue in fiscal year 2025. This represents a decrease of 3.9% from the prior year.
GDEV Inc. reported $69.3M in net income in fiscal year 2025. This represents an increase of 171.5% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
GDEV Inc. generated $29.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 3.4% from the prior year.
GDEV Inc. held $62.9M in cash against $310K in long-term debt as of fiscal year 2025, with $231.9M of liabilities due within a year.
Not reported for fiscal year 2025.
Margins & Returns
GDEV Inc.'s net profit margin was 17.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 11.1 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
GDEV Inc. invested $311K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 9.3% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
GDEV Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Revenue | $404.3M-3.9% | $420.9M-9.4% | $464.5M-3.2% | $479.7M+10.5% | $434.1M+66.4% | $260.9M+178.1% | $93.8M |
| Interest Expense | $84K+10.5% | $76K+35.7% | $56K-51.3% | $115K+27.8% | $90K+246.2% | $26K+2500.0% | $1K |
| Income Tax | $5.4M+19.0% | $4.5M+16.2% | $3.9M+3.2% | $3.8M+233.6% | $1.1M+30.7% | $862K+12214.3% | $7K |
| Net Income | $69.3M+171.5% | $25.5M-44.6% | $46.1M+522.3% | $7.4M+106.3% | -$117.4M-15538.3% | -$751K+97.9% | -$35.5M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EPS (Diluted).
GDEV Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $233.1M-14.4% | $272.2M-15.1% | $320.6M-0.5% | $322.0M+2.9% | $313.0M+47.9% | $211.6M | N/A |
| Current Assets | $155.1M-13.7% | $179.6M-16.0% | $213.9M+13.2% | $188.9M-1.2% | $191.1M+58.4% | $120.7M | N/A |
| Cash & Equivalents | $62.9M-43.4% | $111.0M+54.7% | $71.8M-17.3% | $86.8M-39.2% | $142.8M+68.9% | $84.6M+381.4% | $17.6M |
| Accounts Receivable | $43.5M+3.3% | $42.1M-18.8% | $51.9M+14.4% | $45.4M+0.6% | $45.1M+36.7% | $33.0M | N/A |
| Goodwill | $1.8M0.0% | $1.8M0.0% | $1.8M0.0% | $1.8M+22.3% | $1.5M | N/A | N/A |
| Total Liabilities | $323.7M-13.4% | $373.7M-11.1% | $420.4M-10.7% | $470.8M-0.7% | $474.0M+51.2% | $313.5M | N/A |
| Current Liabilities | $231.9M-12.0% | $263.5M-13.0% | $302.8M-8.9% | $332.4M+3.0% | $322.8M+38.3% | $233.4M | N/A |
| Long-Term Debt | $310K+1622.2% | $18K-98.2% | $983K+121.4% | $444K-59.7% | $1.1M+34.8% | $818K-79.7% | $4.0M |
| Total Equity | -$90.6M+10.8% | -$101.5M-1.7% | -$99.8M+32.9% | -$148.8M+7.6% | -$161.0M-58.0% | -$101.9M-109.8% | -$48.6M |
| Retained Earnings | -$239.2M+3.8% | -$248.5M+9.3% | -$274.1M+14.4% | -$320.2M+2.2% | -$327.5M-187.2% | -$114.0M | N/A |
Not reported in any period shown, so not listed: Inventory.
GDEV Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $29.4M+3.2% | $28.5M+58.9% | $18.0M-84.5% | $116.1M+10.0% | $105.5M-12.5% | $120.6M+706.6% | $15.0M |
| Capital Expenditures | $311K-9.3% | $343K-53.6% | $739K-25.7% | $994K-9.6% | $1.1M+647.6% | $147K+673.7% | $19K |
| Free Cash Flow | $29.1M+3.4% | $28.2M+63.7% | $17.2M-85.0% | $115.1M+10.2% | $104.4M-13.3% | $120.5M+706.7% | $14.9M |
| Investing Cash Flow | -$22.4M-140.1% | $55.9M+272.2% | -$32.5M+81.1% | -$171.8M-6217.9% | -$2.7M-853.2% | $361K+204.6% | -$345K |
| Financing Cash Flow | -$57.4M-27.7% | -$44.9M-2206.7% | -$1.9M-2.3% | -$1.9M+95.6% | -$43.0M+23.3% | -$56.0M-35827.6% | -$156K |
| Dividends Paid | $56.0M | N/A | N/A | N/A | $160.4M+210.3% | $51.7M+1153.8% | $4.1M |
| Share Buybacks | N/A | $33.1M | N/A | N/A | N/A | N/A | N/A |
GDEV Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Net Margin | 17.2%+11.1pp | 6.1%-3.9pp | 9.9%+8.4pp | 1.5%+28.6pp | -27.1%-26.8pp | -0.3%+37.6pp | -37.9% |
| Return on Assets | 29.7%+20.4pp | 9.4%-5.0pp | 14.4%+12.1pp | 2.3%+39.8pp | -37.5%-37.2pp | -0.4% | N/A |
| Current Ratio | 0.670.0x | 0.680.0x | 0.71+0.1x | 0.570.0x | 0.59+0.1x | 0.52 | N/A |
| FCF Margin | 7.2%+0.5pp | 6.7%+3.0pp | 3.7%-20.3pp | 24.0%-0.1pp | 24.1%-22.1pp | 46.2%+30.3pp | 15.9% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Return on Equity, Debt-to-Equity.
Note: Shareholder equity is negative (-$90.6M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.67), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where GDEV Inc. Ranks
Frequently Asked Questions
What is GDEV Inc.'s annual revenue?
GDEV Inc. (GDEV) reported $404.3M in total revenue for fiscal year 2025. This represents a -3.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is GDEV Inc.'s revenue growing?
GDEV Inc. (GDEV) revenue declined by 3.9% year-over-year, from $420.9M to $404.3M in fiscal year 2025.
Is GDEV Inc. profitable?
Yes, GDEV Inc. (GDEV) reported a net income of $69.3M in fiscal year 2025, with a net profit margin of 17.2%.
How much debt does GDEV Inc. have?
As of fiscal year 2025, GDEV Inc. (GDEV) had $62.9M in cash and equivalents against $310K in long-term debt.
What is GDEV Inc.'s net profit margin?
GDEV Inc. (GDEV) had a net profit margin of 17.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is GDEV Inc.'s free cash flow?
GDEV Inc. (GDEV) generated $29.1M in free cash flow during fiscal year 2025. This represents a 3.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is GDEV Inc.'s operating cash flow?
GDEV Inc. (GDEV) generated $29.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are GDEV Inc.'s total assets?
GDEV Inc. (GDEV) had $233.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are GDEV Inc.'s capital expenditures?
GDEV Inc. (GDEV) invested $311K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is GDEV Inc.'s current ratio?
GDEV Inc. (GDEV) had a current ratio of 0.67 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is GDEV Inc.'s return on assets (ROA)?
GDEV Inc. (GDEV) had a return on assets of 29.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is GDEV Inc.'s debt-to-equity ratio negative or not reported?
GDEV Inc. (GDEV) has negative shareholder equity of -$90.6M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is GDEV Inc.'s Piotroski F-Score?
GDEV Inc. (GDEV) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are GDEV Inc.'s earnings high quality?
GDEV Inc. (GDEV) has an earnings quality ratio of 0.42x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.