GDEV Inc. Financials

GDEV

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows GDEV Inc. (GDEV) financial statements, including the 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).

Rhea AI GDEV FY2025 2026-04-22

Profitability is rising on a smaller revenue base, but cash generation is flatter and short-term obligations still dominate financing.

From FY2023 to FY2025, net income increased from $46.1M to $69.3M while operating cash flow moved only from $18.0M to $29.4M and revenue fell to $404.3M. That mismatch means the business is reporting a stronger earnings picture than its cash engine is showing, so the improvement looks accounting-led rather than cash-led.

The balance sheet is unusual: equity remains negative at -$90.6M, yet long-term debt is only $310K and total liabilities have dropped to $323.7M from $420.4M in FY2023. That points to a company cleaning up obligations without relying on lenders, even though its current ratio stays tight at 0.7x.

FY2025 dividends paid of $56.0M were almost twice free cash flow of $29.1M, which is why cash fell from $111.0M to $62.9M despite positive operations. The business generated cash, but owner distributions consumed more than the year produced.

Financial Health Signals

Financial Profile 12/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of GDEV Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

GDEV Inc.'s revenue declined 3.9% year-over-year, from $420.9M to $404.3M. This contraction results in a growth score of 22/100.

Liquidity

GDEV Inc.'s current ratio of 0.67 is below the typical benchmark, resulting in a score of 8/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

GDEV Inc. has a free cash flow margin of 7.2%, earning a moderate score of 41/100. The company generates positive cash flow after capital investments, but with room for improvement.

Piotroski F-Score Neutral

4/9

GDEV Inc. passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.42x

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

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Earnings & Revenue

Revenue

$404.3M

YoY-3.9%

5Y CAGR+9.2%

GDEV Inc. generated $404.3M in revenue in fiscal year 2025. This represents a decrease of 3.9% from the prior year.

EBITDA

N/A

Net Income

$69.3M

YoY+171.5%

GDEV Inc. reported $69.3M in net income in fiscal year 2025. This represents an increase of 171.5% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$29.1M

YoY+3.4%

5Y CAGR-24.7%

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.

Cash & Debt

$62.9M

YoY-43.4%

5Y CAGR-5.7%

GDEV Inc. held $62.9M in cash against $310K in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

18M

YoY+0.2%

GDEV Inc. had 18M shares outstanding in fiscal year 2025. This represents an increase of 0.2% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

17.2%

YoY+11.1pp

5Y CAGR+17.4pp

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.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$311K

YoY-9.3%

5Y CAGR+16.2%

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.

GDEV Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$404.3M-3.9%	$420.9M-9.4%	$464.5M-3.2%	$479.7M+10.5%	$434.1M+66.4%	$260.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$84K+10.5%	$76K+35.7%	$56K-51.3%	$115K+27.8%	$90K+246.2%	$26K
Income Tax	$5.4M+19.0%	$4.5M+16.2%	$3.9M+3.2%	$3.8M+233.6%	$1.1M+30.7%	$862K
Net Income	$69.3M+171.5%	$25.5M-44.6%	$46.1M+522.3%	$7.4M+106.3%	-$117.4M-15538.3%	-$751K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q2'23
Revenue	N/A	$119.9M	N/A	N/A	$105.8M	N/A	N/A	$114.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	$26K	N/A	N/A	$18K	N/A	N/A	$9K
Income Tax	N/A	$1.6M	N/A	N/A	$986K	N/A	N/A	$327K
Net Income	N/A	$16.6M	N/A	$24.0M+63.1%	$14.7M+467.8%	-$4.0M	N/A	$19.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GDEV Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$233.1M-14.4%	$272.2M-15.1%	$320.6M-0.5%	$322.0M+2.9%	$313.0M+47.9%	$211.6M
Current Assets	$155.1M-13.7%	$179.6M-16.0%	$213.9M+13.2%	$188.9M-1.2%	$191.1M+58.4%	$120.7M
Cash & Equivalents	$62.9M-43.4%	$111.0M+54.7%	$71.8M-17.3%	$86.8M-39.2%	$142.8M+68.9%	$84.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$43.5M+3.3%	$42.1M-18.8%	$51.9M+14.4%	$45.4M+0.6%	$45.1M+36.7%	$33.0M
Goodwill	$1.8M0.0%	$1.8M0.0%	$1.8M0.0%	$1.8M+22.3%	$1.5M	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
Current Liabilities	$231.9M-12.0%	$263.5M-13.0%	$302.8M-8.9%	$332.4M+3.0%	$322.8M+38.3%	$233.4M
Long-Term Debt	$310K+1622.2%	$18K-98.2%	$983K+121.4%	$444K-59.7%	$1.1M+34.8%	$818K
Total Equity	-$90.6M+10.8%	-$101.5M-1.7%	-$99.8M+32.9%	-$148.8M+7.6%	-$161.0M-58.0%	-$101.9M
Retained Earnings	-$239.2M+3.8%	-$248.5M+9.3%	-$274.1M+14.4%	-$320.2M+2.2%	-$327.5M-187.2%	-$114.0M

Metric	Q4'25	Q2'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q2'23
Total Assets	$233.1M+10.9%	$210.2M-22.8%	$272.2M	N/A	$282.8M	N/A	$320.6M+6.1%	$302.2M
Current Assets	$155.1M+20.5%	$128.7M-28.4%	$179.6M	N/A	$162.9M	N/A	$213.9M+15.4%	$185.3M
Cash & Equivalents	$62.9M+51.4%	$41.6M-62.6%	$111.0M	N/A	$50.8M	N/A	$71.8M+4.7%	$68.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$43.5M-12.9%	$50.0M+18.6%	$42.1M	N/A	$54.4M	N/A	$51.9M+26.2%	$41.1M
Goodwill	$1.8M0.0%	$1.8M0.0%	$1.8M	N/A	$1.8M	N/A	$1.8M0.0%	$1.8M
Total Liabilities	$323.7M-4.7%	$339.6M-9.1%	$373.7M	N/A	$401.5M	N/A	$420.4M-4.0%	$437.9M
Current Liabilities	$231.9M-7.2%	$250.0M-5.1%	$263.5M	N/A	$281.1M	N/A	$302.8M-7.7%	$328.1M
Long-Term Debt	$310K-44.3%	$557K+2994.4%	$18K	N/A	$981K	N/A	$983K+793.6%	$110K
Total Equity	-$90.6M+30.0%	-$129.4M-27.5%	-$101.5M	N/A	-$118.7M	N/A	-$99.8M+26.5%	-$135.8M
Retained Earnings	-$239.2M+13.8%	-$277.7M-11.7%	-$248.5M	N/A	-$260.8M	N/A	-$274.1M+11.3%	-$308.9M

GDEV Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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
Capital Expenditures	$311K-9.3%	$343K-53.6%	$739K-25.7%	$994K-9.6%	$1.1M+647.6%	$147K
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
Investing Cash Flow	-$22.4M-140.1%	$55.9M+272.2%	-$32.5M+81.1%	-$171.8M-6217.9%	-$2.7M-853.2%	$361K
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
Dividends Paid	$56.0M	N/A	N/A	N/A	$160.4M+210.3%	$51.7M
Share Buybacks	N/A	$33.1M	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q2'23
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GDEV Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	17.2%+11.1pp	6.1%-3.9pp	9.9%+8.4pp	1.5%+28.6pp	-27.1%-26.8pp	-0.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
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%
Current Ratio	0.67-0.0	0.68-0.0	0.71+0.1	0.57-0.0	0.59+0.1	0.52
Debt-to-Equity	-0.000.0	-0.000.0	-0.010.0	-0.000.0	-0.010.0	-0.01
FCF Margin	7.2%+0.5pp	6.7%+3.0pp	3.7%-20.3pp	24.0%-0.1pp	24.1%-22.1pp	46.2%

Metric	Q4'25	Q2'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q2'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	13.9%	N/A	N/A	13.9%	N/A	N/A	17.0%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	7.9%	N/A	N/A	5.2%	N/A	N/A	6.5%
Current Ratio	0.67+0.2	0.51-0.2	0.68	N/A	0.58	N/A	0.71+0.1	0.56
Debt-to-Equity	-0.000.0	-0.000.0	-0.00	N/A	-0.01	N/A	-0.010.0	-0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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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.

How many shares does GDEV Inc. have outstanding?

GDEV Inc. (GDEV) had 18M shares outstanding as of fiscal year 2025.

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 debt-to-equity ratio?

GDEV Inc. (GDEV) had a debt-to-equity ratio of -0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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 unusual?

GDEV Inc. (GDEV) has negative shareholder equity of -$90.6M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. 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 9, indicating neutral financial health. 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.

How financially healthy is GDEV Inc.?

GDEV Inc. (GDEV) scores 12 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.