GDEV Inc. Financials

GDEVW

Source SEC Filings (10-K/10-Q) Updated Jun 30, 2025 Currency USD FYE December

This page shows GDEV Inc. (GDEVW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).

Financial Health Signals

Piotroski F-Score Neutral

6/9

GDEV Inc. passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.12x

For every $1 of reported earnings, GDEV Inc. generates $1.12 in operating cash flow ($28.5M OCF vs $25.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$420.9M

YoY-9.4%

5Y CAGR+35.0%

GDEV Inc. generated $420.9M in revenue in fiscal year 2024. This represents a decrease of 9.4% from the prior year.

EBITDA

N/A

Net Income

$25.5M

YoY-44.6%

GDEV Inc. reported $25.5M in net income in fiscal year 2024. This represents a decrease of 44.6% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$28.2M

YoY+63.7%

5Y CAGR+13.5%

GDEV Inc. generated $28.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 63.7% from the prior year.

Cash & Debt

$111.0M

YoY+54.7%

5Y CAGR+44.6%

GDEV Inc. held $111.0M in cash against $18K in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

18M

GDEV Inc. had 18M shares outstanding in fiscal year 2024. This represents a decrease of 90.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

6.1%

YoY-3.9pp

5Y CAGR+43.9pp

GDEV Inc.'s net profit margin was 6.1% in fiscal year 2024, showing the share of revenue converted to profit. This is down 3.9 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$343K

YoY-53.6%

5Y CAGR+78.4%

GDEV Inc. invested $343K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 53.6% from the prior year.

GDEVW Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$420.9M-9.4%	$464.5M-3.2%	$479.7M+10.5%	$434.1M+66.4%	$260.9M+178.1%	$93.8M
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	$76K+35.7%	$56K-51.3%	$115K+27.8%	$90K+246.2%	$26K+2500.0%	$1K
Income Tax	$4.5M+16.2%	$3.9M+3.2%	$3.8M+233.6%	$1.1M+30.7%	$862K+12214.3%	$7K
Net Income	$25.5M-44.6%	$46.1M+522.3%	$7.4M+106.3%	-$117.4M-15538.3%	-$751K+97.9%	-$35.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q2'23	Q4'22
Revenue	$119.9M	N/A	N/A	$105.8M	N/A	N/A	$114.9M	N/A
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	$26K	N/A	N/A	$18K	N/A	N/A	$9K	N/A
Income Tax	$1.6M	N/A	N/A	$986K	N/A	N/A	$327K	N/A
Net Income	$16.6M	N/A	$24.0M+63.1%	$14.7M+467.8%	-$4.0M	N/A	$19.5M	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GDEVW Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$272.2M-15.1%	$320.6M-0.5%	$322.0M+2.9%	$313.0M+47.9%	$211.6M	N/A
Current Assets	$179.6M-16.0%	$213.9M+13.2%	$188.9M-1.2%	$191.1M+58.4%	$120.7M	N/A
Cash & Equivalents	$111.0M+54.7%	$71.8M-17.3%	$86.8M-39.2%	$142.8M+68.9%	$84.6M+381.4%	$17.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$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%	$1.8M+22.3%	$1.5M	N/A	N/A
Total Liabilities	$373.7M-11.1%	$420.4M-10.7%	$470.8M-0.7%	$474.0M+51.2%	$313.5M	N/A
Current Liabilities	$263.5M-13.0%	$302.8M-8.9%	$332.4M+3.0%	$322.8M+38.3%	$233.4M	N/A
Long-Term Debt	$18K-98.2%	$983K+121.4%	$444K-59.7%	$1.1M+34.8%	$818K-79.7%	$4.0M
Total Equity	-$101.5M-1.7%	-$99.8M+32.9%	-$148.8M+7.6%	-$161.0M-58.0%	-$101.9M-109.8%	-$48.6M
Retained Earnings	-$248.5M+9.3%	-$274.1M+14.4%	-$320.2M+2.2%	-$327.5M-187.2%	-$114.0M	N/A

Metric	Q2'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q2'23	Q4'22
Total Assets	$210.2M-22.8%	$272.2M	N/A	$282.8M	N/A	$320.6M+6.1%	$302.2M-6.2%	$322.0M
Current Assets	$128.7M-28.4%	$179.6M	N/A	$162.9M	N/A	$213.9M+15.4%	$185.3M-1.9%	$188.9M
Cash & Equivalents	$41.6M-62.6%	$111.0M	N/A	$50.8M	N/A	$71.8M+4.7%	$68.6M-21.0%	$86.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$50.0M+18.6%	$42.1M	N/A	$54.4M	N/A	$51.9M+26.2%	$41.1M-9.4%	$45.4M
Goodwill	$1.8M0.0%	$1.8M	N/A	$1.8M	N/A	$1.8M0.0%	$1.8M0.0%	$1.8M
Total Liabilities	$339.6M-9.1%	$373.7M	N/A	$401.5M	N/A	$420.4M-4.0%	$437.9M-7.0%	$470.8M
Current Liabilities	$250.0M-5.1%	$263.5M	N/A	$281.1M	N/A	$302.8M-7.7%	$328.1M-1.3%	$332.4M
Long-Term Debt	$557K+2994.4%	$18K	N/A	$981K	N/A	$983K+793.6%	$110K-75.2%	$444K
Total Equity	-$129.4M-27.5%	-$101.5M	N/A	-$118.7M	N/A	-$99.8M+26.5%	-$135.8M+8.7%	-$148.8M
Retained Earnings	-$277.7M-11.7%	-$248.5M	N/A	-$260.8M	N/A	-$274.1M+11.3%	-$308.9M+3.5%	-$320.2M

GDEVW Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$28.5M+58.9%	$18.0M-84.5%	$116.1M+10.0%	$105.5M-12.5%	$120.6M+706.6%	$15.0M
Capital Expenditures	$343K-53.6%	$739K-25.7%	$994K-9.6%	$1.1M+647.6%	$147K+673.7%	$19K
Free Cash Flow	$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	$55.9M+272.2%	-$32.5M+81.1%	-$171.8M-6217.9%	-$2.7M-853.2%	$361K+204.6%	-$345K
Financing Cash Flow	-$44.9M-2206.7%	-$1.9M-2.3%	-$1.9M+95.6%	-$43.0M+23.3%	-$56.0M-35827.6%	-$156K
Dividends Paid	N/A	N/A	N/A	$160.4M+210.3%	$51.7M+1153.8%	$4.1M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q2'23	Q4'22
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

GDEVW Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
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	6.1%-3.9pp	9.9%+8.4pp	1.5%+28.6pp	-27.1%-26.8pp	-0.3%+37.6pp	-37.9%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	9.4%-5.0pp	14.4%+12.1pp	2.3%+39.8pp	-37.5%-37.2pp	-0.4%	N/A
Current Ratio	0.68-0.0	0.71+0.1	0.57-0.0	0.59+0.1	0.52	N/A
Debt-to-Equity	-0.000.0	-0.010.0	-0.000.0	-0.010.0	-0.01+0.1	-0.08
FCF Margin	6.7%+3.0pp	3.7%-20.3pp	24.0%-0.1pp	24.1%-22.1pp	46.2%+30.3pp	15.9%

Metric	Q2'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q2'23	Q4'22
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	13.9%	N/A	N/A	13.9%	N/A	N/A	17.0%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	7.9%	N/A	N/A	5.2%	N/A	N/A	6.5%	N/A
Current Ratio	0.51-0.2	0.68	N/A	0.58	N/A	0.71+0.1	0.560.0	0.57
Debt-to-Equity	-0.000.0	-0.00	N/A	-0.01	N/A	-0.010.0	-0.000.0	-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 (-$101.5M), 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 (0.68), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

What is GDEV Inc.'s annual revenue?

GDEV Inc. (GDEVW) reported $420.9M in total revenue for fiscal year 2024. This represents a -9.4% 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. (GDEVW) revenue declined by 9.4% year-over-year, from $464.5M to $420.9M in fiscal year 2024.

Is GDEV Inc. profitable?

Yes, GDEV Inc. (GDEVW) reported a net income of $25.5M in fiscal year 2024, with a net profit margin of 6.1%.

How much debt does GDEV Inc. have?

As of fiscal year 2024, GDEV Inc. (GDEVW) had $111.0M in cash and equivalents against $18K in long-term debt.

What is GDEV Inc.'s net profit margin?

GDEV Inc. (GDEVW) had a net profit margin of 6.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is GDEV Inc.'s free cash flow?

GDEV Inc. (GDEVW) generated $28.2M in free cash flow during fiscal year 2024. This represents a 63.7% 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. (GDEVW) generated $28.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are GDEV Inc.'s total assets?

GDEV Inc. (GDEVW) had $272.2M in total assets as of fiscal year 2024, including both current and long-term assets.

What are GDEV Inc.'s capital expenditures?

GDEV Inc. (GDEVW) invested $343K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does GDEV Inc. have outstanding?

GDEV Inc. (GDEVW) had 18M shares outstanding as of fiscal year 2024.

What is GDEV Inc.'s current ratio?

GDEV Inc. (GDEVW) had a current ratio of 0.68 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is GDEV Inc.'s debt-to-equity ratio?

GDEV Inc. (GDEVW) had a debt-to-equity ratio of -0.00 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is GDEV Inc.'s return on assets (ROA)?

GDEV Inc. (GDEVW) had a return on assets of 9.4% for fiscal year 2024, 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. (GDEVW) has negative shareholder equity of -$101.5M as of fiscal year 2024, 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. (GDEVW) has a Piotroski F-Score of 6 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are GDEV Inc.'s earnings high quality?

GDEV Inc. (GDEVW) has an earnings quality ratio of 1.12x, considered cash-backed (high quality). 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.