GDEV Warrant (GDEVW) Financials
Newest figures come from the 20-F for FY2025, filed Mar 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the GDEVW SEC filings page.
GDEV Inc. Warrant (GDEVW) 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 (20-F and 6-K reports).
Profit improved sharply without matching cash growth, while a shrinking, liability-heavy balance sheet and sub-1.0x current ratio constrain flexibility.
FY2025 earnings quality weakened: net income reached$69.3M , while operating cash flow was only$29.4M , so the earnings rebound did not translate proportionally into cash. In FY2024, net income of$25.5M and operating cash flow of$28.5M were close, making the latest divergence more informative than the profit increase alone.
The balance sheet remains liability-heavy: FY2025 liabilities were
Capital needs are modest: capital expenditures were just
Financial Health Signals
We do not publish a peer-relative financial health score for GDEV Inc. Warrant, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
GDEV Inc. Warrant 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), the one computable operating efficiency signal (asset turnover improving) passes.
For every $1 of reported earnings, GDEV Inc. Warrant 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. Warrant generated $404.3M in revenue in fiscal year 2025. This represents a decrease of 3.9% from the prior year.
GDEV Inc. Warrant 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. Warrant 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. Warrant 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. Warrant'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. Warrant 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.
GDEVW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| 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+24.6% | $61K-47.4% | $116K+27.5% | $91K+102.2% | $45K-53.1% | $96K |
| 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% | $7.4Mn/m | -$117.4Mn/m | -$751Kn/m | -$35.5M |
| Diluted Shares (Avg) | 18M-0.2% | 18M | 20M+1.2% | 20M | 184M+3.9% | 177M | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, EPS (Basic), EPS (Diluted).
GDEVW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| 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 |
| Non-Current Liabilities | $91.8M-16.8% | $110.3M-6.2% | $117.6M-15.0% | $138.4M-8.5% | $151.2M+88.9% | $80.0M | 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 | -$90.6Mn/m | -$101.5Mn/m | -$99.8Mn/m | -$148.8Mn/m | -$161.0Mn/m | -$101.9Mn/m | -$48.6M |
| Retained Earnings | -$239.2Mn/m | -$248.5Mn/m | -$274.1Mn/m | -$320.2Mn/m | -$327.5Mn/m | -$114.0M | N/A |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments.
GDEVW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| 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 |
| Depreciation & Amortization | $6.9M+10.9% | $6.2M-1.5% | $6.3M-9.1% | $6.9M+171.7% | $2.5M+352.8% | $561K+96.2% | $286K |
| 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% | $55.9Mn/m | -$32.5Mn/m | -$171.8Mn/m | -$2.7M-853.2% | $361Kn/m | -$345K |
| Financing Cash Flow | -$57.4Mn/m | -$44.9Mn/m | -$1.9Mn/m | -$1.9Mn/m | -$43.0Mn/m | -$56.0Mn/m | -$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 |
Not reported in any period shown, so not listed: Stock-Based Compensation.
GDEVW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| 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 |
| Asset Turnover | 1.73+0.2x | 1.55+0.1x | 1.450.0x | 1.49+0.1x | 1.39+0.2x | 1.23 | 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, Liabilities-to-Equity.
Note: Shareholder equity is negative (-$90.6M), which causes the debt-to-equity, liabilities-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.
Where GDEV Inc. Warrant Ranks
Frequently Asked Questions
GDEV Inc. Warrant (GDEVW) 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.
GDEV Inc. Warrant (GDEVW) revenue declined by 3.9% year-over-year, from $420.9M to $404.3M in fiscal year 2025.
Yes, GDEV Inc. Warrant (GDEVW) reported a net income of $69.3M in fiscal year 2025, with a net profit margin of 17.2%.
As of fiscal year 2025, GDEV Inc. Warrant (GDEVW) had $62.9M in cash and equivalents against $310K in long-term debt.
GDEV Inc. Warrant (GDEVW) had a net profit margin of 17.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
GDEV Inc. Warrant (GDEVW) 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.
GDEV Inc. Warrant (GDEVW) generated $29.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
GDEV Inc. Warrant (GDEVW) had $233.1M in total assets as of fiscal year 2025, including both current and long-term assets.
GDEV Inc. Warrant (GDEVW) invested $311K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
GDEV Inc. Warrant (GDEVW) had a current ratio of 0.67 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
GDEV Inc. Warrant (GDEVW) had a return on assets of 29.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
GDEV Inc. Warrant (GDEVW) has negative shareholder equity of -$90.6M as of fiscal year 2025, so no debt-to-equity or liabilities-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.
GDEV Inc. Warrant (GDEVW) 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.
GDEV Inc. Warrant (GDEVW) 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.