GDEV Inc. Warrant (GDEVW) Financials

GDEVW

FY2025 annual

Revenue $404.3M -3.9% YoY

Net Income $69.3M +171.5% YoY

Free Cash Flow $29.1M +3.4% YoY

Operating Cash Flow $29.4M +3.2% YoY

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Mar 31, 2026 Currency USD FYE December

Newest figures come from the 10-K 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 (10-K and 10-Q reports).

Rhea AI GDEVW FY2025 2026-09-05

Profitability is improving on a shrinking revenue base, but cash conversion and negative equity keep the balance sheet structurally constrained.

FY2025 net income reached $69.3M while operating cash flow was only $29.4M; accounting earnings converted into substantially less cash than reported profit. Free cash flow nearly matched operating cash flow, making the shortfall primarily an earnings-to-cash conversion issue rather than a capital-spending burden.

Net margin rose from 9.9% in FY2023 to 17.2% in FY2025 even as revenue declined, so the improvement was not driven by selling more. It points instead to lower costs, a different revenue mix, or both; the statements do not isolate the mechanism.

FY2025 liabilities were $323.7M against assets of $233.1M, leaving negative equity as a structural balance-sheet feature. The current ratio was 0.7x while long-term debt was only $310K, so near-term obligations—not material long-term borrowing—define the financing pressure.

Financial Health Signals

Financial health score not available

GDEV Inc. Warrant 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.

Piotroski F-Score Partial

4/8

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), both operating efficiency signals pass.

Earnings Quality Low Quality

0.42x

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

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Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$62.9M

YoY-43.4%

QoQ+51.4%

GDEV Inc. Warrant held $62.9M in cash against $310K in long-term debt as of Q4 2025, with $231.9M of liabilities due within a year.

Shares Outstanding

18M

YoY+0.2%

GDEV Inc. Warrant had 18M shares outstanding in Q4 2025. This represents an increase of 0.2% from the same quarter a year earlier.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 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.

GDEVW quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
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%	$7.4M+106.3%	-$117.4M-15538.3%	-$751K+97.9%	-$35.5M
Diluted Shares (Avg)	18M-0.2%	18M	20M+1.2%	20M-89.2%	184M+3.9%	177M	N/A

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q	Q4'2310-K	Q2'2310-Q
Revenue	N/A	$119.9M+13.3%	N/A	N/A	$105.8M-7.9%	N/A	N/A	$114.9M-8.7%
Interest Expense	N/A	$26K+44.4%	N/A	N/A	$18K+100.0%	N/A	N/A	$9K0.0%
Income Tax	N/A	$1.6M+61.9%	N/A	N/A	$986K+201.5%	N/A	N/A	$327K-73.9%
Net Income	N/A	$16.6M+13.0%	N/A	$24.0M	$14.7M-24.6%	-$4.0M	N/A	$19.5M-33.4%
Diluted Shares (Avg)	N/A	19M+1.4%	N/A	N/A	18M-7.4%	N/A	N/A	20M

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

GDEVW quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
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	-$90.6M+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

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q	Q4'2310-K	Q2'2310-Q
Total Assets	$233.1M-14.4%	$210.2M-25.7%	$272.2M-15.1%	N/A	$282.8M-6.4%	N/A	$320.6M-0.5%	$302.2M-19.0%
Current Assets	$155.1M-13.7%	$128.7M-21.0%	$179.6M-16.0%	N/A	$162.9M-12.1%	N/A	$213.9M+13.2%	$185.3M+17.0%
Cash & Equivalents	$62.9M-43.4%	$41.6M-18.1%	$111.0M+54.7%	N/A	$50.8M-26.0%	N/A	$71.8M-17.3%	$68.6M-24.9%
Accounts Receivable	$43.5M+3.3%	$50.0M-8.2%	$42.1M-18.8%	N/A	$54.4M+32.3%	N/A	$51.9M+14.4%	$41.1M-11.0%
Goodwill	$1.8M0.0%	$1.8M0.0%	$1.8M0.0%	N/A	$1.8M0.0%	N/A	$1.8M0.0%	$1.8M-96.2%
Total Liabilities	$323.7M-13.4%	$339.6M-15.4%	$373.7M-11.1%	N/A	$401.5M-8.3%	N/A	$420.4M-10.7%	$437.9M-8.5%
Current Liabilities	$231.9M-12.0%	$250.0M-11.1%	$263.5M-13.0%	N/A	$281.1M-14.3%	N/A	$302.8M-8.9%	$328.1M+0.4%
Non-Current Liabilities	$91.8M-16.8%	$89.6M-25.6%	$110.3M-6.2%	N/A	$120.5M+9.7%	N/A	$117.6M-15.0%	$109.8M-27.6%
Long-Term Debt	$310K+1622.2%	$557K-43.2%	$18K-98.2%	N/A	$981K+791.8%	N/A	$983K+121.4%	$110K-73.6%
Total Equity	-$90.6M+10.8%	-$129.4M-9.0%	-$101.5M-1.7%	N/A	-$118.7M+12.6%	N/A	-$99.8M+32.9%	-$135.8M-29.1%
Retained Earnings	-$239.2M+3.8%	-$277.7M-6.5%	-$248.5M+9.3%	N/A	-$260.8M+15.6%	N/A	-$274.1M+14.4%	-$308.9M-12.5%

Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments.

GDEVW Cash Flow Statement

GDEVW quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
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%	$55.9M+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

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q	Q4'2310-K	Q2'2310-Q

Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

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.

GDEVW quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
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%

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q	Q4'2310-K	Q2'2310-Q
Net Margin	N/A	13.9%0.0pp	N/A	N/A	13.9%-3.1pp	N/A	N/A	17.0%-6.3pp
Return on Assets	N/A	7.9%+2.7pp	N/A	N/A	5.2%-1.3pp	N/A	N/A	6.5%-1.4pp
Current Ratio	0.670.0x	0.51-0.1x	0.680.0x	N/A	0.580.0x	N/A	0.71+0.1x	0.56+0.1x
Asset Turnover	N/A	0.57+0.2x	N/A	N/A	0.370.0x	N/A	N/A	0.380.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Return on Equity, Debt-to-Equity, FCF Margin.

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.

Where GDEV Inc. Warrant Ranks

Frequently Asked Questions

What is GDEV Inc. Warrant's annual revenue?

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.

How fast is GDEV Inc. Warrant's revenue growing?

GDEV Inc. Warrant (GDEVW) revenue declined by 3.9% year-over-year, from $420.9M to $404.3M in fiscal year 2025.

Is GDEV Inc. Warrant profitable?

Yes, GDEV Inc. Warrant (GDEVW) 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. Warrant have?

As of fiscal year 2025, GDEV Inc. Warrant (GDEVW) had $62.9M in cash and equivalents against $310K in long-term debt.

What is GDEV Inc. Warrant's net profit margin?

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.

What is GDEV Inc. Warrant's free cash flow?

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.

What is GDEV Inc. Warrant's operating cash flow?

GDEV Inc. Warrant (GDEVW) generated $29.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are GDEV Inc. Warrant's total assets?

GDEV Inc. Warrant (GDEVW) had $233.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are GDEV Inc. Warrant's capital expenditures?

GDEV Inc. Warrant (GDEVW) invested $311K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does GDEV Inc. Warrant have outstanding?

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

What is GDEV Inc. Warrant's current ratio?

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.

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

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.

Why is GDEV Inc. Warrant's debt-to-equity ratio negative or not reported?

GDEV Inc. Warrant (GDEVW) 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. Warrant's Piotroski F-Score?

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.

Are GDEV Inc. Warrant's earnings high quality?

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.