GDEV announces preliminary, unaudited results for the fourth quarter and twelve months of 2025

Rhea-AI Summary

GDEV (NASDAQ: GDEV) reported preliminary, unaudited results for Q4 and FY2025. Q4 revenue was $90M (down 8% YoY); 12M revenue was $404M (down 4% YoY). Adjusted EBITDA rose to $15M in Q4 and $79M for FY2025. Bookings fell to $88M in Q4 and $351M for 12 months. Cash flow from operations was $18M in Q4 and $29M for the year. Figures are preliminary and unaudited; audited 20-F to follow.

Positive

• Adjusted EBITDA +66% in Q4 2025
• Adjusted EBITDA +87% for 12M 2025
• Profit for period increased to $14M in Q4 2025 and $69M for 12M 2025
• Selling & marketing expenses reduced by 24% for 12M 2025

Negative

• Bookings -13% for 12M 2025
• Monthly paying users (MPU) -18% for 12M 2025
• Revenue -8% in Q4 2025 and -4% for 12M 2025
• Game operation cost +12% for 12M 2025

Key Figures

Q4 2025 Revenue: $90 million Q4 2025 Profit: $14 million Q4 2025 Adjusted EBITDA: $15 million +5 more

8 metrics

Q4 2025 Revenue $90 million Decreased 8% year-over-year vs Q4 2024

Q4 2025 Profit $14 million Net profit vs $2 million in Q4 2024

Q4 2025 Adjusted EBITDA $15 million Up from $9 million in Q4 2024

2025 Revenue $404 million Down 4% year-over-year vs 2024

2025 Profit $69 million Net profit vs $26 million in 2024

2025 Adjusted EBITDA $79 million Up 87% vs $42 million in 2024

2025 Bookings $351 million Down from $404 million in 2024 (13% decline)

2025 MPU 281 thousand Monthly paying users, down 18% vs 2024

Market Reality Check

Price: $15.15 Vol: Volume 409 vs 20-day aver...

low vol

$15.15 Last Close

Volume Volume 409 vs 20-day average 4,428 (relative volume 0.09) indicates very light trading before this release. low

Technical Shares at $15.15 were trading below the 200-day MA of $18.09, and about 64.1% below the 52-week high of $42.20.

Peers on Argus

Pre-news, GDEV was modestly up 0.73% on very low volume, while peers showed mixe...

1 Down

Pre-news, GDEV was modestly up 0.73% on very low volume, while peers showed mixed moves: GCL +4%, DDI +1.11%, GRVY +2.49%, SOHU -0.36%, PLTK -1.08%. Momentum scanner flagged only SKLZ moving down, suggesting stock-specific rather than sector-wide drivers.

Previous Earnings Reports

5 past events · Latest: Nov 24 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 24	Q3 2025 earnings	Positive	-2.1%	Revenue fell but profit and Adjusted EBITDA rose on lower marketing spend.
Sep 02	Q2 2025 earnings	Positive	+7.3%	Strong revenue and profit growth with higher Adjusted EBITDA and solid cash.
May 16	Q1 2025 earnings	Positive	+3.3%	Return to profit and positive Adjusted EBITDA despite revenue and bookings decline.
Mar 31	FY/Q4 2024 earnings	Negative	-7.8%	Q4 revenue and profit dropped even as EBITDA and ABPPU improved.
Nov 14	Q3 2024 earnings	Negative	+0.2%	Revenue and profit declined year-over-year despite positive EBITDA and cash.

Pattern Detected

Earnings releases have produced mixed reactions: some strong positive moves on improving profitability, but also notable sell-offs when revenue or growth trends disappointed.

Recent Company History

Over the last five earnings releases (Nov 2024–Nov 2025), GDEV has consistently emphasized profitability and marketing discipline. Prior quarters showed revenue pressure but rising profit and Adjusted EBITDA, along with declining monthly paying users offset by higher ABPPU and a stable mobile/PC mix. Market reactions ranged from a 7%+ gain to a near 8% drop, indicating that investors have reacted variably to the balance between growth and margin improvement, which is again central in this new report.

Historical Comparison

+0.2% avg move · Recent earnings releases (5 in total) have led to relatively modest average moves of 0.16%, with bot...

earnings

+0.2%

Average Historical Move earnings

Recent earnings releases (5 in total) have led to relatively modest average moves of 0.16%, with both rallies and sell-offs when profitability improved but growth softened.

Across these earnings updates, GDEV has progressed toward higher profitability and Adjusted EBITDA while accepting lower bookings and user counts, reflecting a sustained shift to more efficient, higher-value user acquisition.

Market Pulse Summary

This announcement highlights a continued pivot toward profitability: Q4 profit increased to $14M and...

Analysis

This announcement highlights a continued pivot toward profitability: Q4 profit increased to $14M and 2025 Adjusted EBITDA reached $79M, even as revenue and bookings declined. Marketing spend dropped sharply, and MPUs fell while ABPPU improved, underscoring a focus on higher-value users. Investors may track future trends in bookings, user counts, platform mix, and geographic exposure to gauge whether margin gains can be sustained without further top-line erosion.

Key Terms

adjusted ebitda, ifrs, form 20-f, non-ifrs financial measures

4 terms

adjusted ebitda financial

"Adjusted EBITDA1 of $15 million in Q4 2025 increased vs. $9 million..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

ifrs financial

"results provided in accordance with IFRS throughout this press release..."

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

form 20-f regulatory

"2025 Annual Report on Form 20-F, which will include the Company’s audited..."

Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.

non-ifrs financial measures financial

"Presentation of Non-IFRS Financial Measures In addition to the results..."

Non-IFRS financial measures are company-reported numbers that modify or exclude items from standard accounting results so management can highlight what it sees as underlying business performance—common examples are adjusted EBITDA or adjusted earnings per share. They matter to investors because they can make trends clearer by removing unusual or noncash items, like cleaning lens smudges off a camera, but they require scrutiny since companies decide what to exclude and comparisons across firms may not be uniform.

AI-generated analysis. Not financial advice.

LIMASSOL, Cyprus, March 05, 2026 (GLOBE NEWSWIRE) -- GDEV Inc. (NASDAQ: GDEV), an international gaming and entertainment company (“GDEV” or the “Company”) released its preliminary, unaudited financial and operational results for the fourth quarter and twelve months ended December 31, 2025.

Fourth quarter 2025 financial highlights:

• Revenue of $90 million decreased by 8% year-over-year.
• Selling and marketing expenses of $35 million decreased by 25% year-over-year.
• Profit for the period, net of tax, of $14 million in Q4 2025 increased vs. $2 million in Q4 2024.
• Adjusted EBITDA¹ of $15 million in Q4 2025 increased vs. $9 million in Q4 2024.
  
  

Fourth quarter and twelve months 2025 financial performance in comparison

US$ million	Q4 2025	Q4 2024	Change (%)	12M 2025	12M 2024	Change (%)
Revenue	90	98	(8%)	404	421	(4%)
Platform commissions	(18)	(21)	(13%)	(85)	(91)	(7%)
Game operation cost	(15)	(13)	13%	(57)	(51)	12%
Selling and marketing expenses	(35)	(47)	(25%)	(159)	(209)	(24%)
General and administrative expenses	(9)	(8)	14%	(35)	(32)	10%
Profit/loss for the period, net of tax	14	2	N/M	69	26	N/M
Adjusted EBITDA2	15	9	66%	79	42	87%
Cash flows (used in)/generated from operating activities	18	5	N/M	29	29	3%

Fourth quarter 2025 financial performance

In the fourth quarter of 2025 our revenue decreased by $8 million (or 8%) year-over-year and amounted to $90 million, reflecting a decline in recognition of revenue from both current-period and prior-period bookings. This was mainly due to declining consumer spending levels in the current and preceding years, which reduced the amount of revenue recognized during the quarter. The decrease is consistent with our strategy to pursue more disciplined marketing spending and focus on attracting higher-quality, better-paying users rather than maximizing short-term volume.

Platform commissions decreased by $3 million (or 13%) in the fourth quarter of 2025 to reach $18 million, generally proportionate to the decrease in revenues.

Game operation cost increased by $2 million in the fourth quarter of 2025 and amounted to $15 million, mainly driven by an increase in investments in our IT infrastructure.

Selling and marketing expenses decreased by $12 million in the fourth quarter of 2025, amounting to $35 million. This decrease was driven by our continued focus on improving the efficiency of user acquisition activities. The decrease reflects a more selective approach to performance marketing, prioritizing channels that attract players with higher long-term value over broadscale campaigns aimed at short-term growth.

General and administrative expenses remained relatively stable at $9 million in the fourth quarter of 2025 vs. $8 million in the fourth quarter of 2024.

We recorded a profit for the period, net of tax, of $14 million in the fourth quarter of 2025 compared with $2 million in the same period of 2024, driven primarily by the factors above and i.) decrease of net financial expenses in Q4 2025 vs Q4 2024 in the amount of $3 million and ii.) decrease of share of loss of equity accounted associates by $6 million in Q4 2025 as compared with the same period of prior year. Adjusted EBITDA amounted to $15 million in the fourth quarter of 2025, an increase of $6 million compared with the same period in 2024 driven primarily by the same factors as those affecting the profit, except for the decrease of share of loss of equity accounted associates, which does not impact Adjusted EBITDA.

Cash flows generated from operating activities were positive $18 million in the fourth quarter of 2025 compared with positive $5 million in the same period in 2024.

Twelve months 2025 financial performance

In the year ended December 31, 2025, our revenue decreased by $17 million (or 4%) year-over-year and amounted to $404 million, reflecting a decline in recognition of revenue from both current-period and prior-period bookings. This was mainly due to declining consumer spending levels in the current and preceding years, which reduced the amount of revenue recognized during the year. The decrease is consistent with our strategy to pursue more disciplined marketing spending and focus on attracting higher-quality, better-paying users rather than maximizing short-term volume.

Platform commissions decreased by $7 million (or 7%) in the year ended December 31, 2025 to reach $85 million, generally proportionate to the decrease in revenues.

Game operation cost increased by $6 million in the year ended December 31, 2025 and amounted to $57 million, mainly driven by an increase in investments in our IT infrastructure.

Selling and marketing expenses decreased by $50 million in the year ended December 31, 2025, amounting to $159 million. This decrease was driven by our continued focus on improving the efficiency of user acquisition activities. The decrease reflects a more selective approach to performance marketing, prioritizing channels that attract players with higher long-term value over broadscale campaigns aimed at short-term growth.

General and administrative expenses increased by $3 million in the year ended December 31, 2025 and amounted to $35 million vs. $32 million in the year ended December 31, 2024. The increase was primarily driven by higher salary and related personnel expenses, reflecting the expansion of development activities and increased scale of operations across our game development studios.

We recorded a profit for the period, net of tax, of $69 million in the year ended December 31, 2025 compared with $26 million in the same period of 2024, driven primarily by the factors above and i.) decrease of net financial expenses in the year ended December 31 2025 vs the same period in 2024 in the amount of $7 million, ii.) increase in gain resulted from the change in fair value of share warrant obligation and other financial instruments by $3 million in the year ended December 31 2025 as compared with the same period of prior year and iii.) decrease of share of loss of equity accounted associates by $4 million in the year ended December 31, 2025 as compared with the same period of prior year. Adjusted EBITDA amounted to $79 million in the year ended December 31, 2025, an increase $37 million compared with the same period in 2024 driven primarily by the same factors as those affecting the profit, except for the increase in gain resulted from the change in fair value of share warrant obligation and other financial instruments and the decrease of share of loss of equity accounted associates, which do not impact Adjusted EBITDA.

Cash flows generated from operating activities remained the same, at $29 million, in the year ended December 31, 2025 vs. the same period of 2024. The divergence in earnings and cash flow dynamics reflects the significant impact of deferred revenue recognition on current-period income, which did not have a material effect on current-period cash flows.

Fourth quarter and twelve months 2025 operational performance comparison

	Q4 2025	Q4 2024	Change (%)	12M 2025	12M 2024	Change (%)
Bookings ($ million)	88	94	(7%)	351	404	(13%)
Bookings from in-app purchases	83	89	(6%)	331	377	(12%)
Bookings from advertising	4	5	(18%)	20	27	(25%)
Share of advertising	5.1%	5.8%	(0.7) p.p	5.7%	6.7%	(1.0) p.p.
MPU (thousand)	262	292	(10%)	281	342	(18%)
ABPPU ($)	106	102	4%	98	92	7%

Bookings declined in the fourth quarter and twelve months of 2025 to reach $88 million and $351 million, respectively, compared with $94 million and $404 million in the same period in 2024. The decline is primarily due to a decline in monthly paying users by 10% in the fourth quarter of 2025 vs. the same period in 2024 and by 18% in the year ended December 31, 2025 vs. the same period in 2024, which we attribute to the decrease of the user acquisition investments throughout 2024 and 2025, partially offset by an increase in ABPPU.

The share of advertisement sales as a percentage of total bookings decreased in the fourth quarter of 2025 to reach 5.1% compared to 5.8% in the same respective period in 2024 and decreased in the year ended December 31, 2025 to reach 5.7% compared to 6.7% in the same period in 2024. This decline was primarily driven by a global trend of declining CPM rates for advertising throughout 2024 and 2025.

Split of bookings by platform	Q4 2025	Q4 2024	12M 2025	12M 2024
Mobile	58%	57%	60%	60%
PC	42%	43%	40%	40%

In the fourth quarter of 2025 we recorded an increase in share of mobile to reach 58% vs. 57% in the same period in 2024 and decrease in share of PC to reach 42% vs. 43% in the same period in 2024. In the year ended December 31, 2025 the share in mobile and PC remained the same compared to same period in 2024.

Split of bookings by geography	Q4 2025	Q4 2024	12M 2025	12M 2024
US	30%	34%	33%	34%
Asia	18%	21%	19%	22%
Europe	34%	32%	33%	30%
Other	18%	13%	15%	14%

Our split of bookings by geography in the fourth quarter and twelve months of 2025 vs. the same respective periods in 2024 saw a decrease in the share of bookings derived from the US and Asia and an increase in bookings derived from Europe and Other.

Note:

Due to rounding, the numbers presented throughout this release may not precisely add up to the totals. The period-over-period percentage changes are based on the actual numbers and may therefore differ from the percentage changes if those were to be calculated based on the rounded numbers.

The figures in this release are preliminary and unaudited. The Company’s 2025 Annual Report on Form 20-F, which will include the Company’s audited financial statements as of for the year ended December 31, 2025, is expected to be published within the prescribed filing period.

About GDEV

GDEV is a gaming and entertainment holding company, focused on development and growth of its franchise portfolio across various genres and platforms. With a diverse range of subsidiaries including Nexters and Cubic Games, among others, GDEV strives to create games that will inspire and engage millions of players for years to come. Its franchises, such as Hero Wars, Island Hoppers, Pixel Gun 3D and others have accumulated over 550 million installs and more than $2.5 billion of bookings worldwide. For more information, please visit www.gdev.inc.

Contacts:

Investor Relations
Roman Safiyulin | Chief Corporate Development Officer
investor@gdev.inc

Cautionary statement regarding forward-looking statements

Certain statements in this press release may constitute “forward-looking statements” for purposes of the federal securities laws. Such statements are based on current expectations that are subject to risks and uncertainties. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.

The forward-looking statements contained in this press release are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s 2024 Annual Report on Form 20-F, filed by the Company on March 31, 2025, and other documents filed by the Company from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Presentation of Non-IFRS Financial Measures

In addition to the results provided in accordance with IFRS throughout this press release, the Company has provided the non-IFRS financial measure “Adjusted EBITDA” (the “Non-IFRS Financial Measure”). The Company defines Adjusted EBITDA as the profit/loss for the period, net of tax as presented in the Company's financial statements in accordance with IFRS, adjusted to exclude (i) goodwill and investments in equity-accounted associates' impairment, (ii) loss on disposal of subsidiaries, (iii) income tax expense, (iv) other financial income, finance income and expenses other than foreign exchange gains and losses and bank charges, (v) change in fair value of share warrant obligations and other financial instruments, (vi) share of loss of equity-accounted associates, (vii) depreciation and amortization, (viii) share-based payments expense and (ix) certain non-cash or other special items that we do not consider indicative of our ongoing operating performance. The Company uses this Non-IFRS Financial Measure for business planning purposes and in measuring its performance relative to that of its competitors. The Company believes that this Non-IFRS Financial Measure is a useful financial metric to assess its operating performance from period-to-period by excluding certain items that the Company believes are not representative of its core business. This Non-IFRS Financial Measure is not intended to replace, and should not be considered superior to, the presentation of the Company’s financial results in accordance with IFRS. The use of the Non-IFRS Financial Measure terms may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures.

Reconciliation of the profit for the period, net of tax to the Adjusted EBITDA

US$ million	Q4 2025	Q4 2024	12M 2025	12M 2024
Profit for the period, net of tax	14	2	69	26
Adjust for:
Income tax expense	0.9	1	5	5
Adjusted finance income/expenses3	(0.2)	0.7	(3)	(2)
Share of loss of equity-accounted associates2	(1)	5	4	8
Change in fair value of share warrant obligations and other financial instruments	(0.2)	(0.6)	(4)	(0.9)
Depreciation and amortization	2	2	7	6
Share-based payments	0.1	0.2	0.6	1
Adjusted EBITDA	15	9	79	42

______________________________
¹ For more information, see section titled “Presentation of Non-IFRS Financial Measures” on the last two pages of this report, including the reconciliation of the profit for the period, net of tax to the Adjusted EBITDA.

² The financial information presented for the comparative periods of 2024 may not reconcile exactly with the amounts previously published for those periods. This is due to the reclassification of the Impairment loss on loan receivables from Royal Ark to the Share of loss of equity-accounted associates line.

³ Adjusted finance income/expenses consist of finance income and expenses other than foreign exchange gains and losses and bank charges, net.

FAQ

What were GDEV's Q4 2025 revenue and Adjusted EBITDA (GDEV)?

GDEV reported $90M revenue and $15M Adjusted EBITDA in Q4 2025. According to the company, revenue fell 8% YoY while Adjusted EBITDA rose driven by lower marketing spend and cost mix changes.

How did GDEV perform for the full year 2025 (GDEV results 2025)?

For 12 months 2025 GDEV reported $404M revenue and $79M Adjusted EBITDA. According to the company, revenue declined 4% YoY while profitability improved due to lower selling and marketing expenses.

What caused GDEV's bookings and MPU declines in 2025 (GDEV bookings 2025)?

Bookings fell to $351M for 12 months 2025 and MPU declined 18% year-over-year. According to the company, declines reflect reduced user-acquisition investments and lower consumer spending, partially offset by higher ABPPU.

Did GDEV generate positive operating cash flow in Q4 and FY2025 (GDEV cash flow)?

Yes. GDEV reported $18M cash from operations in Q4 2025 and $29M for the year. According to the company, cash flow remained resilient despite deferred revenue recognition affecting reported earnings.

How did GDEV change its marketing strategy and impact on financials (GDEV marketing cut)?

GDEV reduced selling and marketing spend, lowering 12M marketing expenses by 24%. According to the company, the shift prioritized higher-quality users, improving Adjusted EBITDA and profit despite lower short-term bookings.