GDEV announces results for the first quarter of 2026

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Neutral)

Rhea-AI Summary

GDEV (NASDAQ:GDEV) reported Q1 2026 revenue of $99 million, up 2% year-over-year, driven mainly by higher in-app purchases. Profit net of tax rose to $17 million, with Adjusted EBITDA increasing to $18 million.

Selling and marketing expenses fell 13% to $37 million, while general and administrative costs grew 23% to $10 million, mainly from higher legal expenses. Operating cash flow was $4 million, compared with $6 million a year earlier.

Bookings reached $83 million (+2%), with ABPPU up 8% and MPU down 5%. Mobile platforms accounted for 64% of bookings versus 59% in Q1 2025.

AI-generated analysis. Not financial advice.

Positive

Revenue up 2% year-over-year to $99 million
Profit net of tax up 22% to $17 million
Adjusted EBITDA up 15% to $18 million
Selling and marketing expenses down 13% to $37 million
Bookings up 2% to $83 million; ABPPU up 8%
Mobile share of bookings increased to 64% from 59%

Negative

Operating cash flow fell to $4 million from $6 million
General and administrative expenses up 23% to $10 million
Net foreign exchange result swung from $1 million gain to $1 million loss
Monthly paying users (MPU) declined 5% year-over-year
US and Asia share of bookings decreased year-over-year

News Market Reaction – GDEV

+1.59%

1 alert

+1.59% News Effect

On the day this news was published, GDEV gained 1.59%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Revenue: $99M Profit, net of tax: $17M Adjusted EBITDA: $18M +5 more

8 metrics

Revenue $99M Q1 2026, up 2% year-over-year vs $97M in Q1 2025

Profit, net of tax $17M Q1 2026 profit vs $14M in Q1 2025

Adjusted EBITDA $18M Q1 2026, up from $16M in Q1 2025

Selling & marketing $37M Q1 2026, down 13% year-over-year from $42M

Operating cash flow $4M Q1 2026, down from $6M in Q1 2025

Bookings $83M Q1 2026 bookings vs $81M in Q1 2025

MPU 269k Monthly paying users in Q1 2026, down 5% year-over-year

ABPPU $97 Average bookings per paying user in Q1 2026, up 8% year-over-year

Market Reality Check

Price: $15.99 Vol: Volume 4,971 is 32% above...

normal vol

$15.99 Last Close

Volume Volume 4,971 is 32% above 20-day average of 3,776, indicating elevated interest into this earnings release. normal

Technical Shares closed at 15.74, trading below the 200-day MA of 17.98, reflecting a still-cautious longer-term trend despite improving metrics.

Peers on Argus

GDEV was down 2.18% while key peers showed mixed moves: GCL (+0.25%), DDI (+0.66...

1 Down

GDEV was down 2.18% while key peers showed mixed moves: GCL (+0.25%), DDI (+0.66%), GRVY (+1.09%), SOHU (-9.1%), PLTK (+5.07%). Momentum scanner only flagged GDC, down 4.86% without news, suggesting GDEV’s action was more stock-specific than broad sector-driven.

Previous Earnings Reports

5 past events · Latest: Mar 05 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 05	Q4/FY25 earnings	Negative	-7.2%	Q4 and FY25 revenue declined while bookings softened despite EBITDA improvement.
Nov 24	Q3 2025 earnings	Neutral	-2.1%	Revenue fell but profit and Adjusted EBITDA rose sharply on lower marketing spend.
Sep 02	Q2 2025 earnings	Positive	+7.3%	Strong revenue and profit growth with higher Adjusted EBITDA and solid cash position.
May 16	Q1 2025 earnings	Neutral	+3.3%	Revenue declined but swung from loss to profit with sharply lower marketing costs.
Mar 31	Q4/FY24 earnings	Neutral	-7.8%	Mixed year-end with lower revenue and profit but higher EBITDA and ABPPU.

Pattern Detected

Earnings releases have often led to negative or mixed price reactions, even when fundamentals improved, indicating a tendency for cautious or skeptical trading around results.

Recent Company History

Over the last five earnings updates from Mar 31, 2025 through Mar 5, 2026, GDEV has reported mixed top-line trends but steadily stronger profitability and efficiency. Revenue frequently declined or grew modestly, while Adjusted EBITDA and profit improved through tighter marketing spend and better monetization (higher ABPPU). Despite these fundamentals, shares often moved modestly negative on earnings, framing today’s Q1 2026 release of slight revenue growth and higher profit/EBITDA within a cautious sentiment pattern.

Historical Comparison

-1.3% avg move · Across the last five earnings releases, GDEV’s average next-day move was -1.32%, showing a tendency ...

earnings

-1.3%

Average Historical Move earnings

Across the last five earnings releases, GDEV’s average next-day move was -1.32%, showing a tendency for cautious trading even when profitability and efficiency metrics improved.

Earnings updates since early 2024 show revenue pressure but consistent gains in profit and Adjusted EBITDA, helped by lower marketing spend and rising ABPPU. Platform and geographic mixes have gradually shifted toward mobile and Europe/Other, framing Q1 2026’s modest revenue growth, higher profit, and slightly higher bookings as a continuation of this efficiency-focused trajectory.

Market Pulse Summary

This announcement highlights modest Q1 2026 revenue growth to $99M, stronger profit of $17M, and hig...

Analysis

This announcement highlights modest Q1 2026 revenue growth to $99M, stronger profit of $17M, and higher Adjusted EBITDA of $18M, supported by a 13% cut in marketing spend and higher ABPPU of $97. Bookings edged up to $83M while MPU declined. Investors may watch future quarters for sustainability of monetization gains, operating cash flow trends, and platform or geographic mix shifts.

Key Terms

adjusted ebitda, ifrs, non-ifrs financial measure, share warrant obligations, +4 more

8 terms

adjusted ebitda financial

"Adjusted EBITDA1 of $18 million in Q1 2026 increased vs. $16 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.

non-ifrs financial measure financial

"the Company has provided the non-IFRS financial measure “Adjusted EBITDA”..."

A non-IFRS financial measure is a performance number a company reports that is not defined by official accounting rules and usually adjusts standard results to show what management believes is the company’s underlying performance. Think of it like a photo with a custom filter: it can make important features clearer but may also hide blemishes, so investors use it to understand management’s view while checking how the adjustments were made and reconciled to the official numbers.

foreign exchange gains and losses financial

"finance income and expenses other than foreign exchange gains and losses and bank charges..."

Foreign exchange gains and losses are the differences in value that arise when a company holds or transacts in currencies whose exchange rates change over time; for example, when a payment, loan, or asset is converted from one currency to another at a different rate than when it was recorded. Investors care because these swings can make reported revenue, expenses and cash balances look higher or lower even if underlying business operations haven’t changed, adding volatility to earnings and cash flow similar to price changes when you convert money for a trip.

form 20-f regulatory

"2025 Annual Report on Form 20-F, filed by the Company on March 31, 2026..."

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.

form f-3 regulatory

"registration statements on Form F-3 (File Nos. 333-280580 and 333-282062)..."

Form F-3 is a U.S. securities filing that lets eligible foreign companies pre-register and then quickly sell shares or other securities to raise money, because they already meet ongoing reporting and size tests. For investors it signals that the company is up-to-date with regulatory disclosure and has an efficient way to issue new securities — similar to a pre-approved credit line — which can mean faster capital raises but also potential dilution of existing holdings.

form 6-k regulatory

"The Company submitted a Form 6-K noting that it issued a press release..."

A Form 6-K is a report that companies listed in certain countries file to provide important updates, such as financial results, corporate changes, or other significant information, to regulators and investors. It functions like an official company update or news release, helping investors stay informed about developments that could affect their investment decisions.

AI-generated analysis. Not financial advice.

05/19/2026 - 08:06 AM

LIMASSOL, Cyprus, May 19, 2026 (GLOBE NEWSWIRE) -- GDEV Inc. (NASDAQ: GDEV), an international gaming and entertainment company (“GDEV” or the “Company”) released its unaudited financial and operational results for the three-month period ended March 31, 2026.

First quarter 2026 financial highlights:

Revenue of $99 million increased by 2% year-over-year.
Selling and marketing expenses of $37 million decreased by 13% year-over-year.
Profit for the period, net of tax, of $17 million in Q1 2026 increased vs. $14 million in Q1 2025.
Adjusted EBITDA¹ of $18 million in Q1 2026 increased vs. $16 million in Q1 2025.

First quarter of 2026 financial performance in comparison


US$ million	Q1 2026		Q1 2025		Change (%)
Revenue	99		97		2		%
Platform commissions	(20	)	(20	)	(2	)	%
Game operation cost	(14	)	(14	)	1		%
Selling and marketing expenses	(37	)	(42	)	(13	)	%
General and administrative expenses	(10	)	(8	)	23		%
Profit for the period, net of tax	17		14		22		%
Adjusted EBITDA	18		16		15		%
Cash flows generated from operating activities	4		6		(27	)	%

First quarter 2026 financial performance

In the first quarter of 2026, our revenue increased by $2 million (or 2%) year-over-year and amounted to $99 million. The increase was primarily driven by an increase in in-app purchases made by players.

Platform commissions remained stable at $20 million in the first quarter of 2026 vs. 2025.

Game operation costs remained stable at $14 million in the first quarter of 2026 vs. 2025.

Selling and marketing expenses in the first quarter of 2026 decreased by $5 million vs. the same period in 2025, amounting to $37 million. This decrease is 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 broad-scale campaigns aimed at short-term growth.

General and administrative expenses increased by $2 million in the first quarter of 2026 vs. the same period of prior year and amounted to $10 million primarily due to increase in legal expenses.

As a result of the factors above, together with the effect of the net foreign exchange loss in the first quarter of 2026 in the amount of $1 million vs. the net foreign exchange gain in the amount of $1 million in the same period of prior year, we recorded a profit for the period, net of tax, of $17 million in the first quarter of 2026 compared with $14 million in the same period of 2025. Adjusted EBITDA in the first quarter of 2026 amounted to $18 million, an increase of $2 million compared with the same period in 2025 driven primarily by the same factors as those affecting the profit.

Cash flows generated from operating activities were positive $4 million in the first quarter of 2026 compared with positive $6 million in the same period in 2025.

__________________________________
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.

First quarter 2026 operational performance comparison

	Q1 2026		Q1 2025		Change (%)
Bookings ($ million)	83		81		2		%
Bookings from in-app purchases	78		76		3		%
Bookings from advertising	5		5		1		%
Share of advertising	5.8	%	5.9	%	(0.1	)	p.p.
MPU (thousand)	269		284		(5	)	%
ABPPU ($)	97		90		8		%

Bookings increased in the first quarter of 2026 to reach $83 million compared with $81 million in the same period in 2025. The increase was primarily due to an increase in ABPPU of 8% partially offset by a decrease in MPU of 5% in the first quarter of 2026 as compared with the same period of prior year.

The share of advertisement sales as a percentage of total bookings remained relatively stable at 5.8% in the first quarter of 2026 vs. 5.9% in the respective period in 2025.


Split of bookings by platform	Q1 2026		Q1 2025
Mobile	64	%	59	%
PC	36	%	41	%

In the first quarter of 2026 we recorded an increase in share of mobile to reach 64% vs. 59% in the same period in 2025 and a corresponding decrease in share of PC which was fell to 36% vs. 41% in the same period in 2025.


Split of bookings by geography	Q1 2026		Q1 2025
US	31	%	34	%
Asia	18	%	20	%
Europe	32	%	31	%
Other	19	%	15	%

Our split of bookings by geography in the first quarter of 2026 vs. the same period in 2025 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.

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 $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 2025 Annual Report on Form 20-F, filed by the Company on March 31, 2026, 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	Q1 2026		Q1 2025
Profit for the period, net of tax	17		14
Adjust for:
Income tax expense	2		1
Adjusted finance income²	(0.5	)	(1	)
Share of loss of equity-accounted associates	(0.5	)	—
Change in fair value of share warrant obligations and other financial instruments	(0.1	)	0.1
Depreciation and amortization	0.5		2
Share-based payments	—		0.1
Adjusted EBITDA	18		16

__________________________________
²Adjusted finance income/expenses consist of finance income and expenses other than foreign exchange gains and losses and bank charges, net.

FAQ

How did GDEV (NASDAQ:GDEV) perform financially in Q1 2026?

GDEV reported Q1 2026 revenue of $99 million and profit net of tax of $17 million. According to GDEV, revenue grew 2% year-over-year, while Adjusted EBITDA rose to $18 million, supported by lower selling and marketing expenses and stable platform and game operation costs.

What drove GDEV’s revenue and bookings growth in Q1 2026?

GDEV’s Q1 2026 revenue and bookings growth were mainly driven by higher in-app purchases. According to GDEV, bookings rose to $83 million, with an 8% increase in average bookings per paying user partly offset by a 5% decline in monthly paying users versus Q1 2025.

How did GDEV’s operating expenses change in Q1 2026?

GDEV reduced selling and marketing expenses but saw higher general and administrative costs in Q1 2026. According to GDEV, selling and marketing fell 13% to $37 million, while general and administrative expenses increased 23% to $10 million, mainly because of higher legal expenses.

What was GDEV’s operating cash flow in Q1 2026 and how did it compare year-over-year?

GDEV generated positive operating cash flow of $4 million in Q1 2026. According to GDEV, this compared with $6 million in Q1 2025, reflecting lower operating cash generation despite higher profit and Adjusted EBITDA during the quarter.

How did GDEV’s platform mix and geography of bookings shift in Q1 2026?

GDEV’s bookings shifted further toward mobile and away from PC in Q1 2026. According to GDEV, mobile’s share rose to 64% of bookings, PC fell to 36%, while Europe and Other regions increased share as US and Asia declined versus Q1 2025.

What is GDEV’s Adjusted EBITDA for Q1 2026 and how is it calculated?

GDEV reported Q1 2026 Adjusted EBITDA of $18 million, up from $16 million. According to GDEV, Adjusted EBITDA starts from profit net of tax and excludes items such as income tax expense, certain finance items, depreciation, amortization, share-based payments and other specified non-cash or special items.