GDEV announces results for the second quarter and first half of 2026
Rhea-AI Summary
GDEV (NASDAQ: GDEV) reported unaudited results for Q2 and H1 2026. Q2 2026 revenue was $94 million, down 22% year-over-year, mainly due to lower bookings of $73 million (down 21%). Selling and marketing expenses fell 38% to $33 million, reflecting a more selective, value-focused user acquisition strategy.
Q2 profit, net of tax, rose to $20 million from $17 million, while Adjusted EBITDA declined to $20 million from $22 million. Operating cash flow improved to a positive $10 million from negative $10 million. For H1 2026, revenue decreased 11% to $193 million, profit increased to $37 million, and Adjusted EBITDA edged up to $39 million. On August 13, 2026, GDEV agreed to sell mobile game “Island Hoppers” for up to $5.0 million, triggering accelerated recognition of $2.1 million in deferred revenue.
Positive
- Q2 2026 profit $20 million vs. $17 million in Q2 2025
- H1 2026 profit $37 million vs. $31 million in H1 2025
- Q2 operating cash flow +$10 million vs. -$10 million in Q2 2025
- H1 operating cash flow +$15 million vs. -$4 million in H1 2025
- Q2 selling and marketing expenses down 38% to $33 million
- Island Hoppers sale for up to $5.0 million plus $2.1 million deferred revenue uplift
Negative
- Q2 2026 revenue down 22% year-over-year to $94 million
- H1 2026 revenue down 11% year-over-year to $193 million
- Q2 bookings down 21% to $73 million; H1 bookings down 10% to $156 million
- Monthly paying users down 23% in Q2 and 15% in H1 2026 vs. prior-year periods
- Q2 advertising bookings down 33% to $4 million; H1 down 17% to $8 million
- Q2 Adjusted EBITDA decreased to $20 million from $22 million
News Explained
The company received $4.5 million upfront; $0.5 million remains contingent on revenue and migration conditions.
On
The sale has generated
The release describes the transaction as entered into and does not state that closing has occurred, so those conditions remain the specified milestones for the deferred payment and closing-related accounting treatment.
Island Hoppers represented approximately
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 19 | Q1 earnings report | Positive | +1.6% | Revenue, profit, EBITDA and bookings increased year-over-year. |
| Mar 05 | Q4 earnings report | Negative | -7.2% | Revenue and bookings declined despite higher annual EBITDA and operating cash flow. |
| Nov 24 | Q3 earnings report | Positive | -2.1% | Profit and EBITDA increased substantially despite lower revenue and bookings. |
| Sep 02 | Q2 earnings report | Positive | +7.3% | Revenue, profit and EBITDA increased while marketing expenses declined. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were mixed, with both positive and negative 24-hour moves following recent earnings announcements.
Key Terms
adjusted ebitda financial
deferred revenue financial
equity accounted associates financial
non-ifrs financial measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
LIMASSOL, Cyprus, Aug. 21, 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 second quarter and first half-year ended June 30, 2026.
Second quarter 2026 financial highlights:
- Revenue of
$94 million decreased by22% year-over-year. - Selling and marketing expenses of
$33 million decreased by38% year-over-year. - Profit for the period, net of tax, of
$20 million in Q2 2026 increased vs.$17 million in Q2 2025. - Adjusted EBITDA amounted to
$20 million in Q2 2026 decreased vs.$22 million in Q2 2025.
Second quarter and first half of 2026 financial performance in comparison
| US$ million | Q2 2026 | Q2 2025 | Change () | H1 2026 | H1 2025 | Change () | |||||||||||||
| Revenue | 94 | 120 | (22 | ) | % | 193 | 217 | (11 | ) | % | |||||||||
| Platform commissions | (18 | ) | (25 | ) | (29 | ) | % | (38 | ) | (46 | ) | (17 | ) | % | |||||
| Game operation cost | (15 | ) | (14 | ) | 2 | % | (28 | ) | (28 | ) | 2 | % | |||||||
| Selling and marketing expenses | (33 | ) | (53 | ) | (38 | ) | % | (69 | ) | (95 | ) | (27 | ) | % | |||||
| General and administrative expenses | (9 | ) | (9 | ) | (3 | ) | % | (18 | ) | (17 | ) | 9 | % | ||||||
| Profit for the period, net of tax | 20 | 17 | 20 | % | 37 | 31 | 21 | % | |||||||||||
| Adjusted EBITDA1 | 20 | 22 | (7 | ) | % | 39 | 38 | 2 | % | ||||||||||
| Cash flows generated from operating activities | 10 | (10 | ) | N/M | 15 | (4 | ) | N/M | |||||||||||
Second quarter 2026 financial performance
In the second quarter of 2026, our revenue decreased by
Platform commissions decreased by
Game operation costs remained relatively stable at the level of
Selling and marketing expenses in the second quarter of 2026 decreased by
General and administrative expenses remained stable at
As a result of the factors above, together with (i) the effect of a net foreign exchange loss in the second quarter of 2026 in the amount of
Cash flows generated from operating activities were positive
________________________
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 half of 2026 financial performance
In the first half of 2026, our revenue decreased by
Platform commissions decreased by
Game operation cost remained stable at
Selling and marketing expenses in the first half of 2026 decreased by
General and administrative expenses remained relatively stable at
As a result of the factors above, together with (i) the effect of a net foreign exchange loss in the first half of 2026 in the amount of
Cash flows generated from operating activities were positive
Second quarter and first half 2026 operational performance comparison
| Q2 2026 | Q2 2025 | Change (%) | H1 2026 | H1 2025 | Change (%) | ||||||||||
| Bookings ($ million) | 73 | 92 | (21 | ) | % | 156 | 173 | (10 | ) | % | |||||
| Bookings from in-app purchases | 69 | 87 | (20 | ) | % | 148 | 163 | (9 | ) | % | |||||
| Bookings from advertising | 4 | 5 | (33 | ) | % | 8 | 10 | (17 | ) | % | |||||
| Share of advertising | 5.0 | % | 5.9 | % | (0.9 | ) | p.p. | 5.4 | % | 5.9 | % | (0.5 | ) | p.p. | |
| MPU (thousand) | 239 | 312 | (23 | ) | % | 254 | 298 | (15 | ) | % | |||||
| ABPPU ($) | 97 | 93 | 5 | % | 97 | 91 | 7 | % | |||||||
Bookings declined in the second quarter and first half of 2026 to reach
The share of advertisement sales as a percentage of total bookings decreased in the second quarter and first half of 2026 by 0.9 p.p. and 0.5 p.p. vs. the same period in 2025.
| Split of bookings by platform | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | |||||
| Mobile | 65 | % | 63 | % | 64 | % | 61 | % | |
| PC | 35 | % | 37 | % | 36 | % | 39 | % |
In the second quarter of 2026, the share of mobile and PC versions of our games remained relatively stable while in the first half of 2026 we recorded an increase in share of mobile to reach
| Split of bookings by geography | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | |||||
| US | 31 | % | 34 | % | 31 | % | 34 | % | |
| Asia | 17 | % | 19 | % | 18 | % | 20 | % | |
| Europe | 31 | % | 32 | % | 32 | % | 32 | % | |
| Other | 21 | % | 15 | % | 19 | % | 14 | % |
Our split of bookings by geography in the second quarter and first half of 2026 vs. the same periods in 2025 saw a decrease in the share of bookings derived from the US and Asia and an increase in bookings derived from other countries.
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.
Recent developments
On August 13, 2026, the Group entered into a game asset purchase agreement with an unrelated party for the sale of the mobile game "Island Hoppers", together with all related intellectual property and game assets, for a total consideration of
Island Hoppers contributed approximately
As a result of the transaction, deferred revenue related to Island Hoppers’ bookings, totaling
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
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 | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | ||||||||
| Profit for the period, net of tax | 20 | 17 | 37 | 31 | ||||||||
| Adjust for: | ||||||||||||
| Income tax expense | 2 | 2 | 3 | 3 | ||||||||
| Adjusted finance income2 | (0.6 | ) | (0.2 | ) | (1 | ) | (1 | ) | ||||
| Share of loss of equity-accounted associates | (2 | ) | 2 | (2 | ) | 2 | ||||||
| Change in fair value of share warrant obligations and other financial instruments | (0.1 | ) | (0.2 | ) | (0.2 | ) | (0.1 | ) | ||||
| Depreciation and amortization | 0.6 | 2 | 1 | 3 | ||||||||
| Share-based payments | 0.3 | 0.4 | 0.4 | 0.5 | ||||||||
| Adjusted EBITDA | 20 | 22 | 39 | 38 | ||||||||
________________________
2 Adjusted finance income/expenses consist of finance income and expenses other than foreign exchange gains and losses and bank charges, net.
