Profit rises at GDEV (NASDAQ: GDEV) as Q1 2026 revenue hits $99M

Rhea-AI Filing Summary

GDEV Inc. reported modestly higher results for the first quarter of 2026. Revenue grew 2% year-over-year to $99 million, mainly from more in-app purchases, while platform commissions and game operation costs stayed flat at $20 million and $14 million.

Profit for the period, net of tax, increased to $17 million from $14 million, helped by lower selling and marketing expenses of $37 million and despite a $1 million net foreign exchange loss versus a prior-year gain. Adjusted EBITDA rose to $18 million, and operating cash flow was $4 million.

Operationally, bookings reached $83 million, supported by an 8% rise in average bookings per paying user, while monthly paying users declined 5%. Mobile platforms accounted for 64% of bookings, with a greater share coming from Europe and other regions and a smaller share from the US and Asia.

Insights

Equity research analyst

GDEV posts small revenue growth but stronger profitability in Q1 2026.

GDEV delivered Q1 2026 revenue of $99 million, up 2% year-over-year, while profit rose to $17 million and Adjusted EBITDA reached $18 million. The margin improvement came mainly from a 13% reduction in selling and marketing expenses to $37 million.

Bookings increased to $83 million, as an 8% rise in ABPPU offset a 5% decline in monthly paying users. Platform and game operation costs were stable, suggesting cost discipline, while general and administrative expenses rose to $10 million, driven by higher legal costs.

Operating cash flow was positive at $4 million, down from $6 million a year earlier, indicating less cash conversion despite higher profit. The business continued shifting toward mobile, which contributed 64% of bookings in Q1 2026. Subsequent company filings may provide more detail on whether these trends persist through the rest of 2026.

Key Figures

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

8 metrics

Revenue $99 million Q1 2026 revenue, up 2% year-over-year

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

Adjusted EBITDA $18 million Q1 2026 Adjusted EBITDA vs $16 million prior year

Operating cash flow $4 million Cash flows generated from operating activities in Q1 2026

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

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

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

Mobile bookings share 64% Share of bookings from mobile platforms in Q1 2026

Key Terms

Adjusted EBITDA, non-IFRS financial measure, bookings, MPU, +2 more

6 terms

Adjusted EBITDA financial

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

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.

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.

bookings financial

"Bookings increased in the first quarter of 2026 to reach $83 million"

"Bookings" refer to the total value of new sales or agreements a company secures during a specific period. It shows how much business the company has signed up for, even if the products or services haven't been delivered yet. This figure helps investors understand the company's future growth potential.

MPU financial

"MPU (thousand) | | 269 | | 284 | | (5) | %"

ABPPU financial

"ABPPU ($) | | 97 | | 90 | | 8 | %"

forward-looking statements regulatory

"Certain statements in this press release may constitute “forward-looking statements”"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Form 6-K: How Foreign Companies Report to the SEC →

​

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2026

Commission File Number: 001-40758

GDEV Inc.

(Translation of registrant’s name into English)

55, Griva Digeni

3101, Limassol

Cyprus

Telephone: +35722580040

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒                                            Form 40-F ☐

​

​

​

​

EXPLANATORY NOTE

On May 19, 2026, GDEV Inc. (NASDAQ: GDEV) (the “Company”) issued a press release announcing its results for the three months ended March 31, 2026. A copy of this press release is attached to this Form 6-K as Exhibit 99.1.

​

INCORPORATION BY REFERENCE

The information included in this Report on Form 6-K (including Exhibits 99.1) is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (File No. 333-280580 and File No. 333-282062) (including any prospectuses forming a part of such registration statements) and to be a part thereof from the date on which this Report on Form 6-K is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

​

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 19, 2026 ​

​

​	GDEV Inc.
​	​
​	By:	/s/ Alexander Karavaev
​	​	Name: Alexander Karavaev
​	​	Title: Chief Financial Officer

​

​

EXHIBIT INDEX

Exhibit	​ ​ ​	Description
​	​	​
99.1	​	Press release, dated May 19, 2026
​	​	​
​	​	​
​	​	​
​	​	​

​

Exhibit 99.1

GDEV announces results for the first quarter of 2026

May 19, 2026 – Limassol, Cyprus – 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	​

​

​

​

​

​

​

​

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

FAQ

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

GDEV reported Q1 2026 revenue of $99 million, up 2% year-over-year, with profit increasing to $17 million. Adjusted EBITDA reached $18 million, reflecting improved profitability mainly from lower selling and marketing expenses while core platform and game operation costs remained stable.

What happened to GDEV (GDEV) profitability and margins in Q1 2026?

GDEV’s profit for the period rose to $17 million from $14 million, and Adjusted EBITDA increased to $18 million from $16 million. This improvement was driven by reduced marketing spend, partly offset by higher general and administrative expenses and a net foreign exchange loss.

How did GDEV (GDEV) bookings and player metrics change in Q1 2026?

Bookings increased to $83 million from $81 million, supported by an 8% rise in ABPPU to $97. Monthly paying users declined 5% to 269 thousand, meaning higher spending per paying player offset fewer payers overall in the quarter.

What was GDEV (GDEV) cash flow from operations in Q1 2026?

GDEV generated positive cash flows from operating activities of $4 million in Q1 2026, compared with $6 million a year earlier. The company increased profit and Adjusted EBITDA, but cash conversion was lower, resulting in a smaller operating cash flow contribution this quarter.

How is GDEV’s (GDEV) revenue and bookings mix evolving by platform?

In Q1 2026, 64% of GDEV’s bookings came from mobile platforms, up from 59% a year earlier, while PC bookings share fell to 36%. This indicates continued migration of the company’s business toward mobile gaming relative to PC platforms.

What geographic trends did GDEV (GDEV) see in Q1 2026 bookings?

GDEV’s Q1 2026 bookings mix shifted with lower shares from the US and Asia and higher shares from Europe and Other regions. Europe represented 32% of bookings, while the Other category increased to 19%, indicating broader regional diversification.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 87.2 KB