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GDEV Inc. reported preliminary, unaudited results for the fourth quarter and full year ended December 31, 2025. Revenue in Q4 2025 was $90 million, down 8% year-over-year, and full-year 2025 revenue was $404 million, down 4%. The company links lower revenue to weaker consumer spending and a deliberate shift toward more disciplined marketing and higher-quality users.
Despite lower revenue, profitability improved sharply. Q4 2025 profit for the period, net of tax, rose to $14 million from $2 million, while full-year profit increased to $69 million from $26 million. Full-year Adjusted EBITDA grew to $79 million, up 87%, supported by a $50 million reduction in selling and marketing expenses and lower net financial expenses.
Operationally, 2025 bookings declined to $351 million from $404 million, and monthly paying users fell by 18% for the year, partly offset by higher average bookings per paying user. Management highlights ongoing investment in IT infrastructure and continued focus on performance marketing efficiency.