The 22% revenue decline and 21% bookings drop confirm a deteriorating core business. The sale of Island Hoppers for $5M (contributing ~1% of bookings) is immaterial. Monitor next quarter for stabilization in MPU trends and any guidance from management on the path to re-accelerating growth.
Price Chart
Executive Summary
GDEV reported Q2 2026 revenue of $94M, down 22% YoY and missing the $115M consensus. EPS of $0.78 also missed the $1.08 estimate by 27.8%. While profit increased YoY to $20M and operating cash flow turned positive, the top-line decline and bookings drop of 21% YoY signal ongoing user acquisition challenges and a shrinking paying user base.
Key Financial Metrics
Key Facts
- Revenue of $94M in Q2 2026, down 22% YoY from $120M
- EPS of $0.78 missed consensus of $1.08 by 27.8%
- Bookings fell 21% YoY to $73M, driven by a 23% decline in monthly paying users
- Profit for the period increased to $20M from $17M YoY
- Adjusted EBITDA decreased to $20M from $22M YoY
- Operating cash flow improved to +$10M from -$10M YoY
- Sold mobile game 'Island Hoppers' for $5.0M in August 2026
Financial Impact
Revenue miss of $21M (18.3%) vs consensus; EPS miss of $0.30 (27.8%)
Risk Factors
- Continued decline in monthly paying users and bookings
- Inability to reverse top-line contraction through marketing efficiency
- No forward guidance provided, increasing uncertainty
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3349043 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 26d ago | SC TO-I/A | $11.11 | awaiting T+20 | — | $9.57 (−13.86%) |
Sep 29, 2026 27d ago | SC TO-I/A | $10.86 | awaiting T+20 | — | $9.57 (−11.88%) |
Aug 28, 2026 8w ago | 6-K | $11.60 $10.86 | ▼ −6.38% | ▼ −6.19% | $9.57 (−17.50%) |
Aug 21, 2026 9w ago | Press Release | $10.63 $11.46 | ▼ −7.86% | ▼ −8.39% | $9.57 (+9.93%) |
Aug 21, 2026 9w ago | 6-K | $10.63 $11.46 | ▼ −7.86% | ▼ −8.39% | $9.57 (+9.93%) |
Jul 10, 2026 15w ago | 6-K | $12.29 $13.48 | ▲ +9.68% | ▲ +7.26% | $9.57 (−22.13%) |
May 19, 2026 22w ago | Press Release | $15.99 $12.80 | ▼ −19.95% | ▼ −20.94% | $9.57 (−40.15%) |
Mar 5, 2026 33w ago | Press Release | $15.15 $14.40 | ▼ −4.95% | ▼ −2.91% | $9.57 (−36.83%) |
US Market Status
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