Traders should monitor whether GDEV can stabilize user growth while maintaining cost discipline; the stock may react positively to margin expansion but could face pressure if revenue decline persists beyond current strategic guidance.
Price Chart
Executive Summary
GDEV Inc. reported preliminary Q4 and full-year 2025 results with declining revenue and bookings, down 8% and 4% YoY respectively, driven by lower consumer spending and reduced user acquisition. However, profitability improved significantly with net profit rising to $14M in Q4 (from $2M in Q4 2024) and Adjusted EBITDA up 66% to $15M, due to sharp reductions in selling and marketing expenses and cost discipline.
Key Financial Metrics
Key Facts
- Q4 2025 revenue was $90M, down 8% YoY from $98M in Q4 2024
- Full-year 2025 revenue was $404M, down 4% YoY from $421M
- Q4 net profit surged to $14M from $2M in the prior year
- Adjusted EBITDA increased 66% YoY to $15M in Q4 and $79M for the full year (up 87%)
- Selling and marketing expenses fell 25% YoY to $35M in Q4 and $159M for the year (down $50M)
- Bookings declined 7% YoY to $88M in Q4 and 13% to $351M for the year, with MPU down 10% (Q4) and 18% (full year)
- Operating cash flow was $18M in Q4 (up from $5M) and flat at $29M for the full year
Financial Impact
Revenue down $8M (-8%) in Q4 and $17M (-4%) for the year, but cost discipline drove $12M increase in quarterly profit and $37M increase in annual Adjusted EBITDA
Risk Factors
- Continued decline in monthly paying users (down 18% annually) threatens long-term growth
- Revenue and bookings declines may accelerate if consumer spending weakens further
- Preliminary, unaudited figures could be revised downward in the final 20-F filing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3250646 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 27d ago | SC TO-I/A | $11.11 | awaiting T+20 | — | $10.05 (−9.54%) |
Sep 29, 2026 28d ago | SC TO-I/A | $10.86 | awaiting T+20 | — | $10.05 (−7.46%) |
Aug 28, 2026 8w ago | 6-K | $11.60 $10.86 | ▼ −6.38% | ▼ −6.19% | $10.05 (−13.36%) |
Aug 21, 2026 9w ago | Press Release | $10.63 $11.46 | ▼ −7.86% | ▼ −8.39% | $10.05 (+5.41%) |
Aug 21, 2026 9w ago | 6-K | $10.63 $11.46 | ▼ −7.86% | ▼ −8.39% | $10.05 (+5.41%) |
Jul 10, 2026 15w ago | 6-K | $12.29 $13.48 | ▲ +9.68% | ▲ +7.26% | $10.05 (−18.23%) |
May 19, 2026 23w ago | Press Release | $15.99 $12.80 | ▼ −19.95% | ▼ −20.94% | $10.05 (−37.15%) |
Mar 5, 2026 33w ago | Press Release | $15.15 $14.40 | ▼ −4.95% | ▼ −2.91% | $10.05 (−33.66%) |
US Market Status
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