The modest revenue growth and profit improvement are positives, but declining MPU and lower operating cash flow warrant caution. Watch for next quarter's user acquisition efficiency and whether mobile share growth continues. The warrant price may see limited upside unless sustained growth materializes.
Price Chart
Executive Summary
GDEV reported Q1 2026 revenue of $99M (+2% YoY) and profit of $17M (+22% YoY). Adjusted EBITDA rose 15% to $18M. Revenue growth was modest, and cash flow from operations declined to $4M from $6M. The results are mildly positive but not transformative.
Key Facts
- Revenue of $99M increased by 2% year-over-year.
- Profit for the period, net of tax, was $17M vs $14M in Q1 2025.
- Adjusted EBITDA was $18M vs $16M in Q1 2025.
- Cash flows from operating activities were $4M vs $6M in Q1 2025.
- Bookings were $83M, up 2% year-over-year.
- Monthly paying users (MPU) declined 5% to 269K.
- Average monthly booking per paying user (ABPPU) increased 8% to $97.
Financial Impact
Revenue +$2M, Profit +$3M, Adjusted EBITDA +$2M, Cash from ops -$2M vs Q1 2025.
Risk Factors
- Declining MPU suggests potential plateau in user base.
- Operating cash flow decreased to $4M from $6M, indicating lower cash generation.
- General and administrative expenses rose 23% due to legal costs.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-063470 |
| Document: gdev-20260519x6k.htm | 0001104659-26-063470 |
| Document: 0001104659-26-063470-index-headers.html | 0001104659-26-063470 |
| Document: 0001104659-26-063470-index.html | 0001104659-26-063470 |
| Document: 0001104659-26-063470.txt | 0001104659-26-063470 |
US Market Status
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