NASDAQ · Financial Statements

GDEV Inc. (GDEV) Financial Statements

$9.57 NASDAQ: GDEV Market Cap $173.41M

GDEV Inc. most recently reported annual revenue of $404.0M, net profit of $69.0M. Revenue grew at an average annual rate of 9.1% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

GDEV Inc.: Revenue rose from $94.0M in 2019 to $404.0M in 2025, a change of +329.8% over 6 years; net profit was positive in 4 of 7 reported years; operating margin moved from -38.1% to 17.6%, a shift of +55.7 percentage points; the most recent year shows net profit of $69.0M.

Income Statement — 7 Years (USD millions)

Metric2019202020212022202320242025
Revenue$94.0M$261.0M$434.0M$480.0M$465.0M$421.0M$404.0M
Operating Expenses$130.0M$263.0M$557.0M$363.0M$426.0M$380.0M$333.0M
Operating Profit$-36.0M$-2.0M$-123.0M$117.0M$38.0M$41.0M$71.0M
Operating Margin-38.1%-0.6%-28.4%24.4%8.3%9.6%17.6%
Other Income$0$2.0M$7.0M$-106.0M$12.0M$-10.0M$4.0M
Interest$0$0$0$0$0$0$0
Depreciation$0$1.0M$3.0M$7.0M$6.0M$6.0M$7.0M
Profit Before Tax$-36.0M$0$-116.0M$11.0M$50.0M$30.0M$75.0M
Tax$-20,000$776.6M$-970,000$33.7M$7.8M$15.0M$7.2M
Net Profit$-36.0M$-1.0M$-117.0M$7.0M$46.0M$26.0M$69.0M
EPS$-1.81$-0.04$-6.40$0.37$2.30$1.38$3.77
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$121.0M$109.0M$107.0M$106.0M$111.0M$98.0M$97.0M$120.0M$98.0M$90.0M$99.0M$94.0M
Operating Expenses$92.0M$101.0M$107.0M$91.0M$96.0M$85.0M$84.0M$101.0M$73.0M$77.0M$81.0M$74.0M
Operating Profit$29.0M$8.0M$0$15.0M$15.0M$13.0M$13.0M$19.0M$25.0M$13.0M$18.0M$20.0M
Operating Margin23.9%7.8%-0.0%14.4%13.2%13.1%13.5%15.5%25.5%14.4%18.2%21.2%
Interest$0$0$3.0M$0$0$0$0$0$0$0$0$0
Profit Before Tax$25.0M$12.0M$-5.0M$16.0M$16.0M$-1.0M$16.0M$18.0M$26.0M$13.0M$18.0M$22.0M
Tax$6.3M$9.9M$-19.4M$6.3M$9.0M$-102.3M$8.5M$8.8M$6.2M$-7.7M$5.6M$7.7M
Net Profit$24.0M$11.0M$-5.0M$15.0M$15.0M$-2.0M$14.0M$17.0M$24.0M$14.0M$17.0M$20.0M
EPS$1.20$0.56$-0.27$0.81$0.79$-0.13$0.79$0.90$1.32$0.77$0.94$1.08

Over the 7 years reported for GDEV Inc., borrowings decreased from $4.0M in 2019 to $1.0M in 2025, cash stood at $59.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 0.67 times.

Balance Sheet — 7 Years (USD millions)

Metric2019202020212022202320242025
Total Assets$80.0M$212.0M$313.0M$322.0M$321.0M$272.0M$233.0M
Current Assets$43.0M$121.0M$191.0M$189.0M$214.0M$180.0M$155.0M
Cash$18.0M$85.0M$143.0M$87.0M$72.0M$111.0M$59.0M
Inventory$0$0$0$0$3.0M$0$0
Receivables$24.0M$31.0M$43.0M$43.0M$49.0M$38.0M$40.0M
Fixed Assets$0$1.0M$3.0M$2.0M$4.0M$3.0M$2.0M
Capital Work in Progress$0$0$0$0$0$0$0
Investments$1.0M$0$0$68.0M$102.0M$40.0M$64.0M
Other Assets$0$0$2.0M$2.0M$2.0M$2.0M$2.0M
Total Liabilities$129.0M$313.0M$474.0M$471.0M$420.0M$374.0M$324.0M
Current Liabilities$106.0M$233.0M$323.0M$332.0M$303.0M$263.0M$232.0M
Borrowings$4.0M$1.0M$2.0M$1.0M$2.0M$1.0M$1.0M
Other Liabilities$125.0M$312.0M$472.0M$470.0M$418.0M$372.0M$323.0M
Equity$0$0$0$0$0$0$0
Reserves$-49.0M$-102.0M$-161.0M$-149.0M$-100.0M$-102.0M$-91.0M

For GDEV Inc., operating cash flow was positive in 7 of 7 reported years; free cash flow in the latest year was $29.0M; free cash flow was positive in 7 of 7 years.

Cash Flow Statement — 7 Years (USD millions)

Metric2019202020212022202320242025
Operating Cash Flow$15.0M$121.0M$106.0M$116.0M$18.0M$29.0M$29.0M
Investing Cash Flow$0$0$-4.0M$-173.0M$-33.0M$55.0M$-23.0M
Financing Cash Flow$0$0$120.0M$0$0$-43.0M$0
Net Cash Flow$14.0M$67.0M$58.0M$-56.0M$-15.0M$39.0M$-48.0M
Free Cash Flow$15.0M$120.0M$104.0M$115.0M$17.0M$28.0M$29.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.03
EV / EBITDA1.35
FCF Yield26.68%
Quick Ratio0.75
Interest Coverage4483.12
Return 1Y-19.15%
Return 3Y-73.52%
Return 5Y-85.52%

GDEV Inc. (GDEV) financials — frequently asked questions

What is GDEV Inc.'s annual revenue?

GDEV Inc. (GDEV) reported annual revenue of $404.0M in its most recent fiscal year.

What is GDEV Inc.'s net profit?

GDEV Inc. (GDEV) reported net profit of $69.0M in its most recent fiscal year.

What is GDEV EV/EBITDA?

GDEV Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 1.35.

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