Company Overview - GDEV Inc. (GDEV) shares increased by 20.2% to close at $12.40, following a notable trading volume, contrasting with a 30.9% loss over the past four weeks [1] - The company is focusing on a higher margin audience in its user acquisition strategy, which is expected to enhance investor confidence amid market uncertainties [2] Earnings Expectations - GDEV is projected to report quarterly earnings of $0.18 per share, reflecting a year-over-year increase of 280%, while revenues are anticipated to be $90.7 million, a decrease of 15.2% from the previous year [2] - The consensus EPS estimate for GDEV has been revised down by 14.7% over the last 30 days, indicating a negative trend in earnings estimate revisions, which typically does not lead to price appreciation [4] Industry Context - GDEV operates within the Zacks Gaming industry, where Monarch Casino (MCRI) also resides, closing 1.6% higher at $75.16, but has seen a return of -11.7% in the past month [4] - Monarch Casino's EPS estimate for the upcoming report remains unchanged at $1.04, representing an 11.8% increase compared to the previous year [5]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 GDEV Inc. FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REP ...

Core Insights - GDEV Inc. reported a decline in revenue for Q4 2024, with total revenue of $98 million, down 11% year-over-year, primarily due to a decrease in bookings [4][6][10] - The company experienced a significant drop in profit for the period, net of tax, which fell to $2 million from $11 million in Q4 2023, attributed to increased finance expenses and losses from equity-accounted associates [8][10] - Adjusted EBITDA for Q4 2024 was $12 million, reflecting a 22% increase year-over-year, indicating improved operational efficiency despite revenue declines [6][8][20] Financial Performance - Revenue for Q4 2024 was $98 million, down from $109 million in Q4 2023, marking an 11% decrease [3][4] - Full-year revenue for 2024 totaled $421 million, a 9% decline from $465 million in 2023 [3][4] - Platform commissions decreased by 16% to $21 million in Q4 2024, driven by a 10% drop in revenues from in-game purchases [5][6] - Selling and marketing expenses decreased by 14% year-over-year to $47 million, reflecting a strategic shift towards higher-margin audiences [6][10] Operational Performance - Total bookings in Q4 2024 were $94 million, down 11% from $106 million in Q4 2023, primarily due to a 19% decline in monthly paying users [10][11] - Average Bookings Per Paying User (ABPPU) increased by 10% year-over-year to $102, indicating improved monetization [6][10] - The share of bookings from the European market grew by 5 percentage points to 32%, showcasing successful user acquisition campaigns [6][10][13] Geographic and Platform Distribution - The geographic distribution of bookings remained stable, with Europe increasing its share to 32% in Q4 2024, while the US remained at 34% [12][13] - The split of bookings by platform showed mobile at 57% and PC at 43%, consistent with the previous year [12][13] Cash Flow and Financial Position - Cash flows from operating activities were $5 million in Q4 2024, down from $10 million in Q4 2023, but the company maintained a strong cash position of $1512 million [9][10]

Core Points - GDEV Inc. announced a one-time special cash dividend of $3.31 per share, payable on March 11, 2025, to shareholders of record as of March 3, 2025 [1] - The ex-dividend date for Nasdaq trading will be March 12, 2025, and the closing bid price of GDEV shares before the announcement was $12.82 [2] - The opening trading price of GDEV's shares on the ex-dividend date will be adjusted to reflect the special dividend payment [3] Company Overview - GDEV Inc. is a gaming and entertainment holding company focused on developing and growing its franchise portfolio across various genres and platforms [4] - The company has subsidiaries including Nexters and Cubic Games, and its franchises have achieved over 550 million installs and $2.5 billion in bookings worldwide [4]

Group 1 - GDEV Inc. shares experienced a significant increase of 46.6%, closing at $20.90, following a higher-than-average trading volume, contrasting with a 14.7% decline over the previous four weeks [1][2] - The rise in GDEV's stock price is attributed to the announcement of a one-time special cash dividend of $3.31 per share, totaling approximately $60 million, funded from accumulated profits, which reflects the company's commitment to shareholder value [2][3] - The company is projected to report quarterly earnings of $0.17 per share, indicating a year-over-year decline of 66%, with expected revenues of $106.15 million, down 2.7% from the same quarter last year [3][4] Group 2 - The consensus EPS estimate for GDEV has remained unchanged over the last 30 days, suggesting that stock price movements may not sustain without trends in earnings estimate revisions [4] - GDEV holds a Zacks Rank of 3 (Hold), indicating a neutral outlook, while another company in the gaming industry, Skillz Inc., also holds a Zacks Rank of 3 [4][5] - Skillz is expected to report an EPS of -$1.07, reflecting a 2.9% decline from the previous year, and has returned -2.8% over the past month [5]

Core Points - GDEV Inc. has announced a one-time special cash dividend of $3.31 per share, yielding approximately 20% based on the average share price over the last 30 trading days [1][2] - The total special dividend amounts to around $60 million, funded from GDEV's accumulated profits, and represents a portion of its total cash balance of approximately $153 million as of Q3 2024 [2][3] - This special dividend reflects GDEV's commitment to disciplined capital allocation and long-term value creation, optimizing its capital structure by reducing excess liquidity [3][4] - The special dividend is a one-time distribution and does not indicate the establishment of a recurring dividend program, with no further dividends anticipated in the near future [3][4] Company Overview - GDEV Inc. is a gaming and entertainment holding company focused on developing and growing its franchise portfolio across various genres and platforms [5] - The company has a diverse range of subsidiaries, including Nexters and Cubic Games, and its franchises have accumulated over 550 million installs and $2.5 billion in bookings worldwide [5]

Core Points - GDEV Inc. has appointed Andrey Fadeev as Chairperson of the Board, marking a strategic evolution in the leadership structure to enhance alignment between strategic oversight and operational execution [1][3] - Natasha Braginsky Mounier will step down as Independent Chairperson and leave the Board, receiving a severance payment for her service [1][2] - The Board will maintain an independent majority with three out of five directors remaining independent, ensuring adherence to corporate governance best practices [2] Company Overview - GDEV is a gaming and entertainment holding company focused on developing and growing its franchise portfolio across various genres and platforms [4] - The company has subsidiaries including Nexters and Cubic Games, and its franchises have achieved over 550 million installs and $2.5 billion in bookings worldwide [4]

Core Viewpoint - GDEV Inc. has experienced significant selling pressure, resulting in a 15.7% decline in stock price over the past four weeks, but analysts anticipate improved earnings in the near future [1] Group 1: Stock Performance and Technical Indicators - GDEV's Relative Strength Index (RSI) is currently at 29.01, indicating that the stock may be oversold and could be poised for a rebound as selling pressure exhausts [4] - The RSI is a momentum oscillator that helps identify oversold conditions, typically when the reading falls below 30, suggesting potential entry opportunities for investors [2] Group 2: Earnings Estimates and Analyst Sentiment - Over the last 30 days, the consensus EPS estimate for GDEV has increased by 72.3%, reflecting a strong agreement among analysts regarding improved earnings [5] - GDEV holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a favorable outlook for the stock [5]

Group 1 - GDEV Inc. is part of the Consumer Discretionary sector, which includes 270 companies and ranks 4 in the Zacks Sector Rank [2] - GDEV Inc. has a Zacks Rank of 2 (Buy), with a consensus estimate for full-year earnings increasing by 340% over the past quarter, indicating improved analyst sentiment [3] - Year-to-date, GDEV has returned 17%, outperforming the average gain of 11.3% for Consumer Discretionary stocks [4] Group 2 - GDEV Inc. belongs to the Gaming industry, which consists of 41 companies and currently ranks 126 in the Zacks Industry Rank; the industry has an average gain of 21.4% year-to-date, indicating GDEV is slightly underperforming its industry [5] - Another notable stock in the Consumer Discretionary sector is Paramount Global, which has returned 12.7% year-to-date and has a Zacks Rank of 1 (Strong Buy) [4][6] - The Media Conglomerates industry, to which Paramount Global belongs, has gained 17.1% year-to-date and ranks 80 [6]

Financial Data and Key Metrics Changes - In Q3 2024, revenue amounted to $111 million, reflecting a 5% growth quarter-over-quarter but a 9% decline year-over-year [8][11] - Bookings declined by 8% year-over-year to $93 million, attributed to a focus on long-term product improvements [8][9] - Net profit in Q3 2024 was $15 million, down from $24 million in the same period last year, primarily due to lower revenue and higher marketing spend [11] - Adjusted EBITDA for the quarter was $16 million, down $13 million year-over-year [11] - Cash flows from operating activities increased to $12 million compared to $8 million in Q3 2023, indicating effective cash management [12] Business Line Data and Key Metrics Changes - The company reduced the number of in-game events and overall monetization to enhance player experience and retention, impacting core titles like Hero Wars, Pixel Gun, and Island Hoppers [9] - Marketing investments increased by $9 million year-over-year, reaching $52 million, reflecting efforts to scale marketing activities across multiple channels [11] Market Data and Key Metrics Changes - Bookings in Europe grew year-over-year, increasing the region's share of total bookings from 26% to 30%, with strong performance in Germany, France, the United Kingdom, and Poland [12] Company Strategy and Development Direction - The company is focused on long-term product changes to foster sustained growth and deeper player engagement, rather than short-term enhancements [5][6] - The appointment of a new Chief Operating Officer aims to guide studios towards achieving strategic goals and fostering sustainable growth [7] - The company is exploring different growth initiatives across product and marketing while maintaining a disciplined approach to costs and expenses [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the gaming landscape's rapid evolution, driven by changing player preferences and intensifying competition [5] - The company remains confident in its strategic focus on product evolution and marketing investments, despite being in a transformation phase [11][13] Other Important Information - A one-for-ten reverse stock split was executed to enhance market appeal and liquidity, followed by an at-the-market offering to increase public flow without diluting existing shareholders [14] Q&A Session Summary Question: Success of Pixel Gun on Steam - The launch of Pixel Gun on Steam was successful, stabilizing at around 2,500 to 3,000 concurrent users, with ongoing product improvements planned [16] Question: Capital Allocation and ATM Update - The ATM program is primarily aimed at bolstering liquidity rather than raising capital, with a substantial cash cushion on the balance sheet [17] Question: New Game Development and Franchises - The company has multiple games in development, with some showing good metrics and in scaling mode [18][19] Question: User Acquisition Efficiency - User acquisition efficiency remains stable, with no significant market changes since Q2, and Q4 marketing spend is expected to be similar to Q3 [22][23] Question: Profitability and Bookings Growth - Bookings are expected to remain stable, with profitability anticipated to stay solid in the near term [24][25] Question: Diverging Performance Between Games - Different strategies are applied to Hero Wars: Alliance and Hero Wars: Dominion Era, with a focus on mobile for the former [27][28][30] Question: Synergy Between Games - Cross-promotion has been found less effective; the focus is on cohort analysis and leveraging team strengths for efficiency improvements [33][35] Question: Geographic Expansion - The company is considering expansion into Latin America, Asia, and India, with a focus on adapting products for younger audiences [37][39] Question: M&A Environment - M&A opportunities are being explored opportunistically, particularly for studios in new geographies [44][45]