GDEV (US:GDEV)2025-09-02 11:38Revenue and Profit - Revenue for the six months ended June 30, 2025, was $216.93 million, a slight increase from $212.76 million in the same period of 2024, representing a growth of 1.03%[10] - Profit for the six months ended June 30, 2025, reached $30.89 million, compared to $9.31 million in 2024, indicating a significant increase of 231.5%[10] - Total comprehensive income for the six months ended June 30, 2025, was $31.69 million, significantly higher than $9.93 million in 2024, an increase of 218.5%[10] - For the six months ended June 30, 2025, the profit attributable to ordinary equity holders was $30,891,000, compared to $9,311,000 for the same period in 2024, representing a significant increase of 231%[49] - Total revenue for the six months ended June 30, 2025, was $216,934,000, a slight increase from $212,755,000 in 2024, with in-game purchases contributing $206,672,000[50] Earnings and Expenses - Earnings per share for the six months ended June 30, 2025, were $1.70 (basic) and $1.68 (diluted), compared to $0.51 (basic) and $0.50 (diluted) in 2024, showing an increase of 233.3% for basic EPS[10] - Selling and marketing expenses decreased to $94.57 million for the six months ended June 30, 2025, down from $110.54 million in 2024, a reduction of 14.5%[10] - Game operation costs totaled $27,860,000 for the six months ended June 30, 2025, compared to $25,208,000 in 2024, indicating a rise of 10.5%[54] - The company recognized an income tax expense of $2,920,000 for the six months ended June 30, 2025, compared to $1,864,000 in 2024, an increase of 56.5%[59] - The total interest income for the six months ended June 30, 2025, was $898,000, down from $1,059,000 in 2024, a decrease of 15.2%[58] Assets and Liabilities - Total assets decreased to $210.18 million as of June 30, 2025, down from $272.20 million at the end of 2024, reflecting a decline of 22.8%[7] - Total liabilities decreased to $339.61 million as of June 30, 2025, from $373.73 million at the end of 2024, a reduction of 9.1%[7] - The accumulated deficit increased to $277.67 million as of June 30, 2025, compared to $248.55 million at the end of 2024, reflecting a worsening of 11.7%[7] - Cash and cash equivalents dropped to $41.55 million from $111.05 million, a decrease of 62.6%[7] - The Group's total liabilities increased to $28,483 as of June 30, 2025, compared to $20,212 as of December 31, 2024, indicating a rise of 41%[130] Cash Flow and Investments - The total net cash flows used in operating activities for the six months ended June 30, 2025, was $(3,764), a significant decrease from $11,698 in 2024[20] - The net cash flows used in investing activities for the six months ended June 30, 2025, was $(11,328), compared to $10,726 in 2024, showing a shift of 205%[20] - The company reported a net decrease in cash and cash equivalents of $71,468 for the period, compared to a decrease of $21,284 in the previous year[20] - The Group's total investments in treasury bills and ETFs increased to $34,418,000 as of June 30, 2025, compared to $23,757,000 as of December 31, 2024, a growth of 45%[139] - Total cash outflow for leases for the six months ended June 30, 2025, was $444,000, a decrease from $538,000 for the same period in 2024, reflecting a reduction of 17.5%[126] Acquisitions and Shareholder Actions - GDEV Inc. acquired 48.8% of MX Capital Ltd for a total consideration of 15,000 thousand, with potential earn-out payments of up to 35,000 thousand based on performance metrics[72] - GDEV Inc. acquired approximately 49.5% of Castcrown Ltd for a total consideration of 2,970 thousand, with a call option to obtain 100% control by April 1, 2027[80] - The company paid dividends of $55,990 during the six months ended June 30, 2025, with no dividends paid in the same period of 2024[20] - GDEV Inc. accepted for purchase 1,655,426 shares through a tender offer at a price of $20.00 per share, totaling approximately $33,109,000[151][152] - The company authorized a special cash dividend of $3.31 per share, resulting in an aggregate cash outflow of approximately $60 million[160] Deferred Revenue and Other Financial Metrics - Deferred revenue as of June 30, 2025, was $200.03 million, down from $222.69 million at the end of 2024, a decrease of 10.2%[7] - The company reported deferred revenue of $288,828,000 as of June 30, 2025, down from $332,584,000 at the beginning of the year, with a current portion of $200,025,000[166] - Revenue recognized at a point in time for the six months ended June 30, 2025, was $59,626,000, compared to $38,945,000 for the same period in 2024[167] - The company deferred $103,290,000 in revenue during the year ended June 30, 2025[166] - As of June 30, 2025, unconverted virtual currency included in deferred revenue was $4,602,000, with $3,653,000 attributed to durable items[168] Operational Metrics - The average player lifespan for Hero Wars was 28 months as of June 30, 2025, while other games averaged 13 months[166] - Directors' remuneration for the six months ended June 30, 2025, totaled $709,000, an increase from $579,000 in the same period of 2024[172] - The company recognized platform commission expenses of $8,513,000 for the six months ended June 30, 2025, compared to $6,589,000 for the same period in 2024[167] - The effective tax rate for the company is 12.5%, with the income tax liability as of June 30, 2025, amounting to $3,757,000[59] - The carrying amount of loans receivable as of June 30, 2025, was 501 thousand, up from 226 thousand at the beginning of the year[106]