GDEV announces results for the fourth quarter and full year 2024

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]