Core Viewpoint - GDEV Inc. announced that CEO Andrey Fadeev purchased 2,730,384 ordinary shares from co-founder Boris Gertsovskiy, increasing his ownership to 37.0% of the company’s shares as of December 31, 2025 [1][2]. 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 a diverse range of subsidiaries, including Nexters, Cubic Games, Royal Ark, Game Gears, and Light Hour Games, aiming to create engaging games for millions of players [4]. - GDEV's franchises, such as Hero Wars, Island Hoppers, and Pixel Gun 3D, have achieved over 550 million installs and generated $2.7 billion in bookings globally [4].

Core Viewpoint - GDEV Inc. reported a decline in revenue for both the fourth quarter and the full year of 2025, attributed to reduced consumer spending and a strategic shift towards more disciplined marketing efforts aimed at attracting higher-quality users rather than maximizing short-term volume [3][10]. Financial Performance - Fourth Quarter 2025 - Revenue for Q4 2025 was $90 million, down 8% from $98 million in Q4 2024 [2][3]. - Platform commissions decreased by 13% to $18 million, reflecting the overall revenue decline [4]. - Game operation costs increased by 13% to $15 million, primarily due to IT infrastructure investments [4]. - Selling and marketing expenses decreased by 25% to $35 million, indicating improved efficiency in user acquisition [5]. - General and administrative expenses rose to $9 million, a 14% increase from the previous year [6]. - The company recorded a profit of $14 million for the period, a significant increase from $2 million in Q4 2024 [7][8]. - Adjusted EBITDA for Q4 2025 was $15 million, up 66% from $9 million in Q4 2024 [7][8]. - Cash flows from operating activities were positive at $18 million, compared to $5 million in Q4 2024 [9]. Financial Performance - Twelve Months 2025 - Total revenue for the year ended December 31, 2025, was $404 million, a decrease of 4% from $421 million in 2024 [2][10]. - Platform commissions for the year decreased by 7% to $85 million [11]. - Game operation costs increased by $6 million to $57 million, driven by IT investments [11]. - Selling and marketing expenses decreased significantly by $50 million to $159 million, reflecting a more selective marketing strategy [12]. - General and administrative expenses increased to $35 million, up from $32 million in 2024 [13]. - The company achieved a profit of $69 million for the year, compared to $26 million in 2024 [14]. - Adjusted EBITDA for the year was $79 million, an increase of 87% from $42 million in 2024 [14]. - Cash flows from operating activities remained stable at $29 million, unchanged from the previous year [15]. Operational Performance - Bookings in Q4 2025 were $88 million, down 7% from $94 million in Q4 2024 [16]. - Monthly paying users (MPU) decreased by 10% in Q4 2025 compared to the same period in 2024 [17]. - The average booking per paying user (ABPPU) increased by 4% to $106 in Q4 2025 [16]. - The share of advertising revenue as a percentage of total bookings decreased to 5.1% in Q4 2025 from 5.8% in Q4 2024 [18]. - The share of bookings from mobile platforms increased to 58% in Q4 2025, while PC bookings decreased to 42% [19]. - Geographically, the share of bookings from the US and Asia declined, while Europe and Other regions saw an increase [20].

Financial Performance - Revenue decreased by 9% from Q3 2024 to Q3 2025 [11] - Total costs and expenses (excluding D&A) decreased by 12% from Q3 2024 to Q3 2025 [11] - Profit for the period net of tax increased by 60% from $15 million in Q3 2024 to $24 million in Q3 2025 [13] - Adjusted EBITDA increased by 53% from $17 million in Q3 2024 to $26 million in Q3 2025 [14, 33] Operating Metrics - Bookings decreased by 4% from $94 million in Q3 2024 to $90 million in Q3 2025 [19] - Monthly Paying Users (MPUs) decreased by 16% from 314,000 in Q3 2024 to 263,000 in Q3 2025 [20] - Average Bookings Per Paying User (ABPPU) increased by 16% from $92 in Q3 2024 to $107 in Q3 2025 [20] Cost Structure - Platform commissions accounted for 55% of total costs in Q3 2024, decreasing to 51% in Q3 2025 [16] - Selling and marketing expenses accounted for 26% of total costs in Q3 2024, increasing to 29% in Q3 2025 [16] Diversification - Pixel Gun 3D accounted for 34% of game revenue in Q3 2024, decreasing to 32% in Q3 2025 [24] - Hero Wars: Dominion Era accounted for 30% of game revenue in Q3 2024, increasing to 34% in Q3 2025 [24]

Core Viewpoint - GDEV Inc. reported a decline in revenue for Q3 2025, primarily due to reduced consumer spending, while achieving a significant increase in profit and adjusted EBITDA compared to the same period in 2024 [3][9]. Financial Performance Summary - Revenue for Q3 2025 was $98 million, a decrease of 12% from $111 million in Q3 2024 [2][9]. - Platform commissions fell by $3 million (13%) to $21 million in Q3 2025 compared to Q3 2024 [4]. - Game operation costs remained stable at $14 million in Q3 2025, slightly up from $13 million in Q3 2024 [4]. - Selling and marketing expenses decreased significantly by 43% to $30 million in Q3 2025 from $52 million in Q3 2024 [5][9]. - General and administrative expenses were stable at $8 million in Q3 2025, compared to $7 million in Q3 2024 [6]. - Profit for the period, net of tax, increased to $24 million in Q3 2025 from $15 million in Q3 2024, marking a 66% increase [7][9]. - Adjusted EBITDA rose to $26 million in Q3 2025, up from $17 million in Q3 2024, representing a 50% increase [7][9]. - Cash flows from operating activities were positive at $15 million in Q3 2025, compared to $12 million in Q3 2024, reflecting a 24% increase [8]. Operational Performance Summary - Total bookings in Q3 2025 were $90 million, down 4% from $93 million in Q3 2024 [10]. - Bookings from in-app purchases decreased by 3% to $85 million in Q3 2025, while bookings from advertising fell by 18% to $5 million [10]. - Monthly paying users (MPU) decreased by 16% to 263,000 in Q3 2025 compared to 314,000 in Q3 2024 [10]. - Average Booking Per Paying User (ABPPU) increased by 16% to $107 in Q3 2025 from $92 in Q3 2024 [10]. - The share of advertising as a percentage of total bookings decreased to 6.0% in Q3 2025 from 7.1% in Q3 2024 [11]. - The split of bookings by platform showed a decrease in mobile share to 59% and an increase in PC share to 41% in Q3 2025 compared to the same period in 2024 [12]. - Geographically, the share of bookings from the US decreased to 32%, while Europe increased to 34% in Q3 2025 compared to Q3 2024 [13].

Company Overview - GDEV Inc. (GDEV) shares increased by 26.2% in the last trading session, closing at $21.42, with notable trading volume compared to typical sessions. This follows a 40.1% gain over the past four weeks [1][2]. Performance Drivers - The recent stock surge is attributed to investor optimism surrounding successful game launches and an expanding market presence, particularly the strong performance of titles like Pixel Gun 3D on PC and robust earnings results [2]. - Attractive valuation metrics and operational efficiency are also contributing to positive investor sentiment towards GDEV [2]. Earnings Expectations - GDEV is expected to report quarterly earnings of $0.42 per share, reflecting a year-over-year decline of 46.8%. Revenues are anticipated to be $96.5 million, down 12.8% from the previous year [3]. - The consensus EPS estimate for the quarter has been revised 21% lower 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 Inc. is part of the Zacks Gaming industry, which includes other companies like Roblox (RBLX). RBLX closed the last trading session at $135.18, down 0.3%, and has returned 18% in the past month [5].

Core Insights - GDEV Inc. reported a revenue increase of 13% year-over-year in Q2 2025, reaching $120 million, driven by higher in-app purchases despite a decline in advertising bookings [4][9] - The company recorded a profit for the period, net of tax, of $17 million in Q2 2025, up from $15 million in Q2 2024, and an adjusted EBITDA of $22 million, reflecting a 30% increase [7][9] - For the first half of 2025, revenue increased by 2% year-over-year to $217 million, with a significant profit increase to $31 million compared to $9 million in the same period of 2024 [10][13] Financial Performance - Q2 2025 revenue was $120 million, up from $106 million in Q2 2024, while H1 2025 revenue was $217 million compared to $213 million in H1 2024 [3][10] - Platform commissions increased by 10% to $25 million in Q2 2025, while game operation costs rose to $14 million, reflecting a 15% increase [5][6] - Selling and marketing expenses in Q2 2025 were $53 million, an 11% increase year-over-year, attributed to performance marketing tests [6][9] Operational Performance - Bookings declined by 14% in Q2 2025 to $92 million and by 20% in H1 2025 to $173 million, primarily due to an 18% decrease in monthly paying users [15][17] - The share of advertising sales as a percentage of total bookings decreased to 5.9% in Q2 2025 from 6.2% in Q2 2024, driven by declining CPM rates [18] - The split of bookings by platform showed an increase in mobile share to 63% in Q2 2025, while the geographical split remained stable across regions [19][21] Cash Flow and Investments - Cash flows from operating activities were negative $10 million in Q2 2025, compared to positive $11 million in Q2 2024, mainly due to decreased bookings and increased marketing expenses [8][14] - The company maintains a strong cash position of $93 million, providing resources for potential future strategic investments [9]

Core Insights - GDEV Inc. has announced the acquisition of Light Hour Games, a mobile game studio based in Cyprus, enhancing its gaming portfolio and capabilities [1][3]. Group 1: Acquisition Details - The acquisition of Light Hour Games represents a strategic partnership that allows the studio to maintain creative freedom while benefiting from GDEV's financial support [3][4]. - Light Hour Games is a full-stack studio that utilizes AI-first workflows for rapid game development and high-quality execution, operating with a team of 15 experienced professionals [2][6]. Group 2: Strategic Implications - GDEV aims to leverage Light Hour Games' expertise and innovative approaches to enhance its growth strategy and bring fresh ideas to the mobile gaming genre [4]. - The partnership will provide Light Hour Games with access to GDEV's knowledge and data platforms, facilitating further development and operational support [3][5]. Group 3: Company Background - GDEV Inc. is a gaming and entertainment holding company with a diverse portfolio, including subsidiaries like Nexters and Cubic Games, and has achieved over 550 million installs and $2.7 billion in bookings globally [5]. - Light Hour Games focuses on creating emotionally engaging and scalable mobile casual games that evolve with player interaction [6].

Core Viewpoint - GDEV Inc. announces the departure of Chief Operating Officer Olga Loskutova effective July 1, 2025, after her successful establishment of operational frameworks since October 2024 [1][2]. Company Overview - GDEV Inc. is an international gaming and entertainment holding company focused on the development and growth of its franchise portfolio across various genres and platforms [2]. - The company has a diverse range of subsidiaries, including Nexters and Cubic Games, and aims to create engaging games for millions of players [2]. - GDEV's franchises, such as Hero Wars, Island Hoppers, and Pixel Gun 3D, have achieved over 550 million installs and generated $2.5 billion in bookings globally [2].

Core Insights - GDEV Inc. reported a revenue decline of 9% year-over-year in Q1 2025, totaling $97 million, primarily due to a reduction in bookings compared to the previous year [4][7][9] - The company achieved a profit of $14 million in Q1 2025, a significant improvement from a loss of $5 million in Q1 2024, largely driven by reduced selling and marketing expenses [7][8][19] - Adjusted EBITDA for Q1 2025 was $16 million, a notable increase from a loss of $0.9 million in the same period last year [8][18] Financial Performance - Revenue for Q1 2025 was $97 million, down from $107 million in Q1 2024, reflecting a 9% decrease [3][4] - Platform commissions decreased by 13% to $20 million, influenced by a 6% drop in revenues from in-game purchases [5] - Selling and marketing expenses fell by 33% to $42 million, attributed to a more efficient user acquisition strategy [6][7] - General and administrative expenses remained stable at $8 million [6] - Cash flows from operating activities improved to $6 million from $0.4 million in Q1 2024 [8] Operational Performance - Total bookings in Q1 2025 were $81 million, down 25% from $109 million in Q1 2024, primarily due to a 26% decline in monthly paying users [9][10] - Bookings from in-app purchases decreased by 24% to $76 million, while advertising bookings fell by 42% to $5 million [9][10] - The average bookings per paying user (ABPPU) increased by 2% to $90 [9] - The share of advertising as a percentage of total bookings decreased to 5.9% from 7.7% [10] Geographic and Platform Breakdown - The distribution of bookings by platform showed mobile at 59% and PC at 41%, with little change from the previous year [11] - Geographic distribution remained stable, with the US at 34%, Asia at 20%, Europe at 31%, and other regions at 15% [12]

Core Viewpoint - GDEV Inc. announces the development of Pixel Gun 2, a fully cross-platform sequel to Pixel Gun 3D, set to launch in early 2026, enhancing the gaming experience while retaining the franchise's pixel-art style [1][2][3] Group 1: Company Overview - GDEV is an international gaming and entertainment company focused on developing and growing its franchise portfolio across various genres and platforms [4] - The company has a diverse range of subsidiaries, including Nexters and Cubic Games, and aims to create engaging games for millions of players [4] - GDEV's franchises have accumulated over 550 million installs and generated $2.5 billion in bookings worldwide [4] Group 2: Pixel Gun 3D Achievements - Pixel Gun 3D has celebrated its 12th year of operation, achieving over 300 million installs since its launch in 2013 [2] - The game maintains a community of 3 million monthly active users and has generated more than $230 million in bookings, making it one of the top first-person shooter games globally [2] Group 3: Features of Pixel Gun 2 - Pixel Gun 2 will offer fast-paced, accessible gameplay that balances competitive depth with simplicity, catering to both casual and serious players [6] - The game will feature enhanced graphics and gameplay mechanics while preserving the franchise's signature pixel-art aesthetic [6] - Full cross-platform play will be available across iOS, Android, Steam, and eventually consoles, creating a unified gaming ecosystem [6] - The sequel will include a mix of nostalgic and new maps, diverse game modes, and modern technology for improved performance and security [6] - The monetization model will focus on providing a fair and rewarding experience for all players [6]