LIMASSOL, Cyprus, Nov. 24, 2025 (GLOBE NEWSWIRE) -- GDEV Inc. $(GDEV)$, an international gaming and entertainment company ("GDEV" or the "Company"), released its unaudited financial and operational results for the third quarter and first nine months ended September 30, 2025.
Third quarter 2025 financial highlights:
-- Revenue of $98 million decreased by 12% year-over-year.
-- Selling and marketing expenses of $30 million decreased by 43%
year-over-year.
-- Profit for the period, net of tax, of $24 million in Q3 2025 increased
vs. $15 million in Q3 2024.
-- Adjusted EBITDA1 of $26 million in Q3 2025 increased vs. $17 million in
Q3 2024.
Third quarter and first nine months of 2025 financial performance in comparison
Q3 Q3 Change Change
US$ million 2025 2024 (%) 9M 2025 9M 2024 (%)
---------------- ---- ---- -------- --------- --------- --------
Revenue 98 111 (12) % 315 323 (3) %
Platform
commissions (21) (24) (13) % (67) (70) (6) %
Game operation
cost (14) (13) 13 % (42) (38) 11 %
Selling and
marketing
expenses (30) (52) (43) % (124) (163) (23) %
General and
administrative
expenses (8) (7) 17 % (25) (23) 8 %
Profit for the
period, net of
tax(2) 24 15 66 % 55 24 N/M
Adjusted
EBITDA(3) 26 17 50 % 64 33 93 %
Cash flows
generated from
operating
activities 15 12 24 % 11 24 (53) %
________________________
N/M: not meaningful
Third quarter 2025 financial performance
In the third quarter of 2025, our revenue decreased by $13 million (or 12%) year-over-year and amounted to $98 million, reflecting a decline in recognition of revenue from both current-period and prior-period bookings. This was mainly due to declining consumer spending levels in the current and preceding years, which reduced the amount of revenue recognized during the quarter. The decrease is consistent with our strategy to pursue more disciplined marketing spending and focus on attracting higher-quality, better-paying users rather than maximizing short-term volume.
Platform commissions decreased by $3 million (or 13%) in the third quarter of 2025 compared to the same period in 2024 in line with the decrease in revenues.
Game operation cost remained relatively stable at the level of $14 million in the third quarter of 2025 vs. $13 million in the third quarter of 2024.
Selling and marketing expenses in the third quarter of 2025 decreased by $22 million vs. the same period in 2024, amounting to $30 million. This decrease is driven by our continued focus on improving the efficiency of user acquisition activities. The decrease reflects a more selective approach to performance marketing, prioritizing channels that attract players with higher long-term value over broad-scale campaigns aimed at short-term growth.
General and administrative expenses remained relatively stable at $8 million in the third quarter of 2025 vs. $7 million in the third quarter of 2024.
As a result of the factors above we recorded a profit for the period, net of tax, of $24 million in the third quarter of 2025 compared with $15 million in the same period of 2024. Adjusted EBITDA in the third quarter of 2025 amounted to $26 million, an increase of $9 million compared with the same period in 2024 driven primarily by the same factors as those affecting the profit.
Cash flows generated from operating activities were positive $15 million in the third quarter of 2025 compared with positive $12 million in the same period in 2024.
Third quarter and first nine months 2025 operational performance comparison
Q3 Q3 Change Change
2025 2024 (%) 9M 2025 9M 2024 (%)
---- ---- -------- ------- ------- --------
Bookings ($
million) 90 93 (4) % 263 310 (15) %
Bookings from
in-app
purchases 85 87 (3) % 248 288 (14) %
Bookings from
advertising 5 7 (18) % 16 22 (27) %
Share of p. p.
advertising 6.0 % 7.1 % (1.1) p. 6.0 % 7.0 % (1.0) p.
MPU (thousand) 263 314 (16) % 287 359 (20) %
ABPPU ($) 107 92 16 % 96 89 7 %
Bookings declined in the third quarter of 2025 to reach $90 million compared with $93 million in the same period in 2024. The decline is primarily due to a decline in monthly paying users by 16% in the third quarter of 2025 vs. the same period in 2024 which we attribute to the decrease of the user acquisition activities throughout 2024 and 2025, partially offset by an increase in ABPPU.
The share of advertisement sales as a percentage of total bookings decreased in the third quarter of 2025 to reach 6.0% compared to 7.1% in the respective period in 2024. This decline was primarily driven by a global trend of declining CPM rates for advertising throughout 2024 and 2025.
Split of bookings by platform Q3 2025 Q3 2024 9M 2025 9M 2024 Mobile 59 % 62 % 60 % 60 % PC 41 % 38 % 40 % 40 %
In the third quarter of 2025 we recorded a decrease in share of mobile to reach 59% vs 62% in the same period in 2024 and increase in share of PC to reach 41% vs 38% in the same period in 2024.
Split of bookings by geography Q3 2025 Q3 2024 9M 2025 9M 2024 ---------------- ------- ------- ------- ------- US 32 % 34 % 33 % 34 % Asia 19 % 22 % 19 % 22 % Europe 34 % 30 % 33 % 30 % Other 15 % 14 % 15 % 14 %
Our split of bookings by geography in the third quarter of 2025 vs. the same period in 2024 remained broadly similar, with a small decrease in the share of bookings in US and Asia and a small increase in bookings in Europe.
Note:
Due to rounding, the numbers presented throughout this release may not precisely add up to the totals. The period-over-period percentage changes are based on the actual numbers and may therefore differ from the percentage changes if those were to be calculated based on the rounded numbers.
About GDEV
GDEV is a gaming and entertainment holding company, focused on development and growth of its franchise portfolio across various genres and platforms. With a diverse range of subsidiaries including Nexters and Cubic Games, among others, GDEV strives to create games that will inspire and engage millions of players for years to come. Its franchises, such as Hero Wars, Island Hoppers, Pixel Gun 3D and others have accumulated over 550 million installs and $2.5 billion of bookings worldwide. For more information, please visit www.gdev.inc
Contacts:
Investor Relations
Roman Safiyulin | Chief Corporate Development Officer
investor@gdev.inc
Cautionary statement regarding forward-looking statements
Certain statements in this press release may constitute "forward-looking statements" for purposes of the federal securities laws. Such statements are based on current expectations that are subject to risks and uncertainties. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.
The forward-looking statements contained in this press release are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company's control) or other assumptions. You should carefully consider the risks and uncertainties described in the "Risk Factors" section of the Company's 2024 Annual Report on Form 20-F, filed by the Company on March 31, 2025, and other documents filed by the Company from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Presentation of Non-IFRS Financial Measures
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