NASDAQ : GDEV
GDEV Inc. — Financial statements
Communication Services · Electronic Gaming & Multimedia · Cyprus
Last price 9 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 163.35M
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Financial statements
GDEV Inc. (GDEV) reported revenue of 380.39M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 380.39M | 404.35M | 420.93M | 464.55M | 479.69M | 434.09M |
| Cost of Revenue | 134.08M | 141.41M | 142.02M | 164.61M | 176.98M | 136.17M |
| Gross Profit | 246.31M | 262.93M | 278.92M | 299.94M | 302.71M | 297.92M |
| Selling, General & Admin | 170.07M | 193.91M | 240.63M | 257.71M | 191.82M | 293.10M |
| Other Operating Expenses | -2.24M | -2.12M | -2.23M | -2.05M | -1.33M | |
| Operating Expenses | 167.84M | 191.80M | 238.42M | 261.57M | 220.48M | 295.74M |
| Operating Income | 78.47M | 71.13M | 40.50M | 38.36M | 82.22M | 2.18M |
| Interest Expense | -79.00K | -84.00K | -76.00K | -61.00K | -116.00K | -91.00K |
| Interest & Investment Income | 2.29M | 2.50M | 3.71M | 5.25M | 1.87M | |
| Earnings From Equity Investments | 137.00K | -3.80M | -7.52M | -515.00K | -10.12M | |
| Currency Exchange Gain (Loss) | -3.31M | 796.00K | -5.19M | -3.40M | -1.02M | -2.81M |
| Other Non Operating Income (Expenses) | 4.14M | 4.03M | 315.00K | 10.47M | 1.71M | 9.84M |
| EBT Excluding Unusual Items | 81.65M | 74.57M | 31.74M | 50.11M | 74.55M | 9.12M |
| Impairment of Goodwill | -62.83M | |||||
| Gain (Loss) on Sale of Investments | -69.00K | 128.00K | -1.70M | -115.00K | ||
| Asset Writedown | -547.00K | |||||
| Other Unusual Items | -125.44M | |||||
| Pretax Income | 81.58M | 74.70M | 30.04M | 49.99M | 11.17M | -116.32M |
| Income Tax Expense | 5.79M | 5.37M | 4.51M | 3.88M | 3.76M | 1.13M |
| Earnings From Continuing Operations | 75.79M | 69.33M | 25.53M | 46.12M | 7.41M | -117.44M |
| Minority Interest in Earnings | -107.00K | -11.00K | ||||
| Net Income | 75.79M | 69.33M | 25.53M | 46.12M | 7.30M | -117.45M |
| Net Income to Common | 75.79M | 69.33M | 25.53M | 46.12M | 7.30M | -117.45M |
| Shares Outstanding (Basic) | 18.14M | 18.13M | 18.20M | 19.74M | 19.80M | 18.35M |
| Shares Outstanding (Diluted) | 18.44M | 18.40M | 18.44M | 20.03M | 19.80M | 18.35M |
| EPS (Basic) | 4.18 | 3.82 | 1.40 | 2.34 | 0.37 | -6.40 |
| EPS (Diluted) | 4.11 | 3.77 | 1.38 | 2.30 | 0.37 | -6.40 |
| Free Cash Flow | 47.81M | 29.13M | 28.18M | 17.21M | 115.09M | 104.43M |
| Free Cash Flow Per Share | 2.59 | 1.58 | 1.53 | 0.86 | 5.81 | 5.69 |
| Gross Margin | 64.75% | 65.03% | 66.26% | 64.56% | 63.10% | 68.63% |
| Operating Margin | 20.63% | 17.59% | 9.62% | 8.26% | 17.14% | 0.50% |
| Profit Margin | 19.92% | 17.15% | 6.07% | 9.93% | 1.52% | -27.06% |
| Free Cash Flow Margin | 12.57% | 7.21% | 6.69% | 3.71% | 23.99% | 24.06% |
| EBITDA | 81.59M | 76.15M | 45.05M | 44.64M | 89.12M | 4.72M |
| EBITDA Margin | 21.45% | 18.83% | 10.70% | 9.61% | 18.58% | 1.09% |
| D&A For EBITDA | 3.12M | 5.02M | 4.56M | 6.28M | 6.90M | 2.54M |
| EBIT | 78.47M | 71.13M | 40.50M | 38.36M | 82.22M | 2.18M |
| EBIT Margin | 20.63% | 17.59% | 9.62% | 8.26% | 17.14% | 0.50% |
| Effective Tax Rate | 7.10% | 7.18% | 15.01% | 7.76% | 33.66% | |
| Advertising Expenses | 153.50M | 200.82M | 218.35M | 146.45M | 266.80M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 78.24M | 62.91M | 111.05M | 71.80M | 86.77M | 142.80M |
| Short-Term Investments | 42.20M | 44.90M | 28.03M | 72.68M | 38.53M | 2.46M |
| Trading Asset Securities | 5.24M | 5.15M | 14.81M | 14.82M | ||
| Cash & Short-Term Investments | 125.69M | 112.96M | 139.08M | 159.28M | 140.13M | 145.26M |
| Accounts Receivable | 30.23M | 31.74M | 32.89M | 45.44M | 41.87M | 41.67M |
| Other Receivables | 8.15M | 7.13M | 4.97M | 3.21M | 511.00K | 952.00K |
| Receivables | 38.55M | 40.05M | 38.08M | 48.80M | 42.90M | 42.75M |
| Prepaid Expenses | 220.00K | 227.00K | 201.00K | 3.35M | 3.33M | 3.14M |
| Other Current Assets | 1.25M | 1.81M | 2.23M | 2.44M | 2.51M | |
| Total Current Assets | 165.71M | 155.05M | 179.60M | 213.88M | 188.87M | 191.15M |
| Property, Plant & Equipment | 2.53M | 1.94M | 2.91M | 4.07M | 2.25M | 3.40M |
| Long-Term Investments | 23.48M | 18.66M | 16.11M | 18.07M | 17.90M | |
| Goodwill | 1.84M | 1.84M | 1.84M | 1.84M | 1.84M | 1.50M |
| Other Intangible Assets | 399.00K | 650.00K | 4.42M | 8.48M | 12.98M | 266.00K |
| Long-Term Deferred Tax Assets | 117.00K | 112.00K | 103.00K | 122.00K | 108.00K | 25.00K |
| Long-Term Deferred Charges | 45.93M | 54.55M | 67.11M | 74.00M | 94.68M | 116.53M |
| Other Long-Term Assets | 107.00K | 107.00K | 107.00K | 107.00K | ||
| Total Assets | 240.34M | 233.11M | 272.20M | 320.55M | 322.04M | 312.98M |
| Accounts Payable | 11.74M | 12.16M | 12.95M | 21.71M | 22.30M | 16.19M |
| Accrued Expenses | 10.32M | 8.38M | 6.60M | 7.69M | 7.93M | 9.95M |
| Current Portion of Leases | 1.57M | 777.00K | 1.28M | 1.46M | 743.00K | 831.00K |
| Current Income Taxes Payable | 4.23M | 1.83M | 3.03M | 6.47M | 4.25M | 814.00K |
| Current Unearned Revenue | 171.94M | 188.13M | 222.69M | 234.18M | 295.55M | 294.61M |
| Other Current Liabilities | 21.55M | 20.61M | 16.90M | 31.25M | 1.64M | 435.00K |
| Total Current Liabilities | 221.36M | 231.89M | 263.45M | 302.76M | 332.40M | 322.82M |
| Long-Term Leases | 164.00K | 310.00K | 18.00K | 983.00K | 444.00K | 1.10M |
| Long-Term Unearned Revenue | 70.51M | 91.11M | 109.89M | 115.34M | 96.89M | 128.07M |
| Other Long-Term Liabilities | 362.00K | 365.00K | 1.28M | 41.09M | 22.03M | |
| Total Liabilities | 292.03M | 323.68M | 373.73M | 420.37M | 470.82M | 474.03M |
| Additional Paid-In Capital | 30.08M | 30.11M | 29.83M | 25.53M | 23.68M | 25.88M |
| Retained Earnings | -201.87M | -239.22M | -248.54M | -274.08M | -320.19M | -327.50M |
| Treasury Stock | -33.10M | -33.10M | -33.10M | |||
| Comprehensive Income & Other | 153.21M | 151.66M | 150.29M | 148.74M | 147.73M | 140.53M |
| Total Common Equity | -51.69M | -90.56M | -101.53M | -99.81M | -148.78M | -161.09M |
| Minority Interest | 44.00K | |||||
| Shareholders' Equity | -51.69M | -90.56M | -101.53M | -99.81M | -148.78M | -161.05M |
| Total Liabilities & Equity | 240.34M | 233.11M | 272.20M | 320.55M | 322.04M | 312.98M |
| Total Debt | 1.74M | 1.09M | 1.30M | 2.44M | 1.19M | 1.93M |
| Net Cash (Debt) | 123.95M | 111.88M | 137.78M | 156.84M | 138.94M | 143.33M |
| Net Cash Per Share | 6.72 | 6.08 | 7.47 | 7.83 | 7.02 | 7.81 |
| Filing Date Shares Outstanding | 18.15M | 18.15M | 18.13M | 18.11M | 19.73M | 19.65M |
| Total Common Shares Outstanding | 18.15M | 18.15M | 18.11M | 19.76M | 19.71M | 19.65M |
| Working Capital | -55.65M | -76.84M | -83.86M | -88.88M | -143.54M | -131.68M |
| Book Value Per Share | -2.85 | -4.99 | -5.61 | -5.05 | -7.55 | -8.20 |
| Tangible Book Value | -53.93M | -93.05M | -107.78M | -110.12M | -163.59M | -162.86M |
| Tangible Book Value Per Share | -2.97 | -5.13 | -5.95 | -5.57 | -8.30 | -8.29 |
| Machinery | 2.39M | 2.06M | 1.75M | 1.13M | 1.85M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 75.79M | 69.33M | 25.53M | 46.12M | 7.30M | -117.45M |
| Depreciation & Amortization | 4.61M | 6.85M | 6.18M | 6.28M | 6.90M | 2.54M |
| Other Amortization | 5.00K | 5.00K | 4.00K | 125.44M | ||
| Loss (Gain) From Sale of Assets | -117.00K | -117.00K | 4.97M | |||
| Asset Writedown & Restructuring Costs | 63.83M | |||||
| Loss (Gain) From Sale of Investments | 69.00K | -128.00K | 1.70M | 115.00K | ||
| Loss (Gain) on Equity Investments | -137.00K | 3.80M | 7.52M | 515.00K | 10.12M | |
| Stock-Based Compensation | 518.00K | 609.00K | 1.28M | 2.03M | 3.75M | 3.76M |
| Provision & Write-off of Bad Debts | -401.00K | -406.00K | 81.00K | 6.04M | 30.07M | 102.00K |
| Other Operating Activities | -1.89M | -6.42M | 663.00K | -10.39M | -253.00K | -6.73M |
| Change in Accounts Receivable | 6.29M | -375.00K | 6.01M | -9.88M | -4.50M | -12.68M |
| Change in Accounts Payable | -1.23M | -1.76M | -10.39M | -632.00K | 2.28M | 9.60M |
| Change in Unearned Revenue | -47.03M | -54.50M | -16.94M | -42.92M | -30.24M | 127.90M |
| Change in Other Net Operating Assets | 11.53M | 12.56M | 6.89M | 20.69M | 21.85M | -26.95M |
| Operating Cash Flow | 48.00M | 29.45M | 28.52M | 17.95M | 116.08M | 105.53M |
| Capital Expenditures | -186.00K | -311.00K | -343.00K | -739.00K | -994.00K | -1.10M |
| Sale of Property, Plant & Equipment | -6.00K | 6.00K | 4.00K | |||
| Cash Acquisitions | -54.11M | -1.16M | ||||
| Sale (Purchase) of Intangibles | -1.00K | -2.00K | -95.00K | -16.00K | -64.00K | -338.00K |
| Investment in Securities | -10.87M | -22.60M | 54.77M | -32.19M | -85.70M | |
| Other Investing Activities | 1.16M | 1.27M | 1.70M | 1.45M | ||
| Investing Cash Flow | -9.63M | -22.40M | 55.90M | -32.46M | -171.78M | -2.72M |
| Long-Term Debt Repaid | -1.33M | -1.59M | -1.89M | -2.01M | -2.18M | |
| Lease Payments | -1.59M | -1.33M | -1.59M | -1.89M | -2.01M | -2.13M |
| Net Debt Issued (Repaid) | -1.59M | -1.33M | -1.59M | -1.89M | -2.01M | -2.18M |
| Repurchase of Common Stock | -33.11M | |||||
| Common Dividends Paid | -55.99M | -55.99M | -160.37M | |||
| Other Financing Activities | -79.00K | -84.00K | -10.23M | -56.00K | 109.00K | 119.57M |
| Financing Cash Flow | -1.67M | -57.40M | -44.94M | -1.95M | -1.90M | -42.98M |
| Foreign Exchange Rate Adjustments | -5.00K | 2.22M | -240.00K | 1.48M | 1.58M | -1.58M |
| Net Cash Flow | 36.69M | -48.14M | 39.25M | -14.98M | -56.03M | 58.24M |
| Free Cash Flow | 47.81M | 29.13M | 28.18M | 17.21M | 115.09M | 104.43M |
| Free Cash Flow Margin | 12.57% | 7.21% | 6.69% | 3.71% | 23.99% | 24.06% |
| Free Cash Flow Per Share | 2.59 | 1.58 | 1.53 | 0.86 | 5.81 | 5.69 |
| Levered Free Cash Flow | 34.49M | 18.93M | 7.23M | -4.72M | 67.72M | 208.71M |
| Unlevered Free Cash Flow | 34.54M | 18.98M | 7.27M | -4.68M | 67.79M | 208.76M |
| Free Cash Flow After Leases | 46.22M | 27.81M | 26.59M | 15.32M | 113.08M | 102.30M |
| Cash Interest Paid | 79.00K | 84.00K | 76.00K | 56.00K | 115.00K | 90.00K |
| Cash Income Tax Paid | 4.27M | 4.18M | 4.57M | 1.09M | 1.08M | 617.00K |
| Change in Working Capital | -30.44M | -44.07M | -14.43M | -32.74M | -10.61M | 97.87M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 168.80M | 271.95M | 350.18M | 436.33M | 1.25B | 1.58B |
| Enterprise Value | 44.85M | 183.01M | 234.66M | 290.22M | 1.12B | 1.48B |
| Last Close Price | 9.00 | 15.00 | 16.01 | 18.29 | 52.80 | 66.70 |
| PE Ratio | 2.26 | 3.92 | 13.71 | 9.46 | 171.69 | |
| Forward PE | 1.84 | 3.76 | 11.41 | 10.04 | 10.04 | 12.27 |
| PS Ratio | 0.44 | 0.67 | 0.83 | 0.94 | 2.61 | 3.65 |
| PB Ratio | -3.00 | -3.45 | -4.37 | -8.43 | -9.84 | |
| P/FCF Ratio | 3.53 | 9.34 | 12.43 | 25.35 | 10.89 | 15.17 |
| P/OCF Ratio | 3.52 | 9.24 | 12.28 | 24.30 | 10.80 | 15.01 |
| PEG Ratio | 0.75 | 2.28 | 0.64 | 0.64 | 0.79 | |
| EV/Sales Ratio | 0.12 | 0.45 | 0.56 | 0.62 | 2.34 | 3.40 |
| EV/EBITDA Ratio | 0.55 | 2.40 | 5.21 | 6.50 | 12.57 | 312.81 |
| EV/EBIT Ratio | 0.57 | 2.57 | 5.79 | 7.57 | 13.63 | 676.95 |
| EV/FCF Ratio | 0.94 | 6.28 | 8.33 | 16.86 | 9.74 | 14.14 |
| Debt / Equity Ratio | -0.03 | -0.01 | -0.01 | -0.02 | -0.01 | -0.01 |
| Debt / EBITDA Ratio | 0.02 | 0.01 | 0.03 | 0.05 | 0.01 | 0.41 |
| Debt / FCF Ratio | 0.04 | 0.04 | 0.05 | 0.14 | 0.01 | 0.02 |
| Net Debt / Equity Ratio | 2.40 | 1.24 | 1.36 | 1.57 | 0.93 | 0.89 |
| Net Debt / EBITDA Ratio | -1.52 | -1.47 | -3.06 | -3.51 | -1.56 | -30.35 |
| Net Debt / FCF Ratio | -2.59 | -3.84 | -4.89 | -9.11 | -1.21 | -1.37 |
| Asset Turnover | 1.69 | 1.60 | 1.42 | 1.45 | 1.51 | 1.66 |
| Quick Ratio | 0.74 | 0.66 | 0.67 | 0.69 | 0.55 | 0.58 |
| Current Ratio | 0.75 | 0.67 | 0.68 | 0.71 | 0.57 | 0.59 |
| Return on Assets (ROA) | 21.77% | 17.60% | 8.54% | 7.46% | 16.18% | 0.52% |
| Return on Invested Capital (ROIC) | 384.10% | 1,324.82% | 259.40% | 951.86% | ||
| Return on Capital Employed (ROCE) | 413.50% | 5,820.90% | 463.10% | 215.60% | -793.80% | -22.20% |
| Earnings Yield | 44.20% | 25.49% | 7.29% | 10.57% | 0.58% | -7.41% |
| FCF Yield | 28.33% | 10.71% | 8.05% | 3.94% | 9.18% | 6.59% |
| Payout Ratio | 80.76% | |||||
| Buyback Yield / Dilution | -0.11% | 0.21% | 7.96% | -1.18% | -7.87% | -3.93% |