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MARKETS / NASDAQ / GDEV
NASDAQ · SERVICES-COMPUTER PROGRAMMING SERVICES · MID CAP

Gdev Inc. GDEV

7 fiscal years on record · USD · FY2025 reported · SEC filings only
$404.3M
▼ 3.9% YoY
$69.3M
▲ 171.5% YoY
$29.1M
▲ 3.4% YoY
In brief

What this company does

GDEV builds mobile, web and social games for millions of players around the world. The company's revenue for the years ended December 31, 2025 and 2024 was $404.3 million and $420.9 million, respectively. As of December 31, 2025, it had approximately 488 employees among the Group's companies, along with approximately 257 additional people serving those companies on a freelance basis. The company is incorporated in the British Virgin Islands and headquartered in Cyprus. Its portfolio includes casual, RPG and FPS games, including Pixel Gun 3D acquired through Cubic Games, distributed through mobile and web-based platforms as free-to-play titles that generate revenue through in-app purchases and advertising. In 2010, GDEV's co-founders, Andrey Fadeev and Boris Gertsovskiy, met and, acting through their own companies at the time, decided to join forces to launch an independent gaming studio. In June 2023, the Company changed its name from "Nexters Inc." to "GDEV Inc."

Written from the business description in GDEV Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 31 March 2026. Every sentence was checked against that document before publication.

Growth
USD 404.3M
Revenue, FY2025 · full 7-year series below
Revenue $M Net income $M
FY2025 · Revenue 404.3 · Net income 69.3
200M400M-40M-80M2019202020212022202320242025
Compound annual growth
−5.5%
+9.2%
+111.7%
+116.8%
+1175.2%
+1.6%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +9.2% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
17 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 17.6% · Net 17.1%
5%10%15%-10%-20%-30%2019202020212022202320242025
ROE

No chart to show — the reason differs by year; see each year in the table below.

Cash & shareholders
USD 56.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 29.1
50M100M2019202020212022202320242025
Net buybacks $M Dividends $M
FY2025 · Dividends 56.0 · Net buybacks —
80M160M201920202021202220242025

USD 56.0M in dividends — 81% of the year's profit went back to shareholders.

Total assetsUSD 233.1M
EquityUSD -90.6M
CashUSD 62.9M
Current ratio0.67×

Equity funds -39% of total assets.

The 7-year record
7 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 2025202420232022202120202019
Revenue $B0.40.40.50.50.40.30.1
Operating income $B0.10.00.00.0−0.1−0.0−0.0
EBITDA $B0.10.00.00.0−0.1−0.0−0.0
Income tax $B0.00.00.00.00.00.00.0
Net income $B0.10.00.00.0−0.1−0.0−0.0
Free cash flow $B0.00.00.00.10.10.10.0
EPS, diluted $3.771.382.300.37−0.640.00·
Dividend / sh $···4800.002681.002681.00210.00
Payout %81··0−137−6882−12
ROE %·······
Shares out B····0.20·0.00

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 24 reconciliationsAUDITED

Reconciled in 7 of 19 fiscal years. 52 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityServices-Computer Programming Services
Listed onNASDAQ
Incorporated inoutside the United States — SEC code D8
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2019

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