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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

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

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-50M-100M
201920222025
Compound annual growth
−5.5%
+9.2%
+111.7%
+116.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +9.2% a year over the five years to FY2025.

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%
201920222025
ROE

Not applicable: equity was zero or negative in this period, so return on equity has no meaning.

Three returns, three denominators.
Return on equityNot applicable: equity was zero or negative in this period, so return on equity has no meaning.

Return on equity has no reading this year — return on capital employed, just below, still does: 1427%.

Cash & shareholders

USD 56.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 29.1
50M100M
201920222025
Net buybacks $M Dividends $M
FY2025 · Dividends 56.0 · Net buybacks ·
100M200M
201920202021202220242025

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—not applicable◌not available in our data
GDEV, 7-year financial record
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 % — not applicable: negative equity———————
Shares out B◌◌◌◌0.20◌0.00

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 24 reconciliationsAUDITED

Reconciled in 7 of the 7 fiscal years we could check. 26 checks were skipped: the balance sheet is not tagged before 2020. 13 checks were skipped: the share count is not tagged before 2020.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 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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