GDEV (GDEV) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was $404.3 million, down 4% from 2024, with Bookings at $351.0 million, a 13% decline year-over-year, reflecting market headwinds and a strategic shift to higher-quality user acquisition.

• Net income for 2025 was $69.3 million, up from $25.5 million in 2024, driven by reduced marketing expenses and improved operating margins.

• Hero Wars remained the core product, generating 93% of Bookings, but faced an 11% decline in Bookings due to RPG genre headwinds and market saturation.

• The company paid a one-time special cash dividend of $3.31 per share in March 2025, totaling $56 million.

• Cash and cash equivalents at year-end 2025 were $62.9 million, with no material debt.

Financial highlights

• Revenue: $404.3 million in 2025 (down 4% year-over-year).

• Bookings: $351.0 million in 2025 (down 13% year-over-year).

• Net income: $69.3 million in 2025 (up from $25.5 million in 2024).

• Adjusted EBITDA margin improved due to a 24% reduction in selling and marketing expenses.

• Cash flows from operations: $29.4 million in 2025 (up slightly from $28.5 million in 2024).

• EPS (diluted): $3.77 in 2025 (up from $1.38 in 2024).

Outlook and guidance

• Management expects continued market volatility and competitive pressure in the RPG segment.

• Focus remains on disciplined user acquisition, monetization, and expanding the game portfolio, including the launch of Pixel Gun 2 in 2026.

• No recurring dividend policy is planned; future earnings will be retained for business operations.