GDEV Inc. (GDEV)
GDEV Inc. operates as a global interactive entertainment firm, specializing in the development and provision of a diverse portfolio of digital games. Its offerings span various platforms, including desktop computers, mobile devices, web browsers, and social networks, reaching audiences across the United States, Europe, Asia, and other international markets. The company, which traces its origins back to its establishment in 2010, was formerly known as Nexters Inc. before officially rebranding to GDEV Inc. in June 2023. Its corporate headquarters are situated in Limassol, Cyprus.
Sector: Services-Computer Programming Services
Industry: Electronic Gaming & Multimedia
GDEV Inc.
+3.42%$11.80
After Hours+0.00%$11.80
AH+0.00%$11.80
NASDAQ:GDEVTechnology
Mkt Cap$214.48M
Float3.63M
O/S18.18M
Inst Own2.2%
SI<0.1%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$404.35M
Net Income$69.33M
Total Assets$233.11M
Free Cash Flow$29.13M
Debt & Equity
Total Debt$1.74M
Total Equity-$51.69M
Shares Outstanding
Short Interest
Split History1 split · 1 reverse
- 1:10Reverse splitAug 29, 202410 shares → 1
Balance Sheet Details
Assets$240.34M
Liabilities$292.03M
Accounts Receivable$38.55M
Accounts Payable$11.74M
Inventory$0
PP&E (Net)$2.53M
Goodwill$1.84M
Intangible Assets$399K
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Revenue | $404.35M | $420.93M | $464.55M | $479.69M | $434.09M | $260.89M | $93.81M |
| YoY Growth | -394.1% | -938.9% | -315.6% | 1050.3% | 6638.8% | 17810.4% | - |
| Cost of Revenue | $141.41M | $142.02M | $160.69M | $176.98M | $136.17M | $92.55M | $44.49M |
| Gross Profit | $262.93M | $278.92M | $303.86M | $302.71M | $297.92M | $168.34M | $49.32M |
| Gross Margin | 6502.6% | 6626.1% | 6541.0% | 6310.5% | 6863.0% | 6452.4% | 5257.2% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $187.24M | $233.56M | $250.15M | $176.79M | $293.2M | $169.44M | $84.79M |
| Other | $4.56M | $4.83M | $15.35M | $8.74M | $127.98M | $561K | $286K |
| Total Operating Expenses | $191.79M | $238.4M | $265.5M | $185.53M | $421.18M | $170.01M | $85.08M |
| Operating Income (EBIT) | $71.14M | $40.52M | $38.36M | $117.18M | -$123.26M | -$1.67M | -$35.76M |
| Operating Margin | 1759.4% | 962.6% | 825.8% | 2442.8% | -2839.4% | -63.9% | -3811.8% |
| Interest Expense | $84K | $205K | $408K | $482K | $91K | $0 | $168K |
| Interest Income | $1.75M | $2.34M | $4.02M | $1.64M | $0 | $1.78M | $84K |
| Other Income (Expense) | $3.56M | -$10.48M | $11.63M | -$106.01M | $6.94M | $1.78M | $240K |
| Income Before Tax (EBT) | $74.7M | $30.04M | $49.99M | $11.17M | -$116.32M | $111K | -$35.52M |
| Income Tax Expense | $5.37M | $4.51M | $3.88M | $3.76M | $1.13M | $862K | $7K |
| Net Income | $69.33M | $25.53M | $46.12M | $7.3M | -$117.44M | -$751K | -$35.53M |
| Net Income Margin | 1714.6% | 606.6% | 992.7% | 152.2% | -2705.5% | -28.8% | -3787.0% |
| Supplementary Data | |||||||
| EPS | 3.81 | 1.40 | 2.30 | 0.37 | -6.40 | -0.04 | -1.81 |
| Diluted EPS | 3.77 | 1.38 | 2.30 | 0.37 | -6.40 | -0.04 | -1.81 |
| Weighted Average OS | 18.13M | 18.20M | 20.03M | 19.80M | 18.35M | 17.66M | 19.65M |
| EBITDA | $81.63M | $36.43M | $56.68M | $18.55M | -$113.69M | $672K | -$35.47M |
| EBITDA Margin | 2018.9% | 865.4% | 1220.1% | 386.8% | -2618.9% | 25.8% | -3781.3% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Assets | |||||||
| Current Assets | |||||||
| Cash and Cash Equivalents | $58.91M | $111.05M | $71.8M | $86.77M | $142.8M | $84.56M | $17.57M |
| Short-Term Investments | $45.41M | $23.76M | $84.24M | $50.37M | $0 | $0 | $910K |
| Cash and Short-Term Investments | $104.32M | $134.81M | $156.03M | $137.14M | $142.8M | $84.56M | $18.48M |
| Accounts Receivable | $40.05M | $38.08M | $48.8M | $42.9M | $42.75M | $30.94M | $23.77M |
| Inventory | $0 | $0 | $3.25M | $0 | $0 | $0 | $0 |
| Other Current Assets | $5.81M | $2.23M | $2.44M | $2.51M | $0 | $2.04M | $633K |
| Total Current Assets | $155.05M | $179.6M | $213.88M | $188.87M | $191.15M | $120.68M | $42.88M |
| Long-Term Assets | |||||||
| Property, Plant & Equipment Net | $1.94M | $2.91M | $4.07M | $2.25M | $3.4M | $1.22M | $133K |
| Goodwill | $1.84M | $1.84M | $1.84M | $1.84M | $1.5M | $0 | $0 |
| Intangible Assets | $650K | $4.42M | $8.48M | $12.98M | $266K | $76K | $336K |
| Long-Term Investments | $18.66M | $16.11M | $18.07M | $17.9M | $0 | $0 | $0 |
| Deferred Tax Assets | $112K | $103K | $122K | $108K | $25K | $0 | $0 |
| Other Long-Term Assets | $54.87M | $67.22M | $74.1M | $98.11M | $116.64M | $89.59M | $37.12M |
| Total Long-Term Assets | $78.06M | $92.6M | $106.68M | $133.18M | $121.83M | $90.88M | $37.59M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $233.11M | $272.2M | $320.55M | $322.04M | $312.98M | $211.55M | $80.47M |
| Liabilities | |||||||
| Current Liabilities | |||||||
| Accounts Payable | $12.16M | $12.95M | $21.71M | $22.3M | $16.19M | $9.79M | $13.01M |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $49K | $3.98M |
| Current Income Tax Payable | $1.96M | $3.54M | $6.92M | $5.45M | $6.93M | $306K | $0 |
| Current Unearned Revenue | $188.13M | $222.69M | $234.18M | $295.55M | $294.61M | $215.56M | $1.17M |
| Other Current Liabilities | $18.34M | $18.49M | $41.82M | $3.57M | $803K | $7.15M | $86.68M |
| Total Current Liabilities | $231.89M | $263.45M | $302.76M | $332.4M | $322.82M | $233.42M | $106.02M |
| Long-Term Liabilities | |||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $45K |
| Long-Term Unearned Revenue | $91.11M | $109.89M | $115.34M | $96.89M | $128.07M | $79.22M | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | -$79.22M | $0 |
| Other Long-Term Liabilities | $362K | $365K | $1.28M | $41.09M | $22.03M | $79.22M | $22.95M |
| Total Long-Term Liabilities | $91.79M | $110.27M | $117.61M | $138.42M | $151.21M | $80.04M | $23.02M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $323.68M | $373.73M | $420.37M | $470.82M | $474.03M | $313.46M | $129.03M |
| Stockholders' Equity | |||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $27K | $27K |
| Retained Earnings | -$239.22M | -$248.54M | -$274.08M | -$320.19M | -$327.5M | -$114.02M | -$56.7M |
| Comprehensive Income & Other | $7.05M | $5.89M | $148.74M | $3.49M | $37K | $12.08M | $8.11M |
| Other Stockholders' Equity | $148.66M | $147.02M | $174.27M | $171.42M | $166.41M | $12.08M | $8.11M |
| Total Equity | -$90.56M | -$101.53M | -$99.81M | -$148.78M | -$161.09M | -$101.91M | -$48.57M |
| Minority Interest | $0 | $0 | $0 | $0 | $44K | $0 | $0 |
| Total Liabilities and Equity | $233.11M | $272.2M | $320.55M | $322.04M | $312.94M | $211.55M | $80.47M |
| Supplementary Data | |||||||
| Total Debt | $1.09M | $1.3M | $2.44M | $1.19M | $1.93M | $1.16M | $4.1M |
| Net Debt | -$57.82M | -$109.75M | -$69.36M | -$85.59M | -$140.87M | -$83.4M | -$13.47M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Operating Activities | |||||||
| Net Income | $69.33M | $25.53M | $46.12M | $7.41M | -$117.44M | -$751K | -$35.53M |
| Depreciation & Amortization | $6.85M | $6.18M | $6.28M | $6.9M | $2.54M | $561K | $286K |
| Deferred Income Tax | $5.37M | $4.51M | $3.88M | $3.76M | $1.13M | $862K | $7K |
| Stock-Based Compensation | $609K | $1.28M | $2.03M | $3.75M | $3.76M | $2.28M | $6.46M |
| Changes in Working Capital: | |||||||
| Accounts Receivable | -$375K | $6.01M | -$9.88M | -$4.5M | -$12.68M | -$7.49M | -$20.44M |
| Inventory | $0 | $0 | $0 | $2.22M | $3.08M | $8.55M | $0 |
| Accounts Payable | -$1.76M | -$10.39M | -$632K | $2.28M | $9.6M | -$1.06M | $0 |
| Other Working Capital | -$41.94M | -$10.05M | -$22.23M | -$10.61M | $97.87M | $123.59M | $64.69M |
| Total Working Capital Change | -$44.07M | -$14.43M | -$32.74M | -$10.61M | $97.87M | $123.59M | $44.25M |
| Other Non-Cash Items | -$8.64M | $5.46M | -$7.61M | $104.87M | $117.66M | -$5.91M | -$527K |
| Net Cash from Operating | $29.45M | $28.52M | $17.95M | $116.08M | $105.52M | $120.62M | $14.95M |
| Investing Activities | |||||||
| Capital Expenditures | -$311K | -$343K | -$755K | -$1.06M | -$1.44M | -$147K | -$102K |
| Acquisitions | -$2.31M | -$7.52M | -$515K | -$72.08M | -$1.16M | $0 | $0 |
| Purchases of Investments | -$44.7M | -$63.87M | -$107.16M | -$67.73M | $0 | -$250M | $0 |
| Sales of Investments | $24.41M | $126.16M | $75.48M | -$64K | $0 | $0 | $0 |
| Other Investing Activities | $509K | $1.48M | $482K | -$30.85M | -$123K | $250.51M | -$243K |
| Net Cash from Investing | -$22.4M | $55.9M | -$32.46M | -$171.78M | -$2.72M | $361K | -$345K |
| Financing Activities | |||||||
| Debt Repaid | $1.33M | $1.59M | $1.89M | $1.79M | $2.18M | $4.32M | -$4.05M |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | -$33.11M | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | -$55.99M | $0 | $0 | $0 | -$160.37M | -$51.68M | -$4.12M |
| Other Financing Activities | -$84K | -$10.23M | -$56K | $109K | $119.57M | -$43K | -$85K |
| Net Cash from Financing | -$57.4M | -$44.94M | -$1.95M | -$1.9M | -$42.98M | -$56.05M | -$156K |
| Forex Effect | $2.22M | -$240K | $1.48M | $1.58M | -$1.57M | $2.05M | $39K |
| Net Change in Cash | -$48.14M | $39.25M | -$14.98M | -$56.03M | $58.24M | $66.99M | $14.49M |
| Supplementary Data | |||||||
| Operating Cash Flow | $29.45M | $28.52M | $17.95M | $116.08M | $105.52M | $120.62M | $14.95M |
| Capital Expenditure | -$313K | -$438K | -$739K | -$1.06M | -$1.44M | -$147K | -$102K |
| Free Cash Flow | $29.13M | $28.09M | $17.2M | $115.02M | $104.08M | $120.48M | $14.85M |
| Cash at Beginning | $111.05M | $71.8M | $86.77M | $142.8M | $84.56M | $17.57M | $3.07M |
| Cash at End | $62.91M | $111.05M | $71.8M | $86.77M | $142.8M | $84.56M | $17.57M |