GDEV Inc. (GDEV) Form 6-K — Aug 21, 2026
GDEV Inc. reported Q2 2026 revenue of $94 million, down 22% year-over-year on lower bookings, while profit net of tax rose 20% to $20 million from $17 million a year earlier. The profit improvement came from aggressive cost discipline: selling and marketing expenses fell 38% to $33 million as the company prioritized higher-lifetime-value user acquisition, and operating cash flow swung to positive $10 million from negative $10 million in Q2 2025. Underlying engagement metrics weakened — bookings fell 21% to $73 million and monthly paying users dropped 23% to 239 thousand — with the Hero Wars franchise still generating 93% of total revenue, underscoring concentration risk.
Key figures
- Eps
- $1.10 basic / $1.08 diluted (Q2 2026)
- Revenue
- $94 million (Q2 2026)
- Net Income
- $20 million (Q2 2026); $37 million (H1 2026)
- Revenue Yoy
- -22% (Q2); -11% (H1)
- Cash Position
- $78.2 million (June 30, 2026)
- Deal Value Usd
- $5.0 million (Island Hoppers game asset sale)
- Q2 mpu
- 239 thousand, -23% YoY
- H1 bookings
- $156 million, -10% YoY
- Q2 bookings
- $73 million, -21% YoY
- H1 eps basic
- $2.06 vs $1.70 in H1 2025
- H1 adjusted ebitda
- $39 million, +2% YoY
- Q2 adjusted ebitda
- $20 million, -7% YoY
- H1 operating cash flow
- +$15 million vs -$4 million in H1 2025
- Q2 operating cash flow
- +$10 million vs -$10 million in Q2 2025
- Hero wars revenue share
- 93% of H1 2026 revenue
- Light hour games acquisition
- $600,000 cash plus earn-outs (August 2025)
- Q2 selling marketing expense
- $33 million, -38% YoY
- Mx capital put option liability
- $15.0 million, due within 3 months of June 30, 2026
- Island hoppers deferred revenue uplift
- $2.1 million to be recognized on accelerated basis
AI analysis
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