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GDEV (GDEV) investor relations material
GDEV Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary1 Sep, 2025
Executive summary
Revenue grew 13% year-over-year in Q2 2025 to $120 million, driven by higher in-app purchases, partially offset by lower advertising bookings.
Net profit for Q2 2025 was $17 million, up from $15 million in Q2 2024; H1 2025 net profit was $31 million, a significant increase from $9 million in H1 2024.
Adjusted EBITDA rose to $22 million in Q2 2025 (up 30% year-over-year) and $38 million in H1 2025 (up from $16 million in H1 2024).
Strong cash position of $932 million supports future strategic investments.
Financial highlights
Q2 2025 revenue: $120 million (+13% YoY); H1 2025 revenue: $217 million (+2% YoY).
Q2 2025 net profit: $17 million (+16% YoY); H1 2025 net profit: $31 million (N/M YoY).
Q2 2025 Adjusted EBITDA: $22 million (+30% YoY); H1 2025 Adjusted EBITDA: $38 million (N/M YoY).
Cash flows from operating activities were negative: -$10 million in Q2 2025 and -$4 million in H1 2025, mainly due to lower bookings and higher marketing expenses.
Segment performance
Bookings declined 14% YoY in Q2 2025 and 20% YoY in H1 2025, mainly due to a drop in monthly paying users (MPU) by 18% in Q2 and 26% in H1.
Average bookings per paying user (ABPPU) increased 5% in Q2 2025 and 9% in H1 2025.
Mobile bookings share rose to 63% in Q2 2025 (from 58% YoY); PC bookings share decreased.
Geographic mix remained stable, with the US at 34% of bookings and a slight increase in Europe.
How is revenue growing despite MPU decline?
What caused negative operating cash flow?
How will cash position support current operations?
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Q3 202514 Nov, 2025
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Frequently asked questions
GDEV Inc. is an international gaming and entertainment company specializing in the development and publishing of online games across various platforms, including mobile, web, and social media. The company is well-known for its popular franchises such as Hero Wars, Pixel Gun 3D, and Island Hoppers, which cater to a global audience. GDEV operates through a network of studios, focusing on live service games that continuously engage a large user base. The company is headquartered in Limassol, Cyprus, and its shares are listed on the NASDAQ.
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