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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.
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.
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