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GDEV (GDEV) investor relations material
GDEV Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Nov, 2025
Executive summary
Q3 2025 revenue declined 12% year-over-year to $97.6M–$98M, reflecting lower consumer spending and a strategic shift to higher-quality user acquisition.
Net profit for Q3 2025 increased to $24.1M from $14.6M–$15M in Q3 2024, with margin improvement to 25% from 13%.
Adjusted EBITDA rose to $26M (27% margin), up 50% from $17M (16% margin) in Q3 2024.
Cash flows from operating activities were $14.8M–$15M in Q3 2025, up from $12M in Q3 2024.
Financial highlights
Total costs and expenses (excluding D&A) decreased to $71M from $93M year-over-year.
Selling and marketing expenses dropped 43% year-over-year in Q3 2025 to $30M, and as a percentage of revenue fell to 24% from 26%.
Earnings per share (basic) for Q3 2025 was $1.33, up from $0.80 in Q3 2024.
Revenue for the first nine months of 2025 was $315M, down 3% year-over-year.
Adjusted EBITDA for the first nine months of 2025 was $64M, up 93% year-over-year.
Outlook and guidance
Management is focused on disciplined marketing and attracting higher-value users to support long-term profitability.
Forward-looking statements highlight risks and uncertainties, with reference to the 2024 Annual Report and SEC filings for detailed risk factors.
Explain the MPU decline vs ABPPU increase drivers
What drives the shift in booking share to PC
Reconcile Q3 vs 9M operating cash flow trends
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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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