GDEV (GDEV) Q1 2026 earnings summary

Executive summary

• Revenue grew 2% year-over-year to $99 million in Q1 2026, driven by higher in-app purchases.

• Net profit rose to $17 million from $14 million year-over-year, with adjusted EBITDA up 15% to $18 million.

• Bookings increased to $83 million, primarily due to an 8% rise in average bookings per paying user (ABPPU), despite a 5% decline in monthly paying users (MPU).

Financial highlights

• Selling and marketing expenses fell 13% year-over-year to $37 million, reflecting a more selective marketing approach.

• General and administrative expenses increased 23% to $10 million, mainly due to higher legal costs.

• Cash flows from operating activities were $4 million, down from $6 million in Q1 2025.

• Platform commissions and game operation costs remained stable at $20 million and $14 million, respectively.

Segment performance

• Mobile bookings share increased to 64% from 59% year-over-year, while PC bookings share decreased to 36% from 41%.

• Geographic mix shifted: US and Asia shares declined, while Europe and Other regions increased.

• Advertising contributed 5.8% of total bookings, stable year-over-year.