GDEV (GDEV) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 was $94 million, down 22% year-over-year, and H1 2026 revenue was $193 million, down 11% year-over-year.

• Profit for Q2 2026 was $20 million, up from $17 million in Q2 2025; H1 2026 profit was $37 million, up from $31 million in H1 2025.

• Adjusted EBITDA for Q2 2026 was $20 million (down from $22 million), while H1 2026 Adjusted EBITDA was $39 million (up from $38 million).

• Cash flows from operating activities improved to $10 million in Q2 2026 and $15 million in H1 2026, compared to negative flows in prior periods.

Financial highlights

• Selling and marketing expenses dropped 38% year-over-year in Q2 2026 and 27% in H1 2026, reflecting a focus on efficient user acquisition.

• Platform commissions decreased 29% in Q2 2026 and 17% in H1 2026, in line with lower revenues.

• Game operation and general/admin costs remained stable year-over-year.

Outlook and guidance

• Management emphasizes a selective approach to marketing, prioritizing channels with higher long-term value.

• Forward-looking statements caution about risks and uncertainties affecting future performance.