GDEVNasdaqServices-Computer Programming ServicesUS GAAP · USD

GDEV Inc.

GDEV Inc. is a U.S.-based gaming and entertainment holding company organized around a portfolio of game development subsidiaries. Its business centers on creating and operating online games across mobile and other digital platforms, with franchises such as Hero Wars, Island Hoppers, and Pixel Gun 3D.

Kysy yhtiöstä
Liikevaihto404milj. USD
−3,9 %v/v
Liikevoitto (EBIT)74,8milj. USD
+147,2 %v/v
EBIT-marginaali18,5%
+11,3 %-yks.v/v
Nettotulos69,3milj. USD
+171,5 %v/v
Vapaa kassavirta29,1milj. USD
+3,7 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2022–2025

0100200300400500milj. USD2022: 480 milj. USD2022: EBIT 12 milj. USD20222023: 465 milj. USD2023: EBIT 50 milj. USD20232024: 421 milj. USD2024: EBIT 30 milj. USD20242025: 404 milj. USD2025: EBIT 75 milj. USD202540475
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
In-game purchases96 %

Virtual items, upgrades, and other digital content sold inside games.

Advertising4 %

Ad monetization generated from player traffic and game engagement.

Licensing0 %

Limited revenue from licensing game-related intellectual property.

Asiakkaat

GDEV sells primarily to consumers who play its free-to-play games and make optional digital purchases inside the game ecosystem. A smaller part of monetization comes from advertising partners and, at times, licensees of its game content. Player engagement and repeat usage are central because they drive in-game spending across the portfolio.

Players / in-game spenders

Consumers who purchase virtual items, upgrades, and other digital content in GDEV games.

Advertisers

Brands and ad network partners that pay to reach players through in-game advertising inventory.

Licensees

Third parties that may use GDEV intellectual property or game-related content under license.

Strategia

GDEV’s strategy is to build and extend a portfolio of durable game franchises that can monetize over long player lifecycles. The company focuses on live operations, content updates, and cross-title development to sustain engagement across mobile and digital platforms. Portfolio diversification across franchises and geographies helps reduce dependence on any single title or market.

Extend franchise lifespanKeskipitkä aikaväli

Long-lived titles support recurring player monetization and reduce dependence on new launches.

Optimize live operationsLyhyt aikaväli

Ongoing updates and player retention mechanics are central to free-to-play monetization.

Diversify portfolio and marketsKeskipitkä aikaväli

A broader title and geography mix can smooth performance and reduce concentration risk.

Maantiede

GDEV discloses bookings by player geography, showing a broadly international consumer base rather than reliance on one country. In the latest disclosed annual split, Europe accounted for 33% of bookings, the United States 33%, Asia 19%, and Other 15%, indicating meaningful exposure across multiple regions. Geography matters because player acquisition, monetization, and app-store dynamics can differ materially by market.

Riskit

GDEV is exposed to the volatility of hit-driven game economics, where user engagement and monetization can change quickly and depend on a small number of franchises. The business also faces platform dependence, user-acquisition pressure, and geographic exposure to shifts in player demand, ad markets, and app-store policies. Because revenue is tied to player behavior, quarter-to-quarter results can move materially with content releases, retention trends, and competitive launches.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Player engagement volatility1Franchise concentration2Platform dependency3Geographic demand shifts4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Player engagement volatilityVaikutus: KorkeaTodennäköisyys: Korkea

    Free-to-play monetization relies on sustained user activity and conversion to paying users.

    Kohdistuu: In-game purchases and bookings

  2. Franchise concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A small number of long-running titles can account for a large share of bookings and cash generation.

    KohdistuuHero WarsIsland HoppersPixel Gun 3D
  3. Platform dependencyVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Distribution and monetization rely on mobile app stores and digital platforms controlled by third parties.

    KohdistuuApp store rulesRevenue share termsDiscoverability
  4. Geographic demand shiftsVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Bookings are spread across the US, Europe, Asia and Other regions, so regional trends can change the mix.

    KohdistuuUSEuropeAsia

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition for virtual items

Digital content may be recognized immediately or over time depending on the nature of the service delivered.

Vaikutus: Can shift revenue timing between quarters

Bookings versus reported revenue

Bookings are an operating metric that may not align with GAAP/IFRS revenue recognition timing.

Vaikutus: Affects comparability across periods

Geographic allocation of paying users

Revenue by geography is based on the location of paying users, which requires classification judgments.

Vaikutus: Influences regional disclosure and trend analysis

Share-based compensation

Equity-settled awards are recorded in operating expenses as services are received.

Vaikutus: Raises non-cash expense in G&A

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Flutter Entertainment plc

FLUT · Services-Computer Programming, Data Processing, Etc.

Playtika Holding Corp.

PLTK · Services-Computer Processing & Data Preparation

Inspired Entertainment, Inc.

INSE · Services-Prepackaged Software

GIGAMEDIA Ltd

GIGM · Services-Computer Programming, Data Processing, Etc.

CTW

CTW · Services-Computer Processing & Data Preparation

G5 Entertainment

G5EN · Consumer Discretionary

Päivitetty: 28.9.2026