GDEV Inc. (GDEV) Cash Flow Statement

The 2026Q2 ratio of 0.37 means only about 37 cents of each reported net income dollar converted to operating cash, following a 1.47 ratio in 2025Q4 that was likely flattered by working capital inflows. Such swings suggest net income is strongly influenced by timing items, and investors should monitor whether conversion stabilizes above 0.8 over the next several quarters. The pattern warrants further investigation into accruals rather than being read as a durable improvement in cash generation.

Free cash flow has been positive in most recent quarters but has not sustained a consistent margin profile, which limits the reliability of any trend extrapolation. The swing from negative cash flow in 2025Q2 to a strong 2025Q4 suggests that working capital movements, rather than underlying operating improvement, are dominating the result. Analysts should treat the most recent 7.9% margin as a tentative recovery rather than a confirmed base level.

Capital spending near 0.1% of revenue indicates an asset-light model where depreciation of roughly $1.6M per quarter is well above reinvestment, which may point to a shrinking productive asset base over time. Low capex is consistent with a platform or content business, but it also means growth is not being funded through physical investment. Investors should monitor whether management eventually steps up spending, since sustained underinvestment could weigh on future competitiveness.

Distributions in late 2025 were funded at a level well above the cash those periods generated, which suggests either balance sheet drawdown or prior cash accumulation was used to support payouts. This pattern may not be sustainable if operating cash flow does not rise to match, and investors should monitor the cash balance trajectory. The buyback of $33.1M in 2024Q1 adds to the picture of capital returns that have not been consistently covered by operations.

The aggregate gap looks manageable, but the quarterly divergence is large, including a net loss in 2024Q4 that coexisted with $4.9M of operating cash flow. Working capital changes, such as the $33.8M outflow in 2025Q2, appear to explain much of the mismatch rather than non-cash charges alone. This suggests the cash picture is more reliable on a multi-quarter basis than any single period implies.