Revenue growth remains under pressure with a 7.7% decline in 2025Q4, while operating margins exhibit high volatility, fluctuating between -0.0% and 25.5% over the last ten quarters.
| Sales/Revenue | 404.35M | 420.93M | 464.55M | 479.69M | 434.09M | 260.89M | 93.81M |
| Revenue Growth % | -3.94% | -9.39% | -3.16% | 10.5% | 66.39% | 178.1% | - |
| Cost of Goods Sold | 141.41M | 142.02M | 160.69M | 173.66M | 136.17M | 92.55M | 44.49M |
| COGS % of Revenue | 34.97% | 33.74% | 34.59% | 36.2% | 31.37% | 35.48% | 47.43% |
| Gross Profit | 262.93M | 278.92M | 303.86M | 302.71M | 297.92M | 168.34M | 49.32M |
| Gross Margin % | 65.03% | 66.26% | 65.41% | 63.1% | 68.63% | 64.52% | 52.57% |
| Gross Profit Growth % | -5.73% | -8.21% | 0.38% | 1.61% | 76.98% | 241.33% | - |
| Operating Expenses | 191.79M | 238.42M | 265.5M | 283.86M | 421.18M | 170.01M | 85.08M |
| OpEx % of Revenue | 47.43% | 56.64% | 57.15% | 59.18% | 97.02% | 65.16% | 90.69% |
| Selling, General & Admin | 187.24M | 233.56M | 250.15M | 183.28M | 293.2M | 169.44M | 84.79M |
| SG&A % of Revenue | 46.31% | 55.49% | 53.85% | 38.21% | 67.54% | 64.95% | 90.38% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 4.56M | 4.85M | 15.35M | 100.58M | 127.98M | 561K | 286K |
| Operating Income | 71.14M | 40.5M | 38.36M | 18.85M | -123.26M | -1.67M | -35.76M |
| Operating Margin % | 17.59% | 9.62% | 8.26% | 3.93% | -28.39% | -0.64% | -38.12% |
| Operating Income Growth % | 75.67% | 5.57% | 103.54% | 115.29% | -7293.88% | 95.34% | - |
| EBITDA | 77.99M | 46.68M | 44.64M | 25.75M | -120.72M | -1.11M | -35.47M |
| EBITDA Margin % | 19.29% | 11.09% | 9.61% | 5.37% | -27.81% | -0.42% | -37.81% |
| EBITDA Growth % | 67.09% | 4.57% | 73.36% | 121.33% | -10814.65% | 96.88% | - |
| D&A (Non-Cash Add-back) | 6.85M | 6.18M | 6.28M | 6.9M | 2.54M | 561K | 286K |
| EBIT | 74.78M | 30.47M | 50.18M | 12.24M | -116.23M | 111K | -35.76M |
| Net Interest Income | 1.67M | 1.92M | 3.61M | 572K | -91K | 1.78M | -84K |
| Interest Income | 1.75M | 2.34M | 4.02M | 1.64M | 0 | 1.78M | 84K |
| Interest Expense | 84K | 429K | 408K | 1.07M | 91K | 0 | 168K |
| Other Income/Expense | 3.56M | -10.45M | 11.63M | -7.68M | 6.94M | 1.78M | 240K |
| Pretax Income | 74.7M | 30.04M | 49.99M | 11.17M | -116.32M | 111K | -35.52M |
| Pretax Margin % | 18.47% | 7.14% | 10.76% | 2.33% | -26.8% | 0.04% | -37.86% |
| Income Tax | 5.37M | 4.51M | 3.88M | 3.76M | 1.13M | 862K | 7K |
| Effective Tax Rate % | 7.18% | 15.01% | 7.76% | 33.66% | -0.97% | 776.58% | -0.02% |
| Net Income | 69.33M | 25.53M | 46.12M | 7.3M | -117.44M | -751K | -35.53M |
| Net Margin % | 17.15% | 6.07% | 9.93% | 1.52% | -27.05% | -0.29% | -37.87% |
| Net Income Growth % | 171.52% | -44.63% | 531.45% | 106.22% | -15538.35% | 97.89% | - |
| Net Income (Continuing) | 69.33M | 25.53M | 46.12M | 7.41M | -117.44M | -751K | -35.53M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 44K | 0 | 0 |
| EPS (Diluted) | 3.77 | 1.38 | 2.30 | 0.37 | -6.40 | -0.04 | -1.81 |
| EPS Growth % | 173.19% | -40% | 521.62% | 105.78% | -14958.82% | 97.65% | - |
| EPS (Basic) | 3.81 | 1.40 | 2.34 | 0.37 | -6.40 | -0.04 | -1.81 |
| Diluted Shares Outstanding | 18.13M | 18.44M | 20.03M | 19.8M | 18.35M | 17.66M | 19.65M |
| Basic Shares Outstanding | 18.13M | 18.2M | 20.05M | 19.8M | 18.35M | 17.66M | 19.65M |
| Dividend Payout Ratio | 80.76% | - | - | - | - | - | - |
Flagship title revenue concentration
According to the latest quarterly financial data, GDEV experienced a revenue decline of 7.7% in 2025Q4, marking a persistent trend of negative year-over-year growth that suggests the company's flagship title is struggling to maintain its historical user acquisition momentum in a competitive digital gaming landscape.
The consistent revenue contraction across recent periods indicates that the company's core product may be reaching a natural maturity phase. Investors should monitor whether the current multi-studio holding structure can successfully incubate new titles to offset the declining contribution from its primary revenue engine.
As reported in financial statements, GDEV maintains gross margins hovering near 63-67%, a range that reflects the inherent tension between high-margin web-based transactions and the 30% platform fees typically levied by mobile app stores on the company's primary gaming titles and user acquisition channels.
The stability of these margins suggests that management has successfully defended its pricing power despite broader industry headwinds. However, any shift in the mix toward mobile-heavy distribution could compress these figures further, necessitating a closer look at the long-term sustainability of their web-to-mobile conversion strategy.
Based on GDEV's reported figures, operating income volatility remains high, with margins fluctuating between -0.0% and 25.5% over the last ten quarters, primarily driven by the company's aggressive and variable approach to managing SG&A expenses in response to shifting user acquisition costs.
The lack of consistent operating leverage implies that the business model remains heavily tethered to marketing spend rather than achieving true economies of scale. This suggests that profitability is more a function of tactical advertising efficiency than structural cost reduction, which warrants caution during periods of rising digital ad rates.
Data from recent filings reveals that GDEV's net income is subject to significant quarterly swings, including a net loss in 2024Q4, which highlights the potential fragility of earnings when marketing outlays are not perfectly synchronized with the revenue generated from the company's aging flagship player cohorts.
Short-sellers may focus on the reliance on non-operating items and the timing of marketing spend to artificially smooth net income results. Investors should investigate whether the current profitability levels are truly sustainable or if they are merely a byproduct of reduced investment in future growth initiatives.
Quick answers to the most common questions about buying GDEV stock.
For fiscal year 2025, GDEV Inc. (GDEV) reported total revenue of $404.3M. This represents a 331.0% increase compared to $93.8M in 2019.
GDEV Inc. (GDEV) is profitable, generating $69.3M in net income for the fiscal year ending 2025 with a net profit margin of 17.1%.
GDEV Inc. (GDEV) reported an operating income of $71.1M, resulting in an operating profit margin of 17.6%. This margin reflects the operational efficiency of the business before interest and taxes.
GDEV Inc. (GDEV) generated $262.9M in gross profit for the year, representing a gross profit margin of 65.0%. This demonstrates the company's core pricing power and production efficiency.