Revenue fell 22.0% year over year to $93.6M in 2026Q2 even as gross margin held at 65.4% and operating margin reached 21.7%, suggesting margin resilience that warrants monitoring given the sharp top-line contraction.
GDEV Inc. (GDEV) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 380.14M | 404.35M | 420.93M | 464.55M | 479.69M | 434.09M | 260.89M | 93.81M |
| Revenue Growth % | -10.58% | -3.94% | -9.39% | -3.16% | 10.5% | 66.39% | 178.1% | - |
| Cost of Goods Sold | 134.38M | 141.41M | 142.02M | 160.69M | 176.98M | 136.17M | 92.55M | 44.49M |
| COGS % of Revenue | - | 34.97% | 33.74% | 34.59% | 36.9% | 31.37% | 35.48% | 47.43% |
| Gross Profit | 245.76M | 262.93M | 278.92M | 303.86M | 302.71M | 297.92M | 168.34M | 49.32M |
| Gross Margin % | 64.65% | 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 | 169.54M | 191.79M | 238.4M | 265.5M | 185.53M | 421.18M | 170.01M | 85.08M |
| OpEx % of Revenue | - | 47.43% | 56.64% | 57.15% | 38.68% | 97.02% | 65.16% | 90.69% |
| Selling, General & Admin | 170.65M | 187.24M | 233.56M | 250.15M | 176.79M | 293.2M | 169.44M | 84.79M |
| SG&A % of Revenue | - | 46.31% | 55.49% | 53.85% | 36.85% | 67.54% | 64.95% | 90.38% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1.11M | 4.56M | 4.83M | 15.35M | 8.74M | 127.98M | 561K | 286K |
| Operating Income | 76.21M | 71.14M | 40.52M | 38.36M | 117.18M | -123.26M | -1.67M | -35.76M |
| Operating Margin % | 20.05% | 17.59% | 9.63% | 8.26% | 24.43% | -28.39% | -0.64% | -38.12% |
| Operating Income Growth % | - | 75.57% | 5.62% | -67.26% | 195.07% | -7293.88% | 95.34% | - |
| EBITDA | 81.04M | 77.99M | 46.7M | 44.64M | 124.08M | -120.72M | -1.11M | -35.47M |
| EBITDA Margin % | 21.32% | 19.29% | 11.09% | 9.61% | 25.87% | -27.81% | -0.42% | -37.81% |
| EBITDA Growth % | 23.45% | 67.01% | 4.62% | -64.02% | 202.79% | -10814.65% | 96.88% | - |
| D&A (Non-Cash Add-back) | 4.83M | 6.85M | 6.18M | 6.28M | 6.9M | 2.54M | 561K | 286K |
| EBIT | 77.51M | 74.78M | 30.25M | 50.18M | 11.65M | -116.23M | 111K | -35.76M |
| Net Interest Income | 580K | 1.67M | 2.14M | 3.61M | 1.16M | -91K | 1.78M | -84K |
| Interest Income | 597K | 1.75M | 2.34M | 4.02M | 1.64M | 0 | 1.78M | 84K |
| Interest Expense | 17K | 84K | 205K | 408K | 482K | 91K | 0 | 168K |
| Other Income/Expense | 2.11M | 3.56M | -10.48M | 11.63M | -106.01M | 6.94M | 1.78M | 240K |
| Pretax Income | 78.32M | 74.7M | 30.04M | 49.99M | 11.17M | -116.32M | 111K | -35.52M |
| Pretax Margin % | 20.6% | 18.47% | 7.14% | 10.76% | 2.33% | -26.8% | 0.04% | -37.86% |
| Income Tax | 3.26M | 5.37M | 4.51M | 3.88M | 3.76M | 1.13M | 862K | 7K |
| Effective Tax Rate % | 4.16% | 7.18% | 15.01% | 7.76% | 33.66% | -0.97% | 776.58% | -0.02% |
| Net Income | 75.06M | 69.33M | 25.53M | 46.12M | 7.3M | -117.44M | -751K | -35.53M |
| Net Margin % | 19.75% | 17.15% | 6.07% | 9.93% | 1.52% | -27.05% | -0.29% | -37.87% |
| Net Income Growth % | 73.95% | 171.52% | -44.63% | 531.45% | 106.22% | -15538.35% | 97.89% | - |
| Net Income (Continuing) | 75.06M | 69.33M | 25.53M | 46.12M | 7.41M | -117.44M | -751K | -35.53M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 44K | 0 | 0 |
| EPS (Diluted) | 4.06 | 3.77 | 1.38 | 2.30 | 0.37 | -6.40 | -0.04 | -1.81 |
| EPS Growth % | 74.89% | 173.19% | -40% | 521.62% | 105.78% | -14958.82% | 97.65% | - |
| EPS (Basic) | - | 3.81 | 1.40 | 2.30 | 0.37 | -6.40 | -0.04 | -1.81 |
| Diluted Shares Outstanding | 18.47M | 18.13M | 18.44M | 20.03M | 19.8M | 18.35M | 17.66M | 19.65M |
| Basic Shares Outstanding | 18.15M | 18.13M | 18.2M | 20.03M | 19.8M | 18.35M | 17.66M | 19.65M |
| Dividend Payout Ratio | - | 80.76% | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Revenue contraction and cost pressure
Revenue Rebounds Sharply After Declines
Based on GDEV's reported quarterly figures, revenue fell from $119.9M in 2025Q2 to $93.6M in 2026Q2, a 22.0% year-over-year decline that breaks a multi-quarter pattern of volatile growth.
The latest quarter shows a steep year-over-year contraction, which suggests revenue is sensitive to a narrow set of titles or timing effects rather than a steady recurring base. Investors should monitor whether the 2026Q2 decline reflects a one-off lull or a structural slowdown, since the 2025Q2 comparison was an unusually strong quarter. Sequential revenue has been uneven, so the durability of growth remains difficult to assess from these figures alone.
Gross Margin Holds Above Sixty Percent
According to reported financial statements, GDEV's gross margin reached 65.4% in 2026Q2, remaining within a relatively tight 63.3% to 67.1% band across the last ten quarters.
A stable gross margin in this range suggests GDEV retains reasonable pricing or content-cost discipline despite revenue volatility. The consistency of the band implies cost of revenue scales roughly in line with sales rather than absorbing sudden shocks. This stability is supportive, though it does not by itself demonstrate pricing power relative to larger gaming peers.
Operating Leverage Turns Sharply Negative
Based on GDEV's reported figures, SG&A rose to $71.0M in 2024Q1 against $107.0M revenue, compressing operating margin to near zero and showing how fixed overhead amplifies revenue swings.
The gap between gross profit and operating income in weaker quarters indicates that operating expenses are not flexing down as fast as revenue falls. In 2026Q2, operating margin of 21.7% on a 22.0% revenue decline suggests cost actions have partially offset the top-line drop. Investors should monitor whether SG&A reductions are durable or reflect timing of expense recognition.
Net Income Diverges From Operating Trends
As reported in financial statements, GDEV posted a net loss of $2.4M in 2024Q4 despite positive operating income of $12.7M, a gap that warrants further investigation into non-operating items.
The divergence between operating income and net income in several quarters suggests material non-operating or tax effects that are not visible in the operating line. Stock-based compensation is small relative to revenue, so it does not appear to explain the swings. Investors should review the below-the-line items before treating reported EPS as a clean measure of operating earnings.
Margin Durability Versus Revenue Decline
The strongest challenge is that GDEV's 2026Q2 operating margin of 21.7% may reflect temporary cost timing, given revenue fell 22.0% year over year and SG&A has not yet proven to scale down consistently.
If the revenue decline persists, operating margin could compress back toward the low-teens or single digits seen in prior quarters, as the 2024 and 2025 periods suggest. The latest quarterly margin improvement may therefore be a favorable outlier rather than a new structural level. Investors should monitor subsequent quarters for confirmation before extrapolating current profitability.