GDEV (GDEV) Q2 2025 earnings summary

Executive summary

• Revenue grew 13% year-over-year in Q2 2025 to $120 million, driven by higher in-app purchases, partially offset by lower advertising bookings.

• Net profit for Q2 2025 was $17 million, up from $15 million in Q2 2024; H1 2025 net profit was $31 million, a significant increase from $9 million in H1 2024.

• Adjusted EBITDA rose to $22 million in Q2 2025 (up 30% year-over-year) and $38 million in H1 2025 (up from $16 million in H1 2024).

• Strong cash position of $932 million supports future strategic investments.

Financial highlights

• Q2 2025 revenue: $120 million (+13% YoY); H1 2025 revenue: $217 million (+2% YoY).

• Q2 2025 net profit: $17 million (+16% YoY); H1 2025 net profit: $31 million (N/M YoY).

• Q2 2025 Adjusted EBITDA: $22 million (+30% YoY); H1 2025 Adjusted EBITDA: $38 million (N/M YoY).

• Cash flows from operating activities were negative: -$10 million in Q2 2025 and -$4 million in H1 2025, mainly due to lower bookings and higher marketing expenses.

Segment performance

• Bookings declined 14% YoY in Q2 2025 and 20% YoY in H1 2025, mainly due to a drop in monthly paying users (MPU) by 18% in Q2 and 26% in H1.

• Average bookings per paying user (ABPPU) increased 5% in Q2 2025 and 9% in H1 2025.

• Mobile bookings share rose to 63% in Q2 2025 (from 58% YoY); PC bookings share decreased.

• Geographic mix remained stable, with the US at 34% of bookings and a slight increase in Europe.