GDEV (GDEV) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue declined 12% year-over-year to $97.6M–$98M, reflecting lower consumer spending and a strategic shift to higher-quality user acquisition.

• Net profit for Q3 2025 increased to $24.1M from $14.6M–$15M in Q3 2024, with margin improvement to 25% from 13%.

• Adjusted EBITDA rose to $26M (27% margin), up 50% from $17M (16% margin) in Q3 2024.

• Cash flows from operating activities were $14.8M–$15M in Q3 2025, up from $12M in Q3 2024.

Financial highlights

• Total costs and expenses (excluding D&A) decreased to $71M from $93M year-over-year.

• Selling and marketing expenses dropped 43% year-over-year in Q3 2025 to $30M, and as a percentage of revenue fell to 24% from 26%.

• Earnings per share (basic) for Q3 2025 was $1.33, up from $0.80 in Q3 2024.

• Revenue for the first nine months of 2025 was $315M, down 3% year-over-year.

• Adjusted EBITDA for the first nine months of 2025 was $64M, up 93% year-over-year.

Outlook and guidance

• Management is focused on disciplined marketing and attracting higher-value users to support long-term profitability.

• Forward-looking statements highlight risks and uncertainties, with reference to the 2024 Annual Report and SEC filings for detailed risk factors.