GDEV (GDEV) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue was $98 million, down 12% sequentially and 11% year-over-year, with full-year revenue at $421 million, a 9% decrease from 2023.

• Adjusted EBITDA for Q4 2024 rose 22% year-over-year to $12 million, while full-year Adjusted EBITDA was $42 million, nearly flat year-over-year.

• Net profit for Q4 2024 was $2 million, down from $11 million in Q4 2023, mainly due to higher finance expenses and losses from equity-accounted associates.

• Cash flows from operating activities in Q4 2024 were $5 million, supporting a strong cash position of $1,512 million.

• A one-time special cash dividend of $3.31 per share, totaling about $60 million, was approved in February 2025.

Financial highlights

• Platform commissions fell 16% year-over-year in Q4 2024, aided by a shift to PC platforms with lower commissions.

• Selling and marketing expenses dropped 14% year-over-year in Q4 2024, reflecting a focus on higher-margin user acquisition.

• Game operation costs declined 5% year-over-year in Q4 2024, supporting improved operating margins.

• General and administrative expenses remained stable at $8 million in Q4 2024.

Outlook and guidance

• Management continues to focus on cost discipline and strategic investments, with a strong cash position enabling future growth initiatives.