GDEV (GDEV) financial statements
GDEV reported revenue of $404M in fiscal 2025, up 27.6% a year over 6 years.
Net income was $69M and the operating margin 17.6%, against -38.1% in 2019.
Free cash flow was $29M, and the company returned $56M in dividends.
The diluted share count rose 4% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from GDEV's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $94M | $261M | $434M | $480M | $465M | $421M | $404M |
| Selling, general and admin | $3M | $4M | $23M | $39M | $31M | $32M | $35M |
| Operating income | -$36M | -$2M | -$123M | $19M | $38M | $40M | $71M |
| Interest expense | $96,000 | $45,000 | $91,000 | $116,000 | $61,000 | $76,000 | $84,000 |
| Pre-tax income | -$36M | $111,000 | -$116M | $11M | $50M | $30M | $75M |
| Income tax | $7,000 | $862,000 | $1M | $4M | $4M | $5M | $5M |
| Net income | -$36M | -$751,000 | -$117M | $7M | $46M | $26M | $69M |
| EPS (diluted) | -$2.00 | $0.00 | -$6.40 | $0.37 | $2.30 | $1.38 | $3.77 |
| Diluted shares | — | 18M | 18M | 20M | 20M | 18M | 18M |
| Operating margin | -38.1% | -0.6% | -28.4% | 3.9% | 8.3% | 9.6% | 17.6% |
| Net margin | -37.9% | -0.3% | -27.1% | 1.5% | 9.9% | 6.1% | 17.1% |
Balance sheet
Fiscal years, from GDEV's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $18M | $85M | $143M | $137M | $156M | $135M | $108M |
| Receivables | — | $33M | $45M | $45M | $52M | $42M | $44M |
| Total current assets | — | $121M | $191M | $189M | $214M | $180M | $155M |
| Property, plant and equipment | — | $171,000 | $1M | $786,000 | $1M | $1M | $889,000 |
| Goodwill | — | — | $2M | $2M | $2M | $2M | $2M |
| Total assets | — | $212M | $313M | $322M | $321M | $272M | $233M |
| Total current liabilities | — | $233M | $323M | $332M | $303M | $263M | $232M |
| Long-term debt | $45,000 | — | — | — | — | — | — |
| Total liabilities | — | $313M | $474M | $471M | $420M | $374M | $324M |
| Shareholders' equity | -$49M | -$102M | -$161M | -$149M | -$100M | -$102M | -$91M |
| Net debt | -$14M | -$85M | -$143M | -$87M | -$72M | -$111M | -$63M |
Cash flow
Fiscal years, from GDEV's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $15M | $121M | $106M | $116M | $18M | $29M | $29M |
| Capital spending | $102,000 | $147,000 | $1M | $1M | $755,000 | $438,000 | $313,000 |
| Free cash flow | $15M | $120M | $104M | $115M | $17M | $28M | $29M |
| Stock-based compensation | $6M | $2M | $4M | $4M | $2M | $1M | $609,000 |
| Dividends paid | $4M | $52M | $160M | — | — | — | $56M |
| Share buybacks (net) | — | — | — | — | — | -$33M | — |
| Net borrowing | $4M | -$4M | -$49,000 | — | — | — | — |
| Free cash flow margin | 15.8% | 46.2% | 24.0% | 24.0% | 3.7% | 6.7% | 7.2% |
| Dividends per share | — | $2.93 | $8.74 | — | — | — | $3.04 |
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Open GDEV in InvestinglyQuestions
What was GDEV's revenue in 2025?
$404M in fiscal 2025, from its 10-K filing.
How much free cash flow does GDEV generate?
$29M in fiscal 2025 (operating cash flow minus capital spending).
From GDEV's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.