GDEV announces results for the second quarter and first half of 2025
LIMASSOL, Cyprus, Sept. 02, 2025 (GLOBE NEWSWIRE) -- GDEV Inc. (NASDAQ:GDEV), an international gaming and entertainment company ("GDEV" or the "Company"), released its financial and operational results for the second quarter and first half-year ended June 30, 2025.
Second quarter 2025 financial highlights:
Revenue of $120 million increased by 13% year-over-year.
Selling and marketing expenses of $53 million increased by 11% year-over-year driven by a testing of new areas in our performance marketing.
Profit for the period, net of tax, of $17 million in Q2 2025 increased vs. $15 million in Q2 2024.
Adjusted EBITDA1 of $22 million increased vs. $17 million in Q2 2024.
Strong cash position of $932 million provides substantial resources for potential future strategic investments.
Second quarter and first half of 2025 financial performance in comparison
US$ million
Q2 2025
Q2 2024
Change (%)
H1 2025
H1 2024
Change (%)
Revenue
120
106
13%
217
213
2%
Platform commissions
(25)
(23)
10%
(46)
(46)
(2%)
Game operation cost
(14)
(12)
15%
(28)
(25)
11%
Selling and marketing expenses
(53)
(47)
11%
(95)
(111)
(14%)
General and administrative expenses
(9)
(9)
5%
(17)
(16)
4%
Profit/loss for the period, net of tax
17
15
16%
31
9
N/M
Adjusted EBITDA
22
17
30%
38
16
N/M
Cash flows (used in)/generated from operating activities
(10)
11
N/M
(4)
12
N/M
____________1 For more information, see section titled "Presentation of Non-IFRS Financial Measures" on the last two pages of this report, including the reconciliation of the profit for the period, net of tax to the Adjusted EBITDA.2 The amounts include investments in liquid high quality securities.N/M: not meaningful
Second quarter 2025 financial performance
In the second quarter of 2025, our revenue increased by $14 million (or 13%) year-over-year to reach $120 million. This increase was primarily driven by an increase in the consumable portion of in-app purchases s made by players in the second quarter of 2025 partially offset by a decrease in advertising bookings.
Platform commissions increased by $2 million (or 10%) in the second quarter of 2025 compared to the same period in 2024 in line with the increase in revenues.
Game operation cost remained relatively stable at the level of $14 million in the second quarter of 2025 vs. $13 million in the second quarter of 2024. Selling and marketing expenses in the second quarter of 2025 increased by $5 million vs. the same period in 2024, amounting to $53 million. The increase is attributable to tests in our performance marketing approach.
General and administrative expenses remained stable at $9 million in the second quarters of both 2025 and 2024.
As a result of the factors above we recorded a profit for the period, net of tax, of $17 million compared with $15 million in the same period of 2024. Adjusted EBITDA in the second quarter of 2025 amounted to $22 million, an increase of $5 million compared with the same period in 2024.
Cash flows generated from operating activities were negative $10 million in the second quarter of 2025 compared with positive $11 million in the same period in 2024 primarily due to decrease in bookings and increase in marketing expenses.
First half 2025 financial performance
In the first half of 2025, our revenue increased by $4 million (or 2%) year-over-year to $217 million. This increase was primarily driven by an ...
