$GDEV

GDEV Inc.

CIK:0001848739|SEC Filings

Unaudited Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unaudited Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
Revenue	$ 404,346,000	$ 420,933,000	$ 464,549,000
Cost of revenue:
Platform commissions	(84,686,000)	(91,272,000)	(109,020,000)
Game operation cost	(56,728,000)	(50,746,000)	(55,594,000)
Other operating income	2,119,000	2,232,000	2,053,000
Selling and marketing expenses	(159,353,000)	(209,092,000)	(226,262,000)
General and administrative expenses	(34,558,000)	(31,536,000)	(31,445,000)
Impairment loss on trade and loan receivables and change in fair value of loans receivable	(9,000)	(22,000)	(5,919,000)
Total costs and expenses	(333,215,000)	(380,436,000)	(426,187,000)
Profit from operations	71,131,000	40,497,000	38,362,000
Finance income	3,423,000	3,715,000	5,248,000
Finance expenses	(443,000)	(7,558,000)	(4,047,000)
Change in fair value of share warrant obligation and other financial instruments	4,384,000	913,000	10,946,000
Share of loss of equity-accounted associates	(3,799,000)	(7,524,000)	(515,000)
Profit before income tax	74,696,000	30,043,000	49,994,000
Income tax expense	(5,365,000)	(4,509,000)	(3,879,000)
Profit for the year net of tax	69,331,000	25,534,000	46,115,000
Attributable to equity holders of the Company	69,331,000	25,534,000	46,115,000
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss	1,083,000	686,000	1,837,000
Foreign currency translation difference	1,164,000	747,000	1,650,000
Other	(81,000)	(61,000)	187,000
Total comprehensive income for the year, net of tax	70,414,000	26,220,000	47,952,000
Attributable to equity holders of the Company	$ 70,414,000	$ 26,220,000	$ 47,952,000
Earnings per share:
Earnings attributable to ordinary equity holders of the parent, US$ - basic	$ 3.82	$ 1.4	$ 2.34
Earnings attributable to ordinary equity holders of the parent, US$ - diluted	$ 3.77	$ 1.38	$ 2.3

Unaudited Interim Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Profit for the year, net of tax	$ 69,331	$ 25,534	$ 46,115
Adjustments for:
Depreciation and amortization	6,854	6,181	6,276
Share-based payments expense	609	1,278	2,032
Income from share and put option forfeiture and cancellation			(609)
Share of loss of equity-accounted associates	3,799	7,524	515
Impairment loss on trade and loan receivables and change in fair value of loans receivable	9	22	5,919
Change in fair value of share warrant obligations and other financial instruments	(4,384)	(913)	(10,946)
Change in fair value of other investments	(128)	1,698	115
Unwinding of discount on the put option liability		129	129
Trade and loan receivables write-off	(415)	59	119
Interest income	(1,749)	(2,344)	(4,017)
Interest expense	84	76	61
Lease modification loss	(12)	6	33
Gain on acquisition of associates		(47)
Loss on sale of subsidiaries	(117)
Dividend income	(750)	(1,371)	(1,231)
Foreign exchange gain/loss	(796)	5,186	3,395
Income tax expense	5,365	4,509	3,879
Total cash flows from operations before changes in working capital	77,700	47,527	51,785
Changes in working capital:
Decrease in deferred platform commissions	12,556	6,886	20,686
Decrease in deferred revenue	(54,498)	(16,938)	(42,917)
Decrease/(increase) in trade and other receivables	(375)	6,012	(9,880)
(Decrease)/increase in trade and other payables	(1,757)	(10,394)	(632)
Cash flows from (used in) operations	(44,074)	(14,434)	(32,743)
Income tax paid	(4,181)	(4,568)	(1,088)
Net cash flows (used in)/generated from operating activities	29,445	28,525	17,954
Investing activities
Acquisition of intangible assets	(2)	(95)	(16)
Acquisition of property and equipment	(311)	(343)	(739)
Investments in equity accounted associates	(2,314)	(7,524)	(515)
Loans granted	(1,171)	(601)	(1,933)
Proceeds from repayment of loans	401	472	969
Disposal of intangible assets and property and equipment	6	4
Acquisition of other investments	(44,698)	(63,865)	(107,159)
Proceeds from redemption of investments	24,410	126,156	75,484
Interest received	525	326	368
Dividends received	750	1,371	1,078
Net cash flows (used in)/generated from investing activities	(22,404)	55,901	(32,463)
Financing activities
Payments of lease liabilities	(1,328)	(1,591)	(1,892)
Dividends paid	(55,990)
Interest on lease	(84)	(76)	(56)
Buy-back of the shares resulted from Tender offer		(33,109)
Payments from exercise of put option liability of Cubic Games Studio Ltd's previous shareholders		(10,159)
Net cash flows used in financing activities	(57,402)	(44,935)	(1,948)
Net decrease in cash and cash equivalents for the period	(50,361)	39,491	(16,457)
Cash and cash equivalents at the beginning of the period	111,049	71,798	86,774
Effect of changes in exchange rates on cash held	2,220	(240)	1,481
Cash and cash equivalents at the end of the period	$ 62,908	$ 111,049	$ 71,798

Unaudited Interim Condensed Consolidated Statement of Financial Position - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Non-current assets
Property and equipment	$ 889,000	$ 1,065,000
Right-of-use assets	1,047,000	1,846,000
Intangible assets	650,000	4,418,000
Goodwill	1,836,000	1,836,000
Investments in equity accounted associates	2,243,000
Deferred platform commission fees	54,554,000	67,110,000
Deferred tax asset	112,000	103,000
Other non-current investments	16,415,000	16,115,000
Other non-current assets		107,000
Loan receivable non-current	318,000
Total non-current assets	78,064,000	92,600,000
Current assets
Indemnification asset	1,812,000	2,232,000
Trade receivables and other current assets	43,523,000	42,131,000
Loans receivable	1,172,000	226,000
Other investments - current	45,408,000	23,757,000
Prepaid tax	227,000	201,000
Cash and cash equivalents	62,908,000	111,049,000
Total current assets	155,050,000	179,596,000
Total assets	233,114,000	272,196,000
Equity
Additional paid-in capital	30,107,000	29,831,000
Share-based payments reserve	144,601,000	144,399,000
Treasury share reserve	(33,104,000)	(33,104,000)
Translation reserve	7,054,000	5,890,000
Accumulated deficit	(239,222,000)	(248,545,000)
Equity attributable to equity holders of the Company	(90,564,000)	(101,529,000)
Total equity	(90,564,000)	(101,529,000)
Non-current liabilities
Lease liabilities - non-current	310,000	18,000
Long-term deferred revenue	91,114,000	109,891,000
Share warrant obligations	362,000	365,000
Total non-current liabilities	91,786,000	110,274,000
Current liabilities
Lease liabilities - current	777,000	1,282,000
Trade and other payables	25,138,000	20,212,000
Provisions for non-income tax risks	1,008,000	1,233,000
Put option liabilities - current	15,002,000	15,002,000
Tax liability	1,832,000	3,029,000
Deferred revenue	188,135,000	222,693,000
Total current liabilities	231,892,000	263,451,000
Total liabilities	323,678,000	373,725,000
Total liabilities and shareholders' equity	$ 233,114,000	$ 272,196,000