Press release
GDEV announces results for the fourth quarter and full year 2024
LIMASSOL, Cyprus, March 31, 2025 (GLOBE NEWSWIRE) -- GDEV Inc. (NASDAQ: GDEV), an international gaming and entertainment company (“GDEV” or the “Company”),
About this update from Gdev Inc.
[{"type":"text","content":"LIMASSOL, Cyprus, March 31, 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 fourth quarter and full year ended December 31, 2024. Fourth quarter 2024 financial highlights: Revenue of $98 million declined by 12% quarter-over-quarter and 11% year-over-year.Selling and marketing expenses of $47 million declined by 14% year-over-year driven by a shift in our user acquisition strategy to focus on higher margin audience.We continue to adhere to our disciplined approach towards costs: game operation cost declined by 5% year-over-year, enhancing our operating margins.Profit for the period, net of tax, of $2 million in Q4 2024 decreased vs. $11 million in Q4 2023, mostly due to the increase in finance expenses and share of loss of equity-accounted associates.Adjusted EBITDA1 of $12 million, representing a robust 22% increase year-over-year.European market expansion strategy delivered exceptional results with regional bookings share growing by 5 percentage points to 32%, reflecting our successful targeted user acquisition campaigns and growing brand strength in the region.Average Bookings Per Paying User (ABPPU) increased by 10% year-over-year to $102, highlighting improved monetization and the high quality of our engaged player base.PC platform continued to strengthen our diversified distribution strategy, maintaining a solid 43% of bookings and supporting our lower commission structure.Cash flows from operating activities remained positive at $5 million, supporting our strong cash position of $1512 million and providing substantial resources for potential future strategic investments3. Fourth quarter and full year 2024 financial performance in comparison4 US$ millionQ4 2024Q45 2023Change (%)FY6 2024FY 2023Change (%)Revenue98 109 (11%)421 465 (9%)Platform commissions(21)(25)(16%)(91)(109)(16%)Game operation cost(13)(14)(5%)(51)(56)(9%)Selling and marketing expenses(47)(54)(14%)(209)(226)(8%)General and administrative expenses(8)(8)5%(32)(31)0%Profit for the period, net of tax2 11 86%26 46 (45%)Adjusted EBITDA12 10 22%42 43 (1%)Cash flows generated from operating activities5 10 (51%)29 18 59% Fourth quarter 2024 financial performance In the fourth quarter of 2024, our revenue declined 11% year-over-year to...