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GDEV Inc. develops and publishes online games in the United States, Europe, Asia, and internationally. The company offers various games through mobile, social, and web-based platforms. It also provides franchise gaming in the role-playing game genre. The company was formerly known as Nexters Inc. and changed its name to GDEV Inc. in June 2023. GDEV Inc. was founded in 2010 and is headquartered in Limassol, Cyprus.
Source: TradingView
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
GDEV Inc. is a NASDAQ-listed company; public disclosures about its operations and product mix are limited. Available filings indicate growth may depend on product development, user adoption and monetization, and the company's ability to secure financing; investors may find potential upside if execution and market traction materialize.
The most important investment risks are limited operational transparency, execution and financing risk including cash runway and revenue visibility, and competitive and regulatory pressures that could affect growth.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 74.70M | 30.04M | 49.99M | 11.17M | -116.32M |
| Minority interest | 0.00M | 0.00M | 0.00M | -0.11M | - |
| Net income | 69.00M | 25.53M | 46.12M | 7.30M | -117.44M |
| Selling general administrative | 33.73M | 32.74M | 31.79M | 36.83M | 23.03M |
| Selling and marketing expenses | 153.50M | 200.82M | 218.35M | 146.45M | 270.17M |
| Gross profit | 262.00M | 278.92M | 303.86M | 306.03M | 297.92M |
| Reconciled depreciation | 6.85M | 6.18M | 6.19M | 6.90M | 2.54M |
| Ebit | 69.02M | 30.47M | 50.40M | 108.34M | 127.62M |
| Ebitda | 75.88M | 36.65M | 56.68M | 115.24M | 130.16M |
| Depreciation and amortization | 6.85M | 6.18M | 6.28M | 6.90M | 2.54M |
| Operating income | 69.02M | 40.50M | 38.36M | 108.34M | 127.62M |
| Other operating expenses | 336.00M | 380.44M | 426.19M | 362.51M | 431.91M |
| Interest expense | 0.44M | 0.43M | 0.41M | 0.48M | 243.94M |
| Tax provision | 5.37M | 4.51M | 2.01M | 3.76M | 1.13M |
| Interest income | 1.75M | 2.34M | 3.88M | 1.64M | - |
| Net interest income | 1.31M | 1.79M | 1.53M | 0.80M | 6.94M |
| Income tax expense | 5.37M | 4.51M | 3.88M | 3.76M | 1.13M |
| Total revenue | 404.00M | 420.93M | 464.55M | 479.69M | 434.09M |
| Total operating expenses | 194.00M | 238.42M | 265.50M | 188.85M | 295.74M |
| Cost of revenue | 142.00M | 142.02M | 160.69M | 173.66M | 136.17M |
| Total other income expense net | 5.67M | -10.45M | 11.63M | -97.17M | -243.94M |
| Net income from continuing ops | 69.33M | 25.53M | -41.93M | 7.41M | -117.44M |
| Net income applicable to common shares | - | - | - | 7.30M | -117.45M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 233.11M | 272.20M | 320.55M | 322.04M | 312.98M |
| Intangible assets | 0.65M | 4.42M | 8.48M | 12.98M | 0.27M |
| Other current assets | 10.69M | 6.71M | 93.28M | 2.51M | - |
| Total liab | 323.68M | 373.73M | 420.37M | 470.82M | 474.03M |
| Total stockholder equity | -90.56M | -101.53M | -99.81M | -148.78M | -161.09M |
| Deferred long term liab | - | - | - | 94.68M | 116.53M |
| Other current liab | 28.86M | 22.99M | 45.42M | 13.81M | 11.20M |
| Capital stock | 0.00M | 0.00M | 0.00M | 0.00M | 0.00M |
| Retained earnings | -239.22M | -248.54M | -274.08M | -320.19M | -327.50M |
| Other liab | - | - | - | 137.97M | 150.10M |
| Good will | 1.84M | 1.84M | 1.84M | 1.84M | 1.50M |
| Other assets | - | - | 0.00M | 98.21M | 116.67M |
| Cash | 58.91M | 111.05M | 71.80M | 86.77M | 142.80M |
| Total current liabilities | 231.89M | 263.45M | 302.76M | 332.40M | 322.82M |
| Current deferred revenue | 188.13M | 222.69M | 234.18M | 295.55M | 294.61M |
| Net debt | -57.82M | -109.75M | -69.36M | -85.59M | -140.87M |
| Short term debt | 0.78M | 1.28M | 1.46M | 0.74M | 0.83M |
| Short long term debt total | 1.09M | 1.30M | 2.44M | 1.19M | 1.93M |
| Other stockholder equity | 141.60M | 141.13M | 25.53M | 167.93M | 166.41M |
| Property plant equipment | - | - | - | 2.25M | 3.40M |
| Total current assets | 155.05M | 179.60M | 213.88M | 188.87M | 191.15M |
| Long term investments | 18.66M | 16.11M | 18.07M | 17.90M | - |
| Net tangible assets | - | - | - | -163.59M | -162.86M |
| Short term investments | 45.41M | 23.76M | 84.24M | 50.37M | - |
| Net receivables | 40.05M | 38.08M | 48.80M | 42.90M | 42.75M |
| Inventory | - | - | -14.81M | 6.31M | - |
| Accounts payable | 12.16M | 12.95M | 21.71M | 22.30M | 16.19M |
| Accumulated other comprehensive income | 7.05M | 5.89M | 148.74M | 3.49M | 166.41M |
| Non currrent assets other | 54.87M | 67.22M | 74.10M | 98.11M | 0.11M |
| Non current assets total | 78.06M | 92.60M | 106.68M | 133.18M | 121.83M |
| Capital lease obligations | 1.09M | 1.30M | 2.44M | 1.19M | 1.93M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | -20.29M | 55.90M | -95.61M | -171.78M | -2.72M |
| Change to liabilities | - | - | - | -27.96M | 137.50M |
| Total cashflows from investing activities | -22.40M | 55.90M | -32.46M | -171.78M | -2.72M |
| Net borrowings | -1.33M | -1.59M | -1.89M | -2.01M | -2.18M |
| Total cash from financing activities | -57.40M | -44.94M | -1.95M | -1.90M | -42.98M |
| Change to operating activities | - | - | - | 21.85M | -26.95M |
| Net income | 69.33M | 25.53M | 46.12M | 7.41M | -117.44M |
| Change in cash | -48.14M | 39.25M | -14.98M | -56.03M | 58.24M |
| Begin period cash flow | 111.05M | 71.80M | 86.77M | 142.80M | 84.56M |
| End period cash flow | 62.91M | 111.05M | 71.80M | 86.77M | 142.80M |
| Total cash from operating activities | 29.45M | 28.52M | 17.95M | 116.08M | 105.52M |
| Depreciation | 6.85M | 6.18M | 6.28M | 6.90M | 2.54M |
| Other cashflows from investing activities | 0.51M | 1.48M | 0.48M | - | - |
| Dividends paid | 55.99M | 0.00M | 0.00M | 0.00M | 160.37M |
| Change to account receivables | -0.38M | 6.01M | -9.88M | -4.50M | -12.68M |
| Sale purchase of stock | 0.00M | -33.11M | 0.00M | - | - |
| Other cashflows from financing activities | -0.08M | -10.23M | -0.06M | 0.11M | 119.57M |
| Change to netincome | - | - | - | 112.38M | 122.56M |
| Capital expenditures | 0.31M | 0.44M | 0.74M | 1.06M | 1.44M |
| Change in working capital | -44.07M | -14.43M | -32.74M | -10.61M | 97.87M |
| Stock based compensation | 0.61M | 1.28M | 2.03M | 3.75M | 3.76M |
| Other non cash items | -8.64M | 5.46M | -7.61M | 104.87M | 117.66M |
| Free cash flow | 29.13M | 28.09M | 17.20M | 115.02M | 104.08M |
Sector: Communication Services Industry: Electronic Gaming & Multimedia
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| GDEV GDEV Inc. |
0.49 5.60% |
9.24 | 2.81 | 2.21 | 0.55 | - | 0.24 | 1.08 |
| NTES NetEase Inc |
0.20 0.15% |
129.65 | 15.72 | 11.25 | 0.66 | 3.03 | 2.88 | 7.76 |
| NETTF NetEase Inc |
- -% |
22.95 | 14.36 | 10.27 | 0.59 | 2.77 | 2.88 | 7.76 |
| NTDOF Nintendo Co. Ltd |
-2.44 4.44% |
52.55 | 22.94 | 18.90 | 0.03 | 3.27 | 3.16 | 12.52 |
| NTDOY Nintendo Co ADR |
0.50 3.82% |
13.60 | 22.48 | 18.45 | 0.03 | 3.18 | 3.16 | 12.52 |
GDEV Inc. develops and publishes online games in the United States, Europe, Asia, and internationally. The company offers various games through mobile, social, and web-based platforms. It also provides franchise gaming in the role-playing game genre. The company was formerly known as Nexters Inc. and changed its name to GDEV Inc. in June 2023. GDEV Inc. was founded in 2010 and is headquartered in Limassol, Cyprus.
| Name | Title | Year Born |
|---|---|---|
| Mr. Andrey Fadeev | Co-founder, CEO & Director | 1986 |
| Mr. Boris Gertsovskiy | Co-Founder & Director | 1978 |
| Mr. Alexander Karavaev | Chief Financial Officer | 1975 |
| Dr. Anton Reinhold | Chief Operating Officer | 1986 |
| Mr. Andrey Kuznetsov | Chief Investment Officer | 1991 |
| Yulia Dementieva | Gen. Counsel | NA |
| Mr. Andrey Akimov | Chief Communications Officer | 1982 |
| Mr. Roman Safiyulin | Chief Corp. Devel. Officer | 1990 |
| Dr. Anton Reinhold | Chief Operating Officer | 1987 |
| Yulia Dementieva | General Counsel | NA |
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