GDEV reports Q4 revenue decline amid reduced marketing spend

GDEV Inc. (NASDAQ: GDEV) reported preliminary fourth quarter 2025 revenue of $90 million, representing an 8% decrease from the same period in 2024. The gaming and entertainment company's full-year revenue declined 4% to $404 million.

The company's net profit for the fourth quarter increased to $14 million from $2 million in the prior year period. For the full year, net profit rose to $69 million from $26 million in 2024.

Adjusted EBITDA reached $15 million in the fourth quarter, up from $9 million in Q4 2024. Annual adjusted EBITDA increased to $79 million from $42 million in the previous year.

Selling and marketing expenses decreased 25% in the fourth quarter to $35 million, reflecting what the company described as a more selective approach to performance marketing. For the full year, these expenses fell 24% to $159 million.

Bookings declined in both periods, dropping 7% to $88 million in the fourth quarter and 13% to $351 million for the full year. The company attributed this decline to reduced user acquisition investments and declining consumer spending levels.

Monthly paying users decreased 10% in the fourth quarter and 18% for the full year compared to 2024. However, average bookings per paying user increased 4% quarterly and 7% annually.

Mobile platforms accounted for 58% of fourth quarter bookings, while PC represented 42%. Geographically, the US represented 30% of quarterly bookings, Europe 34%, Asia 18%, and other regions 18%.

The figures are preliminary and unaudited, according to the company's statement. GDEV expects to publish its 2025 Annual Report on Form 20-F within the prescribed filing period.

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