GDEV Inc.

What they do

GDEV develops and publishes free-to-play mobile and web games, monetized primarily through in-game purchases and advertising. The company operates through a portfolio of studios and legal entities including Nexters, Cubic Games, and Castcrown. Its flagship title is Hero Wars, a role-playing game played by millions worldwide. The company also engages in licensing and other game-related activities.

Revenue drivers

• In-game purchases — Revenue from virtual goods and currency sold within free-to-play games, including the flagship title Hero Wars. This is the largest revenue source.
• Advertising — Revenue generated from in-game advertising placements, such as rewarded videos and interstitial ads. This represents a significant but smaller stream compared to in-game purchases.
• Licensing — Revenue from licensing game content or intellectual property to third parties, including through entities like Vistrex Limited and Winchange Limited.

Recent performance

For the fiscal year ended December 31, 2025, GDEV reported revenue from in-game purchases and advertising, though specific figures are not detailed in the provided excerpt. In-game purchases remain the primary revenue source, followed by advertising and licensing. The company operates across Europe, Asia, the United States, and other regions, with Europe being a key market. No year-over-year comparison or absolute revenue figures are available in the provided data.

Strategy

GDEV continues to invest in its existing game portfolio, particularly Hero Wars, while exploring new game development and licensing opportunities. The company maintains a presence in multiple jurisdictions through various subsidiaries, including Nexters Studio Armenia, Nexters Studio Kazakhstan, and Nexters Studio Portugal. It has also engaged in acquisitions, such as Castcrown Limited and Lightmap Ltd. The company's focus appears to be on expanding its global reach and diversifying revenue streams through advertising and licensing.

Risks

• Dependence on Hero Wars — A significant portion of revenue likely comes from the Hero Wars franchise, making the company vulnerable to declines in its popularity or performance.
• Regulatory and tax risks — Operations in multiple countries expose GDEV to varying tax laws and regulations; the company has recognized a non-income tax risk provision.
• Credit risk — Trade receivables are subject to credit risk, particularly from advertising partners and platform providers.
• Market competition — The mobile gaming industry is highly competitive, requiring continuous investment in user acquisition and game development to maintain market share.

Outlook

Management does not provide specific forward-looking guidance in the provided excerpt. The company is expected to continue focusing on its core games, particularly Hero Wars, and to pursue growth through new titles and licensing. Expansion in existing and new markets remains a priority. No explicit financial targets or timelines are stated.