olivLaw · US equity research
GDEV Inc. GDEV
Services-Computer Programming Services · SIC 7371 · Vertical: Services-Computer Programming Services (SIC 7371)
GDEV Inc. (formerly Nexters Inc.) is a developer of mobile, web and social games whose portfolio depends almost entirely on the Hero Wars franchise. It operates in a mobile market where revenue is growing while downloads fall and the RPG genre, its core, is losing ground, which makes diversification the key question. Revenue reached $404.3 million in fiscal 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, GDEV Inc. (GDEV) stock was 9.70 USD (+10.86% on the day), with market capitalisation 176.1 m USD, P/E 2.6 on diluted EPS of 3.77 USD over the last 12 months, dividend yield 31.80%, beta 0.49, 52-week range 8.75–24.71 USD. Latest reported quarter (Q4 2024): net income of -2.5 m USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.3
- weak (30–45)
- Bollinger (20, 2)
- 8.53 – 12.05
- in the lower half of the band · %B 0.33 · band width 34.2%
- SMA 50 / 200
- 10.90 / 13.57
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.53 / -0.44
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.8% | −1.1% | −15.7 pp | — |
| 3 months | −27.1% | −0.5% | −26.6 pp | — |
| 6 months | −40.5% | +4.4% | −44.8 pp | — |
| Year to date | −35.3% | +12.3% | −47.6 pp | — |
| 1 year | −56.5% | +13.5% | −70.1 pp | −39.9% |
| 3 years | −58.2% | +76.4% | −134.6 pp | −39.6% |
| 5 years | −88.5% | +63.7% | −152.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2024 · 31 Dec 2024
Quarterly statements · USD
| Fiscal year | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 |
|---|---|---|---|---|
| Net income | 4.0 m | 5.3 m ≈ | 18.7 m ≈ | -2.5 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 4-quarter history (min 4.0, median 11.8, max 172.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 93.8 m | 260.9 m | 434.1 m | 479.7 m | 464.5 m | 420.9 m | 404.3 m |
| Revenue YoY | unavailable | +178.1% | +66.4% | +10.5% | −3.2% | −9.4% | −3.9% |
| Net income | -35.5 m | -751.0 k | -117.5 m | 7.3 m | 46.1 m | 25.5 m | 69.3 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | +531.5% | −44.6% | +171.5% |
| Diluted EPS | -0.20 | 0.00 | -0.64 | 0.37 | 2.30 | 1.38 | 3.77 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | +521.6% | −40.0% | +173.2% |
| net % | -37.9% | -0.3% | -27.1% | 1.5% | 9.9% | 6.1% | 17.1% |
| Free cash flow | 14.9 m | 120.5 m | 104.4 m | 115.1 m | 17.2 m | 28.2 m | 29.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 62.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- -90.6 m USD
- Total assets
- 233.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.67x
- ROE
- unavailable
- ROA
- 27.4%
- FCF margin
- 7.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 260.9 m | 434.1 m | 479.7 m | 464.5 m | 420.9 m | 404.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -1.7 m | -123.3 m | 18.8 m | 38.4 m | 40.5 m | 71.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 561.0 k | 2.5 m | 6.9 m | 6.3 m | 6.2 m | 6.9 m | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -1.1 m ≈ | -120.7 m ≈ | 25.7 m ≈ | 44.6 m ≈ | 46.7 m ≈ | 78.0 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 220.0 k | 3.2 m | 2.2 m | 4.0 m | 7.6 m | 443.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | 111.0 k | -116.3 m | 11.2 m | 50.0 m | 30.0 m | 74.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 862.0 k | 1.1 m | 3.8 m | 3.9 m | 4.5 m | 5.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -751.0 k | -117.5 m | 7.3 m | 46.1 m | 25.5 m | 69.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | 0.00 | -0.64 | 0.37 | 2.30 | 1.38 | 3.77 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 176.6 m | 183.5 m | 19.8 m | 20.0 m | 18.4 m | 18.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Dividend per share | 2,681.00 | 2,681.00 | 4,800.00 | — | — | 3.08 | SEC (XBRL)· 31 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 84.6 m | 142.8 m | 86.8 m | 71.8 m | 111.0 m | 62.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 33.0 m | 45.1 m | 45.4 m | 51.9 m | 42.1 m | 43.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 120.7 m | 191.1 m | 188.9 m | 213.9 m | 179.6 m | 155.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 171.0 k | 1.4 m | 786.0 k | 1.1 m | 1.1 m | 889.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | — | 1.5 m | 1.8 m | 1.8 m | 1.8 m | 1.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 76.0 k | 266.0 k | 13.0 m | 8.5 m | 4.4 m | 650.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 211.6 m | 313.0 m | 322.0 m | 320.6 m | 272.2 m | 233.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 17.2 m | 26.6 m | 30.5 m | 30.3 m | 20.2 m | 25.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | 49.0 k | — | — | — | — | — | SEC (XBRL)· 29 Apr 2022verified |
| Current liabilities | 233.4 m | 322.8 m | 332.4 m | 302.8 m | 263.5 m | 231.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 313.5 m | 474.0 m | 470.8 m | 420.4 m | 373.7 m | 323.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | -101.9 m | -161.0 m | -148.8 m | -99.8 m | -101.5 m | -90.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Shares outstanding at year end | — | 196.5 m | 197.1 m | 197.6 m | 18.1 m | 18.2 m | SEC (XBRL)· 31 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 120.6 m | 105.5 m | 116.1 m | 18.0 m | 28.5 m | 29.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 147.0 k | 1.1 m | 994.0 k | 739.0 k | 343.0 k | 311.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | 120.5 m ≈ | 104.4 m ≈ | 115.1 m ≈ | 17.2 m ≈ | 28.2 m ≈ | 29.1 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | 361.0 k | -2.7 m | -171.8 m | -32.5 m | 55.9 m | -22.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | -56.0 m | -43.0 m | -1.9 m | -1.9 m | -44.9 m | -57.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Dividends paid | 51.7 m | 160.4 m | — | — | — | 56.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Share repurchases | — | — | — | — | 33.1 m | — | SEC (XBRL)· 31 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 176.1 m USD
Key indicators
Coverage and freshness
Score by group
66% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | unavailable | unavailable | — |
| EBIT margin · Quality | 17.6% | 81 (vs peers) | 13% |
| FCF margin · Quality | 7.2% | 29 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | -5.5% | 0 (on a fixed band) | 26% |
| Revenue growth (YoY) · Growth | -3.9% | 39 (vs peers) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 10% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 16.5% | 100 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | 50.6% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/2 factors with a value
- Growth13/100 · 2/2 factors with a value
- Quality55/100 · 2/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation· partial100/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GDEV Inc. (GDEV). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 404.3 m USD in 2025; YoY growth -3.9%; net margin 17.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 17.6%
- FCF yield: 16.5%
- Shareholder yield (distributions): 50.6%
What contradicts it
- FCF margin: 7.2%
- Revenue CAGR 3Y: -5.5%
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): Gross margin, Net debt / EBITDA, EV/Sales.
Versus the vertical median
Services-Computer Programming Services (SIC 7371) · same industry (4-digit SIC) · compared with 32 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| INFYInfosys Limited | 49.6 bn | 16.1 | 29.0% | 16.4% | +3.9% | −30% / −30% |
| ZSZscaler Inc | 36.6 bn | — | -2.9% | -1.9% | +25.4% | −11% / +14% |
| CTSHCognizant Technology Solutions Corporation | 29.4 bn | 12.0 | 17.4% | 11.8% | +7.0% | −15% / −7% |
| VRSNVerisign Inc | 28.5 bn | 33.6 | — | 49.1% | +6.4% | +26% / +50% |
| WITWipro Limited | 22.7 bn | 15.4 | 16.4% | 14.7% | −3.2% | −21% / −11% |
| EPAMEpam Systems, Inc. | 7.1 bn | 18.6 | 11.2% | 7.2% | +15.4% | −27% / −47% |
| DOCSDoximity, Inc. | 6.2 bn | 40.9 | 17.2% | 25.5% | +13.1% | −33% / +49% |
| DOXAmdocs Limited | 4.9 bn | 10.3 | 14.1% | 9.9% | +2.4% | −43% / −48% |
| RGTIRigetti Computing, Inc. | 3.7 bn | — | -43.8% | -1,787.4% | −34.3% | −56% / +958% |
| FORTYFormula Systems (1985) Ltd. | 1.8 bn | 23.4 | 12.2% | 2.9% | +5.2% | −20% / +96% |
| MGRTMega Fortune Co Ltd | 1.6 bn | 698.9 | 21.1% | 16.1% | +233.3% | +1,864% / unavailable |
| PERIPerion Network Ltd. | 446.8 m | — | -1.1% | -1.8% | −11.7% | +12% / −59% |
| MFImF International Limited | 367.8 m | 36.4 | 3.9% | 232.8% | +29.4% | −68% / unavailable |
| IAInnovative Solutions And Support, Inc. | 353.7 m | 18.8 | 28.5% | 20.5% | +78.6% | +103% / +167% |
| GDEVGDEV Inc. | 176.1 m | 2.6 | — | 17.1% | −3.9% | −57% / −58% |
| ATGLAlpha Technology Group Ltd | 146.5 m | — | -184.7% | -952.0% | −40.2% | −61% / −39% |
| MLGOMicroAlgo Inc. | 135.7 m | 1.2 | 7.6% | 30.2% | −20.3% | −61% / −100% |
| MWCMicware Co., Ltd. | 82.0 m | 8.1 | 20.0% | 7.3% | unavailable | unavailable / unavailable |
| PDCPerpetuals.com Ltd | 74.9 m | — | -75.8% | -1,069.9% | −47.0% | −61% / −13% |
| CINTCI&T Inc | 73.8 m | 10.3 | 13.8% | 8.3% | +11.5% | −31% / −40% |
| CYCUCycurion, Inc. | 65.1 m | — | -76.7% | -98.0% | −14.8% | −91% / unavailable |
| XTIAXti Aerospace, Inc. | 37.7 m | — | — | -89.6% | +602.4% | −40% / −100% |
| MNDOMind Cti Ltd | 18.3 m | 6.9 | 11.0% | 13.4% | −9.3% | −24% / −53% |
| CHGAChange Agents Corporation | 17.8 m | — | -606.9% | -643.1% | +6.2% | −97% / −99% |
| RDNWRideNow Group, Inc. | 11.7 m | — | — | -0.8% | −10.5% | +7% / −9% |
1- and 3-year price returns: for GDEV from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 5.25 Total return -23% · Per year -23% | 9.34 Total return 27% · Per year 27% | 14.13 Total return 83% · Per year 83% |
| 3 years | 4.17 Total return 5% · Per year 2% | 8.43 Total return 74% · Per year 20% | 14.13 Total return 157% · Per year 37% |
| 5 years | 3.31 Total return 27% · Per year 5% | 7.60 Total return 117% · Per year 17% | 14.13 Total return 231% · Per year 27% |
- Exit P/E± 2.11
- Net margin± 1.47
- Annual revenue growth± 1.33
- Annual dilution± 0.12
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Mar 2026; since then the company filed 6-K (28 Aug 2026), 6-K (21 Aug 2026), 6-K (22 Jul 2026), 6-K (10 Jul 2026), 6-K (19 May 2026).
In brief
GDEV Inc. (formerly Nexters Inc.) is a developer of mobile, web and social games whose portfolio depends almost entirely on the Hero Wars franchise. It operates in a mobile market where revenue is growing while downloads fall and the RPG genre, its core, is losing ground, which makes diversification the key question. Revenue reached $404.3 million in fiscal 2025 1.
SWOT
Strengths
- The Hero Wars franchise has a loyal player base and a long history of Bookings, and prior cohorts support revenue 1.
- The company has a scalable in-house platform for content development and a portfolio of acquired studios 1.
- Pixel Gun 3D shows the company's ability to reach a different audience and monetization model, including on Steam 1.
Weaknesses
- Dependence on a single game for almost all revenue makes the company vulnerable to a decline in that franchise 1.
- Bookings have fallen in recent years, and the active player base has shrunk as user acquisition spending was reduced 1.
- A small share of users generates most revenue, making the model sensitive to changes in that segment 1.
Opportunities
- If Pixel Gun 2 and the expansion to Steam and consoles succeed, the company could reduce its reliance on Hero Wars 1.
- Mobile game revenue continues to grow, and monetizing existing players is becoming more important 1.
- Efficient acquisition could improve margins if sustained without shrinking the game's scale 1.
Threats
- The decline of the RPG genre in Asia, North America and Europe could directly affect the company's franchises 1.
- Distribution platforms can change terms, fees or payment rules unilaterally, which could hurt revenue 1.
- Economic pressure and geopolitical conflict could reduce discretionary spending on games 1.
Risks
- Dependence on Hero Warshigh
Hero Wars generates most revenue, and the company cannot assure that the game will keep its success 1.
- Dependence on third-party platformshigh
Games are distributed through Apple, Google, Facebook and Huawei, and payments run through processors such as Xsolla 1. Policy changes by these providers could affect the company 1.
- Concentration of paying usersmedium
A small group of paying users generates most Bookings, and losing them could seriously affect results 1.
- Competition in a low-barrier marketmedium
Many new titles compete for attention, and success at global scale is rare, making competition intense 1.
- Exposure to economic and geopolitical factorsmedium
The company operates in several countries and cites risks from tariffs, inflation and military conflict 1.
Investment thesis
What would need to be true (bull case)
- If the RPG genre recovers, the core game with its loyal base and high revenue per player could again support Bookings 1.
- Efficiency-focused user acquisition could maintain margins even with a smaller player base 1.
- Pixel Gun 2 and the expansion to Steam could add a second meaningful revenue source if they succeed 1.
What would break the thesis
- Bookings fell in 2023, 2024 and 2025, which suggests a structural rather than purely cyclical problem 1.
- If Hero Wars keeps losing players and no large alternative emerges, the revenue decline could deepen 1.
- Dependence on platforms and on one game genre leaves the company with limited control over market conditions 1.
What to watch
- Trend in Hero Wars Bookings and paying usersQ1 2027
- Launch of Pixel Gun 2 and player reception2026
- Level of acquisition spending and its effect on active playersnext 10-K
- Evolution of the RPG genre in the global mobile market2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Mar 2026; since then the company filed 6-K (28 Aug 2026), 6-K (21 Aug 2026), 6-K (22 Jul 2026), 6-K (10 Jul 2026), 6-K (19 May 2026).
The business
GDEV Inc. develops free-to-play mobile, web and social games, monetized mainly through in-game purchases. Its core game, Hero Wars, launched in 2016, is an RPG with 5.4 million monthly active users in more than 70 countries in 2025 1. The company was incorporated in the British Virgin Islands and has its principal office in Limassol, Cyprus 1.
Segments
Hero Wars
Hero Wars generated 93% of the company's revenue in 2025, up from 90% in 2024 1. Cumulative all-time Bookings for the game crossed $2.5 billion as of December 31, 2025 1. Concentration on one title is the main risk factor in the company's profile.
Pixel Gun 3D
Pixel Gun 3D, acquired in 2022 through its Cubic Games studio, has accumulated over 300 million installs and more than $230 million in Bookings since its 2013 debut 1. Its Steam version reached a peak of 25,000 concurrent players on the first day 1. The company is developing Pixel Gun 2, targeting a 2026 launch 1.
Market context
Newzoo estimated total global games market revenue at approximately $197 billion in 2025 1. Mobile game IAP revenue reached about $81.75 billion in 2025, while downloads fell to roughly 50.4 billion 1. IAP growth was about 1% in 2025, with the United States essentially flat 1.
Mobile gaming is about 55% of total global gaming revenue 1. Of the 828 mobile games that surpassed $10 million in annual IAP in 2025, only nine exceeded $1 billion, showing how concentrated revenue is 1. Reaching global scale remains difficult even though entry barriers are low 1.
Trends
- Decline of the RPG genreheadwind
The filing reports that RPG IAP revenue fell in 2025 across Asia, North America and Europe, while strategy games led growth 1. For a company whose main game is an RPG, this decline could directly weigh on Bookings.
- Disciplined user acquisitionmixed
The company cut marketing spend and shifted to a smaller, higher-paying audience, which lifted ABPPU 1. The same strategy reduced active and paying users 1.
- Focus on retention and lifetime valuetailwind
The market has moved from adding users toward expanding the lifetime value of existing players 1. Prior cohorts accounted for 68.9% of Hero Wars Bookings in 2025, which supports the model 1.
- Macroeconomic and geopolitical pressureheadwind
The company notes that higher energy costs and geopolitical uncertainty could reduce disposable income and discretionary spending on games 1. The military conflict in the Middle East that began in February 2026 is cited as a risk factor 1.
- Rising Asia-Pacific publishersmixed
Publishers headquartered in Asia-Pacific materially increased their share of global mobile IAP revenue, while North American publishers declined 1. This shift could affect competition for player attention and advertising 1.
Competitive position
The company says its primary competitors are online gaming companies in similar sub-genres, but it also competes with a wider set of mobile, social and PC games and with other forms of entertainment 1. Competitive factors include content quality, graphics, user acquisition and access to distribution channels 1.
Barriers to entry are low, but success at global scale is much harder to achieve 1. Larger competitors have greater recognition and financial resources, while local rivals may understand their home markets better 1. The company argues it has competed successfully against both international and local players 1.
- Asia-Pacific mobile game publishers
The filing says their share of global mobile IAP revenue rose materially in 2025, signalling higher competitive pressure 1.
- Successful global strategy game titles
Strategy games drove the largest revenue gains in 2025, making them direct competitors for player spending 1.
- Major distribution and payment platforms
The filing lists iOS App Store, Google Play, Facebook and Huawei AppGallery as distribution channels that also exert pressure on commercial terms 1.
- Other online entertainment
The company says it also competes for leisure time with social media, OTT video, books and music 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Marketing Discipline Pays Off as GDEV Improves Operating Cash FlowYahoo Finance — News · 19 Sept 2026 · EN
SEC filings
- Current report (foreign issuer)28 Aug 2026
- Current report (foreign issuer)21 Aug 2026
- Current report (foreign issuer)22 Jul 2026
- Current report (foreign issuer)10 Jul 2026
- Current report (foreign issuer)19 May 2026
- Annual report (foreign issuer)31 Mar 2026
- Current report (foreign issuer)17 Mar 2026
- Current report (foreign issuer)05 Mar 2026
- Current report (foreign issuer)24 Nov 2025
- Current report (foreign issuer)02 Sept 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / GDEV Inc. · 31 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.