GDEV Inc., an international gaming and entertainment company headquartered in Limassol, published its unaudited financial and operational results for the third quarter this week, reporting lower revenue but stronger profitability for the period.

GDEV describes itself as a gaming and entertainment holding company focused on development and growth of its franchise portfolio across various genres and platforms. Its subsidiaries include Nexters and Cubic Games, while its franchises, including Hero Wars, Island Hoppers and Pixel Gun 3D, have accumulated more than 550 million installs and $2.5 billion of bookings worldwide.

According to the company, revenue of $98 million decreased by 12 per cent year-over-year, while selling and marketing expenses of $30 million decreased by 43 per cent year-over-year.

It also reported that profit for the period, net of tax, of $24m in Q3 2025 increased vs. $15m in Q3 2024, and that Adjusted EBITDA reached $26m in Q3 2025 vs. $17m a year earlier.

The financial tables released by GDEV show revenue down to $98m from $111m in Q3 2024, and to $315m for the first nine months from $323m.

Platform commissions fell to $21m in the quarter from $24m, while game operation cost remained relatively stable at $14m vs. $13m.

Selling and marketing expenses dropped sharply to $30m from $52m, and general and administrative expenses were $8m compared with $7m a year earlier.

Profit for the period rose to $24m from $15m, while nine-month profit increased to $55m.

In its accompanying commentary, the company said revenue decreased by $13m, or 12 per cent, due to “a decline in recognition of revenue from both current-period and prior-period bookings,” which it linked to “declining consumer spending levels in the current and preceding years.”

It added that the decrease was consistent with its strategy to pursue “more disciplined marketing spending and focus on attracting higher-quality, better-paying users rather than maximizing short-term volume.”

Platform commissions decreased by $3m in line with the fall in revenues, while game operation cost remained relatively stable at $14m.

Selling and marketing expenses decreased by $22m year-over-year, reflecting a more selective performance-marketing approach.

General and administrative expenses also remained relatively stable at $8m.

As a result of these factors, profit for the period, net of tax, reached $24m, and Adjusted EBITDA totalled $26m, with operating cash flow at $15m, compared with $12m in Q3 2024.

The company also noted restatements affecting certain 2024 comparative figures.

Operationally, bookings declined to $90m from $93m, with bookings from in-app purchases at $85m vs. $87m and bookings from advertising at $5m vs. $7m.

Advertising accounted for 6 per cent of total bookings, down from 7.1 per cent, reflecting declining CPM rates globally.

Monthly paying users decreased by 16 per cent to 263,000, although ABPPU increased to $107 from $92, partially offsetting the impact of lower acquisition activity across 2024 and 2025.

By platform, mobile accounted for 59 per cent of bookings, down from 62 per cent, while PC rose to 41 per cent from 38 per cent.

Regionally, the US comprised 32 per cent of bookings, Asia 19 per cent, Europe 34 per cent and Other markets 15 per cent.

The company noted that figures may not total precisely due to rounding.