GDEV Inc. Reports Q4 and Full Year 2023 Financial Results: Revenue Increases by 10%, Adjusted EBITDA Turns Positive

Gaming Staff • March 20, 2024

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GDEV Inc., an international gaming and entertainment company, has reported its preliminary financial and operational results for the fourth quarter and full year ended December 31, 2023. The company's revenue for Q4 2023 was $109 million, an increase of 10% year-over-year, while full-year revenue was $465 million, a decrease of 3% compared to 2022. The Q4 profit for the period was $11 million, compared to a loss of $77 million in Q4 2022. Adjusted EBITDA for Q4 2023 was $10 million, up from negative $9 million in Q4 2022.

Full-year profit for the period was $46 million, compared to $7 million in 2022, while adjusted EBITDA was $43 million, a decrease of 55% compared to 2022. Cash flows generated from operating activities amounted to $18 million in 2023, compared to $116 million in 2022.

Bookings for Q4 2023 increased by 4% year-over-year, while full-year bookings decreased by 6%. The share of advertisement sales as a percentage of total bookings increased in both Q4 and full-year 2023. The split of bookings by platform showed a 3 percentage point increase in favor of PC versions in Q4 2023, while the geographical split of bookings remained broadly similar to the respective periods in 2022.

GDEV is a gaming and entertainment powerhouse, focused on growing and enhancing its portfolio of studios. Its franchises have accumulated hundreds of millions of installs worldwide. The company uses the non-IFRS financial measure "Adjusted EBITDA" for business planning purposes and in measuring its performance relative to that of its competitors.

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