GDEV Inc. (NASDAQ: GDEVW)

GDEV Inc. develops and operates mobile web and social games for a global audience. The company’s portfolio includes the role playing game Hero Wars the casual farming title Island Hoppers and the first person shooter Pixel Gun 3D. These games are free to play and are distributed across iOS Android web browsers and social platforms. GDEV Inc. operates as a holding company focused on growing its diversified portfolio of studios and franchises. It owns Cubic Games which publishes Pixel Gun 3D and has a strategic partnership with Royal Ark the developer of Idle Zombie Miner. The company is headquartered in Cyprus and it employs about 488 people.

The company generates revenue from in app purchases and in game advertising. Players buy virtual currency and items to enhance gameplay. Advertising income comes from rewarded ads shown to non paying users. In 2025 total revenue was $404.3 million and bookings were $351.0 million. About 60% of bookings came from mobile and 40% from desktop. Revenue split by region was 33% from the United States 33% from Europe and 19% from Asia. The free to play model supports a global player base while monetizing engaged users.

GDEV Inc. holds a niche position in the global mobile gaming market competing with large international publishers and regional developers. Its portfolio spans role playing casual and shooter genres to capture varied player preferences. Competitive advantages include a data driven user acquisition strategy a loyal long term paying user base and cross platform availability on mobile and desktop. In 2025 the company averaged 8.6 million monthly active users and 281 thousand monthly paying users giving a conversion rate of 3.3%. Average booking per paying user was $97 per month. Cohorts from previous periods made up 68.9% of Hero Wars bookings. These factors support steady monetization despite industry headwinds.

GDEV Inc. serves a worldwide audience of players who access its games on mobile devices personal computers and social networks. The user base spans North America Europe Asia and other regions with a strong presence in the United States the European Union and Japan. Players range from casual gamers seeking short sessions to engaged users who invest time and money in progression and competitive play. As of December 31 2025 the company reported 8.6 million monthly active users and 281 thousand monthly paying users. The paying user base is concentrated in North America and Europe with the United States contributing the largest share of revenue. Games are available in thirteen languages and accessible in more than seventy countries.