GDEV Inc.GDEV
What GDEV Inc. does.
We build mobile, web and social games for millions of players to enjoy globally. Our games are free to play, and we continuously innovate our games to provide novel, curated in-game content to our users at optimal points in their game journeys.
Our core product offering, Hero Wars, offers a suite of games across mobile, social and web-based platforms and has, since its launch in 2016, evolved into a well-recognized global gaming franchise in the RPG genre, with 5.4 million MAUs across more than 70 countries in 2025. In 2025, Hero Wars was ranked the 2 nd most downloaded game in the RPG genre on Android and iOS, combined, according to data provided by AppMagic.
Continuous improvements in game content and focus on customer engagement has allowed us to monetize on the popularity of our games and achieve attractive key performance metrics. In particular as of December 31, 2025, Hero Wars’ cumulative all time Bookings crossed the $2.5 billion mark. We benefit from predictable cohorts and a loyal base of core players, which supports our ability to sustain our monetization per user. In the year ended December 31, 2025, cohorts from previous periods accounted for 68.9% of our Bookings for our core product, Hero Wars.
Revenue and profit, by fiscal year.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $260.9M | $434.1M | $479.7M | $464.5M | $420.9M | $404.3M |
| Net income | -$751,000 | -$117.5M | $7.3M | $46.1M | $25.5M | $69.3M |
| Free cash flow | $120.5M | $104.4M | $115.1M | $17.2M | $28.2M | $29.1M |
More on GDEV.
- GDEV Inc. summary
- GDEV Inc. financial statements
- GDEV Inc. key metrics
- GDEV Inc. health scores and style box
- GDEV Inc. earnings
- GDEV Inc. dividends
- GDEV Inc. valuation
- GDEV Inc. ownership and insiders
- GDEV Inc. peers
Figures from GDEV Inc.'s filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.