Wednesday, August 26, 2026
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q2 Results. GDEV reported Q2 revenue of $93.6 million, down 22%, and adj. EBITDA of $20.1 million, only down 7% year over year. Notably, the year-over-year revenue decrease was primarily driven by a decline in bookings. As illustrated in Figure #1 Q2 Results, both revenue and adj. EBITDA missed our estimates of $115 million and $26 million, respectively, though adj. EBITDA proved far more resilient than revenue.
Marketing discipline held margins. That resilience was largely due to lower selling and marketing expenses, which fell 38% to $32.7 million from $52.5 million, lifting the adj. EBITDA margin to roughly 21% from 18% even as revenue declined. The reduction stems from the company’s more disciplined strategy for user acquisition, which focuses on higher-value cohorts rather than volume.
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