GDEV's quarterly profit increased by 66% — and more from the company's report
The developer and publisher of the Hero Wars series has reported on the third quarter of 2025, which ended on September 30. We share key figures from the document.
Hero Wars: Alliance
- In the report, GDEV shared that its revenue for the quarter amounted to $98 million, representing a 12% decrease compared to the previous year.
- Income also slightly declined by 4% to $90 million.
- The company explained that its revenue decreased due to a change in its UA strategy: recently, GDEV has been conducting more selective player acquisition campaigns. As a result, it significantly reduced its marketing expenses from $52 million to $30 million.
- The majority of GDEV's income still comes from mobile, but the share from PC is gradually increasing—it has now reached 41% compared to 38% a year earlier.
- Revenue distribution by region is as follows: 34% of the $90 million came from Europe, 32% from the USA, and 19% from Asia.
- GDEV's profit showed impressive growth of 66%, resulting in $24 million. Adjusted EBITDA also significantly increased, jumping 50% to $26 million.
- GDEV's monthly paying audience decreased by 16%, dropping to 263,000 people. However, the average revenue per paying user (ARPPU) grew by the same 16% to $107.