GDEV reported its results for the first quarter of 2024. The publisher earned $107 million from January to March

The developer and publisher of the Hero Wars series published unaudited financial statements for the first three months of this year. Here are the details.

GDEV's revenue for the first quarter amounted to $107 million. This is 10% less than the same quarter last year. At the same time, receipts increased by 4%, reaching $109 million.

Despite solid revenue, GDEV ended the period in the red. It lost $1 million (losses were more significant a year ago — $12 million). Adjusted EBITDA also has a negative value — minus $3 million (losses were higher in the first quarter of last year — minus $12 million).

By the way, the company explains the negative EBITDA by high marketing costs.

According to the report, the company is successfully working on reducing costs:

  • operating costs decreased by 11% to $13 million;
  • advertising and marketing expenses fell by 19% to $63 million;
  • platform commission also shrank by 19% to $23 million.

All together, this allowed positive cash flows from operating activities. A year ago, they were negative at $12 million, but as of January-March, they amounted to $400,000.


  • the company is trying to continue increasing revenue from PC games (the annual share of games from PC grew by 2 percentage points, but quarterly it fell by 4 percentage points to 38%);
  • despite the company’s main market being the U.S., from which GDEV receives 33% of its revenue, its share from the European market grew significantly in this quarter year-over-year — by 6 percentage points to 29%;
  • the company's total MAU for all its products is 14 million.


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