Nexters (GDEV) Q3 2024 Earnings Report

142 Followers

Previous Report: Q2 2024

Next Report: Q4 2024

GDEV Q3 2024 EPS Results

Actual EPS$0.79

Consensus EPS$0.32

Beat/MissBeat by +$0.47

One Year Ago EPS$1.20

GDEV Q3 2024 Revenue Results

Actual Revenue$111.00M

Expected Revenue$103.91M

Beat/MissBeat by +$7.10M

YoY Revenue Growth-8.49%

Earnings Announcement Details

QuarterQ3 2024

Date11/14/2024

TimeBefore Open

Conference CallThursday, November 14, 2024

GDEV Upcoming Earnings

Nexters's next earnings date is estimated for November 12, 2026, based on past reporting schedules.

Q3 2024 Earnings Call Audio

GDEV Q3 2024 Earnings Call

0:00 / 0:00

Q3 2024 Earnings Slide Deck

Q3 2024 Earnings Call Summary

Q3 2024

Earnings Call Date:Nov 14, 2024|

% Change Since:

Earnings Call Sentiment|Neutral

The earnings call presented a mixed outlook. While there were significant achievements in terms of revenue growth, cash flow, leadership, and successful product launches, these were offset by year-over-year declines in revenue, bookings, net profit, and adjusted EBITDA. The company is focusing on long-term product improvements and geographical expansion, but current financial indicators show areas of concern.

Company Guidance

During the GDEV Third Quarter 2024 Earnings Conference Call, the company reported a 5% quarter-over-quarter revenue growth, reaching $111 million, despite a 9% decline year-over-year. Bookings declined by 8% year-over-year to $93 million, attributed to strategic product improvements aimed at enhancing player experience and retention. Platform commissions decreased by 13% year-over-year, while marketing investments rose by $9 million to $52 million, aligning with efforts to increase marketing efficiency. The net profit for Q3 2024 was $15 million, down from $24 million the previous year, primarily due to increased marketing spend. Adjusted EBITDA stood at $16 million, reflecting a $13 million decrease year-over-year, although operating cash flows improved to $12 million from $8 million in Q3 2023. The company highlighted strategic geographic expansion, particularly in Europe, where bookings increased the region's share from 26% to 30%. Additionally, GDEV executed a one-for-ten reverse stock split and an at-the-market offering to enhance stock liquidity and market appeal. Overall, GDEV remains focused on sustainable growth through product evolution and marketing investments.

Revenue Growth Exceeds Expectations

Revenue for Q3 2024 amounted to $111 million, reflecting a 5% growth quarter-over-quarter, and surpassed analysts' consensus on revenue and adjusted EBITDA.

Cash Flow Increase

Cash flows generated from operating activities increased to $12 million compared to $8 million in Q3 2023, demonstrating effective cash management.

Geographical Expansion Success

Bookings in Europe grew year-over-year, increasing the region’s share of total bookings from 26% to 30%. Notably strong performances were seen in Germany, France, the UK, and Poland.

Leadership Enhancement

Appointment of Olga Loskutova as Chief Operating Officer to guide studios towards achieving strategic goals and fostering sustainable growth.

Successful Launch on Steam

The launch of Pixel Gun on Steam was a huge success, stabilizing with an average of 2,500 to 3,000 concurrent users, and the number is growing month over month.

GDEV Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 12, 2026	2026 (Q3)	1.33 / -	1.33	―
Sep 09, 2026	2026 (Q2)	1.08 / 1.08	0.9	20.00% (+0.18)
May 19, 2026	2026 (Q1)	0.67 / 0.85	0.775	9.68% (+0.07)
Mar 05, 2026	2025 (Q4)	0.80 / 0.65	0.09	622.22% (+0.56)
Nov 24, 2025	2025 (Q3)	0.41 / 1.33	0.79	68.35% (+0.54)
Sep 02, 2025	2025 (Q2)	0.34 / 0.90	0.81	11.11% (+0.09)
May 16, 2025	2025 (Q1)	- / -	-0.2	―
Mar 31, 2025	2024 (Q4)	0.17 / 0.78	-0.2	487.50% (+0.98)
Nov 14, 2024	2024 (Q3)	0.32 / 0.79	1.2	-34.17% (-0.41)
Sep 04, 2024	2024 (Q2)	0.03 / 0.81	0.989	-18.10% (-0.18)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed