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Nexters (GDEV) AI Stock Analysis
Nexters
(NASDAQ:GDEV)
The score is anchored by solid fundamentals—strong margins, robust free cash flow, and minimal debt—but is held back by sustained revenue contraction, weakening bookings/paying-user KPIs, and a structurally weak balance sheet due to negative equity. Very low P/E supports the score, while the technical setup remains bearish with the price below key moving averages.
Nexters Key Performance Indicators (KPIs)
BookingsRepresents total revenue from user purchases, serving as a key indicator of overall financial health and growth trajectory.
Bookings have progressively weakened from their 2021 highs: after a period of relative stability in 2022–23 the series shifted into a clear downtrend starting in 2024, with only small, unsustained rebounds. Because bookings lead revenue, this suggests slower top‑line growth ahead and greater pressure on margins unless management reverses the decline through improved retention, higher ARPU, or more efficient user acquisition. Monitor upcoming guidance, churn and monetization metrics for signs of a genuine recovery.
The FlyNexters (GDEV) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $177.39M
- Dividend Yield
- ―
- Average Volume (3M)
- 5,003
- Price to Earnings (P/E)
- 2.4
- Beta (1Y)
- 1.17
- Revenue Growth
- ―
- EPS Growth
- ―
- Country
- US
- Employees
- 488
- Sector
- Communication Services
- Sector Strength
- 60
- Industry
- Electronic Gaming & Multimedia
Nexters Business Overview & Revenue Model
Company Description
GDEV Inc. operates as a global interactive entertainment firm, specializing in the development and provision of a diverse portfolio of digital games. Its offerings span various platforms, including desktop computers, mobile devices, web browsers, and...
Nexters Earnings Call Summary
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.
Q3-2024 Updates
Positive Updates
Negative Updates
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.
Nexters Financial Statement Overview
Summary
Profitability and cash generation are strong (TTM operating margin ~20.4%, net margin ~19.7%; TTM free cash flow ~$50.1M with ~52.5% growth and ~1.0x net income), and absolute leverage is very low (debt ~$1.7M). Offsetting this, revenue is contracting (TTM revenue -6.48%) and key operating KPIs (bookings and monthly paying users) are in a renewed downtrend, while persistently negative equity (~-$51.7M) is a material balance-sheet weakness.
Income Statement
71PositiveBalance Sheet
38NegativeCash Flow
79Positive| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 380.14M | 404.35M | 420.93M | 464.55M | 479.69M | 434.09M |
| Gross Profit | 245.76M | 262.93M | 278.92M | 303.86M | 302.71M | 297.92M |
| EBITDA | 82.34M | 81.63M | 36.43M | 56.68M | 18.55M | -113.69M |
| Net Income | 75.06M | 69.33M | 25.53M | 46.12M | 7.30M | -117.44M |
Balance Sheet | ||||||
| Total Assets | 240.34M | 233.11M | 272.20M | 320.55M | 322.04M | 312.98M |
| Cash, Cash Equivalents and Short-Term Investments | 121.49M | 104.32M | 134.81M | 156.03M | 137.14M | 142.80M |
| Total Debt | 1.74M | 1.09M | 1.30M | 2.44M | 1.19M | 1.93M |
| Total Liabilities | 292.03M | 323.68M | 373.73M | 420.37M | 470.82M | 474.03M |
| Stockholders Equity | -51.69M | -90.56M | -101.53M | -99.81M | -148.78M | -161.09M |
Cash Flow | ||||||
| Free Cash Flow | 50.13M | 29.13M | 28.09M | 17.20M | 115.02M | 104.08M |
| Operating Cash Flow | 50.31M | 29.45M | 28.52M | 17.95M | 116.08M | 105.52M |
| Investing Cash Flow | -10.44M | -22.40M | 55.90M | -32.46M | -171.78M | -2.72M |
| Financing Cash Flow | -102.65K | -57.40M | -44.94M | -1.95M | -1.90M | -42.98M |
Nexters Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GDEV, the sentiment is Negative. The current price of 9.85 is below the 20-day moving average (MA) of 10.65, below the 50-day MA of 11.00, and below the 200-day MA of 13.63, indicating a bearish trend. The MACD of -0.45 indicates Positive momentum. The RSI at 42.68 is Neutral, neither overbought nor oversold. The STOCH value of 18.96 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GDEV.
Nexters Risk Analysis
Nexters disclosed 69 risk factors in its most recent earnings report. Nexters reported the most risks in the "Tech & Innovation" category.
Latest Risks Added
1 New RiskNexters Peers Comparison
Overall Rating
DDI85Outperform
NTES83.4Outperform
BILI68Neutral- GDEV62Neutral
PLTK47Neutral
MYPS45Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| DDI | 85Outperform | $667.98M | 5.34 | 12.93% | ― | 13.89% | 18.17% |
| NTES | 83Outperform | $71.72B | 14.79 | 20.04% | 2.58% | 9.83% | -2.22% |
| BILI | 68Neutral | $5.37B | 23.41 | 9.84% | ― | 10.34% | 620.66% |
| GDEV | 62Neutral | $178.95M | 2.36 | -88.88% | ― | ― | ― |
| Sector * | 60Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% |
| PLTK | 47Neutral | $755.21M | -2.71 | 82.92% | 20.20% | 5.84% | -421.33% |
| MYPS | 45Neutral | $54.29M | -1.25 | -20.93% | ― | -13.26% | -46.94% |
* Communication Services Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| GDEV | Nexters Inc. | 9.85 | -12.74 | -56.42% | |
| NTES | Netease | 113.64 | -24.14 | -17.52% | |
| BILI | Bilibili | 12.68 | -17.51 | -58.00% | |
| DDI | Doubledown Interactive Co., Ltd. | 13.48 | 4.63 | 52.32% | |
| MYPS | Playstudios, Inc | 4.52 | -4.61 | -50.47% | |
| PLTK | Playtika Holding Corp. | 1.98 | -1.64 | -45.27% |
Nexters Corporate Events
GDEV Inc. Shareholders Back Board and New BVI Governance Structure at August 28 AGM
On August 28, 2026, GDEV Inc. held its annual general meeting at its Limassol offices, where shareholders approved all proposals on the agenda. Independent directors Marie Holive, Andrew Sheppard, and Tal Shoham were each re-elected with overwhelming...
GDEV Cuts Marketing to Lift Profit Despite Revenue Drop in First Half 2026
On August 21, 2026, GDEV Inc. reported unaudited results for the second quarter and first half of 2026, showing a sharp revenue decline but higher profitability as it tightened spending. Second-quarter revenue fell 22% year-on-year to $94 million and...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Sep 12, 2026