Gdev reports Q3 revenue $98M vs. $111M last year

Bookings declined in the third quarter of 2025 to reach $90 million compared with $93 million in the same period in 2024. The decline is primarily due to a decline in monthly paying users by 16% in the third quarter of 2025 vs. the same period in 2024 which we attribute to the decrease of the user acquisition activities throughout 2024 and 2025, partially offset by an increase in ABPPU. The share of advertisement sales as a percentage of total bookings decreased in the third quarter of 2025 to reach 6.0% compared to 7.1% in the respective period in 2024. This decline was primarily driven by a global trend of declining CPM rates for advertising throughout 2024 and 2025. Split of bookings by platform