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Nexters
(NASDAQ:GDEV)
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Rating:58Neutral
Price Target:
$12.50
▲(2.88% Upside)
Action:Reiterated
Date:07/08/26
The score is held back primarily by weakening top-line signals (declining revenue and deteriorating bookings/paying-user trends) and a structurally weak balance sheet with negative equity. These risks are partly offset by improved profitability and solid free cash flow generation, while the very low P/E provides meaningful valuation support despite bearish technicals.
Positive Factors
Improved profitability and margins
Sustained higher gross and net margins provide durable earnings power and insulating operating leverage. Strong margins give management flexibility to fund live-ops, marketing, and development without eroding profitability, supporting long-term cash generation and reinvestment priorities.
Negative Factors
Multi-year revenue declines and weakening KPIs
Repeated revenue declines and deteriorating bookings/paying-user metrics indicate structural demand challenges. Even with higher monetization per payer, a shrinking payer base undermines sustainable top-line growth and makes upside dependent on reversing user trends rather than margin moves alone.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved profitability and margins
Sustained higher gross and net margins provide durable earnings power and insulating operating leverage. Strong margins give management flexibility to fund live-ops, marketing, and development without eroding profitability, supporting long-term cash generation and reinvestment priorities.
Read all positive factors
Nexters Key Performance Indicators (KPIs)
Any
Bookings
Represents total revenue from user purchases, serving as a key indicator of overall financial health and growth trajectory.
Represents total revenue from user purchases, serving as a key indicator of overall financial health and growth trajectory.
Data provided by:
The Fly
The FlyNexters (GDEV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$214.36M
Dividend YieldN/A
Average Volume (3M)18.48K
Price to Earnings (P/E)3.0
Beta (1Y)1.14
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees589
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)3.80
Shares Outstanding18,150,490
10 Day Avg. Volume16,804
30 Day Avg. Volume18,485
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)-3.00
Price to Sales (P/S)0.67
P/FCF Ratio9.34
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$70.00Price Target Upside476.13% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)4.4
Revenue Forecast (FY)$430.35M
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, ...
How the Company Makes Money
Nexters primarily makes money through the ongoing operation (live services) of free-to-play games, where players can download and play for free and a subset of users spend money inside the game.
Key revenue streams:
- In-app purchases (IAP): The ...
Nexters Earnings Call Summary
Earnings Call Date:Nov 14, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Sep 09, 2026
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.Positive Updates
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.
Negative Updates
Year-over-Year Revenue Decline
Revenue for Q3 2024 declined by 9% year-over-year, primarily due to the decline in bookings.
Read all updates
Q3-2024 Updates
Positive
Negative
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.
Read all positive 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
Income Statement
63
Positive
Balance Sheet
38
Negative
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Mar 2025 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 404.35M | 420.93M | 464.55M | 479.69M | 434.09M |
| Gross Profit | 262.93M | 278.92M | 303.86M | 302.71M | 297.92M |
| EBITDA | 81.63M | 36.65M | 56.68M | 19.14M | -113.69M |
| Net Income | 69.33M | 25.53M | 46.12M | 7.30M | -117.44M |
Balance Sheet | |||||
| Total Assets | 233.11M | 272.20M | 320.55M | 322.04M | 312.98M |
| Cash, Cash Equivalents and Short-Term Investments | 104.32M | 134.81M | 156.03M | 137.14M | 142.80M |
| Total Debt | 1.09M | 1.30M | 2.44M | 1.19M | 1.93M |
| Total Liabilities | 323.68M | 373.73M | 420.37M | 470.82M | 474.03M |
| Stockholders Equity | -90.56M | -101.53M | -99.81M | -148.78M | -161.09M |
Cash Flow | |||||
| Free Cash Flow | 29.13M | 28.09M | 17.20M | 115.02M | 104.08M |
| Operating Cash Flow | 29.45M | 28.52M | 17.95M | 116.08M | 105.52M |
| Investing Cash Flow | -22.40M | 55.90M | -32.46M | -171.78M | -2.72M |
| Financing Cash Flow | -57.40M | -44.94M | -1.95M | -1.90M | -42.98M |
Nexters Technical Analysis
Negative
12.15
Price Trends
12.96
Negative
14.22
Negative
16.42
Negative
Market Momentum
-0.29
Negative
46.40
Neutral
38.69
Neutral
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 12.15 is above the 20-day moving average (MA) of 12.11, below the 50-day MA of 12.96, and below the 200-day MA of 16.42, indicating a bearish trend. The MACD of -0.29 indicates Negative momentum. The RSI at 46.40 is Neutral, neither overbought nor oversold. The STOCH value of 38.69 is Neutral, 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.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Use of generative artificial intelligence tools in our business may result in significant reputational harm and liability. Q4, 2023
Nexters Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | $575.32M | 5.05 | 12.16% | ― | 9.99% | -2.49% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | $76.69M | -2.12 | -15.65% | ― | -15.86% | -16.59% | |
58 Neutral | $214.36M | 2.98 | -60.77% | ― | ― | ― | |
55 Neutral | $1.51B | -5.16 | 113.59% | 10.87% | 7.30% | -307.46% |
* Communication Services Sector Average
GDEV
Nexters
12.03
-3.21
-21.04%
NCTY
The9
4.36
-4.69
-51.82%
DDI
Doubledown Interactive Co
11.56
1.86
19.18%
MYPS
PLAYSTUDIOS
0.59
-0.57
-48.97%
PLTK
Playtika Holding
4.03
-0.18
-4.18%
Nexters Corporate Events
GDEV Sets August 26, 2026 Expiration and Delisting for Out-of-the-Money Warrants
Jul 22, 2026
On July 22, 2026, GDEV Inc. announced that all of its outstanding public and private warrants will expire at 5:00 p.m. New York City time on August 26, 2026, under the terms of its warrant agreement originally dated August 5, 2020. Each block of t...
GDEV Sets August 28, 2026 AGM to Vote on Director Slate and Amended Articles
Jul 10, 2026
GDEV Inc. announced on July 10, 2026, that it will hold its 2026 annual general meeting of members on August 28, 2026, in Limassol, Cyprus, with virtual participation available. Shareholders of record as of July 2, 2026, are entitled to attend and...
GDEV Posts Higher Q1 2026 Profit on Leaner Marketing and Stronger In-App Monetization
May 19, 2026
GDEV reported on May 19, 2026 that its unaudited first-quarter results for the three months ended March 31, 2026 showed modest top-line growth and improving profitability. Revenue rose 2% year over year to $99 million, driven mainly by higher in-a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.