GDEV
GDEV Inc. (NASDAQ: GDEV) is a Cyprus-based international gaming and entertainment holding company operating five specialized studios (Nexters, Cubic Games, Royal Ark, Game Gears, Light Hour Games) that develop and publish free-to-play live-service games across mobile, web, and PC platforms, monetized primarily through in-app purchases to a global consumer audience of ~9.5M monthly active users.
- Company typePublic
- Founded2020
- HeadquartersLimassol, Cyprus
- Headcount501–1,000
- GTM typeB2C
- OfferingDigital Commerce or Content
What GDEV does
GDEV Inc. is a publicly traded (NASDAQ: GDEV) international gaming and entertainment holding company headquartered in Limassol, Cyprus, with a registered office in the British Virgin Islands. The company operates a federation of five wholly-owned specialized studios — Nexters (RPGs, Hero Wars franchise), Cubic Games (FPS, Pixel Gun 3D), Royal Ark (idle/survival, Zombie Miner, Dawn of Zombies), Game Gears (AI-native hybrid casual), and Light Hour Games (AI-driven casual games, acquired August 2025) — collectively serving approximately 9.5 million monthly active users across mobile, web/browser, and Steam PC platforms with 550M+ cumulative installs.
The company monetizes primarily through in-app purchases (94% of Q1 2026 bookings at $78M of $83M) within free-to-play live-service games, supplemented by in-game advertising (6%, $5M in Q1 2026). Distribution spans iOS/Android app stores, web browsers, and Steam, with mobile accounting for 64% and PC 36% of bookings in Q1 2026. GDEV markets via selective performance marketing targeting higher-LTV players rather than mass-volume acquisition, with social media reach of 8M+ subscribers.
The technology stack centers on AI-assisted game development tooling used by Game Gears for production automation and gameplay enhancement, alongside an in-development AI-driven vertical drama platform. Financial performance in 2025 was $404M revenue (down 4% YoY) but with sharp profitability improvement: profit for the period rose to $69M from $26M, and adjusted EBITDA grew 87% to $79M. Q1 2026 returned to growth with revenue up 2% YoY to $99M and net profit up 22% to $17M, while selling and marketing expenses declined 13%. The company's M&A posture, dedicated pitch portal, and AI-focused investment activity suggest a continued roll-up strategy centered on AI-native game production capabilities.
GDEV firmographics
Firmographics- Name
- GDEV
- Legal name
- GDEV INC.
- Website
- https://gdev.inc
- Company type
- Public
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- GDEV Inc. (NASDAQ: GDEV) is a Cyprus-based international gaming and entertainment holding company operating five specialized studios (Nexters, Cubic Games, Royal Ark, Game Gears, Light Hour Games) that develop and publish free-to-play live-service games across mobile, web, and PC platforms, monetized primarily through in-app purchases to a global consumer audience of ~9.5M monthly active users.
- Ownership category
- akta.pro rank
GDEV industry classification
Industry- Product category
- Mobile Gaming / Live-Service Games
- NAICS
- Software Publishers (5132), Software Publishers (51321)
- akta.pro primary industry
- Mobile & F2P Game Studios (MPAFAAAB)
- akta.pro secondary industries
- Strategy/4X/Management Game Studios (MPAFAAAK), Live-Service & MMO Game Studios (MPAFAAAD)
Keywords
Where GDEV is headquartered
LocationHeadquarters
- HQ city
- Limassol
- HQ country
- Cyprus
- HQ region
- Europe
Offices2 records
Markets served
GDEV business model
Business model- GTM type
- B2C
- Offering type
- Digital Commerce or Content
- Cost components
- Marketing or Sales, Personnel, Technology or R&D, Operations
Revenue model
- In-app purchases (IAP): Primary revenue stream from free-to-play games generating revenue through in-app purchases. In Q1 2026, bookings from in-app purchases were $78M out of $83M total bookings (94%). In Q3 2025, bookings from in-app purchases were $85M out of $90M total bookings.
- Advertising: Secondary revenue stream from advertising within games. In Q1 2026, advertising bookings were $5M (5.8% of total bookings). In Q3 2025, advertising bookings were $5M (6.0% of total bookings). Share of advertising has been declining due to global trends in declining CPM rates.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
GDEV product offering
Product offeringCore offering
GDEV develops and publishes free-to-play live-service games across mobile, web, and PC platforms through a portfolio of specialized studios. Its franchises include Hero Wars (RPG), Pixel Gun 3D (first-person shooter), Island Hoppers (farming adventure), Dawn of Zombies (survival RPG), and Idle Zombie Miner (idle clicker), generating revenue primarily through in-app purchases and in-game advertising.
Differentiator
Problem solved
Functional benefit
Brands
- Hero Wars Alliance: Mid-core mobile blockbuster RPG game
- Hero Wars Domination Era
- Island Hoppers
- Pixel Gun 3D
- Dawn of Zombies
- Idle Zombie Miner
- Zombie Miner
Products and services
- Hero Wars Alliance Mid-core mobile RPG blockbuster game, the mobile edition of the Hero Wars franchise, available on iOS and Android for individual gamers worldwide.
- Hero Wars Domination Era Browser-based fantasy RPG, the web edition of the Hero Wars franchise, available to individual gamers on web browsers.
- Island Hoppers Multiplatform farming adventure game available on mobile and web for individual gamers seeking casual gameplay.
- Pixel Gun 3D Mobile first-person shooter with approximately 3 million monthly active users, also available on Steam as the PC edition launched in April 2024.
- Dawn of Zombies Mobile survival game with RPG elements developed by Royal Ark studio for individual gamers.
- Idle Zombie Miner: Gold Tycoon Mobile idle/tycoon game set in a zombie apocalypse setting, developed by Royal Ark studio, which reached #3 globally by revenue in the Clicker/Idle genre.
Quantifiable outcome
- 22% increase in net profit to $17M in Q1 2026
- +2 more outcomes
Companies that use GDEV
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles1 record
GDEV technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability2 records
Feature1 record
GDEV partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- InvestGameminorGDEV collaborated with InvestGame on a report analyzing AI-focused gaming startups that raised $1.8 billion across 264 funding deals from 2020 to 2024. The report highlights investment trends in content creation tools dominating investments at $1.2 billion across 119 deals.
Scale indicators12 records
Recent moves7 records
Expansion highlights6 records
GDEV competitors and assessment
Company assessmentDirect peers
- Stillfront Group: Swedish mobile and online gaming holding company operating multiple studios across casual and mid-core genres. Closest structural peer to GDEV's multi-studio holding model and live-service focus.
- Playtika: Israel-based mobile F2P gaming company with a portfolio of live-service titles and IAP-driven monetization. Highly comparable to GDEV in business model, platform mix, and UA-driven growth strategy, though larger in scale.
- Scopely: Mobile F2P gaming company specializing in mid-core and casual titles including Monopoly GO and Stumble Guys. Comparable to GDEV in mobile focus, live-service operations, and multi-IP strategy.
- Playrix: Russian-origin mobile casual game developer (Homescapes, Gardenscapes) with deep roots in the same Eastern European talent ecosystem as GDEV. Comparable in mobile F2P focus and genre breadth.
- MY.GAMES: International gaming brand of VK operating F2P mobile and PC titles with Russian/CIS roots. Comparable to GDEV in genre mix (RPGs, shooters, casual), platform breadth, and post-Soviet talent base.
- King (Activision Blizzard): Mobile F2P gaming company behind Candy Crush and a portfolio of casual live-service titles owned by Microsoft. Comparable to GDEV in IAP-driven mobile casual monetization and live-service operations.
- Outfit7: Mobile casual gaming company known for Talking Tom franchise, owned by Chinese conglomerate Zhejiang Jinke Peroxide. Comparable to GDEV in mobile casual focus and long-running IP monetization.
Broad incumbents
- Zynga (Take-Two Interactive): Pioneer mobile F2P gaming company (now part of Take-Two) with a large portfolio of social casino, casual, and mid-core titles. Operates at much larger scale but shares GDEV's IAP-driven mobile monetization model.
- Embracer Group: Swedish gaming holding company with a large multi-studio portfolio spanning PC/console and mobile. Comparable holding-company structure to GDEV but operates across a broader set of platforms and genres.
Emerging players
- AppLovin: Mobile app monetization and UA platform that also publishes games via AppLovin's own studios. Partial overlap with GDEV through mobile gaming publishing and deep UA technology capabilities, though primarily a tech/monetization platform.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
GDEV social profiles
Digital presenceGDEV financial estimates
Financial estimateRevenue estimate
Valuation estimate
GDEV leadership team
Management profileNumber of profiles
Profiles2 records
GDEV subsidiaries and ownership
Company hierarchySubsidiaries5 records
GDEV funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
GDEV M&A and investment
M&A and investmentM&A5 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about GDEV
What does GDEV do?
GDEV develops and publishes free-to-play live-service games across mobile, web, and PC platforms through a portfolio of specialized studios. Its franchises include Hero Wars (RPG), Pixel Gun 3D (first-person shooter), Island Hoppers (farming adventure), Dawn of Zombies (survival RPG), and Idle Zombie Miner (idle clicker), generating revenue primarily through in-app purchases and in-game advertising.
Is GDEV a public or private company?
GDEV is a public company. It is classified as public and is currently operating.
When was GDEV founded?
GDEV was founded in 2020. It employs 501 to 1,000 people.
Where is GDEV based?
GDEV is headquartered in Limassol, Cyprus, in the Europe region.
How does GDEV make money?
Two revenue lines are on record. In-app purchases (IAP) is the primary driver. The others are advertising.
Who are GDEV's main competitors?
Direct peers on record are Stillfront Group, Playtika, Scopely, Playrix, MY.GAMES, King (Activision Blizzard) and Outfit7. Broad incumbents are Zynga (Take-Two Interactive) and Embracer Group. AppLovin is listed as an emerging player.
Does GDEV have an API?
No public API is recorded for GDEV.
What industry is GDEV in?
GDEV's product category is Mobile Gaming / Live-Service Games. Its primary akta.pro industry code is MPAFAAAB, Mobile & F2P Game Studios, with a secondary code of MPAFAAAK, Strategy/4X/Management Game Studios. Its NAICS code is 5132.