GDEV Announces Unaudited Results for the Third quarter and the First Nine Months of 2024

Core Insights - GDEV Inc. reported a sequential revenue growth in Q3 2024 despite industry pressures, with a revenue of $111 million, a decrease of 9% year-over-year [1][6][10] - The company is focused on long-term innovation rather than quick wins, enhancing core products to improve player experience [2] - GDEV established an at-the-market offering to increase stock liquidity, allowing the sale of up to 1,757,026 ordinary shares [3] Financial Performance - Q3 2024 revenue was$ 111 million, down from $121 million in Q3 2023, with a 9% decrease year-over-year and a 5% increase quarter-over-quarter [5][6] - Total bookings for Q3 2024 were$ 93 million, an 8% decline from $102 million in Q3 2023, attributed to a 16% decrease in monthly paying users [11][12] - Selling and marketing expenses rose to$ 52 million, a 22% increase year-over-year, reflecting the company's strategy to scale its business [6][9] Operational Highlights - The adjusted EBITDA for Q3 2024 was $16 million, down from$ 29 million in Q3 2023, indicating a 44% decrease [10][21] - The cash position improved to $153 million from$ 140 million at the end of Q2 2024, providing opportunities for further expansion [6] - The European share of bookings increased by 4 percentage points to 30%, driven by targeted user acquisition campaigns [6] Cost Management - Game operation costs remained stable at $13 million, while general and administrative expenses decreased by 9% year-over-year to$ 7 million [6][9] - Platform commissions decreased by 13% to $24 million, influenced by a 9% drop in revenues from in-game purchases [8] Geographic and Platform Insights - The share of bookings by geography remained stable, with the US at 34%, Asia at 22%, and Europe at 30% [14] - The split of bookings by platform showed a slight increase in PC bookings to 38% compared to 37% in Q3 2023 [13]