GDEV Inc. (GDEV), a gaming and entertainment company, on Friday reported a net profit for the first quarter, mainly due to a decrease in selling and marketing expenses. However, the firm recorded a fall in revenue, reflecting a drop in bookings.
For the three-month period to March 31, GDEV reported a net profit of $14 million, compared with a loss of $5 million registered for the same period last year. Excluding items, EBITDA was $16 million, compared with an EBITDA loss of $0.9 million a year ago.
Selling and marketing expenses moved down to $42 million from $63 million in the previous year. Game operation cost was $14 million, compared with $13 million in 2024. Platform commissions were negative $20 million as against negative $23 million a year ago.
Revenue was $97 million, down from the previous year's $107 million. This decline was primarily driven by a $5 million reduction in revenue recognized from bookings made in prior periods, as a larger portion of historical bookings contributed to revenue in the first quarter of 2024 than in the first quarter of 2025. The decline in revenue was also amplified by a decrease in the portion of revenue recognized from current-quarter bookings, reflecting a $28 million decrease in bookings in the first quarter of 2025 compared with the same period in 2024.
Bookings were $81 million, less than $109 million posted for the same period last year.
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