GDEV Inc. (GDEV) Balance Sheet
GDEV balance sheet, 2025
December 31, 2025 · U.S. dollars$233.1M assets = $323.7M liabilities + −$90.6M equity
Liabilities exceed assets: shareholders’ equity is negative (−$90.6M).
Both columns are drawn to the same scale: what GDEV owns equals what it owes plus shareholders’ equity. Hover a block for its value.
GDEV financial health
Descriptive bands, not a rating. Fiscal 2025.
GDEV balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $80.5M2019 | $233.1M2025 | +19.4%/yr | |
| Total liabilities | $129.0M2019 | $323.7M2025 | +16.6%/yr | |
| Shareholders’ equity | −$48.6M2019 | −$90.6M2025 | — | |
| Cash & short-term investments | $18.5M2019 | $104.3M2025 | +33.4%/yr | |
| Total debt | $4.1M2019 | $1.1M2025 | −19.8%/yr | |
| Net cash (debt) | $14.4M2019 | $103.2M2025 | +$88.9M | |
| Working capital | −$63.1M2019 | −$76.8M2025 | −$13.7M | |
| Book value per share | −$2.472019 | −$5.002025 | — | |
| Current ratio | 0.402019 | 0.672025 | +0.26 | |
| Shares outstanding | 19.7M2019 | 18.1M2025 | −1.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GDEV assets
GDEV liabilities and equity
GDEV debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
GDEV balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $104.3M | $134.8M | $156.0M | $137.1M | $142.8M | $84.6M | $18.5M |
| Cash & equivalents | $58.9M | $111.0M | $71.8M | $86.8M | $142.8M | $84.6M | $17.6M |
| Short-term investments | $45.4M | $23.8M | $84.2M | $50.4M | $2.5M | $2.0M | $910,000 |
| Receivables | $40.0M | $38.1M | $48.8M | $42.9M | $42.8M | $30.9M | $23.8M |
| Inventory | $0 | $0 | $3.2M | $6.3M | $0 | $1 | $1 |
| Other current assets | $10.7M | $6.7M | $5.8M | $2.5M | $5.6M | $5.2M | $632,999 |
| Total current assets | $155.1M | $179.6M | $213.9M | $188.9M | $191.1M | $120.7M | $42.9M |
| Property, plant & equipment (net) | $1.9M | $2.9M | $4.1M | $2.2M | $3.4M | $1.2M | $133,000 |
| Goodwill & intangible assets | $2.5M | $6.3M | $10.3M | $14.8M | $1.8M | $76,000 | $336,000 |
| Long-term investments | $18.7M | $16.1M | $18.1M | $17.9M | $0 | $0 | $0 |
| Other non-current assets | $55.0M | $67.3M | $74.2M | $98.2M | $116.7M | $89.6M | $37.1M |
| Total assets | $233.1M | $272.2M | $320.6M | $322.0M | $313.0M | $211.6M | $80.5M |
| Liabilities | |||||||
| Accounts payable | $12.2M | $12.9M | $21.7M | $22.3M | $16.2M | $9.8M | $13.0M |
| Short-term debt | $777,000 | $1.3M | $1.5M | $743,000 | $831,000 | $342,000 | $4.0M |
| Deferred revenue | $188.1M | $222.7M | $234.2M | $295.6M | $294.6M | $215.6M | $1.2M |
| Total current liabilities | $231.9M | $263.5M | $302.8M | $332.4M | $322.8M | $233.4M | $106.0M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.1M | $1.3M | $2.4M | $1.2M | $1.9M | $1.1M | — |
| Other long-term liabilities | $91.8M | $110.3M | $117.6M | $138.4M | $151.2M | $80.0M | $23.0M |
| Total liabilities | $323.7M | $373.7M | $420.4M | $470.8M | $474.0M | $313.5M | $129.0M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | — | — | — | — | — | $27,000 | $27,000 |
| Retained earnings (deficit) | −$239.2M | −$248.5M | −$274.1M | −$320.2M | −$327.5M | −$114.0M | −$56.7M |
| Accumulated other comprehensive income | $7.1M | $5.9M | $148.7M | $3.5M | $37,000 | $12.1M | $8.1M |
| Minority interest | $0 | $0 | $0 | $0 | — | — | — |
| Total shareholders' equity | −$90.6M | −$101.5M | −$99.8M | −$148.8M | −$161.1M | −$101.9M | −$48.6M |
| Key figures | |||||||
| Total debt | $1.1M | $1.3M | $2.4M | $1.2M | $1.9M | $1.2M | $4.1M |
| Net cash (debt) | $103.2M | $133.5M | $153.6M | $136.0M | $140.9M | $83.4M | $14.4M |
| Working capital | −$76.8M | −$83.9M | −$88.9M | −$143.5M | −$131.7M | −$112.7M | −$63.1M |
| Tangible book value | −$93.0M | −$107.8M | −$110.1M | −$163.6M | −$162.9M | −$102.0M | −$48.9M |
| Book value per share | −$5.00 | −$5.51 | −$4.98 | −$7.52 | −$8.78 | −$5.77 | −$2.47 |
| Shares outstanding | 18.1M | 18.4M | 20.0M | 19.8M | 18.4M | 17.7M | 19.7M |
| Current ratio | 0.67 | 0.68 | 0.71 | 0.57 | 0.59 | 0.52 | 0.40 |
| Quick ratio | 0.62 | 0.66 | 0.68 | 0.54 | 0.57 | 0.49 | 0.40 |
| Equity / assets | −38.8% | −37.3% | −31.1% | −46.2% | −51.5% | −48.2% | −60.4% |
| Jun '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||
| Cash & short-term investments | $121.5M | $108.3M | $90.2M | $66.0M | $85.7M | $134.8M | $116.7M | $105.4M | $124.8M | $156.0M | $144.9M |
| Cash & equivalents | $78.2M | $62.9M | $55.0M | $31.6M | $61.6M | $111.0M | $86.6M | $50.8M | $68.3M | $71.8M | $61.0M |
| Short-term investments | $43.2M | $45.4M | $35.2M | $34.4M | $24.1M | $23.8M | $30.1M | $54.6M | $56.5M | $84.2M | $83.9M |
| Receivables | $38.6M | $40.0M | $49.3M | $46.8M | $46.7M | $38.1M | $48.7M | $52.2M | $41.4M | $51.9M | $44.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.9M | $3.2M | $0 | $6.7M |
| Other current assets | $5.7M | $6.7M | $2.2M | $15.9M | $2.2M | $6.7M | $2.9M | $2.4M | $3.0M | $5.9M | $2.4M |
| Total current assets | $165.7M | $155.1M | $141.8M | $128.7M | $134.7M | $179.6M | $168.3M | $162.9M | $172.4M | $213.9M | $198.6M |
| Property, plant & equipment (net) | $2.5M | $1.9M | $2.1M | $3.1M | $3.4M | $2.9M | $3.0M | $3.4M | $2.4M | $4.1M | $4.2M |
| Goodwill & intangible assets | $2.2M | $2.5M | $3.7M | $4.1M | $5.2M | $6.3M | $7.3M | $8.3M | $13.7M | $10.3M | $11.4M |
| Long-term investments | $23.5M | $0 | $0 | $16.6M | $0 | $0 | $0 | $34.9M | $0 | $18.1M | $16.2M |
| Other non-current assets | $46.4M | $73.6M | $73.1M | $57.7M | $80.2M | $83.4M | $104.8M | $73.4M | $107.0M | $74.2M | $77.1M |
| Total assets | $240.3M | $233.1M | $220.7M | $210.2M | $223.4M | $272.2M | $283.4M | $282.8M | $295.6M | $320.6M | $307.5M |
| Liabilities | |||||||||||
| Accounts payable | $11.7M | $12.2M | $23.7M | $12.9M | $32.5M | $12.9M | $29.0M | $14.1M | $32.7M | $30.3M | $14.0M |
| Short-term debt | $1.6M | $777,000 | $876,000 | $1.7M | $1.6M | $1.3M | $1.1M | $1.2M | $692,000 | — | $1.2M |
| Deferred revenue | $171.9M | $188.1M | — | $200.0M | $213.8M | $222.7M | — | $234.5M | $234.2M | — | $239.0M |
| Total current liabilities | $221.4M | $231.9M | $236.2M | $250.0M | $266.9M | $263.5M | $277.2M | $281.1M | $324.0M | $302.8M | $301.3M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.7M | — | — | $2.3M | — | — | — | $2.1M | — | $2.4M | $2.2M |
| Other long-term liabilities | $70.7M | $91.8M | $89.5M | $89.6M | $103.8M | $110.3M | $109.3M | $120.5M | $128.4M | $117.6M | $117.7M |
| Total liabilities | $292.0M | $323.7M | $325.7M | $339.6M | $370.7M | $373.7M | $386.5M | $401.5M | $452.4M | $420.4M | $419.0M |
| Shareholders' equity | |||||||||||
| Retained earnings (deficit) | −$201.9M | −$239.2M | −$253.5M | −$277.7M | −$294.3M | −$248.5M | −$246.2M | −$260.8M | −$328.4M | −$274.1M | −$285.2M |
| Accumulated other comprehensive income | $153.2M | $151.7M | $151.6M | $6.8M | $150.1M | $5.9M | $143.1M | $5.9M | $171.6M | $148.7M | $4.9M |
| Minority interest | — | — | — | $0 | — | — | — | — | — | — | — |
| Total shareholders' equity | −$51.7M | −$90.6M | −$105.0M | −$129.4M | −$147.3M | −$101.5M | −$103.1M | −$118.7M | −$156.8M | −$99.8M | −$111.5M |
| Key figures | |||||||||||
| Total debt | $1.7M | $1.1M | $1.3M | $2.3M | $2.1M | $1.3M | $1.2M | $2.1M | $903,000 | $983,000 | $2.2M |
| Net cash (debt) | $119.8M | $107.2M | $88.9M | $63.7M | $83.6M | $133.5M | $115.5M | $103.3M | $123.9M | $155.1M | $142.7M |
| Working capital | −$55.6M | −$76.8M | −$94.4M | −$121.3M | −$132.2M | −$83.9M | −$108.9M | −$118.2M | −$151.6M | −$88.9M | −$102.7M |
| Tangible book value | −$53.9M | −$93.0M | −$108.7M | −$133.5M | −$152.4M | −$107.8M | −$110.4M | −$127.1M | −$170.5M | −$110.1M | −$123.0M |
| Book value per share | −$2.80 | −$4.99 | −$5.75 | −$6.99 | −$8.12 | −$5.66 | −$5.57 | −$6.50 | −$7.94 | — | −$5.65 |
| Shares outstanding | 18.5M | 18.2M | 18.3M | 18.5M | 18.1M | 18.0M | 18.5M | 18.3M | 19.7M | — | 19.7M |
| Current ratio | 0.75 | 0.67 | 0.60 | 0.51 | 0.50 | 0.68 | 0.61 | 0.58 | 0.53 | 0.71 | 0.66 |
| Quick ratio | 0.72 | 0.64 | 0.59 | 0.45 | 0.50 | 0.66 | 0.60 | 0.56 | 0.51 | 0.69 | 0.63 |
| Equity / assets | −21.5% | −38.8% | −47.6% | −61.6% | −65.9% | −37.3% | −36.4% | −42.0% | −53.0% | −31.1% | −36.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 31, 2026); data from EODHD.
GDEV financial position
At the end of fiscal 2025 (December 31, 2025), GDEV had total assets of $233.1 million (down 14.4% from a year earlier), total liabilities of $323.7 million and shareholders' equity of -$90.6 million. It held $104.3 million in cash and short-term investments against $1.1 million of debt, a net cash position of $103.2 million. Its current ratio was 0.67. In the latest quarter (ended June 30, 2026) total assets were $240.3 million and equity -$51.7 million.
Related: GDEV income statement, GDEV cash flow statement, GDEV key metrics. See the GDEV stock overview for the latest quote and news.
GDEV balance sheet FAQ
What are GDEV's total assets?
GDEV reported total assets of $233.1 million at the end of fiscal 2025 (December 31, 2025), compared with $272.2 million a year earlier.
How much debt does GDEV have?
GDEV had $1.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does GDEV have?
GDEV held $104.3 million in cash and short-term investments at the end of fiscal 2025; with $1.1 million of debt that is net cash of $103.2 million.
What is GDEV's book value?
GDEV's shareholders' equity (book value) was -$90.6 million at the end of fiscal 2025, or −$5.00 per share.
What is GDEV's current ratio?
GDEV had current assets of $155.1 million and current liabilities of $231.9 million, a current ratio of 0.67 (current liabilities exceed current assets).
How much goodwill does GDEV have?
GDEV carried $2.5 million of goodwill and intangible assets, 1.1% of total assets, at the end of fiscal 2025.