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Side-by-side financial comparison of GDEV Inc. (GDEV) and Galaxy Digital Inc. (GLXY), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Galaxy Digital Inc. is the larger business by last-quarter revenue ($23.3B vs $119.9M, roughly 194.7× GDEV Inc.). GDEV Inc. runs the higher net margin — 13.9% vs -3.3%, a 17.2% gap on every dollar of revenue.
GDEV Inc. is a gaming and entertainment holding company. It is a publicly traded company listed on the Nasdaq stock exchange, headquartered in Limassol, Cyprus. The holding was evolved in June 2023 from a video game company Nexters, founded in 2014, one of the top five independent mobile game companies in Europe. Subsidiaries of GDEV include Nexters Studio, which operates offices in Cyprus, Armenia, and Kazakhstan, as well as Cubic Games, Royal Ark, Game Gears and Light Hour Games. The compan...
Digital Chocolate, Inc. was a video game developer and publisher headquartered in San Mateo, California. It was founded in 2003 by Trip Hawkins, the founder of video game companies Electronic Arts and The 3DO Company. The company focused on developing games for Java ME-based mobile phones, iOS, and Microsoft Windows, and made some non-entertainment titles. Its marketing motto was Seize the minute.
GDEV vs GLXY — Head-to-Head
Income Statement — Q2 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $119.9M | $23.3B |
| Net Profit | $16.6M | $-777.1M |
| Gross Margin | — | — |
| Operating Margin | 15.5% | -3.7% |
| Net Margin | 13.9% | -3.3% |
| Revenue YoY | 13.3% | — |
| Net Profit YoY | 13.0% | — |
| EPS (diluted) | $0.90 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | — | $23.3B | ||
| Q3 25 | — | $28.4B | ||
| Q2 25 | $119.9M | $8.6B | ||
| Q1 25 | — | $0 | ||
| Q3 24 | — | $8.5B | ||
| Q2 24 | $105.8M | $8.9B | ||
| Q1 24 | — | $0 | ||
| Q2 23 | $114.9M | — |
| Q4 25 | — | $-777.1M | ||
| Q3 25 | — | $505.1M | ||
| Q2 25 | $16.6M | $30.7M | ||
| Q1 25 | — | $0 | ||
| Q3 24 | — | $-33.3M | ||
| Q2 24 | $14.7M | $-125.6M | ||
| Q1 24 | — | $-1.0K | ||
| Q2 23 | $19.5M | — |
| Q4 25 | — | -3.7% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | 15.5% | 0.5% | ||
| Q1 25 | — | — | ||
| Q3 24 | — | -0.5% | ||
| Q2 24 | 14.4% | -1.6% | ||
| Q1 24 | — | — | ||
| Q2 23 | 12.9% | — |
| Q4 25 | — | -3.3% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | 13.9% | 0.4% | ||
| Q1 25 | — | — | ||
| Q3 24 | — | -0.4% | ||
| Q2 24 | 13.9% | -1.4% | ||
| Q1 24 | — | — | ||
| Q2 23 | 17.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $0.90 | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $0.81 | — | ||
| Q1 24 | — | — | ||
| Q2 23 | $0.99 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $41.6M | $2.0B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-129.4M | $2.0B |
| Total Assets | $210.2M | $11.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | $41.6M | $1.4B | ||
| Q1 25 | — | $1.0K | ||
| Q3 24 | — | — | ||
| Q2 24 | $50.8M | — | ||
| Q1 24 | — | — | ||
| Q2 23 | $68.6M | — |
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | $-129.4M | $1.5B | ||
| Q1 25 | — | $1.0K | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | $-118.7M | $2.1B | ||
| Q1 24 | — | $2.0K | ||
| Q2 23 | $-135.8M | — |
| Q4 25 | — | $11.3B | ||
| Q3 25 | — | $11.5B | ||
| Q2 25 | $210.2M | $9.1B | ||
| Q1 25 | — | $1.0K | ||
| Q3 24 | — | — | ||
| Q2 24 | $282.8M | — | ||
| Q1 24 | — | — | ||
| Q2 23 | $302.2M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-1.1B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | — | — |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | — | $-1.1B | ||
| Q3 25 | — | $427.7M | ||
| Q2 25 | — | $329.3M | ||
| Q1 25 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-1.0K | ||
| Q2 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $189.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.85× | ||
| Q2 25 | — | 10.73× | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q2 23 | — | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
GDEV
Segment breakdown not available.
GLXY
| Other | $13.0B | 56% |
| Digital Assets Sales | $10.2B | 44% |
| Blockchain Rewards | $57.0M | 0% |
| Fee | $27.4M | 0% |
| Blockchain Rewards From Non Customers | $1.7M | 0% |
