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Side-by-side financial comparison of GDEV Inc. (GDEV) and Perma-Pipe International Holdings, Inc. (PPIH). Click either name above to swap in a different company.
GDEV Inc. is the larger business by last-quarter revenue ($119.9M vs $61.1M, roughly 2.0× Perma-Pipe International Holdings, Inc.). GDEV Inc. runs the higher net margin — 13.9% vs 10.3%, a 3.5% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 13.3%).
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...
Perma-Pipe International Holdings, Inc. designs, manufactures and supplies pre-insulated piping systems and integrated leak detection solutions. Its offerings cater to oil & gas, district heating and cooling, industrial, and municipal infrastructure segments, with a global footprint spanning North America, the Middle East, Europe and Asia.
GDEV vs PPIH — Head-to-Head
Income Statement — Q2 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $119.9M | $61.1M |
| Net Profit | $16.6M | $6.3M |
| Gross Margin | — | 34.4% |
| Operating Margin | 15.5% | 18.6% |
| Net Margin | 13.9% | 10.3% |
| Revenue YoY | 13.3% | 47.1% |
| Net Profit YoY | 13.0% | 153.5% |
| EPS (diluted) | $0.90 | $0.77 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $61.1M | ||
| Q3 25 | — | $47.9M | ||
| Q2 25 | $119.9M | $46.7M | ||
| Q1 25 | — | $45.0M | ||
| Q4 24 | — | $41.6M | ||
| Q3 24 | — | $37.5M | ||
| Q2 24 | $105.8M | $34.3M | ||
| Q1 24 | — | $40.2M |
| Q4 25 | — | $6.3M | ||
| Q3 25 | — | $851.0K | ||
| Q2 25 | $16.6M | $5.0M | ||
| Q1 25 | — | $1.8M | ||
| Q4 24 | — | $2.5M | ||
| Q3 24 | — | $3.3M | ||
| Q2 24 | $14.7M | $1.4M | ||
| Q1 24 | — | $8.6M |
| Q4 25 | — | 34.4% | ||
| Q3 25 | — | 30.1% | ||
| Q2 25 | — | 35.8% | ||
| Q1 25 | — | 33.7% | ||
| Q4 24 | — | 33.9% | ||
| Q3 24 | — | 35.9% | ||
| Q2 24 | — | 30.6% | ||
| Q1 24 | — | 30.0% |
| Q4 25 | — | 18.6% | ||
| Q3 25 | — | 6.7% | ||
| Q2 25 | 15.5% | 16.9% | ||
| Q1 25 | — | 12.1% | ||
| Q4 24 | — | 13.4% | ||
| Q3 24 | — | 16.4% | ||
| Q2 24 | 14.4% | 9.1% | ||
| Q1 24 | — | 11.3% |
| Q4 25 | — | 10.3% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | 13.9% | 10.6% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | — | 6.0% | ||
| Q3 24 | — | 8.8% | ||
| Q2 24 | 13.9% | 4.2% | ||
| Q1 24 | — | 21.5% |
| Q4 25 | — | $0.77 | ||
| Q3 25 | — | $0.10 | ||
| Q2 25 | $0.90 | $0.61 | ||
| Q1 25 | — | $0.23 | ||
| Q4 24 | — | $0.31 | ||
| Q3 24 | — | $0.40 | ||
| Q2 24 | $0.81 | $0.18 | ||
| Q1 24 | — | $1.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $41.6M | $27.2M |
| Total DebtLower is stronger | — | $12.7M |
| Stockholders' EquityBook value | $-129.4M | $85.8M |
| Total Assets | $210.2M | $217.0M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $27.2M | ||
| Q3 25 | — | $17.3M | ||
| Q2 25 | $41.6M | $18.8M | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | — | $13.3M | ||
| Q3 24 | — | $9.5M | ||
| Q2 24 | $50.8M | $7.7M | ||
| Q1 24 | — | $5.8M |
| Q4 25 | — | $12.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $15.2M |
| Q4 25 | — | $85.8M | ||
| Q3 25 | — | $80.2M | ||
| Q2 25 | $-129.4M | $77.9M | ||
| Q1 25 | — | $72.1M | ||
| Q4 24 | — | $71.2M | ||
| Q3 24 | — | $68.6M | ||
| Q2 24 | $-118.7M | $65.5M | ||
| Q1 24 | — | $65.7M |
| Q4 25 | — | $217.0M | ||
| Q3 25 | — | $189.0M | ||
| Q2 25 | $210.2M | $178.3M | ||
| Q1 25 | — | $165.2M | ||
| Q4 24 | — | $160.7M | ||
| Q3 24 | — | $157.8M | ||
| Q2 24 | $282.8M | $155.7M | ||
| Q1 24 | — | $155.7M |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.21× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.23× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $17.3M |
| Free Cash FlowOCF − Capex | — | $12.4M |
| FCF MarginFCF / Revenue | — | 20.2% |
| Capex IntensityCapex / Revenue | — | 8.1% |
| Cash ConversionOCF / Net Profit | — | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | — | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $17.3M | ||
| Q3 25 | — | $-2.0M | ||
| Q2 25 | — | $733.0K | ||
| Q1 25 | — | $6.0M | ||
| Q4 24 | — | $5.2M | ||
| Q3 24 | — | $2.8M | ||
| Q2 24 | — | $-73.0K | ||
| Q1 24 | — | $7.1M |
| Q4 25 | — | $12.4M | ||
| Q3 25 | — | $-4.6M | ||
| Q2 25 | — | $-194.0K | ||
| Q1 25 | — | $4.7M | ||
| Q4 24 | — | $4.8M | ||
| Q3 24 | — | $2.2M | ||
| Q2 24 | — | $-662.0K | ||
| Q1 24 | — | $4.2M |
| Q4 25 | — | 20.2% | ||
| Q3 25 | — | -9.6% | ||
| Q2 25 | — | -0.4% | ||
| Q1 25 | — | 10.5% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | — | 5.8% | ||
| Q2 24 | — | -1.9% | ||
| Q1 24 | — | 10.5% |
| Q4 25 | — | 8.1% | ||
| Q3 25 | — | 5.3% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 0.8% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 7.2% |
| Q4 25 | — | 2.74× | ||
| Q3 25 | — | -2.40× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 3.42× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | -0.05× | ||
| Q1 24 | — | 0.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
