Don't Nod 2024 Full-Year Results

Key insights

7 takeaways

01
DON'T NOD reported a consolidated net loss of €64.3 million for 2024, a significant increase from the €14.8 million loss in 2023.See it on page 2
02
The 2024 results include over €50 million in non-cash charges, specifically a €33 million impairment of fixed assets for 'Jusant' and 'Banishers: Ghosts of New Eden' alongside the write-off of several development projects.See it on page 3
03
Operating revenues declined by 25% to €23.9 million, driven by a lack of new co-production revenue and reduced capitalized production.See it on page 2
04
The company maintains a stable financial foundation with €32.9 million in consolidated cash and limited financial debt.See it on page 4
05
A new structural transformation plan aims to reduce annual operating expenses by approximately €5 million starting in 2026.See it on page 1
06
The studio is narrowing its production focus to three core genres: Action-RPG, Narrative Adventure, and Action-Adventure.See it on page 5
07
The workforce was reduced to an average of 312 full-time equivalent employees in 2024, down from 336 in the previous year.See it on page 3

Summary

The 2024 full-year results for DON'T NOD, an independent French video game developer and publisher, reveal a period of significant financial contraction driven by the commercial underperformance of recent titles and a strategic shift in operations. The company reported a consolidated net loss of €64.3 million for the 2024 fiscal year, a sharp decline from the €14.8 million loss recorded in 2023. This outcome was heavily influenced by over €50 million in non-cash charges, including a €33 million impairment of fixed assets related to the titles Jusant and Banishers: Ghosts of New Eden, as well as the write-off of several development projects.

Operating revenues fell by 25% to €23.9 million, reflecting a lack of new co-production revenue and a decrease in capitalized production. Despite these challenges, the company maintains a robust consolidated cash position of €32.9 million and limited financial debt. The studio’s workforce also saw a slight reduction, averaging 312 full-time equivalent employees in 2024 compared to 336 in the previous year.

In response to an increasingly competitive and selective market, the studio has initiated a structural transformation plan. This strategy involves refocusing production efforts on three core genres—Action-RPG, Narrative Adventure, and Action-Adventure—and streamlining operations to reduce annual expenses by approximately €5 million starting in 2026. The company is also prioritizing the development of high-potential titles and exploring external licensing opportunities to diversify revenue streams. Recent 2025 releases, such as Lost Records: Bloom & Rage and Koira, have received positive critical reception, signaling a continued commitment to the studio’s established standards for narrative-driven gaming.