DON'T NOD 2025 Full-Year Results

Key insights

7 takeaways

01
DON'T NOD faces material uncertainty regarding its ability to continue as a going concern beyond January 31, 2027, as cash reserves dropped from €32.9 million to €15.4 million.See it on page 4
02
The studio reported a consolidated net loss of €35.7 million for 2025, an improvement over the €64.3 million loss recorded in 2024.See it on page 2
03
Annual revenue quadrupled to €13.7 million, bolstered by the release of 'Lost Records: Bloom & Rage' and a strategic partnership with Netflix.See it on page 2
04
Cost-optimization efforts in Paris and Montreal generated €5.7 million in total savings, contributing to a 20% reduction in staff costs.See it on page 3
05
Operating EBITDA remained negative at a loss of €12.3 million, despite the implementation of rigorous cost-cutting measures.See it on page 3
06
The company is prioritizing the April 2026 release of 'Aphelion' and seeking external financing to secure future sustainability.See it on page 5
07
Governance changes include the replacement of a Tencent Holdings Limited representative with an independent director to bolster board expertise.See it on page 5

Summary

The 2025 full-year results for the French independent video game studio DON'T NOD reflect a period of significant organizational transformation and financial restructuring. While the company successfully quadrupled its revenues to €13.7 million—driven by the release of Lost Records: Bloom & Rage and development milestones associated with a strategic partnership with Netflix—it continues to navigate a challenging market environment. The studio reported a consolidated net loss of €35.7 million, an improvement over the €64.3 million loss recorded in 2024.

Operational performance was marked by a rigorous cost-optimization plan, which generated €4.5 million in savings in Paris and €1.2 million in Montreal. These efforts led to a 20% reduction in staff costs, excluding non-recurring restructuring expenses. Despite these efficiencies, the company faced a €12.3 million loss in operating EBITDA, including tax credits. The financial statements include a note regarding material uncertainty related to the company’s ability to continue as a going concern beyond January 31, 2027, as its cash position decreased from €32.9 million to €15.4 million over the year.

The studio’s strategy remains focused on narrative excellence and the development of high-value intellectual properties. Key upcoming milestones include the April 2026 release of the sci-fi title Aphelion and ongoing negotiations to secure co-production funding for the P14 project. To ensure future sustainability, management is actively pursuing external financing and further streamlining its cost base. The company’s governance also saw a shift with the appointment of an independent director to replace the outgoing representative from Tencent Holdings Limited, reinforcing the studio's commitment to professionalizing its board expertise during this critical recovery phase.