Ninja Theory's Revenue Surpassed $31 Million in FY Prior to Hellblade II's Launch

Ninja Theory’s financial performance for the fiscal year ending June 30, 2023, reveals a period of growth and transition for the UK-based developer prior to the launch of its major title, Senua’s Saga: Hellblade II. The studio reported total revenue of £23.99 million ($31.2 million), representing a 15.8% year-over-year increase. This financial activity resulted in a profit after taxes of £2.97 million ($3.86 million), a significant recovery compared to the £401.5k ($522k) loss recorded in the previous fiscal year.

The studio’s revenue structure is heavily reliant on its parent company, Microsoft. Intercompany recharge income accounted for £22.82 million ($29.68 million), or approximately 95% of total turnover, while revenue from self-published legacy titles declined by 37.3% to £907k ($1.17 million). Consequently, 96.5% of the studio’s total revenue was attributed to the United States market. As of June 30, 2023, the company maintained a strong financial position with £100.4 million ($130 million) in net assets.

Operational expenditures rose by 20% to £21.5 million ($28 million), driven largely by a 24% increase in research and development spending, which totaled over £11 million ($14.3 million). Staffing costs also saw a modest rise of 5.7% to £13.8 million, supporting a workforce of 106 employees. These figures, derived from official filings with the UK’s Companies House, provide a comprehensive view of the studio's internal investment and budgetary management under Microsoft’s oversight as it prepared for its next major release.