Remedy Annual Report 2022

Key insights

6 takeaways

01
Remedy is shifting its business model from a traditional development-fee structure to a high-margin strategy focused on co-publishing and retaining ownership of its intellectual property.See it on page 13
02
The company is scaling its operations to support a multi-project pipeline capable of managing five major titles simultaneously, with a goal of launching one new game per year.See it on page 4
03
Fiscal year 2022 saw a revenue decline to €43.6 million and an operating loss of €0.6 million as the company pivoted toward self-funding its development costs.See it on page 49
04
The current development pipeline includes major titles such as Alan Wake 2, Control 2, and the Max Payne 1&2 remakes.See it on page 9
05
Headcount increased by 14% to 334 employees in 2022, supported by the opening of a new office in Stockholm to expand international capacity.See it on page 32
06
The company utilizes its proprietary Northlight technology and a disciplined seven-stage development process to mitigate risk and maximize the commercial potential of its owned IP.See it on page 7

Summary

Remedy Entertainment is undergoing a fundamental strategic transformation, shifting from a traditional development-fee model toward a scalable, high-margin business focused on co-publishing and owning intellectual property. By transitioning to a multi-project model capable of managing five major titles simultaneously, the company aims to secure a larger share of royalties and establish a consistent cadence of one new game launch per year. This evolution is anchored by the proprietary Northlight technology and a diversified portfolio that balances premium narrative-driven experiences with long-term, service-based engagement.

The 2022 fiscal year served as a critical investment period, characterized by significant organizational scaling and a deliberate pivot toward self-funding development costs. While this transition resulted in a revenue decline to €43.6 million and a marginal operating loss of €0.6 million, the company maintains a robust cash position to support its ambitious pipeline, including Alan Wake 2, Control 2, and the Max Payne 1&2 remakes. Operational capacity was further bolstered by a 14% increase in headcount to 334 employees and the expansion of its international footprint with a new office in Stockholm.

Beyond financial and production goals, the company has formalized its commitment to sustainable growth through comprehensive environmental, social, and governance initiatives. By prioritizing diversity, equity, and inclusion alongside ethical business practices and professional development, the organization seeks to solidify its status as a top-tier employer in the global gaming industry. These efforts, combined with a disciplined seven-stage development process, are designed to mitigate risk while maximizing the long-term commercial influence of the company’s owned intellectual property across the global market.