Remedy Entertainment Business Review: January-March 2021

Remedy Entertainment’s business review for the first quarter of 2021 outlines a strategic pivot toward self-financing and self-publishing, supported by a successful capital raise of 41.5 million euros. The primary objective of this financial injection is to capture a larger share of the long-term value generated by the company’s intellectual properties. By strengthening its balance sheet, the firm aims to expand its internal capabilities and execute its 2021–2025 growth strategy while maintaining its reputation for developing high-quality, story-driven console and PC games.

Financial performance during the first quarter remained stable, with revenue reaching 8.1 million euros, a 3.4% increase compared to the same period in 2020. Operating profit stood at 0.9 million euros, representing 10.5% of revenue. The company reported a strong cash position of 62.4 million euros by the end of March, bolstered by both positive operating cash flow and the directed share offering. Personnel growth continued, with the headcount reaching 281 employees, reflecting ongoing investments in production teams and technical infrastructure.

Operational highlights included the release of the Ultimate Edition of Control on next-generation consoles, which received strong critical acclaim for its ray-tracing implementation. Development efforts remain diversified across several projects, including the finalization of single-player operations for Smilegate’s Crossfire titles, ongoing collaboration with Epic Games, and the advancement of the free-to-play project, Vanguard. Looking ahead, the company maintains a positive outlook, projecting growth in both revenue and operating profit for the full year of 2021, with the majority of these gains expected in the second half of the year.