Remedy Entertainment 2024 Financial Results

Remedy Entertainment’s 2024 financial results signal the beginning of a strategic growth era for the Finnish developer, characterized by a significant revenue increase and the successful recoupment of development and marketing costs for Alan Wake 2. Having surpassed 2 million units sold, Alan Wake 2 has transitioned into a revenue-generating asset, with the studio now entitled to 50% of net revenue from future sales. This milestone supports the company’s broader objective to double its 2024 revenue by 2027 while achieving an EBITDA margin of 30%.

Annual revenue reached €50.7 million in 2024, representing a 49.3% year-over-year increase. While the company still recorded an operating loss of €4.3 million, this figure reflects a substantial improvement over the €28.6 million loss reported in 2023. The majority of income was driven by development fees, which rose 58.8% to €45.6 million, primarily supported by projects such as the Max Payne 1&2 Remake and Control 2. Royalties from existing titles like Control and Alan Wake Remastered contributed an additional €5.1 million.

The studio’s current pipeline is focused on transitioning key titles into full production. FBC: Firebreak and the Max Payne 1&2 Remake are currently in full production, while Control 2 has completed its production readiness phase. Notably, Remedy is emphasizing a shift toward self-publishing for both Control 2 and FBC: Firebreak as part of its long-term business model. Looking ahead to 2025, the company projects continued revenue growth and a return to positive operating profit, marking a pivotal shift in its financial trajectory.