Don't Nod
Game Co.2 documents
French game developer. Life is Strange (original), Vampyr, Banishers: Ghosts of New Eden. Self-publishing + third-party.
Documents
Financial6 pages
2025 Half-Year Results: DON'T NOD
The half‑year results for 2025 demonstrate a marked improvement in revenue and cost management, driven by the launch of Bloom & Rage and the completion of its integration into PS+. Total operating revenue rose to €13.9 million, a 5% decline from the first half of 2024 but reflecting a 3.8‑fold increase in core revenue to €7.0 million, offset by a €13.1 million write‑down of the Bloom & Rage asset that did not affect cash flow. Capitalized production fell by €5.9 million due to project completions and suspensions, partially counterbalanced by the development of P14.
Operating expenses were reduced through a Paris studio reorganisation and Canadian resource realignment, yielding €3.8 million in estimated savings for 2025 and a 16% year‑on‑year drop in personnel costs to €12.5 million. Operating EBITDA, including tax credits, moved closer to break‑even at –€2.0 million after excluding non‑recurring restructuring costs, and net loss narrowed to €20.8 million from €42.4 million a year earlier.
Cash flow improved, with negative free cash flow of €8.7 million (a €1.4 million improvement) and a closing cash balance of €23.4 million, while gross financial debt remained at €1.0 million. The Group’s strategy for the second half includes launching The Lonesome Guild, developing Aphelion for Xbox Game Pass, and advancing a co‑production of P14. A new development agreement with Netflix for a narrative game based on a major IP signals a strategic pivot toward cloud gaming and external licensing, reinforcing the company’s narrative‑centric identity.
- DON'T NOD narrowed its net loss to €20.8 million in H1 2025, down from €42.4 million in the same period last year.
- Core revenue increased 3.8-fold to €7.0 million, though total operating revenue fell 5% to €13.9 million due to a €13.1 million non-cash write-down of the Bloom & Rage asset.
- Personnel costs dropped 16% to €12.5 million following a Paris studio reorganization and Canadian resource realignment, generating €3.8 million in projected 2025 savings.
- The company ended the half-year with a cash balance of €23.4 million and negative free cash flow of €8.7 million, an improvement of €1.4 million over the previous year.
- A new development agreement with Netflix for a narrative game based on a major IP marks a strategic pivot toward external licensing and cloud gaming.
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Don't Nod
Report44 pages
Half-Year Report 2021: DONTNOD
Public limited company (Société Anonyme) with share capital of €168,018.74 Registered office: Parc du Pont de Flandre “Le Beauvaisis” 11 rue de Cambrai, 75019 Paris Paris Trade and Companies Register no. 504 161 902 MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 1.<sub>FIRST </sub>HALF 2021 HIGHLIGHTS In view of the exceptional circumstances surrounding the coronavirus (Covid-19) health crisis and the ensuing government recommendations, DONTNOD ...
- DONTNOD's total operating revenues increased by 19% to €12.8 million in H1 2021, up from €10.8 million in H1 2020, driven by a ramp-up in co-production and self-publishing.
- The company successfully completed a €50 million capital increase on January 28, 2021, with Tencent Holdings Limited contributing €30 million, strengthening DONTNOD's shareholding structure.
- Revenues fell 62% to €2.3 million in H1 2021 from €6.1 million in H1 2020, as the company shifts towards a self-publishing strategy, with only one co-production project currently contributing to publisher revenues.
- Capitalized production doubled from €3.8 million in H1 2020 to €7.8 million in H1 2021, due to increased development under Project 8 with Focus Home Interactive, and other projects including those in Montreal and with PortaPlay.
- DONTNOD allocated 415,554 new ordinary shares, representing 5% of current share capital, through various bonus share and founders' warrant plans, subject to vesting periods and share price targets (e.g., €40 target for some plans).
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Don't Nod