Remedy has published its financial results for its first quarter (January to March 2025), reporting a positive operating profit alongside a solid growth in revenue.
The numbers
- Revenue: €13.4 million (up 24.1%)
- Operating profit: €1.3 million (compared to operating loss of €2.1 million for same quarter last year)
The highlights
Remedy attributed its rise in revenues and profits to an increase in development fees and royalties.
Higher development fees for Control 2 and the Max Payne 1 and 2 remakes were the main driver, alongside an increase in sales for Alan Wake 2. The game continues to accrue royalties after recouping its development costs during Q4 2024.
Remedy said its projects have “continued to develop at a good velocity” during Q1 2025, with its upcoming co-op title FBC: Firebreak set for release on June 17, 2025. It will be the developer’s first self-published title.
“We have carefully positioned FBC: Firebreak to differentiate it from other similar genres, and to offer an interesting proposition to existing Control fans and to be relevant for a wider co-op audience,” said Remedy CEO Tero Virtala.
As for the studio’s other titles in development, the team working on Control 2 is “expanding content from vertical and horizontal slices to the whole game”.
The Max Payne 1 and 2 remakes, made in collaboration with the games’ publisher Rockstar, remain in full production and have “made great progress” during Q1 2025.
Remedy’s full year outlook remains unchanged, with the developer expecting its revenue to increase and its operating profit to remain positive.
The studio also shared its future plans, setting two financial targets it aims to reach by 2027.
These include doubling its 2024 revenue “with continued growth beyond this milestone” and an EBITDA margin of 30% to “maintain that minimum level throughout the strategy period.”
“Remedy embarked on a new strategic chapter in Q1 2025,” said Virtala. “We are delivering on our core strategic pillars, with a particular emphasis on self-publishing all Remedy-owned titles. FBC: Firebreak will lead the way as the first in a series of regular game launches, signaling our commitment to a steady cadence of releases.”
“On the financial front, I’m delighted to report that Remedy returned to profitability in Q1 2025,” Virtala continued.
“This result aligns with our stated outlook for the year and supports our longer-term financial objectives, reinforcing the strength of our strategic direction.”