Remedy has published its financial results for 2023, reporting a 22.2% decline in revenues to €33.9m, compared to €43.6m during the same period last year.
The Finnish developer announced a loss of 28.6 million euros in its full-year results, but indicated that it obtained 5.2 million euros from Alan Wake Remastered, and you can see below points that summarize for you the numbers that Remedy obtained and lost during last year compared to 2022.
- Revenue: 33.9 million euros, representing a decrease of 22.2%.
- Operating loss: €28.6 million, compared with an operating loss of €0.6 million in 2022.
- The decrease in revenue represents a difference of 10 million euros compared to 2022.
Remedy said the decline in revenue and profits was due to increased investment in ongoing projects currently in development, as well as a €7.2 million impairment charge for its project codenamed Kestrel, after the company announced it would retitle the game from a free-to-play multiplayer game to a separate title last November.
The studio has stated its expectations that the Condor, Control 2, and Max Payne 1 and 2 remake projects will move into better development stages during the first half of 2024. Looking ahead, Remedy expects revenue to increase year-over-year and operating profits to improve, but the developer said this depends on whether it decides to self-publish or select a new publishing partner for Control 2 and Project Condor.
