Remedy turns corner as Alan Wake 2 recoups costs and revenue jumps 49%
Summary
Remedy reports FY2024 revenue of €33.9M, up 49.3% YoY, with operating losses shrinking sharply
Alan Wake 2 crossed 2M units sold and fully recouped development and marketing costs in Q4 2024
Growth fueled by Control 2 dev fees, Max Payne remake funding, and back-catalog royalties
Strategic moves with Annapurna and Tencent position Remedy for self-publishing independence
"2025 will mark the start of a new growth era for us."
01
FY2024 financial performance - losses shrink as revenue surges
FY2024 revenue: €33.9M ↑ 49.3% YoY
FY2024 operating loss: €4.3M vs. €28.6M loss in FY2023 - a major improvement
Q4 2024 revenue: €11.7M ↑ 13.1% YoY
Q4 2024 operating loss: €1.4M vs. €12.8M loss in Q4 2023
Revenue growth driven by Control 2 development fees, Max Payne 1&2 remake fees from Rockstar, and royalties from Control and Alan Wake Remastered
02
Alan Wake 2 crosses profitability threshold after 15 months
Alan Wake 2 fully recouped its development and marketing costs by end of Q4 2024
The title has now begun generating royalties for Remedy
Sales exceeded 2M units since its October 2023 launch
Long-term tail attributed to two DLCs (Night Springs and The Lake House) and a physical release in 2024
03
Annapurna and Tencent deals reshape Remedy's financial structure
Annapurna is co-financing 50% of Control 2 and received rights to expand Control and Alan Wake into film and TV
The Annapurna deal triggered a one-off €3.4M write-off of past Control franchise development costs
Tencent provided a €15M convertible loan in September 2024 to support Remedy's self-publishing strategy
Remedy also acquired full rights to the Control franchise from 505 Games during the year
"With Annapurna, we can further grow our audiences and expand our franchises beyond games, whereas the financing from Tencent supports our self-publishing strategy."
04
Active production slate - three titles in full development
FBC: Firebreak is in full production and will be Remedy's first ever self-published title
Control 2 entered full production at the end of Q4 2024
Max Payne 1&2 remake is in full production and making "steady progress" under Rockstar financing
Alan Wake Remastered development expenses were fully depreciated - no longer on the balance sheet as an asset
05
Outlook - doubling revenue by 2027 as key target
Remedy expects FY2025 revenue to grow YoY and operating profit to turn positive
The company has set a target to double its 2024 revenue by 2027, with continued growth beyond that milestone
Strategy period 2025-2030 has been formally initiated
"We are in a great place to begin our strategy period 2025-2030 and have set targets we are confident in reaching."
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