Remedy Sees 22.2% Revenue Decline to €33.9 Million in 2023

Remedy has released its financial report for 2023, revealing a 22.2% decrease in revenue to €33.9 million, compared to €43.6 million in the same period the previous year. The Finnish developer reported an operating loss of €28.6 million for the full year, but received €5.2 million in royalties from the remastered version of Alan Wake. In the fourth quarter of 2023, revenue was €10.3 million, a 24.4% decline, and the operating loss was €12.8 million, compared to an operating profit of €2.1 million in 2022. The full-year revenue was €33.9 million, a 22.2% decline, and the operating loss was €28.6 million, compared to an operating loss of €0.6 million in 2022. Remedy attributes the decline in revenue and profit to increased investments in ongoing projects and an impairment charge of €7.2 million for the project codenamed Kestrel. Despite describing 2023 as a 'challenging year,' the CEO highlighted the successful release of Alan Wake 2 in October. The game's sales started well, and it is expected to drive revenue and profitability for the year. Remedy now owns the full publishing rights to the Control franchise and is developing a multiplayer spin-off codenamed Condor. The company is also working on remakes of Max Payne 1 and 2, which are expected to have great potential due to their development budget. Looking ahead, Remedy expects revenue to increase and operating profit to improve, dependent on its publishing decisions for Control 2 and Condor.