Nerial, the independent game developer best known for the popular card‑based strategy titles Reigns and Card Shark, has announced that it will cease operations and move into what it describes as a "hibernation mode." The decision was communicated through a joint statement posted on social media by the studio’s co‑founders, CEO Tamara Alliot and Creative Director François Alliot. In their message, the duo reflected on a 13‑year journey that produced eleven released games, and explained that, together with their publishing partner Devolver, they have chosen to bring the studio’s development activities to an end.
Devolver Digital acquired Nerial in 2021, integrating the team into its portfolio of indie‑focused publishers. However, the partnership has not been without challenges.
In 2023, Nerial underwent a substantial workforce reduction, cutting roughly 40 % of its staff. The lay‑offs were framed as a necessary step to address performance concerns surrounding recent releases and to restructure the team for future projects. Despite these efforts, the financial picture continued to deteriorate.
According to an interview with Kotaku, François Alliot clarified that Devolver will retain the intellectual property rights to all of Nerial’s existing games. He emphasized that the relationship remains amicable, describing Devolver as "very good friends" and noting that the two companies share a common vision for titles like Reigns and Card Shark, which have both been published successfully under the Devolver banner. Alliot explained that, as an internal studio, Nerial was expected to produce games that fit Devolver’s publishing model, creating a dynamic where each party needed to align its expectations and priorities. The Alliot siblings also highlighted the tension that can arise when an indie studio becomes part of a larger publisher’s ecosystem.
They described a sense of “second‑guessing” that emerged as they tried to balance their own creative instincts with the commercial demands of Devolver. This friction, they suggested, led to a loss of the concentrated energy that often characterises pure indie development. Alliot expressed a desire to return to that more focused, autonomous mode of making games, even if it means operating on a smaller scale.
Industry journalist Chris Kerr added further context by citing a recent Companies House filing that revealed two consecutive years of "significant trading losses" for Nerial. The report showed that the studio lost over £800,000 in the 2025 fiscal year and nearly £1 million in 2024, making it increasingly reliant on financial support from Devolver.
This dependency, combined with the broader market pressures affecting the video‑game sector, appears to have been a key factor in the decision to suspend operations. At the time of the announcement, Nerial employed nine people, including its founders. Both Tamara and François indicated that they intend to keep creating games, but they will first take a break to reflect on recent events and to reassess their creative direction.
They described this pause as an opportunity to "return to our roots" and to approach future projects with a fresh perspective. The founders also spoke highly of their team, stating that the "fabulous Nerial team will now seek new opportunities" and that they would gladly recommend each member to any studio fortunate enough to hire them. François mentioned that while he hopes to continue collaborating with his former colleagues on a contract basis, the studio’s current financial situation does not allow for maintaining salaried positions.
In a heartfelt thank‑you, the Alliot siblings expressed gratitude to the many collaborators who have contributed to Nerial’s games over the years. They acknowledged that each project was the result of fleeting yet powerful combinations of talent, passion, and timing, and that these collaborations were essential to bringing their visions to life. Looking ahead, François Alliot said he needs to step back and reconsider his own path within the indie landscape. He cited the lingering effects of the COVID‑19 pandemic and a broader industry slowdown as additional challenges that have made it harder to sustain momentum.
He also referenced the rapid rise of artificial intelligence technologies, which he feels have “sucked out all the air from the room,” creating a competitive environment that demands even greater innovation and efficiency. In summary, Nerial’s closure reflects a confluence of financial strain, strategic misalignment with its publisher, and wider market headwinds that have affected many independent developers. While the studio’s catalog will remain under Devolver’s ownership, the founders and their small team are now poised to explore new avenues, whether that involves forming a new indie studio, working as freelancers, or joining other companies. Their parting message underscores a commitment to preserving the creative spirit that defined their work, even as they navigate an uncertain and evolving industry landscape.