In mid-February, Remedy Entertainment published their final financial report of 2024 for investors, which covered the last three months of the year. Unfortunately, the report coincided perfectly with me coming down with the flu, so we couldn't publish our usual wrap up of the report. Now, I have a working immune system, so let's party like it's a Friday evening...
As a publicly-owned company, the studio publishes reports every quarter, providing insight into the progress made by their development teams, alongside their financial standings.
If you've checked out our previous break-downs on these reports, you'll probably be very familiar of our setup. In this post, we'll examine the latest internal news and see what's next for the studio. Everything in black is what has been revealed in their previous Q3 2024 report, with new details written in red. In green we highlighted the sections mentioned in previous reports but listed “outside of the reporting period”.
As always, if you're interested in the numbers, I recommend checking out the reports directly to ensure that you're getting the most accurate data. In our round ups, we look primarily at the company's changes, the projects it's working on, and the challenges and achievements it had in the reported time.
The original report was posted on the Remedy Investors website on February 12th 2025 and accompanied by a webcast. For the broadcast, Liisa Eloranta (Senior Investor Relations Specialist at Remedy) hosted, alongside Tero Virtala (CEO) and Remedy's CFO, Santtu Kallionpää (who joined in October). You can watch the full broadcast HERE.
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Highlights (Q4 2024)
Revenue. Revenue increased by 13.1% to EUR 11.7 (10.3) million.
Two Million Units. Alan Wake 2 sold over two million units, recouping the development fees and marketing investments.
The Lake House. In October, Alan Wake 2's second story expansion, The Lake House, was released.
Physical Edition. On its second anniversary, after being a digital-only title, Alan Wake 2 was published as a physical edition for consoles. The Alan Wake 2 Deluxe Physical Edition comes with both story expansions, deluxe edition cosmetics, and Alan Wake Remastered. (Though not mentioned in the report, Limited Run's Alan Wake 2 Collector's Edition began to ship in December 2025.)
FBC: Firebreak. Formerly known by its nickname "Condor", Remedy revealed FBC: Firebreak in Q4. The new three-player cooperative multiplayer first-person shooter is set in the Federal Bureau of Control. The title is set to be self-published in 2025.
Internal Developments
Alan Wake 2. Work continued on Alan Wake 2 with a number of milestones being reached throughout the past few months. On October 22nd, Remedy launched the second expansion, The Lake House, as well as the physical edition of Alan Wake 2 with publishing partner Epic Games. And in November, the team released an update for the PlayStation 5 Pro's launch to take advantage of the new tech.
The game has now completely recouped its development and marketing costs, with over two million units sold by the end of the year. Sales for the game were notably particularly good during the holidays. As a result, the studio will now start accruing royalties from sales.
Max Payne 1&2 Remake. The project is now in full-production mode and making steady progress towards important milestones. (As an interesting presentation note, in Remedy's section “Transition to Self-Publishing Enables Financial Upside, but also Requires More From Us”, the Max Payne project has a question mark next to “Shares of Sales to Remedy”. Though there are benefits to developing the game beyond sales.)
FBC: Firebreak. Formerly known as “Condor”, FBC: Firebreak was announced at the PlayStation Showcase. Remedy is set to self-publish the game, which they have teased will be “mid-priced”, in 2025. It is due to launch on PC via Steam and Epic Games Store, Xbox Series X|S, and PlayStation 5. Alongside purchase options, FBC: Firebreak will launch day one on PC Game Pass and Game Pass Ultimate, as well as in the PlayStation Plus Game Catalogue for Extra and Premium members.
In December, the FBC: Firebreak team held closed technical tests with external players. In the CEO letter, Tero Virtala describes that the team “tested the game’s matchmaking and back-end services, collecting data and experience helping in shaping the final product.”
Control 2. The game completed the production readiness stage and entered full production after the reporting period in February 2025. Like FBC: Firebreak, Remedy is planning to self-publishing the title. The CEO described that “The project has verified the velocity of asset creation, established production pipelines, and is ready for scaling up for production."
Unknown Project. Remedy is currently working on a fourth new unnamed project.
State of the Studio
Self-Publishing. Remedy made great steps towards self-publishing, with a partnership with a 15m EUR loan Tencent, which will go towards building the marketing and brand team.
Core Management Changes. In Q4 2024, Santtu Kallionpää joined Remedy as their Chief Financial Officer.
Vanguard Impacts. In his letter,the CEO comments on the financial impact of "Vanguard", which closed earlier in the year. Virtala wrote," in the fourth quarter, the operating profit was EUR -1.4 million, improving by EUR 11.4 million from the comparison period, in which we had an EUR 7.2 million impairment loss from codename Vanguard."
Alan Wake & Control At Heart of Plans. If you're a Control or Alan Wake fan, there's some optimistic news for you! In his letter, Virtala talks about the potential of both IPs stating, “We have two established own franchises, Control and Alan Wake, which are linked through the Remedy Connected Universe. Remedy will self-publish upcoming games, in which Remedy owns the IP. Growing and expanding the two franchises will be a key part of our future.”
Current Projects. The studio is currently working on four titles, with three of them in full production.
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2030 Studio Goals
In their presentation and report, the studio revealed that they are focused on Sustainable, Profitable Growth as their main goal for the next five years.
Breaking that target into smaller measurements of success, they spotlighted two key aspects:
1) Double the 2024 Revenue By 2027 (with continued growth beyond milestone)
2) EBITDA Margin of 30% by 2027 (and maintain that minimum level throughout the strategy period).
