In a remarkable display of growth, Finnish gaming powerhouse Remedy Entertainment has reported a staggering 128.6% surge in revenue for the quarter ending September 30th. The company’s financial performance for this period reached €17.9 million (.5 million), a significant leap from the €7.8 million (.5 million) recorded during the same timeframe last year. Notably, EBITDA also saw a substantial improvement, climbing to €6.6 million (.2 million) from a loss of €4.2 million (.6 million) in the previous year.
Strategic Partnerships Fuel Growth
This impressive financial turnaround can be attributed, in part, to Remedy’s strategic collaborations. A pivotal deal with Annapurna has been established to co-finance the highly anticipated sequel, Control 2. Additionally, Rockstar has stepped in to provide funding for the remakes of the beloved titles Max Payne and its sequel, further solidifying Remedy’s position in the industry.
CEO Tero Virtala shared insights into the company’s evolving strategy, stating, “Since acquiring the Control rights in February 2024, we have been building readiness towards self-publishing and more regular game releases.” This proactive approach reflects Remedy’s commitment to expanding its portfolio and enhancing its market presence.
In August, Remedy announced a strategic partnership with Annapurna, which will finance 50% of Control 2’s development budget. This collaboration not only supports the game’s production but also grants Annapurna the rights to explore adaptations of the Control and Alan Wake franchises into film and television.
Moreover, in a move to bolster its financial standing, Remedy entered into a €15 million convertible loan agreement with Tencent. This agreement is designed to strengthen the company’s position within the value chain, allowing for greater control over the commercialization of its games.
