Remedy, the Finnish games company renowned for its innovative titles, has announced a remarkable 49.3% surge in revenue for the 2024 financial year. The firm reported earnings of €50.7 million (.59 million), a significant leap from the €33.9 million (.16 million) recorded in 2023. This growth reflects the company’s strategic focus on expanding its portfolio and enhancing its market presence.
Financial Performance Highlights
While the operating profit remains in the negative at €4.3 million (.46 million), this figure marks a notable improvement compared to the €28.6 million (.67 million) deficit experienced last year. The increase in costs associated with ongoing development projects is a contributing factor to this shift. Notably, the much-anticipated Alan Wake 2 has already achieved impressive sales, surpassing two million units.
In addition to the revenue growth, Remedy reported €12.3 million (.76 million) from its operations, a striking turnaround from the €16 million (.6 million) loss reported in the previous year. This positive trend underscores the effectiveness of the company’s operational strategies.
CEO Tero Virtala shared insights into the company’s performance, stating, “In the fourth quarter of 2024, revenue increased 13.1% from a year ago to €11.7 million.” He elaborated on the factors driving this growth, noting that development fees have risen significantly, particularly due to the ongoing projects for Max Payne 1&2 Remake and Control 2. However, royalties saw a decline compared to the previous period, primarily reflecting sales from Control, earlier Alan Wake titles, and the latest installment, Alan Wake 2.
Virtala further highlighted that by the end of 2024, Alan Wake 2 had not only recouped its development and marketing costs but had also begun generating royalties, indicating a positive trajectory for the title. The fourth quarter saw an operating profit of €-1.4 million, which is an impressive improvement of €11.4 million from the same period last year, where the company faced a €7.2 million impairment loss related to the codename Vanguard.
