By Sagar V. Mankar 
Remedy Entertainment has posted significant financial growth for 2024, with its fourth-quarter revenue reaching €11.7 million, marking a 13.1% increase compared to the previous year. The Finnish game developer’s full-year performance was even more impressive, with revenue climbing to €33.9 million, representing a substantial 49.3% increase from 2023.
The company’s operating losses have notably decreased, with Q4 2024 showing a loss of €1.4 million, a considerable improvement from the €12.8 million loss reported in the same period of 2023. The full-year operating loss for 2024 was €4.3 million, significantly lower than the €28.6 million loss recorded in 2023.
According to CEO Tero Virtala, this financial improvement was driven by development fees from ongoing projects, particularly Control 2 and the Max Payne 1 & 2 remake, along with royalties from their existing game portfolio. The company’s flagship release, Alan Wake 2, has exceeded 2 million sales worldwide and has begun generating royalties after recouping its development and marketing costs by the end of 2024.
In terms of ongoing projects, Control 2, being developed in partnership with Annapurna Interactive, entered full production in February 2025 after completing its “production readiness phase.” The studio has established production pipelines and verified asset creation processes, preparing for scaled-up development.
The Max Payne 1 & 2 Remake project, in collaboration with Rockstar Games, continues to make steady progress in full production. Meanwhile, FBC: Firebreak, Remedy’s first venture into multiplayer gaming, successfully conducted a closed technical test in December, focusing on matchmaking and backend services. The game is scheduled for self-publication by Remedy later in 2025.
The company has also made strategic moves to strengthen its position in the industry. As mentioned in their financial statement, Remedy acquired the Control franchise rights from 505 Games and formed a partnership with Annapurna, which includes plans to expand both Control and Alan Wake franchises into film and television. To support their self-publishing ambitions, the studio secured a €15 million convertible loan from Tencent in September 2024.
Looking ahead, Remedy has set ambitious targets for their 2025-2030 strategy period. The company aims to double its 2024 revenue by 2027 while maintaining a minimum EBITDA margin of 30%. With 2025 marking their 30th anniversary, Remedy is positioning itself for what they describe as their most significant year as both a developer and publisher. “We are in a great place to begin our strategy period 2025-2030 and have set targets we are confident in reaching. 2025 will mark the start of a new growth era for us,” Virtala added.
With multiple projects in development and new strategic partnerships in place, the company’s outlook for 2025 remains positive, with expectations of increased revenue compared to the previous year.