Remedy Entertainment has released its financial report for the quarter ending September 30th, 2024, revealing that Alan Wake 2 has nearly recouped its development and marketing expenses. However, it has yet to generate any royalties. Overall, the company reported strong year-over-year revenue growth.
The report highlights revenue growth of 128.6%, reaching €17.9 million compared to €7.8 million in the same period last year. EBITDA was €6.6 million (“Earnings Before Interest, Taxes, Depreciation, and Amortization”). Operating profits were €2.4 million, with a revenue margin of 13.4%.
For the first half of the fiscal year, Remedy’s revenue reached €39 million, a 65.1% increase, though the company reported an operating loss of €2.9 million due to increased investments.
The report also mentions Remedy’s agreement with Annapurna, which will fund 50% of Control 2‘s production costs and bring the Control and Alan Wake series to film and television. Remedy also confirmed a €15 million agreement with Tencent. These results come partly from Annapurna’s initial investment in Control 2 and the development of Max Payne 1 & 2 Remake, funded by Take-Two.
Although Alan Wake 2 has yet to generate royalties, it has nearly reached break-even by covering most of its development and marketing costs. The second expansion of Alan Wake 2, The Lake House, was also released on October 22nd alongside the Physical Deluxe Edition of the game.
