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15th August 2022
Remedy's H1 2022 Financial Report [Including Notes]

On August 12th, Remedy published its financial report for the first half of 2022. In their latest review, the studio reflects on their projects' progress including five titles which have reached the production stage. They also take a closer look at the potential impact and current stage of the Max Payne remakes, and Vanguard (Codename), the latter of which remains in the proof-of-concept stage longer than expected.

The financial report was posted on the Remedy Investors website, as well as sent directly to subscribers via email. Later that day, Tero Virtala (CEO) and Terhi Kauppi (CFO) took part in a livestream to address the financial results from the past six months, and answer questions from shareholders. You can watch the full broadcast below...

As always, we have a breakdown of what was discussed, check out our notes below...


  • In May, Remedy shares moved from First North Growth Market Finland to Nasdaq Helsinki

  • Alan Wake Remastered was announced for Nintendo Switch during their series' anniversary video

  • In April, Remedy revealed a new partnership with Rockstar Games, developing a remake of Max Payne and Max Payne 2: The Fall of Max Payne

Internal Developments

CHEAT SHEET: Condor is a cooperative, player-verses-environment spin-off game set in the world of Control. Remedy has partnered with 505Games for this adventure.

Heron is the next big adventure set in the world of Control, with publisher 505Games. 

Vanguard is a free-to-play cooperative game being developed for PC and console using the Unreal Engine. The team has signed a global development license and distribution agreement with global giant, Tencent.

  • Max Payne Remake. The remake of Max Payne 1&2 is being developed by a small core team within the studio. In his letter, Virtala stated, "Max Payne is a highly motivating game for our team and fits well with many of our strengths. The game has good business potential with well-managed risks, and it allows us to utilize and strengthen the production and technology synergies across our projects."

  • Alan Wake 2. Alan Wake 2 is expected to launch in 2023 as planned with the team reaching its peak size. Game production on the title continues at "full speed on all fronts". 

  • Condor. Condor (Codename) is moving from proof-of-concept stage to production stage. 

  • Heron. Heron (Codename) is in the concept stage. The development team is being kept small with a focus to "fine-tune the game concept before taking expanding the team and taking the project to the proof-of-concept stage."

  • Vanguard. Vanguard (Codename) is currently in the proof-of-concept stage. "As announced after the review period on August 1, we decided, together with Tencent, to keep the game in the current proof-of-concept phase longer and postpone the significant expansion of the development team until 2023."

State of the Studio

  • The studio currently has five games in development

  • Increased external development investments impacted recent profits

  • Q2 2022 saw revenue of 9.4 EUR million, similar to the previous year. Contributors include development fees from Alan Wake 2 (Epic Games), Max Payne 1&2 (Rockstar Games) and Vanguard (Tencent)

  • Alan Wake Remastered and Crossfire games have not yet generated royalties. 

  • Headcount at the studio is now at 319. 51% of the studio represents 31 different nationals. Including contractors, the full number of developers working at the studio is 345

  • The Executive Team includes Tero Virtala (CEO), Terhi Kauppi (CFO), Markus Mäki (CTO), Sami Järvi (Creative Director), HR Director Mikaela Öberg (HR Director), Johannes Paloheimo (Chief Commercial Officer), and Christopher Schmitz (Chief Operating Officer)

  • The Board includes: Markus Mäki (Chair), Christian Fredrikson, Jussi Laakkonen and Henri Österlund as members of the company’s Board of Directors. Joining them as newly elected members were Kaisa Salakka and Sonja Ängeslevä.

Future Predictions 

  • Remedy lowered their revenue and operating result outlook for 2022 due to 1) lower-than expected game royalties this year and 2) the decision to take extra time to develop Vanguard

Recap / 2021-2025 Studio Goals

While the previous few years have been dedicated to strengthening its position as a multi-project developer, the Board has established the key stepping stones that would define success internally going ahead. These goals include:

  • To create several successful games, with the goal of at least one major hit.

  • To own at least three expanding game brands with "long-term hit potential". (The number seems to be a newly public addition compared to previous reports.)

  • Strengthening the studio's position to select the ideal distribution for each project (e.g. self-financing, self-publishing, and working with partners).

  • Strengthening Remedy's status and value within Europe. (In Q3 2021, Remedy announced the launch of a new Sweden subsidiary.)

  • Maintaining a profitable and growing studio with "well-managed risks".


The Crossfire Series

The Control Series

The Quantum Break Series

The Alan Wake Series

The Max Payne Series




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