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17th February 2023
Remedy's Financial Statement 2022 (Q4 2022)
[Including Notes]

Just over four months ago, Remedy published its financial review for Q3 2022. This week, they reported on their final quarter of 2022 and looked back on how the year has been for the studio in its entirety.

In this post, all new information related to Q4 2022 will be written in red, with black showcasing previously known information mentioned in the report. 

As with all financial reports the statement was posted on the Remedy Investors website, as well as sent directly to subscribers via email. Later that day, Tero Virtala (CEO), Terhi Kauppi (CFO), and Veli-Pekka Puolakanaho (Corporate Development Director) took part in a livestream to address the financial results from the final three months, and answer questions from shareholders. You can watch the full broadcast below...

As always, we have a breakdown of what was discussed. Let's get to it...


  • Q4 2022. In November, Remedy announced that they renewed their partnership with 505 Games in a co-development and co-publishing deal for Control 2. (The project was previously referred internally as Heron). 
  • 2022. In April, Remedy signed an agreement with Rockstar Games allowing them to remake the first two Max Payne titles. Whether the games were a remaster or a remake has been debated online, with the financial statement bringing discussions to a close, labelling them as "remakes"

  • 2022. In May, the studio moved from Nasdaq First North Growth Market Finland marketplace to Nasdaq Helsinki.

Internal Developments 

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

Control 2 (previously referred to as "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. In the letter written by CEO, Tero Virtala, he states that the Max Payne project has made "good progress. We are looking forward to bringing this beloved character alive again to a new generation of consoles and to a new generation of fans." (A recent job post advertised that the company was looking for a Narrative Lead for Max Payne who would be "working closely with the core team and leading the Narrative Design of the project." It goes on to say that "as a Narrative Lead for our Max Payne remake, you will have the opportunity to join the team early in the project and, under the direction of the Game Director, be responsible for driving the design and implementation of the game’s narrative. You will work with a small team, collaborating with Mission and Game Designers in creating memorable gaming experiences through a well-balanced mix of compelling narrative and intense action in a remake of a beloved franchise.")

  • Alan Wake 2Alan Wake 2 is in full production, with Virtala stating that the "game will soon have all content in place, and it is playable from start to finish." The next stage following this will be to polish the experience. User testing continued over the Summer, with recent feedback looking positive. General sentiments regarding the project are very optimistic in the report. 

  • CondorCondor (Codename) is still remaining at the proof-of-concept stage, with the current focus being on "making sure the core gameplay is solid", alongside gathering the right team and production model.

  • Control 2. Previously referred internally as "Heron", Remedy revealed that the project was officially Control 2 when they signed the co-development and co-publishing deal with 505 Games. The deal was revealed in Q4 2022. As of January 2023, it has now moved into the production stage.

  • Vanguard. Vanguard (Codename) remains in the proof-of-concept stage as the decision was made to extend the timescale for the project. According to Virtala's letter, the focus is currently on "core gameplay and meta game development as well as proving the application of Remedy-style narrative and world building."

State of the Studio

  • Q4 2022. Internal investments are expected to grow in 2023 as the games move into their next phase. "This also impacts our profitability in the short term, as a greater proportion of development costs are covered by us. However, such investment will increase the royalty potential for the upcoming years."

  • Q4 2022. Tencent Holdings Limited now has above a 5% share of Remedy. Tencent is the publisher for Vanguard.

  • 2022. Remedy now has five AAA games in development. "The move to this multi-project model has been going well, but we also have felt some growth pains with implementing our model, as was partially evidenced in summer 2022 with the additional time needed for the Vanguard project."

  • 2022. Changes have taken place throughout 2022 based on learnings since adapting to a multi-project studio in 2017. "We have strengthened our game teams and adjusted their leadership roles, some outsourcing partnerships have been changed, there have been number of improvements how we plan and lead project-work, and we have developed the way company management oversees, supervises and supports our game projects."

Future Predictions 

  • Alan Wake Remastered has yet to create royalties, but this is planned to change nearing the release of Alan Wake 2, with new players wanting to explore the original on modern consoles.

  • Remedy is planning to release "at least one new game per year from 2023 through 2025, accompanied by additional free and paid content."

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 Control Series

The Crossfire Series

The Quantum Break Series

The Alan Wake Series

The Max Payne Series




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