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12th August 2023
Remedy Entertainment's H1 2023 Financial Report
[Including Notes]

This week, Remedy Entertainment published its financial report for the first half of 2023!

The original statement was posted on the Remedy Investors website and sent directly to subscribers via email. In the afternoon, Tero Virtala (CEO), Terhi Kauppi (CFO), and Veli-Pekka Puolakanaho (Head of Corporate Development and IR) took part in a livestream to address the financial results from the first half of the year and answered questions from shareholders. You can watch the full broadcast, HERE.

As always, we have a breakdown of what was discussed. All new information related to H2 2023 will be written in red, with black showcasing previously known information mentioned in the report. Let's get to it...


  • Studio Focus. The team is now working towards Alan Wake 2's launch in October 2023.

  • PlayStation Showcase. Alan Wake 2 gameplay debut was shown during the PlayStation Showcase in May. 

  • Press Demos. The team has shown media behind-closed-doors previews of Alan Wake 2 at Summer Game Fest's Play Days, as well as further invitations going out to select outlets to events set up at the Espoo offices. (So far, the list has included GamesRadar+, Creative Bloq, EDGE Magazine, and Play Magazine.)

  • Summer Games Fest. Following the Summer Games Fest, Alan Wake 2 was voted "Most Anticipated Title" as judged by more than 40 global media outlets.

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. The project moved into the proof-of-concept stage in January. The report revealed that the project has made "solid progress overall. The development team continues building on the solid foundation it has established."

  • Alan Wake 2. Described as Remedy's "largest game project to date", Virtala stated that "We are happy that the initial reception has been impressive and expect the return of Alan Wake to reinvigorate existing fans and expand the brand’s reach to new audiences". 

  • CondorCondor (Codename) is still remaining at the proof-of-concept stage. In the second quarter, the team fine-tuned the "game concept, related designs, as well as the overall player experiences" in the game build. Positive progress has been made, and it is now "nearing the production readiness stage". 

  • Control 2. Previously referred to internally as "Heron". The game continues to be in the proof-of-concept stage, with Virtala stating that the team has been focused on "proving gameplay and world concepts as well as expanding the enemy palette."

  • Vanguard. Vanguard (Codename) remains in the proof-of-concept stage. An earlier letter from Virtala details that  the focus is currently on "core gameplay and metagame development as well as proving the application of Remedy-style narrative and world building." Good progress has been made, and the team are aiming to finish the proof-of-concept phase by the end of 2023. 

State of the Studio

  • Operating Profit. Higher investments in Remedy's game projects led to a negative operating profit margin, with multiple projects underway. This is seen as temporary and is predicted to help increase royalty potential in years to come. 

  • Personnel. Remedy has continued hiring developers for their teams throughout the first half of 2023, resulting in higher personnel expenses compared to a year ago. Remedy expects a slightly increased headcount going forward as they target key positions.

  • Publishing. Remedy is looking towards game publishing to make its value chain position stronger and have further control. This will also require increased investments in their game brands. 

  • Development Fees. In the report, Virtala comments on the studio's partner, stating, "We have several games in development, each with a world-class partner and agreed long-term development fees."

Future Predictions 

  • Remedy plans to release "at least one new game per year from 2023 through 2025, accompanied by additional free and paid content." Virtala also expanded on the subject, saying that he hopes "our games and brands are transforming into longer-lasting experiences."

  • Unchanged future predictions. 

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".

  • 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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