This morning, Remedy Entertainment published their financial report covering the first half of 2025.
As a publicly-owned company, the studio reports internal developments and financials every quarter, providing insight into the progress made by their development teams, alongside their financial standings. While their main audience for those reports are their investors, it also provides the community an opportunity to check in with the studio.If you've read our previous breakdowns on these reports, you'll probably be very familiar of our setup. In this post, we'll examine the latest internal news and see what's next for the studio. Everything in black is what has been revealed in their previous Q1 2025 Business Review, with new details written in red.
As always, if you're interested in the numbers, I recommend checking out the reports directly to ensure that you're getting the most accurate data. In our round ups, we look primarily at the company's changes, the projects it's working on, and the challenges and achievements it had in the reported time.
The original report was posted on the Remedy Investors website this morning. The publication was followed by a livestream hosted by Aapo Kilpinen (Investor Relations) and featuring Tero Virtala (CEO) and Santtu Kallionpää (CFO). You can watch the full broadcast HERE.
.
Highlights (H1 2025)
FBC Firebreak. Remedy's first self-published cooperative title, FBC Firebreak, launched on June 17th 2025.
Revenue. Revenue increased by 63.5% to EUR 16.9 (10.3) million between April-June. This was generated by sales of FBC: Firebreak, alongside “initial accrual” from subscription service agreements with Sony and Microsoft. (Though not mentioned directly in the report, we wanted to add a little to what initial accrual means in this context. While available to subscribers, the publishers pay developers for having their game available on the service. This can be in upfront payments, and can factor in things like play time and audience.) Alongside FBC: Firebreak, both Alan Wake 2 and Control continue to sell steadily.
Development Fees. For Q2 2025, Development Fees primarily went to development of Control 2 and the Max Payne Remake.
Control 2. The game entered full production in February, with the team focusing on “expanding the content from Vertical and Horizontal Slices to the whole game.”
Development Fees. For Q2 2025, Development Fees primarily went to development of Control 2 and the Max Payne Remake.
Control. Lifetime sales for Control exceeded five million copies during Q2 2025.
Final Payment. The studio made the final instalment of the payment (approximately EUR 17 million) owed to 505 Games following the purchase of the full publishing rights to Control. (Learn more about the deal, HERE.)
Internal Developments
Max Payne 1&2 Remake. The project is now in full-production mode and making steady progress towards important milestones. At the start of the year, “the team has advanced steadily toward major development stages in several critical areas, working alongside the game’s publisher, Rockstar Games.”
Alan Wake 2. By the end of 2024, Alan Wake 2 sold over two million units. It has continued to sell steadily and accrue royalties.
FBC: Firebreak. FBC: Firebreak was self-published on June 17th via PC, PlayStation 5, and Xbox Series X|S. Money from game sales have begun to come in, as well as payments from the game being part of PlayStation Plus and Xbox Games Pass.
Final Payment. The studio made the final instalment of the payment (approximately EUR 17 million) owed to 505 Games following the purchase of the full publishing rights to Control. (Learn more about the deal, HERE.)
Internal Developments
Max Payne 1&2 Remake. The project is now in full-production mode and making steady progress towards important milestones. At the start of the year, “the team has advanced steadily toward major development stages in several critical areas, working alongside the game’s publisher, Rockstar Games.”
Alan Wake 2. By the end of 2024, Alan Wake 2 sold over two million units. It has continued to sell steadily and accrue royalties.
FBC: Firebreak. FBC: Firebreak was self-published on June 17th via PC, PlayStation 5, and Xbox Series X|S. Money from game sales have begun to come in, as well as payments from the game being part of PlayStation Plus and Xbox Games Pass.
While early data showed a strong audience on console, Virtala goes on to state the Steam launch underperformed expectations. Reflecting on the potential reasons, he lists, “initial onboarding experience and mission structure” resulted in early player drop-offs and early negative reviews. As a result, he states that the game has been not a financial success at present, and that the commercial performance so far has largely been driven by console subscription services.
While described as a "rocky" launch, it's not all bad news! The report goes on to describe that the adventure “succeeded technically, reaching over 1 million players in its first 10 days” with the majority playing on console. And that positive sentiments grew with players who have continued with the experience beyond the one-hour mark. With this they feel confident of that they have "a solid game to build on" with the game continue to be supported with regular updates and the upcoming September upgrade.
Control 2. The game entered full production in February, with the team focusing on “expanding the content from Vertical and Horizontal Slices to the whole game.”
Control's lifetimes sales exceeded five million units during Q2 2025. Remedy also now has control over the game's publishing, distribution, and marketing rights following the purchase from 505 Games which was completed at the start of the year.
State of the Studio
Development Fees. Development fees increased due to continued work on Control 2 and Max Payne 1&2 Remake.
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.
Maintaining a profitable and growing studio with “well-managed risks”.
State of the Studio
Development Fees. Development fees increased due to continued work on Control 2 and Max Payne 1&2 Remake.
Alan Wake & Control's Future. On the topic of Alan Wake and Control, the report reiterated the company's commitment to continuing with both owned IPs. The document states that “Growing and expanding the two franchises will be a key part of our future.”
Alan Wake & Control's Future. Remedy consists of 385 developers by the end of June, with 54% being international talent from 37 different nationalities.
Core Management Team. Remedy's Core Management Team includes Tero Virtala (CEO), Santtu Kallionpää (CFO), Markus Mäki (Chief Product Officer), Sam Lake (Creative Director), Mikael Kasurinen Creative Director), Johannes Paloheimo (Chief Commercial Officer) and Mika Vehkala (Chief Technology Officer).
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.
Maintaining a profitable and growing studio with “well-managed risks”.
