This morning, Remedy Entertainment published its Q3 2025 financial report. As expected, it's not great news for the Finnish studio. Tero Virtala, the company's CEO for nine years, stepped down earlier this month after Remedy told investors that the game FBC: Firebreak had effectively failed.
This past quarter, just as the studio celebrated the thirty years since its foundation, the financial highlights were indeed very negative:
- Revenue decreased by -32.0% to € 12.2 (17.9) million.
- EBITDA was € 0.7 (6.6) million.
- Operating profit (EBIT) was € -16.4 (2.4) million, and the operating profit margin was -135.1% (13.4%) of revenue.
- Cash flow from operations was € 11.3 (8.0) million.
However, interim CEO Markus Mäki reassured investors (and fans) that the remaining projects are on track, and the studio is still confident in its ability to achieve 'significant commercial success' by 2030.
Despite challenges with FBC: Firebreak, our other in-development projects are progressing according to plan. The majority of our effort goes into working with our established franchises – Control and Alan Wake – which we continue to invest in and expand into other media as part of our long-term strategy. In addition, we’re focused on the Max Payne 1&2 remake with Rockstar Games. While carefully balancing our product risk, we also need to retain the ability to create new experiences for our audiences, as we have for the past 30 years. We aren’t satisfied with our recent financial performance, but we remain confident in our ability to create great video games that resonate with players and which are commercially successful, leading us back to profitability.
Remedy has set for itself the following financial targets:
- To reach a revenue two times higher than last year's by 2027 and then maintain continued growth beyond this milestone.
- To achieve an EBITDA margin of at least 30% by 2027 and keep it afterward.
Control 2 and the Max Payne 1 and 2 remakes are still in full production, and there's also a new project in the proof of concept phase. Given that the studio is focused on growing its two franchises, Control and Alan Wake, which are part of the same 'Remedy Connected Universe', the new project is likely also set in one of them.
About the author: With over two decades of experience in gaming journalism, Alessio Palumbo has led the gaming vertical at Wccftech since August 2015. He started working at a young age for Italian websites like Everyeye.it, Gamestar.it, Nextgame.it, and Multiplayer.it before kickstarting the indie English-language publication Worlds Factory as its founder and Editor in Chief. In the last decade, he has coordinated the overall output of Wccftech's gaming section, managed PR relations, assigned reviews, produced daily news coverage, edited gaming content as needed, and delivered game reviews. Arguably, his trademark content is the long series of exclusive developer interviews that have been cited by Wikipedia and by the biggest news media and gaming publications. His passion for technology also makes him knowledgeable when it comes to gaming hardware and tech. His favorite genres include RPGs, MMORPGs, and action/adventure games.
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