Remedy got Alan Wake 2 finally being profitable while Control 2 is now on full development phase

Remedy Entertainment, the renowned Finnish game developer behind hits like “Alan Wake” and “Control,” has announced some exciting financial news. In their latest earnings report, Remedy revealed that Alan Wake 2 has finally turned a profit, while Control 2 is set to enter full production.

Alan Wake 2″ released in October 2023, has been a long journey for Remedy. The game recently surpassed the two million sales mark, allowing it to recoup its development and marketing costs. This milestone means that Remedy has started accruing royalties from the game, marking a significant financial victory for the studio3.

The success of “Alan Wake 2” can be attributed to several factors. The release of the The Lake House expansion, the physical deluxe edition, and updates to optimize the game for PS5 Pro have all contributed to its sustained popularity. The game’s sales saw a significant boost in October 2024, thanks to these efforts.

Another exciting announcement from Remedy is that Control 2 is entering full production. This project, financed through a partnership with Annapurna Interactive, has been in the works for some time1. With the production pipelines established and asset creation verified, Remedy is ready to scale up production.

“Control 2” is highly anticipated by fans of the original game, and its development has been progressing smoothly. The studio has also provided updates on other projects, including FBC: Firebreak, a cooperative multiplayer shooter set in the Control universe, and the remakes of the first two Max Payne games.

Q3 2024 Highlights:

• Record Revenue: Remedy reported a significant increase in revenue for Q3 2024, reaching approximately $20 million (EUR 17.9 million), more than double the previous year’s figure.
• Positive Operating Profit: The company achieved a positive operating profit of approximately $2.7 million (EUR 2.4 million), compared to a loss of EUR 4.2 million in the same period last year.
• Cash Flow: Cash flow from operations was positive at approximately $7.4 million (EUR 6.6 million).
• Development Fees: Development fees reached approximately $19 million (EUR 17 million), 2.5 times the amount in the comparison period.
• Year-to-Date Performance: Year-to-date revenue was approximately $43.7 million (EUR 39 million), a 65% increase from the previous year. However, year-to-date operating profit remained negative at approximately $3.3 million (EUR 2.9 million), showing improvement from the previous year.
• Total Cash Level: The total cash level increased to approximately $34.9 million (EUR 31.2 million), up by EUR 5 million from the previous quarter.

Remedy’s CEO, Tero Virtala, expressed confidence in the studio’s future, stating:

We are in a great place to begin our strategy period and have set targets we are confident in reaching.

With Alan Wake 2 now profitable and multiple exciting projects in the pipeline, Remedy Entertainment is poised for continued success.