Key Takeaways
1. Remedy Entertainment’s Q3 2025 results showed a sevenfold increase in game sales and royalties, totaling €6 million, but overall revenue decreased by 32% to €12.2 million.
2. The disappointing performance of FBC: Firebreak, its first self-published live-service game, led to a significant operating loss of €16.4 million and a non-cash impairment of €14.9 million.
3. Despite the struggles with FBC: Firebreak, Remedy plans to focus on developing existing franchises like Alan Wake and Control, as well as remakes of Max Payne 1 & 2 with Rockstar Games.
4. Interim CEO Markus Maki reassured investors about ongoing projects and emphasized the company’s commitment to managing risks while creating new experiences.
5. Remedy aims to double its revenue by 2027 and achieve a 30% EBITDA margin, a challenging goal in the gaming industry.
Remedy Entertainment is facing a challenging financial situation, as shown in its Q3 2025 results. The Finnish developer, known for creating Alan Wake and Control, experienced significant growth in game sales revenue thanks to royalties and its expanding portfolio. However, this success hasn’t been enough to cover the major issue: the disappointing performance of its first self-published live-service game, FBC: Firebreak, leading to a large operating loss.
Sales Growth Not Enough
From July to September 2025, Remedy reported a notable rise in game sales and royalties, totaling €6 million, which is a sevenfold increase from €0.8 million during the same quarter in 2024.
Even with this boost in sales, the overall revenue dipped by 32% compared to the previous year, landing at €12.2 million. The quarterly turnover decreased from €17.9 million from the year prior, and the operating loss dropped significantly to €-16.4 million.
FBC: Firebreak’s Impact
The primary factor contributing to this major loss was the lackluster performance of FBC: Firebreak, set in Remedy’s interconnected universe. The company had high hopes for this game, but the return on investment has not yet come through. FBC: Firebreak launched on June 17, 2025, across Xbox Series S|X, PlayStation 5, and PC, and was available on day one for Xbox Game Pass and PlayStation Plus.
Even after releasing an extensive update called Breakpoint to address fundamental issues, the game continued to fall short of the company’s expectations. In response to this situation, Remedy adjusted its long-term sales predictions and recognized a non-cash impairment of €14.9 million. This write-down has pushed the company’s profit deep into the red, especially following the resignation of its CEO on October 22, 2025.
Future Plans
Markus Maki, Remedy’s interim CEO, has tried to reassure investors, stating that the company will continue to develop Alan Wake and Control, and also concentrate on the Max Payne 1 & 2 remakes in collaboration with Rockstar Games.
In the financial report, Maki mentioned:
“While we face issues with FBC: Firebreak, our other projects are on track. We are focusing most of our resources on our well-known franchises – Control and Alan Wake – which we are still investing in and expanding into various media as part of our long-term plans.
Also, we’re dedicated to the Max Payne 1 & 2 remake with Rockstar Games. As we carefully manage our products that carry risks, we also want to keep the capability to create new experiences for our audiences, just like we have done for over 30 years.”
Goals for the Future
Looking forward, Remedy aims to double its revenue by 2027 and maintain steady year-over-year growth. Additionally, the company aspires to achieve a 30 percent EBITDA margin, which is quite an ambitious target in an industry that typically sees margins below 20%.
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