"We’re Back in the Black": Remedy Returns to Profit with Strong Q1 2025 Results
- Sagar Mankar
- Apr 30
- 2 min read
Remedy Entertainment is back in the financial win column. The Finnish studio behind Alan Wake and Control just posted a solid Q1 2025, delivering both revenue growth and a return to profitability—something the company hasn’t seen since early 2023.
According to the studio’s latest earnings report, revenue for January to March 2025 hit €13.4 million, marking a 24.1% increase compared to the same period last year. Even more notably, the company recorded an operating profit of €1.3 million, a significant turnaround from the €2.1 million operating loss in Q1 2024 and from the €1.4 million operating loss in Q4.
“I’m delighted to report that Remedy returned to profitability in Q1 2025,” said CEO Tero Virtala. “This result aligns with our stated outlook for the year and supports our longer-term financial objectives.”
What’s Driving the Numbers?
Remedy credits the bounce-back to increased development fees from its major projects—Control 2 and the Max Payne 1 & 2 remakes—as well as continued royalty income from ongoing game sales.
The Max Payne remakes are being developed in partnership with Rockstar Games, while Control 2 recently moved into full production this February. And Alan Wake 2 continues to pull its weight, crossing 2 million units sold by the end of 2024 and continuing to generate royalties after recouping development costs in Q4.
All Eyes on Firebreak
Up next is FBC: Firebreak, a co-op multiplayer spin-off set in the Control universe, slated for release on June 17, 2025. More than just a new title, Firebreak is Remedy’s first self-published game—a huge milestone in the studio’s long-term strategy.
Virtala said the game is designed to stand out in the crowded co-op genre while still appealing to fans of Control.
Marketing kicked off in March with a gameplay trailer at the Future Games Show, and early buzz has been encouraging, with the game described as “positively distinctive” by press and influencers.
Development Status Check
Remedy also offered a quick roadmap update:
FBC: Firebreak – In full production, with the team currently focused on final polish and quality assurance.
Control 2 – Moved into full production in February and is "tracking well" toward major internal milestones.
Max Payne 1 & 2 Remakes – Making steady progress in multiple critical areas, still co-developed with Rockstar.
The company is aiming to double its 2024 revenue by 2027 and maintain an EBITDA margin of 30% as part of its new strategic roadmap.
Financial Snapshot
As of March 31, 2025:
Cash: €10.7 million
Other financial assets: €17.3 million
Equity ratio: 73.9%
Total workforce: 373 employees (up 3.6% YoY)
With a solid balance sheet and three major IPs—Alan Wake, Control, and Max Payne—Remedy is positioning itself as a creative powerhouse with commercial staying power.
Between its rebound into profitability and the upcoming Firebreak launch, 2025 could be a defining year for the studio.
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