Finnish games firm Remedy has reported €33.9 million ($36.8 million) in revenue for 2023.

That's a drop of 22.2 per cent year-on-year, while the company's EBITDA fell from €1.9 million ($2 million) to negative €17 million. Meanwhile, Remedy clocked an operating loss of €28.6 million ($31 million) – compared to 2022's €600,000 ($650,550) – and the company's operating profit margin fell from a 1.3 per cent loss to 84.4 per cent in the red.

Remedy said that the rather weak financial results are due to "increased" investment in its upcoming line-up. This includes Control 2 and a multiplayer title codenamed Kestrel.

"The sales of Alan Wake 2 started well despite a competitive launch window and an overall exceptional number of great game launches throughout the year. Alan Wake 2, as a digital only release, had sold over 1 million units by the end of the fourth quarter of 2023 making it the fastest selling Remedy game," CEO Tero Virtala wrote.

"I want to thank the development team for their incredible effort in getting Alan Wake 2 done. As Control proved, a great quality game can have excellent longtail sales and we expect this to be the case with Alan Wake 2 as well. Alan Wake 2 has already recouped a significant part of the investments made by Epic Games Publishing, and we expect the game to be a meaningful revenue and profitability driver for the year."

He continued: "Our full year 2023 revenue and profitability were impacted by significantly increased investments in our own game projects, and the impairment charge related to codename Vanguard. Out of the five games we had in development during the year, we cofinanced four that are based on Remedy-owned brands, whereas Max Payne 1 & 2 remake is fully funded by the IP owner and publishing partner Rockstar Games. In the
fourth quarter of 2023, revenue and profitability declined from the comparable period."