The Finnish studio’s latest numbers disappoint, and an FBC: Firebreak write-down is looming, yet management is sticking to its long-term growth plan.

Remedy Entertainment has released its financial report for Q3 2025. CEO Tero Virtala resigned earlier this month after nine years, following the company’s warning to investors that FBC: Firebreak had effectively failed. As the studio marked its 30th anniversary, results turned sharply negative.

Revenue fell 32.0% to €12.2 million (vs. €17.9 million expected). EBITDA came in at €0.7 million (vs. €6.6 million), EBIT was -€16.4 million (vs. €2.4 million), and operating margin was -135.1% of revenue (vs. 13.4%). Operating cash flow was €11.3 million (vs. €8.0 million). Even so, interim CEO Markus Mäki reassured investors and fans that remaining projects are on track and that the studio is confident it can achieve significant commercial success by 2030.

“Despite the challenges with FBC: Firebreak, our other in-development projects are progressing to plan. We devote most of our efforts to our established franchises, Control and Alan Wake, continuing to invest and expand them into other media as part of our long-term strategy. We are also working with Rockstar Games on the Max Payne 1 & 2 remake. While carefully balancing portfolio risk, we must preserve our ability to create new experiences as we have for 30 years. We are not satisfied with recent financial performance, but we remain confident we can deliver great games that resonate with players and restore profitability,” Mäki said.

Remedy aims to double last year’s revenue by 2027 and keep growing beyond that milestone. It also targets an EBITDA margin of at least 30% by 2027 and to maintain it thereafter. Development on Control 2 and the Max Payne 1 and 2 remakes is proceeding at full speed, and a new project is in the proof-of-concept phase.

Given the focus on expanding Control and Alan Wake within the shared Remedy universe, the new project will likely be set in one of those worlds.

Source: WCCFTech, Remedy Entertainment – Q3 2025 Business Review (PDF)