Remedy is betting on a change in its business model. Instead of being funded to make games for other companies, the Finnish developer wants to publish its own and keep a larger share of their sales.
Control Resonant, released on September 24, was the biggest test of that shift, and the early figures suggest Remedy may be on the right track.
With Resonant, game sales and royalties came to dominate Remedy’s revenue. According to the company’s third-quarter report, published on November 3, 89% of revenue from July to September came from game sales and royalties. In the same quarter of 2025, that share was about half; across all of 2024, it was 10%.
The difference is who pays the bills and who keeps the sales revenue. Before, a publisher such as Epic Games or 505 Games financed the game and paid Remedy while it was being made; after release, it kept the revenue and only paid the studio royalties once it had recouped its investment. Now, Remedy publishes the game itself, shares financing with partners such as Annapurna and records sales from day one. It earns more when a game sells well, but bears the loss when it does not, as happened with FBC: Firebreak.
Control Resonant’s quarter doubles the previous revenue record
Remedy quarterly revenue, Q1 2021 to Q3 2026
Source: Remedy
Remedy’s quarterly revenue ranged from €6.9 million to €19.8 million from 2021 through mid-2026. With Control Resonant, Q3 2026 reached €39.6 million, twice the previous record of €19.8 million in Q4 2021. Alan Wake 2’s launch quarter at the end of 2023 brought in €10.3 million.
| Quarter | Revenue (€ million) |
|---|---|
| Q1/21 | 8.1 |
| Q2/21 | 9.4 |
| Q3/21 | 7.4 |
| Q4/21 | 19.8 |
| Q1/22 | 12.7 |
| Q2/22 | 9.4 |
| Q3/22 | 7.9 |
| Q4/22 | 13.6 |
| Q1/23 | 6.9 |
| Q2/23 | 8.9 |
| Q3/23 | 7.8 |
| Q4/23 | 10.3 |
| Q1/24 | 10.8 |
| Q2/24 | 10.3 |
| Q3/24 | 17.9 |
| Q4/24 | 11.7 |
| Q1/25 | 13.4 |
| Q2/25 | 16.9 |
| Q3/25 | 12.2 |
| Q4/25 | 17.0 |
| Q1/26 | 13.1 |
| Q2/26 | 10.2 |
| Q3/26 | 39.6 |
Source: Remedy
The launch also broke a record. Control Resonant sold 1 million copies in 21 days, making it Remedy’s fastest-selling launch. Alan Wake 2, the previous record holder, was released on October 27, 2023, and ended that year with 1 million copies sold.
Sales got off to a fast start, but profitability is still an open question.
Remedy posted a small operating profit of €0.6 million, but ended the quarter with a net loss of €0.1 million. Its 2026 result depends on year-end sales.
Control Resonant’s quarter in three numbers
Remedy, July to September 2026
Source: Remedy
Q3 2026 revenue was €39.6 million, 3.2 times Q3 2025. Games and royalties contributed 89.1%, versus 10% in 2024. About €4 million in Q4 EBITDA is needed to exceed 2025.
| Indicator | Value | Context | Unit |
|---|---|---|---|
| Quarterly revenue | 39.6 | 3.2 times Q3 2025 | € million |
| Revenue from games and royalties | 89.1 | 10% in 2024 | % |
| EBITDA needed in Q4 | 4.0 | to exceed 2025 EBITDA | € million |
Source: Remedy
How Remedy used to make money, and how it makes it now
For most of its history, Remedy worked like most independent studios: a publisher, the company that funds and releases a game, pays for development and keeps most of the sales revenue.
That was the case with Control, published by 505 Games, and Alan Wake 2, published by Epic Games. The model offers security because money comes in while the game is being made, but limits the upside: the studio only receives a share of sales, or royalties, after the publisher recoups its investment.
In 2019, the year Control launched, 39% of Remedy’s revenue came from games, mainly royalties from 505 Games. Then came contracts with Epic, Tencent and Rockstar, and the share fell to 10% in 2022, remaining at around 15% or less through 2024.
In 2024, the company was essentially a service provider. Yet in the third quarter of 2026, with Control Resonant, 89% of revenue came from games and royalties.
Games become Remedy’s largest revenue source again
Game sales and royalties as a share of annual revenue, 2019 to 2026
Source: Remedy · *2026: January to September.
Games and royalties accounted for 39.4% of revenue in 2019 and 36.5% in 2020. The share fell to 10.3% in 2022 and 10.1% in 2024, rose to 44.7% in 2025 and reached 70% in January to September 2026.
| Year | Game sales and royalties share (%) | Games and royalties (€ million) | Development fees (€ million) | Reported revenue (€ million) |
|---|---|---|---|---|
| 2019 | 39.4 | 12.5 | 19.2 | 31.6 |
| 2020 | 36.5 | 15.0 | 26.1 | 41.1 |
| 2021 | 19.5 | 8.7 | 36.0 | 44.7 |
| 2022 | 10.3 | 4.5 | 39.1 | 43.6 |
| 2023 | 15.3 | 5.2 | 28.7 | 33.9 |
| 2024 | 10.1 | 5.1 | 45.6 | 50.7 |
| 2025 | 44.7 | 26.6 | 32.9 | 59.5 |
| 2026* | 70.0 | 44.1 | 18.9 | 62.9 |
Source: Remedy
Note: *2026: January to September.
The shift was planned. In February 2024, Remedy bought back the rights to Control from 505 Games for about €17 million and has sold the original Control directly since 2025.
Part of the rise in the curve comes from accounting: when it publishes a game, the company records gross sales rather than just the share it used to receive from partners. Even allowing for that effect, the change is real: Remedy now depends on what it sells, rather than what it is paid to make.
The second attempt worked
Control Resonant was not the first attempt. In June 2025, Remedy released FBC: Firebreak, which it describes as its first self-published game on PC and consoles.
The game attracted 1 million players in ten days, helped by Game Pass and PlayStation Plus, but sold poorly. In October 2025, the company issued a profit warning and recognized an impairment loss of €14.9 million, most of what it had spent on the project.
A year later, the result was the opposite. Alongside record sales, Control Resonant earned a Metacritic score of 83 and 91% positive reviews on Steam.
About half of its players had never played Control, and 2.4 million people still have the game on their wishlists. The United States accounted for nearly half of sales; on consoles, Brazil ranked among the top three markets by units sold.
The comparison with earlier launches shows what changed. When Alan Wake 2 came out in October 2023, Remedy’s quarterly revenue fell 24% year on year: development payments ended with the launch, and sales revenue stayed with Epic until it recouped its investment, which only happened at the end of 2024. With Control Resonant, quarterly revenue more than tripled year on year, with just one week of sales.
Revenue tripled with Control Resonant; it fell with Alan Wake 2
Remedy revenue in each launch period and the same period a year earlier
Source: Remedy · Control: H2 2019 (Remedy reported half-year results).
Revenue rose from €10.9 million to €17.8 million in H2 2019 with Control. In Q4 2023, with Alan Wake 2, it fell from €13.6 million to €10.3 million. In Q3 2026, with Control Resonant, it rose from €12.2 million to €39.6 million.
| Game | Same period a year earlier (€ million) | Launch period (€ million) |
|---|---|---|
| Control | 10.9 | 17.8 |
| Alan Wake 2 | 13.6 | 10.3 |
| Control Resonant | 12.2 | 39.6 |
Source: Remedy
Note: Control: H2 2019 (Remedy reported half-year results).
The effect is already visible in the annual figures. From January to September, Remedy generated €62.9 million in revenue, more than in any full year since at least 2010 (the annual record was €59.5 million in 2025). In sales terms, the bet paid off.
What is still missing: profit
Strong sales are not the same as profit, and the quarter also fell short of market expectations. Inderes, the main research firm covering Remedy, had forecast revenue of €48 million and EBITDA of €10.4 million; the actual figures were €39.6 million and €6.8 million. Part of the gap was timing: the physical edition only reached stores on October 15, in the fourth quarter. On the earnings call, management acknowledged that sales in Europe, especially France and Germany, had fallen short of expectations. The shares fell after the release.
Costs explain the narrow margin. Remedy paid for the largest marketing campaign in its history and began amortizing the money spent developing the game. Annapurna, which financed half the development budget, receives a share of revenue until it recoups its investment, and stores charge their fees. Cash and liquid investments fell from €36.5 million to €24.1 million in a year, but part of that is timing: proceeds from platform sales only arrive in the following quarter, and receivables rose from €8.4 million to €27.7 million. By self-publishing, Remedy keeps a larger share of the return, but also takes on greater commercial risk.
The next test is the fourth quarter. Remedy promised to finish 2026 with higher revenue and EBITDA than in 2025. Revenue has already surpassed that level. EBITDA totaled €7.3 million through September, compared with €11.3 million for all of last year. To deliver on its promise, the company needs about €4 million in fourth-quarter EBITDA, including holiday sales and the physical edition. Inderes considers meeting the guidance virtually certain.
CEO Jean-Charles Gaudechon himself wrote in the report that sales over the rest of the year will define 2026.
The conclusion for now: Control Resonant proved that Remedy knows how to sell a game it publishes itself, something Firebreak had not managed. Year-end will be the next test, not a verdict: meeting guidance does not mean the game has already recouped its entire investment, nor does it guarantee a net profit for the year. If sales hold up, the goal of doubling 2024 revenue by 2027, to about €101 million, starts to look within reach.
Until then, the Max Payne 1 and 2 remake, which Remedy is developing for Rockstar Games, provides development revenue while the next game of its own is being prepared.