Financial Statement January-December 2023
MARCH 20, 2024
© REMEDY ENTERTAINMENT 2024
AGENDA
1 | Q4 2023 Review |
2 Q4 and FY 2023 Financial Results | |
3 | Outlook |
4 | Status Update |
5 Questions & Answers
© REMEDY ENTERTAINMENT 2024
Tero Virtala | Terhi Kauppi |
CEO | CFO |
Q4 and Full Year 2023
Review
Tero Virtala, CEO
Q4 2023 HIGHLIGHTS
- Revenue decreased by 24.4% to 10.3 M€ (13.6)
- EBITDA decreased to -3.9 M€ (2.8)
- Operating profit -12.8 M€ (2.1), operating profit margin -123.9% (15.6%)
- Cash flow from operations 0.1 M€ (-3.8)
- Alan Wake 2 was launched on October 27, 2023
- Alan Wake 2 has since won several awards including Best Game Direction, Best Narrative and Best Art Direction at The Game Awards
- Codename Vanguard getting a fresh start under the name Codename Kestrel. We recognized an impairment charge of EUR 7.2m impacting Q4 and FY2023 operating profit.
- Markus Mäki assumed the role of Chief Product Officer and Mika Vehkala was appointed as Chief Technology Officer
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FULL YEAR 2023
HIGHLIGHTS
- Revenue decreased by 22.2% to 33.9 M€ (43.6)
- EBITDA decreased to -17.0 M€ (1.9)
- Operating profit -28.7 M€ (-0.6), operating profit margin -84.4%(-1.3%)
- Cash flow from operations -16.0 M€ (11.1)
- Alan Wake 2 was launched on October 27, 2023
- Alan Wake 2 has since won several awards
- The Board of Directors proposes that no dividend will be paid (EUR 0.10 for 2022) for the year 2023
© REMEDY ENTERTAINMENT 2024
ALAN WAKE 2 DEVELOPMENT AND ROAD TO LAUNCH
- Intensive year of development and launch preparations.
- To finalize the game and ensure top quality, we kept more developers for a longer time with the project than initially planned.
- While this caused a scarcity of talents for other projects causing some delay, it was proven to be the right decision.
- Great marketing and promotion campaign by Epic Games Publishing and Remedy Publishing Unit got the game good visibility ahead of launch.
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ACCOLADES ACROSS THE GAMES INDUSTRY
Over 200 awards
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ALAN WAKE 2 SALES AND THE FUTURE
1M 1.3M
Units sold | Units sold |
by the end of | by the beginning of |
Q4 2023 | February 2024 |
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ALAN WAKE 2: GOOD GAMES SELL FOR A LONG TIME.
Alan Wake is in the very early phase of sales: We have so far just reached part of the fanbase, and not yet the larger audiences.
Based on Control-learnings (2019 - 2023), there is lot of sales potential ahead of us.
Genre
enthusiasts
Extended
Fan- fanbase Core base
fans
Genre
tryouts
Alan Wake | Buyers at full |
fans who | price at launch |
preorder | and very early in |
the game. | the lifecycle. |
Buyers with high interest for the game, but start to activate later, especially with light discounts.
Fans of the genre: buy games mainly at discounts later in the lifecycle.
Anyone interested in good games and genre: Get games with exceptional offers or for free.
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Remedy Entertainment Oyj published this content on 20 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2024 07:34:05 UTC.