Seven days of launch sales
Control Resonant sales swung Remedy from a EUR 16.4 million operating loss in the third quarter of 2025 to a EUR 0.6 million operating profit this year, and only the first seven days of sales fell inside the quarter. Remedy published its January–September business review on 3 November 2026 at 09:00 EET (07:00 UTC): revenue rose 226.0% to EUR 39.6 million, up from EUR 12.2 million.
Game sales and royalties made up EUR 35.3 million of that (EUR 6.0 million a year earlier), or 89% of the quarter. Development fees, from the Max Payne 1&2 remake and the final fee accrual for Control Resonant under Remedy’s agreement with Annapurna Pictures, fell to EUR 4.3 million from EUR 6.1 million. CEO Jean-Charles Gaudechon calls the game “our first self-published game of this scale” and says it “marks a defining milestone for the company.”
| EUR million | Jul–Sep 2026 | Jul–Sep 2025 |
|---|---|---|
| Revenue | 39.6 | 12.2 |
| Game sales and royalties | 35.3 | 6.0 |
| Development fees | 4.3 | 6.1 |
| EBITDA | 6.8 | 0.7 |
| Operating profit (EBIT) | 0.6 | -16.4 |
Not all of that swing is the game
We’d go easy on the headline swing. The operating result improved by EUR 17.0 million, but Remedy says the third quarter of 2025 included a non-cash impairment of EUR 14.9 million related to FBC: Firebreak. Strip that out and depreciation actually rose by EUR 4.0 million, mainly because Remedy began depreciating Control Resonant’s capitalised development costs at launch.
Self-publishing also means Remedy pays the bills the game generates. Materials and services expenses rose by EUR 17.0 million to EUR 20.0 million, mainly from royalty expenses and platform fees on the higher sales, and Remedy says marketing spend peaked around the launch. It describes the campaign as the largest marketing investment in its history. Royalty expenses include Annapurna’s share of the game’s revenue and, Remedy says, will decrease once the initial investments have been recouped. The result is a 1.5% operating margin on a quarter in which revenue more than tripled.
The year is still in the red
Over nine months, revenue is EUR 62.9 million (EUR 42.5 million), but operating profit is still EUR -2.3 million (EUR -15.6 million) and EBITDA is EUR 7.3 million, against EUR 11.3 million for all of 2025. Cash flow from operations in the quarter was EUR -0.1 million (EUR 11.3 million), which Remedy attributes to the timing of incoming payments. Cash and liquid investments stood at EUR 24.1 million on 30 September, down from EUR 36.5 million a year earlier.
Remedy’s outlook for 2026 is unchanged: it expects full-year revenue and EBITDA to increase from the previous year. Nine-month revenue already tops 2025’s full-year EUR 59.5 million, and Gaudechon says “sales over the remainder of the year will ultimately define our financial year 2026.”
What Remedy says comes next
First, more Control Resonant. Remedy says it passed one million copies sold on 15 October, the day of the physical release and three weeks after launch. Its stated priority now is “to get CONTROL Resonant into the hands of more players.” Remedy cites 2.4 million outstanding wishlists, close to 50% of players new to Control by its analytic data, and the United States as the biggest market with nearly half of all sales. It also quotes a Metacritic score of 83 and a 91% positive Steam user rating, both as of 2 November; our Control Resonant review roundup covers where critics split.
Beyond that, the release is short on detail. Its development table lists a “New project” published by Remedy at production readiness and the Max Payne 1&2 remake, published by Rockstar Games, in full production. The release doesn’t name the new project or give a date. Gaudechon says only that “our other projects are proceeding in the pipeline.” Remedy says it will self-publish upcoming games in which it owns the IP, and its financial targets are to double 2024 revenue by 2027 and reach a 30% EBITDA margin by 2027.
That margin is the number we’d watch: it was 17.1% this quarter and 11.6% over nine months. Remedy itself lists self-publishing as a risk, since a game that doesn’t sell enough leaves the company carrying the financing. One hit proves the model can work. It doesn’t yet make a pipeline, and launches drive the numbers well beyond Remedy, as Microsoft’s Game Pass-linked Xbox forecast also shows.
