Remedy records Q3 revenue of €39.6 million, up 226 percent, after Control Resonant launch

Remedy posted Q3 2026 revenue of €39.6 million, up 226 percent from €12.2 million in Q3 2025, after Control Resonant launched digitally worldwide on Sept. 24, 2026, with the quarter capturing preorders and the first seven days of sales.

Remedy swung to an operating profit of €0.6 million in Q3 2026 from an operating loss of €16.4 million in Q3 2025. EBITDA reached €6.8 million, up from €0.7 million a year earlier, and the operating profit margin stood at 1.5 percent, versus minus 135.1 percent in the year-ago quarter. Jean-Charles Gaudechon called it “a defining milestone for the company.”

Remedy reported that game sales and royalties totaled €35.3 million in Q3 2026, up from €6.0 million in the year-ago quarter. Other revenue came to about €4.3 million, compared with about €6.2 million in the year-ago quarter. The quarter also picked up €4.3 million from Max Payne 1 & 2 remake development fees and the final Control Resonant fee accrual under the Annapurna agreement.

Control Resonant represents Remedy’s first self-published release at this scale based on the studio’s own CONTROL IP. Jean-Charles Gaudechon said, “This is our first self-published game of this scale, built on our own CONTROL IP.” Because it self-publishes, the studio pays royalty expenses and platform fees directly, including Annapurna’s share of Control Resonant revenue, and those costs will drop after the studio recoups the initial investment.

Control Resonant sold over one million copies worldwide by Oct. 15, 2026, three weeks after launch, becoming Remedy’s fastest-selling title. Remedy announced the million-copy milestone on the day of the physical release. In the United States, the game ranked as the largest market on PC and console by revenue and units, at nearly half of all sales. For PC sales, Chinese-speaking regions and the United Kingdom came in second and third; for console sales, the United Kingdom, Canada and Brazil were second, third and fourth.

Almost half of Control Resonant players had not played the Control franchise before, and the game’s outstanding wishlists total 2.4 million. The studio said reaching new players was a priority, and it called the wishlist base a potential audience for future sales.

Review aggregators put Control Resonant at a combined Metacritic rating of 83, with a Steam positive rating of 91 percent and a PlayStation 5 average of 4.7 out of 5, based on November 2, 2026, figures. PlayStation’s Players’ Choice poll named it the top new game of September 2026. The studio said interest in the Control franchise had stayed strong and steady since the studio announced the sequel in December 2025.

The company supported the release with its biggest marketing campaign ever, which peaked in Q3 and included global digital ads, out-of-home placements and partnerships with PlayStation, NVIDIA and leading creators. Partner-related revenue costs climbed to €18.9 million from €0.6 million, while other operating expenses rose by €5.4 million to €8.0 million. Remedy also mounted outreach of this scale in Asia and Latin America for the first time, offering local press and creators early access and taking the game to live events.

At launch, the studio started depreciating the game’s capitalized development costs, and marketing outlays peaked around the release. Operating cash flow fell to negative €0.1 million in Q3 2026 as trade and other receivables rose to €27.7 million from €8.4 million. The receivables jump mirrors sales awaiting payment in future periods, separating reported revenue from cash received. Cash and liquid investments totaled €24.1 million on September 30, 2026, compared with €36.5 million one year earlier.

A €14.9 million non-cash charge on FBC: Firebreak in Q3 2025 explains much of the year-over-year swing in profit. FBC: Firebreak is still on sale, mostly through subscription service agreements, and its second-year revenue sits below earlier levels in its life cycle. During Q3 2026, Alan Wake 2 finished depreciating its capitalized development costs, while the original Alan Wake franchise had a quieter quarter.

Revenue for the first nine months of 2026 reached €62.9 million, already above the €59.5 million reported for 2025, though the nine-month operating result was still a €2.3 million loss. The company said full-year 2026 revenue and EBITDA should rise from 2025, and it said revenue in the remaining months will determine the year’s outcome. Control sales in Q3 topped both the year-ago quarter and the first half of 2026.

Remedy’s long-term plan calls for doubling 2024 revenue by 2027 and reaching a 30 percent EBITDA margin by 2027, then keeping at least that level through 2030. The board picked Jean-Charles Gaudechon as CEO in February 2026, and he took office on March 1, 2026. The Board of Directors approved a new option plan for 2026 in September 2026.

Founded in 1995, the Finnish video game company has its headquarters in Finland with an office in Stockholm, and its shares trade on Nasdaq Helsinki’s main list. It builds its games on the Northlight game engine, a proprietary tool that creates the distinctive look and feel of its titles.

A webcast covering Q3 2026 results takes place on November 3, 2026, at 12:00 p.m. EET, with CEO Jean-Charles Gaudechon and CFO Santtu Kallionpää presenting. Work continues on the Rockstar-published Max Payne 1 & 2 remake, now in full production, and an unnamed self-published title has reached production readiness. Remedy’s two owned franchises, Control and Alan Wake, link through the Remedy Connected Universe, while Max Payne remains a partner franchise originally created by the studio.

A summary of the earnings call from Investing.com said much of the Control Resonant investment remained unpaid by the close of Q3 2026. As announced in August 2024, royalty expenses will decrease once the studio recoups the initial investments.