Banishers: Ghosts of New Eden and Lost Records: Bloom & Rage developer Don’t Nod has released its financial statement for the 2024-25 fiscal year, and things are looking a little gloomy for the French studio.
The statement shows that revenues are down significantly; operating revenues fell by 25% to €23.9 million, as compared to 2023’s €32.1 million figure. CEO Oskar Guilbert says this year’s performance reflects games that “fell short of our expectations” despite “a very positive critical reception”.
Despite the revenue drop, Don’t Nod says sales were up 14% on last year, largely driven by the studio’s back catalog, as well as 2023’s Jusant and early 2024’s Banishers: Ghosts of New Eden (although both games underperformed by the studio’s standards).
According to Don’t Nod, future sales for Jusant and Banishers are “not expected to generate sufficient revenues to cover the full development costs”, which essentially means both games have made a loss.
Additionally, the “temporary suspension” of the as-yet unannounced projects P12 and P13, as well as the full cancellation of projects P10 and P14 (these are all internal codenames, of course), led to further losses for Don’t Nod.
With all of this said, you might be wondering how the studio’s most recent release, Lost Records: Bloom & Rage, is performing. Don’t Nod doesn’t provide sales figures for the game, but it does say sales are “in line with forecasts in an increasingly selective market”.
The studio also points to the “critical acclaim” for Lost Records, which is reflected by the game’s Metacritic average and Steam review score. Our own Tyler was reasonably impressed by Lost Records as well.
In terms of Don’t Nod’s future, the only major project on the studio’s slate right now is The Lonesome Guild, a publishing effort that’s being developed by Italian outfit Tiny Bull Studios. That’s scheduled for release in late 2025.
You can check out Don’t Nod’s full financial statement here if you want to see all the numbers.