French developer Don’t Nod has reported its revenue multiplied to €7 million during the first half of 2025, compared to €1.8 million during the same period last year.
The developer attributed this growth to the integration of its latest release, Lost Records: Bloom & Rage, to PlayStation Plus.
However, it did note that the title “remained under expectations,” which led to a write-down of €13.1 million.
Don’t Nod reported a 5% drop in operating revenue to €13.9 million, and highlighted “a decline of capitalised production” of €5.9 million.
This reflected the completion of Bloom & Rage and the suspension of two projects (P12 and P13).
Last October, Don’t Nod announced the implementation of a “reorganisation project” following the “deteriorating results” of H1 2024.
This period was particularly affected by the underperformance of Banishers: Ghost of New Eden and Jusant.
At the time, the studio said 69 jobs were at risk for its workforce in France. Following this announcement, Don’t Nod employees went on strike on November 8.
In its latest results, Don’t Nod said it completed the “reorganisation of [its] Paris studio” by the end of August 2025.
The firm reported “estimated operational savings (excluding the cost of the reorganisation plan) for the 2025 financial year, in line with the full-year target of €5 million.”
As for its Montreal studio, Don’t Nod implemented a round of layoffs following the completion of Bloom & Rage in June 2025.
Don’t Nod said this “realignment of resources” enabled an “estimated full-year cost reduction of €1.1 million.”
Looking ahead, Don’t Nod highlighted that the second half of 2025 will see development progress of its new IP Aphelion (known as P10), expected to release next year.
It also announced an agreement with Netflix to create a “new narrative video game based on major IP”, which is currently in development at its Montreal studio.
Don’t Nod said the collaboration “marks a new milestone” which “confirms its position as a specialist in storytelling for major IPs and its ambition to explore new formats including cloud gaming.”
“This first half of the year has been characterised by solid revenue growth and the initial effects of our performance plan, whose full benefits will materialise in the second half of the year,” said Don’t Nod CEO Oskar Guilbert.
“We will continue our efforts to secure and develop our intellectual property through co-productions, while also engaging in projects based on external licenses.”
Guilbert continued: “Together with all our teams, we will continue to preserve and promote our unique identity, based on strong narrative experiences that have been widely acclaimed by critics and effective game mechanics.”
