Financial Results
- Revenue: €1.87 million for H1 2024 (down 29.7% year-over-year)
- Net Loss: €42.3 million (compared to €866k in H1 2023)
- Write-downs:
- €24 million for Jusant and Banishers: Ghost of New Eden
- €7.6 million for two paused game projects
Restructuring Plans
Layoffs
- Up to 69 employees in France could be affected
- Represents approximately 19.7% of total workforce (based on 350 employees as of March)
Project Changes
- Canceled one project in development
- Paused work on two new games
- Continuing development on:
- Lost Records: Bloom & Rage
- Projects codenamed P10 & P14
Strategic Shifts
- Consolidating expertise in AA+ game development
- Reevaluating game portfolio
- Making internal processes more agile
- Strengthening editorial committee role
- Securing further financing
Market Factors
- Saturated market conditions
- Underperformance of recent releases (Jusant and Banishers: Ghost of New Eden)
Company Statement
CEO Oskar Guilbert: "Our half-year results for 2024 reflect the economic underperformance of our latest release, despite solid ratings on Metacritic, as well as the accounting impact of the decisions we had to take. The initial performance support measures announced last spring no longer seem sufficient to maintain the company's competitiveness."Industry Context
- Part of a larger trend of layoffs in the gaming industry
- Over 13,000 game developers laid off in 2024 alone
Next Steps
- Negotiation with employee union representatives
- Potential implementation of voluntary redundancy plan
- Resumption of share trading on Euronext
