DON'T NOD: Revenue Quadrupled, Yet Financial Horizon Remains Fragile
In 2025, DON'T NOD saw its revenue increase more than fourfold, driven by the Netflix partnership and the release of Bloom & Rage. However, the independent video game studio is facing severe financial deterioration: net losses of €35.7 million, cash reserves halved, and a critical dependence on external financing to ensure continuity beyond January 2027.
Financial Performance in 2025
For the fiscal year 2025, DON'T NOD recorded economic operating income of €20.8 million, a decrease of 13% from 2024. However, actual revenue significantly increased from €3.3 million to €13.7 million. This more than fourfold increase was primarily due to two factors: a threefold increase in sales to €9.8 million, fueled by the release of Bloom & Rage and its inclusion in PlayStation Plus, and the performance of the back-catalog; and development revenues reaching €3.8 million, linked to the delivery of the first milestones of the narrative game in partnership with Netflix based on a major intellectual property. The share of revenue in operating income thus increased sharply, from less than 14% in 2024 to nearly 66% in 2025, reflecting the goal of securing revenue. Concurrently, operating expenses (excluding depreciation and provisions) amounted to €38.9 million, an increase of 11% from the previous year.
Performance Plan Outcomes
The performance plan implemented by DON'T NOD generated savings of €4.5 million in 2025, including €4.0 million on payroll expenses excluding restructuring costs. In Montreal, realignment with the Netflix project allowed savings of €1.2 million. The average workforce of the group decreased from 312 to 248 people. Personnel expenses decreased by 12% to €21.8 million, or by 20% after adjusting for employment protection plan measures. Despite these efforts, economic EBITDA including tax credits deteriorated to minus €12.3 million, compared to minus €8.6 million in 2024. Adjusted for non-recurring charges related to restructuring and the accounting treatment of project P14, EBITDA would stand at minus €4.0 million, illustrating the trajectory of recovery initiated. Economic EBIT amounted to minus €35.0 million, an improvement from minus €44.9 million in 2024. The net result attributable to the Group showed a loss of minus €35.7 million in 2025, a limited improvement from minus €64.3 million in the previous year.
Cash Flow and Financial Stability
As of December 31, 2025, DON'T NOD had a gross cash reserve of €15.4 million, a decline of 53% from €32.9 million a year earlier. The free cash flow stood at minus €15.9 million in 2025, an improvement of €6.1 million from 2024, but remained negative. Cash consumption amounted to €17.4 million, despite restructuring expenses. Equity stood at €19.9 million and gross financial debts were negligible (€0.4 million). According to the statement, the continuation of operations is partly dependent on securing external financing to cover needs related to activity and project development, representing a significant uncertainty regarding the continuity of operations beyond January 31, 2027. DON'T NOD is actively pursuing negotiations to strengthen its financial structure to secure financing for project P14 and could implement additional levers to control operating expenses. Aphelion, a new science fiction action-adventure title, is scheduled for release on April 28, 2026.
