DON’T NOD, the French independent studio best known for Life is Strange and Vampyr, has reported its financial results for the first half of 2025, revealing both progress and persistent challenges. According to the official report published on October 28, 2025, the company’s revenue rose sharply by 3.8 times to €7 million, reflecting the impact of new releases and platform deals. However, despite this growth, the studio still posted a significant net loss of approximately €20 million, underscoring ongoing financial pressure amid restructuring efforts and underperformance of recent titles.
The most notable contributor to this mixed performance was Lost Records: Bloom & Rage, developed by DON’T NOD Montreal. While the game’s integration into PlayStation Plus helped drive revenue, it ultimately fell short of commercial expectations. The company recorded a partial write-down of €13.1 million related to the title, though this adjustment did not affect cash flow. In response, DON’T NOD has begun realigning resources at its Montreal division to reduce operational costs, with an estimated annual saving of €1.1 million expected by year-end.
Despite these financial setbacks, CEO Oskar Guilbert emphasized the studio’s ongoing transformation and strategic partnerships. “This first half of the year has been characterized by solid revenue growth and the initial effects of our performance plan, whose full benefits will materialize in the second half of the year,” Guilbert stated. He also highlighted the recent signing of a development agreement with Netflix, describing it as “a key milestone for the Group.”
Under this new partnership, DON’T NOD will create an original narrative video game based on a major existing Netflix intellectual property. The project will be developed at the studio’s Montreal branch and published directly by Netflix, expanding the company’s reach into transmedia collaborations. This marks the streaming giant’s continued investment in interactive storytelling, following similar initiatives tied to its growing game catalog.
Operationally, DON’T NOD’s report outlines measurable progress in cost management. The company’s performance plan has begun to deliver tangible savings on operating expenses, with operating EBITDA reaching break-even when excluding non-recurring adaptation costs. The net loss, while substantial, has been reduced by half compared to previous reporting periods—an encouraging sign for long-term recovery if revenue continues to climb.
Looking ahead, the second half of 2025 is expected to be a more active period for the studio. DON’T NOD plans to build on its momentum with the October 23 launch of The Lonesome Guild, developed by Tiny Bull Studios under the ID@Xbox label. The studio is also developing Aphelion (P10), a new intellectual property slated for release in 2026 and confirmed to launch on Xbox Game Pass. Additionally, negotiations for co-production of another project, code-named P14, are reportedly in advanced stages.
Lost Records: Bloom & Rage—the studio’s latest major release—was envisioned as a spiritual successor to Life is Strange. The narrative adventure unfolds across two timelines, chronicling the friendship and secrets of four young women from their rebellious youth in 1995 to their adult reunion in 2022. Released in two parts earlier this year (“Tape 1: Bloom” in February and “Tape 2: Rage” in April), the game received praise for its writing and emotional tone but faced criticism for pacing and limited gameplay evolution, which may have contributed to its underwhelming financial performance.
