Devolver Digital Annual Report: Revenues are growing, Cult of the Lamb is still successful, and the number of games in the portfolio has exceeded 130
Indie publisher Devolver Digital summarized the achievements of the past year. The company reported revenue growth, disclosed the earnings of Cult of the Lamb and some other games, and shared its future plans.
Cult of the Lamb
Main highlights from the report
- In 2024, Devolver Digital earned $104.8 million. Compared to 2023, their revenue increased by 13.5%.
- This time, games from the back catalog accounted for 88% of the company's revenue, whereas in 2023, their share was slightly less — 83%. The main hits remained Cult of the Lamb and Inscryption, with Astroneer also making a significant contribution.
Breakdown of Devolver Digital's annual revenue by new game income and back catalog games
- Devolver Digital's gross profit rose by 22.6% to $30.1 million.
- The EBITDA metric became positive. Whereas a year earlier it was minus $0.5 million, it is now $5.1 million.
- In 2024, Devolver Digital released 10 new games as planned, including Neva, The Plucky Squire, and Children of the Sun. In 2025, they plan to publish at least 13 titles.
- By the end of 2024, Devolver Digital's portfolio included over 130 games.
- Devolver Digital intends to actively develop existing IP, including through the release of DLC for popular titles. The company noted that this strategy yields good results. For example, in 2024, during the month of the release of the Glitchwalkers expansion for Astroneer, the game's revenue skyrocketed by 900%.
- Devolver Digital will also continue to gradually cut costs for working with games from third-party studios. They aim to focus on smaller projects with high potential. If in 2022 the average investments were $2.99 million per game, by 2026, they plan to reduce this to $1.04 million.
Average costs on working on one third-party game from 2022-2026
- Nintendo Switch is the most successful console for Devolver Digital in terms of unit sales of games, with 9 million copies of various company titles sold.
Earnings from some popular Devolver Digital IPs
The number of games published by the company to date is indicated in parentheses.
- Cult of the Lamb (one game) — revenue over $90 million.
- Astroneer (one game) — revenue over $80 million.
- Stronghold (nine games) — revenue over $50 million.
- Serious Sam (11 games) — revenue over $45 million.
- Gungeon (two games) — revenue over $40 million.
- Shadow Warrior (three games) — revenue over $35 million.
- Hotline Miami (two games) — revenue over $30 million.
- The Talos Principle (two games) — revenue over $20 million.
- Reigns (five games) — revenue over $20 million.
- Gorn (one game) — revenue over $20 million.