Devolver Digital has released a financial report for the first half of 2022. The indie publisher also opened up about its plans and shared results for some of its hit games like Cult of the Lamb and Inscryption.


Key financial results

  • Devolver Digital reported $53 million in revenue for the first half of 2022, which is up 14% year-over-year.
  • The company’s net loss was $16.6 million, compared to net profit of $79.5 million for the first half of 2021.
  • Games from the back catalogue accounted for 64% of total revenue, with the publisher expecting a “strong recovery in the second half of 2022.”
  • Devolver expects to reach $130-140 million in revenue for the full year, with adjusted EBITDA of $27-32 million.

How did Devolver games perform?

  • Devolver’s revenue growth was driven by seven new titles released in H1 2022, including Trek to Yomi, Shadow Warrior 3, and Weird West. The latter attracted over 400k players in the first two weeks.
  • Despite being released in the second half of 2022, Cult of the Lamb “has already exceeded full-year expectations.” Devolver noted that this outperformance might also affect its margin expansion in the second half of 2022 due to royalty payments to developer Massive Monster.
  • Launched on August 11, Cult of the Lamb sold one million units in just nine days. Read our interview with Massive Monster about blending different genres and creating a cult management system.
  • Devolver Digital plans to release five titles in the second half of 2022, including the already launched Cult of the Lamb and Return to Monkey Island.
  • Inscryption has reached 1.46 million units sold since its launch in October 2021. Other 2021 hits like Loop Hero and Death’s Door also “continue to show strong sales year to date,” the publisher said.
  • Devolver Digital has over 30 titles in its pipeline for the next three years, which are expected to come out between 2023 and 2025.

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