Overview
- The company said there is “material uncertainty” about operating beyond January 31, 2027 after first-half 2026 results showed €6.1 million in operating revenue, a €4.3 million EBITDA loss, and roughly €8 million in cash at the end of July.
- Don't Nod's board approved a transformation to consolidate French development onto a single production line and to stop running parallel projects in an effort to improve resource use and project continuity.
- Management has begun negotiations with employee representatives and union talks over a restructuring that could cut up to 90 positions in France.
- Revenue fell sharply because the studio recognized no capitalized production costs in H1 2026 after its recent game Aphelion and an unannounced project (P14) failed to meet funding-capacity criteria.
- Survival now depends on securing external financing or other measures such as asset sales or further restructuring, a problem worsened after auditors warned of earlier cash risks and Tencent declined a short-term capital increase.