DON’T NOD Warns of Going-Concern Uncertainty as Revenue Falls and Up to 90 French Positions Could Go

DON’T NOD has warned of material uncertainty over its ability to continue operating beyond January 31, 2027, as the developer deals with falling revenue and its French operations undergo a transformation. The company has not announced a closure, but says its continued operations depend partly on securing external financing.

In its official financial update, DON’T NOD said operating revenue totalled €6.1 million in the first half of 2026, a 56% decline from the same period in 2025. The company separately reported €6.1 million in revenue, down 14% year over year, making the distinction between the two indicators important.

Operating EBITDA was a €4.3 million loss in the first half of 2026, compared with a €2 million loss in the same period of 2025. Consolidated gross cash stood at €9.8 million at the end of June and €8 million at the end of July, compared with €15.4 million at the end of 2025.

The situation was highlighted in a report by Push Square, which framed the financial warning as a possible closure within months if conditions do not improve. That is a conditional interpretation of DON’T NOD’s disclosure, rather than an official announcement that the studio will shut down.

DON’T NOD has approved a transformation project intended to refocus its French operations around a single production line. The proposal could lead to the reduction of up to 90 positions in France, but that figure is not a final redundancy total. Initial meetings were held with employee representatives over the possible implementation of an employment protection plan, while management began negotiations with the relevant union.

“This plan is, however, essential to ensuring the Company’s continued operations,” DON’T NOD chairman and CEO Oskar Guilbert said in the company statement. He also described the first half of the year as evidence of the wider challenges facing the games industry, including more selective financing and less predictable revenue.

The warning matters to PlayStation readers because DON’T NOD remains connected to the platform’s current and historical catalogue. Aphelion, published by DON’T NOD, is listed for PS5, while the company has also released games on PS4. The financial update does not identify any specific PlayStation project as cancelled, delayed, reduced or directly affected by the transformation.

Nor does the material provide a verifiable breakdown of how much of DON’T NOD’s 2026 revenue or pipeline is tied to PlayStation platforms. The next developments will concern the company’s ability to secure external financing beyond January 31, 2027, the outcome of negotiations over the French workforce proposal and whether any announced projects or support plans are later affected.

The official disclosure is available through DON’T NOD’s regulated financial information page.