Paradox published its year-end financial report for 2024, where CEO Fredrik Wester stressed there should be no particular focus "on any one period."

"There is a lot of variation between quarters, depending on what and how much we have released," he added.

The report shows Paradox revenue in decline: fourth quarter revenue amounted to 709.1 million SEK (or $64.8 million), down 29 percent year-over-year. For the entire January 1-December 31, 2024 period, revenue was 2.2 billion SEK ($201 million), down 17 percent compared to 2023 in the same period.

However, the Swedish publisher fared better with its operating profit, which increased by 19 percent (to 395.3 million SEK) in the fourth quarter and 10 percent (721.4 million SEK) for the full year. Unlike the previous year, where it wrote down 178.5 million SEK in operating profit, Paradox had no such reductions this quarter.

Paradox is still picking itself back up

Paradox's 2023 report was centered around its displeasure with some games, namely Cities: Skylines II and Star Trek: InfiniteCome from Soccer 13 pools and matches . At the time, the studio pledged to support the former with updates and new content, and later acknowledged it became "overconfident" and "undisciplined."

To that end, Wester said there's been "a lot" of work on improving its publishing and third-party divisions and "better managing our risk-taking and creating the best conditions for our own development, and especially focusing on games we know well."

Release-wise, Paradox touted DLC for Hearts of Iron IV, Crusader Kings III, and others during 2024's fourth quarter. It also highlighted gains from new releases such as Tlatoani in Early Access, Space Trash Scavenger's 1.0 launch, as well as the sale of Mellabellum back to Game River.

For the whole year, it noted the previously reported acquisition of Haemimont Games, makers of Surviving Mars. However, it did not touch on canceling Life by You and closing its studio, which resulted in a near-$20 million writedown.

"We close the year with a period of high revenue and good margins, supported by strong releases, successful marketing activities and a currency tailwind," wrote Wester. "At the same time, we remain cautious and meticulous in our decisions. […] We have a very exciting 2025 ahead of us and we are more motivated than ever to deliver fantastic gaming experiences."

Paradox's full 2024 report can be read here.