Don’t Nod might not survive past January 2027

Don’t Nod just told everyone the quiet part out loud: the studio behind Life is Strange and Lost Records: Bloom & Rage might not make it past January 2027.

The numbers are brutal

In its H1 2026 update, Don’t Nod reported revenue down 14%, with operating EBITDA taking a matching hit. Year-over-year, revenue has dropped 56%, and neither Aphelion nor the mysterious “P14” project has brought in enough to cover what they cost to make. That’s two big bets that haven’t paid off yet, and the clock’s ticking.

The company put it plainly, saying its ability to keep operating depends on securing outside financing soon, warning there’s material uncertainty about staying a going concern beyond 31 January 2027. Translation: no cash, no studio.

Up to 90 jobs on the line

To try and steady the ship, Don’t Nod is consolidating its French operations into a single production line, aiming for a steadier pipeline instead of juggling multiple projects at once. Sounds sensible on paper, but the cost is real: as many as 90 positions could be cut in France, with talks already underway between leadership, staff, and union reps.

This isn’t Don’t Nod’s first rough patch, but a deadline this specific is new. If financing doesn’t land in the next few months, we could be looking at one of gaming’s more painful shutdowns.

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