Immutable Rebounds in 2024 After $50 Million Loss

Following a $50 million loss in 2023, blockchain game developer Immutable claims its 2024 performance has rebounded, with revenue exceeding $110 million.

Company Overview

Blockchain game developer Immutable, best known for titles like Gods Unchained and Guild of Guardians, has reportedly improved its performance after disappointing financial results in 2023, as per the Australian Financial Review.

Financial Results and Market Conditions

Immutable’s financial results for 2023 showed a significant loss attributed to a challenging crypto market, global regulations, and high marketing costs. Despite these challenges, the firm remains optimistic about its future.

A spokesperson for Immutable stated that the company is performing significantly better now, revealing that revenue for the 2024 financial year has already surpassed $110 million, reflecting a 50% increase from the previous year.

Recent Developments

This remarkable revenue surge can be partly credited to the launch of Immutable’s own layer-2 network, Immutable zkEVM, developed in collaboration with Polygon Labs. Additionally, Immutable is making strides in the web3 gaming sector, announcing a $100 million fund to support game developers.

Funding and Valuation

In March 2022, Immutable raised $200 million in a Series C funding round led by Singapore’s state-owned investment company, Temasek, increasing its valuation to $2.5 billion. Other notable investors included Mirae Asset, ParaFi Capital, Declaration Partners, and Tencent Holdings.

Industry Trends

In late February 2025, Immutable co-founder Robbie Ferguson noted that several gaming companies valued over $1 billion seem open to launching tokens. This comes amid a surge in on-chain gaming activity, with DappRadar reporting over 7 million daily unique active wallets in January 2025—a 386% increase from the previous year.

Related News

Immutable has also recently received a SEC Wells notice regarding the 2021 IMX token sales.