After experiencing a $50 million loss in 2023, blockchain game developer Immutable has announced a strong recovery in 2024, reporting revenues exceeding $110 million.
Immutable, recognized for its popular games such as Gods Unchained and Guild of Guardians, has bounced back significantly following last year’s financial setback, as indicated by recent filings.
The company detailed a substantial loss for 2023, attributing it to a challenging cryptocurrency market, regulatory hurdles, and soaring marketing expenses. Nonetheless, Immutable remains optimistic about its growth prospects.
In a statement, a representative expressed that the company’s current performance is vastly improved, noting that revenues for the 2024 fiscal year have already surpassed $110 million, marking a 50% rise from the prior year.
This revenue growth follows the launch of Immutable’s own layer-2 solution, the Immutable zkEVM, developed in collaboration with Polygon Labs. Furthermore, the firm is actively investing in the web3 gaming landscape, having initiated a $100 million fund designed to support game developers.
In March 2022, Immutable successfully secured $200 million during a Series C funding round led by Temasek, Singapore’s government-owned investment entity, which elevated its valuation to $2.5 billion. Other notable investors included Mirae Asset, ParaFi Capital, Declaration Partners, and Tencent Holdings.
As of late February 2025, Immutable co-founder Robbie Ferguson revealed that several gaming firms valued at over $1 billion appear ready to explore token launches. This comes amid a notable increase in on-chain gaming activities. According to DappRadar’s gaming report published on February 13, blockchain gaming achieved over 7 million daily unique active wallets in January 2025, reflecting a remarkable 386% increase compared to the previous year.