Nerial, the studio responsible for Reigns, Card Shark and The Crush House, ended development of new games and entered “hibernation mode” after 13 years of activity. The decision was made jointly with owner Devolver Digital, and the remaining employees are now seeking new opportunities.
Founders Tamara and François Alliot stated that the change represents the end of Nerial in its current structure, but not the abandonment of game development. After a pause, the two intend to return to production with a new approach. Over the course of its history, the studio published 11 games.
The shutdown comes after a significant deterioration in the company's accounts. Financial documents for 2025 show a net loss of £817,000, against revenue of only £294,000. The operating loss exceeded £1 million. In 2024, Nerial had already recorded a loss of approximately £989,000, after closing 2023 with a profit.
Management itself classified 2025 as the 2nd consecutive year of significant commercial losses and indicated that continued operations depended on financial support from the parent company and the execution of the planned commercial plans. The accounts for 2025 were filed with the British registry in September.
Cuts preceded the hibernation
The problems had already caused a significant reduction in Nerial's structure. In 2025, Devolver reported a 40% reduction in its workforce to address problems related to recent releases and reorganize the studio for future projects.
The contrast is significant because Reigns became one of the most successful properties in Devolver's portfolio. By 2025, the five titles in the franchise had generated more than US$ 20 million in cumulative revenue. Even so, the performance of the catalog was not enough to sustain Nerial's structure in the face of recent losses.
The case comes at a time of pressure on the economics of independent games. Devolver itself acknowledged in August that the sector is going through a period of volatility, with layoffs, reductions in structures and write-downs related to games that performed below expectations. The company also stated that results in this market can vary sharply depending on the calendar and the scale of a few releases.
For Nerial, hibernation preserves the studio's name but interrupts its operation as a permanent team. Devolver will remain connected to the existing catalog, while Tamara and François Alliot state that they intend to return to development after a period of pause and reflection.
