Maybe that's true - but as it worked out, the release of Odyssey alone resulted in a $640,000,000 reduction in their market capitalization. Isn't that a far more pressing concern?
If you were one of the suckers who bought FDEV shares at 3000, absolutely.
For Frontier, not really. They have no outstanding loans and aren't likely to want to take out more secured on company value, aren't attempting to raise funds directly by issuing further share capital, have enough ownership in the hands of the board that even with a lower share price a hostile takeover or shareholder revolt is implausible, and aren't intending to cash out by selling the company to Microsoft/EA/Facebook. It's
nice to have a high share price but only in the sense that the reducing share price reflected bigger problems with the company's profitability and cashflow.
(Specifically, starting multiple over-ambitious projects which didn't pan out and each caused massive losses, to which the solution is not "spend even more money on all the projects until they eventually work".)
The problem with the view of it as a single discrete sale is that it is completely contrary to Fdev's stated goal of long-term game maintenance. They don't have to make back the investment purely on the initial purchase,
No, but they do need - if they intend to continue development at a particular pace - for it to pay for itself in about the time it took to develop, or ideally quicker.
If every year of development takes two years to pay off, and that's a consistent pattern, then eventually you run out of money.
So as a result Frontier have scaled back development of Elite Dangerous to a level where the money it raises
does pay for the development over the long-run.
Stardew Valley, sure, it's a great game, but it's also a game with a sensible scope so that its actual development costs are tiny by ED standards. It's well-deserved for the author that it does still sell millions of copies a year; but an important point is that if it "only" sold tens of thousands of copies a year like Odyssey, it would still be bringing in enough money to pay for its own continued development many times over.
(Essentially the whole "release updates which pay for themselves, indefinitely" model is what Frontier is doing
post-Odyssey with Elite Dangerous, especially since 2023. It's just a slower pace than anyone would like because ED is expensive to develop and it's a niche game with limited sales [1], which is not a great combination)
[1] Still, notably, more sales than most
other games about flying a spaceship have got. Another commercial advantage of Stardew Valley is that it's not about flying a spaceship.
but even another six months would have had them releasing in a far better state,
Putting six months of extra effort in might have meant it released in about the shape it did for Update 12. That's a lot better than it was at release, definitely. But it's in even better shape than that now and even with a much reduced price isn't selling hundreds of thousands of copies and isn't likely to in future either.
- it still has performance issues and therefore, crucially, still can't be sold to the 1/4 of the players on console even as PC performance is getting to the stage of brute-forcing it; that blows a massive hole in any sales projections straight off
- while they've started in the last few months trying to tie a little more to it, it's still not something the majority of players (by number as opposed to activity) are likely to buy, and this is in my opinion far more due to the top-level design and scope rather than how well it's polished (i.e. if you're not interested in walking around, it's very definitely optional). People aren't even buying it that fast at £10.