Warband was sold 7 million times by 2017. There are also the expansions and VC. As a small team they probably didn't have high development costs.I never understood how they didnt tank years ago. They went like 8 years with basically no product being made, and you can only sell so many copies of warband after its already been bought. And they ramped up to a 70+ person size which is a ton of money. SOMEONE was pouring money into TW.
AFAIK they also get supported by the government. I don't think money ever was an issue for them.