Seems to be 40 employees total, but take the number with a grain of salt. The $3M revenue seems legit since it’s mentioned in the acquisition brief.
Likely they are operating at a loss, banking on revenues from the new release. But that means they likely also have significant liabilities. Given declining sales lately across the industry, and the likely not-cheap sticker on this game, I can see the managers being willing to secure future funding/projects.
Again, seems like a pretty decent valuation to me. You hear about all these $1B+ acquisitions, but those aren’t the norm. Many small-mid size studios are acquired for seven-eight figures.