Pretty much. Managed to work on about eight games in a row that didn't make back their investment for three separate companies while I was in the game industry. They failed for various reasons, and a few of them really should have been successful, in my opinion, but oh well. Bad timing (releasing at the same time as heavy hitters), bad marketing, bad luck with reviewers, getting screwed by platform holders, aiming at the wrong audience, bad choice of difficulty, bad choice of which idea to pursue, technical issues that weren't in the testing environment and not discovered until release, overly restrictive and expensive update patching policies with platform holders, all sorts of fun reasons.