They hired a team for crossplay, which wasn't cheap. They released a new biome, and now they have different teams for different projects FOR valheim. You can review their most recent developer blog on steam released today. They hired Physics groups and they even have new concept art for Ashlands and i'm super excited about that. Just saying, there is a lot more to go on than just the money. I.E. if they made 1 billion that would be even better. A lot of that money didn't go directly into the pockets of the devs and not even close to half did. I'm sure they all got a pretty nice sum but no where near 2million each. There's soooo many different fractions of companies within iron gate. EA got their cut, marketing, gotta pay steam, gotta pay the devs, gotta pay the artists, gotta pay literally everyone. Everyone wants a penny nowadays. I love Valheim and would work on it for free.

Edit: Lets not forget they gotta pay the PR team, The Legal teams, and all that kinda stuff too. sooo much money gets dispersed everywhere. Lets hope they can make even more money to continue to have a life and work on the game even more.

Here's there new blog.

https://www.valheimgame.com/news/development-blog-quests-and-concepts/