Europe
National and regional reports on the European games industry.
585 documents
11 bit studios
ReportGames from 11 bit studios’ Publishing Portfolio Approaching Release: Q1 2023
11 bit studios’ first‑quarter 2023 financials show a revenue of PLN 14.8 million, EBITDA of PLN 3.0 million and net profit exceeding PLN 2.46 million, slightly below the same period in 2022 but still above internal forecasts. The decline is partly attributed to a high‑base effect from the previous year’s exceptional sales of This War of Mine during February–March 2022, when the company donated weekly proceeds to the Ukrainian Red Cross. The current quarter’s profit was also influenced by revenue from the board‑game version of Frostpunk and a revaluation gain on an equity stake in Starward Industries, which owns The Invincible. Investment in development rose 28.2 % year‑on‑year to PLN 12.14 million, reflecting a strategy of increasing spend on both proprietary and third‑party titles as release dates approach. The publishing pipeline for 2023 includes The Invincible and The Thaumaturge, developed by Fool’s Theory, with promotional campaigns boosting their Steam wishlist rankings. The company anticipates that these releases will significantly lift 2023 financial results, supported by ongoing monetisation of established titles such as Frostpunk and This War of Mine. Long‑term growth is expected to hinge on upcoming proprietary projects—Frostpunk 2, The Alters, and an unnamed “Project 8”—all slated for launch by the end of 2025. The company’s cash cushion and solid Q1 performance underpin its focus on expanding both its own development slate and publishing portfolio across the global video‑game market.
11 bit studios
ReportQuarterly Report of 11 bit studios S.A.: Nine Months Ended September 30th 2023
DEAR SHAREHOLDERS AND INVESTORS, We present to you the report of 11 bit studios S.A. for the nine months ended September 30th 2023. During the period, we earned PLN 34.28m in revenue, with EBITDA at PLN 1.66m and net profit at PLN 1.35 million. In the three months ended September 30th 2023, revenue came in at PLN 9.5m, while EBITDA was negative, at PLN -1.28m.
11 bit studios
ReportQuarterly Report of 11 bit studios: Three Months Ended 31 March 2024
11 bit studios S.A. concluded the first quarter of 2024 with a net loss of PLN 1.6 million, despite achieving a 3.8% year-over-year revenue increase to PLN 15.33 million. This financial performance reflects a strategic transition period characterized by elevated operating expenses, which rose by nearly 26% as the company intensified development efforts for its upcoming flagship titles, Frostpunk 2 and The Alters. While initial sales for recent publishing titles like The Invincible and The Thaumaturge performed slightly below internal forecasts, the publishing division remains a vital pillar of the business, contributing 48% of total quarterly revenue. The company maintains a stable liquidity position with PLN 40.56 million in cash and cash equivalents, bolstered by a disciplined approach to capital allocation and the absence of significant impairment risks. A substantial asset base of PLN 140.7 million is currently tied to ongoing development projects, which management views as the primary drivers for future growth. Financial results for the quarter were further impacted by non-recurring factors, including a loss on the remeasurement of Starward Industries shares and charitable contributions, alongside the continued utilization of IP Box tax relief to optimize the bottom line. Looking ahead, the company remains committed to a medium-term growth strategy that balances the annual release of proprietary titles with the expansion of its third-party publishing portfolio. By leveraging Game Pass agreements for major upcoming launches and maintaining a robust back catalogue featuring established hits like Frostpunk and This War of Mine, the organization aims to stabilize long-term performance. With no arrears on credit facilities and a clear incentive scheme in place for 2021–2025, the company is positioned to transition from this period of high investment toward the anticipated commercial milestones of its upcoming release cycle.
11 bit studios
ReportHalf-Year Report: 11 bit studios H1 2024
11 bit studios experienced a period of strategic transition during the first half of 2024, characterized by robust revenue growth alongside a temporary decline in profitability. The company generated PLN 30.76 million in revenue, representing a 24.16% year-on-year increase driven by its expanding publishing division and titles such as The Thaumaturge and INDIKA. However, this growth was offset by a 49% surge in operating expenses, including significant investments in human capital and marketing. Consequently, the company recorded a net loss of PLN 0.48 million for the period, a shift from the profit reported in the first half of 2023. Despite the net loss, the company maintains a stable financial foundation with PLN 42.87 million in cash and cash equivalents and a 573% increase in net cash from operating activities. This liquidity is bolstered by substantial contract liabilities, including advance payments from partners like Microsoft, which support the ongoing development of major proprietary titles such as Frostpunk 2 and The Alters. The company continues to operate as a single-segment entity focused on global game production and publishing, with the United States serving as its primary market and Valve’s Steam platform accounting for over half of total sales. Looking ahead, management remains focused on a long-term strategy of scaling proprietary development through three internal teams and a diversified publishing portfolio. While the company faces inherent industry risks—including currency volatility, regulatory shifts in Poland, and the unpredictability of consumer demand—it remains well-positioned to fund its ambitious project pipeline without external financing. The company anticipates that the upcoming releases of its major in-house titles will drive record-breaking financial results between 2024 and 2026, signaling a transition toward higher-budget, large-scale production cycles.
11 bit studios
ReportQuarterly Report: 11 bit studios S.A. 2025
11 bit studios S.A. maintains a focused strategy on computer game production and publishing, navigating a transitional period marked by significant investment in new intellectual property. For the nine months ending September 30, 2025, the company generated PLN 101.31 million in revenue, representing a 5.01% decrease compared to the same period in 2024. Net profit attributable to shareholders declined to PLN 21.97 million from PLN 47.55 million, a shift largely attributed to a fivefold increase in amortization costs following the high-profile releases of Frostpunk 2 and The Alters. The company’s financial position remains stable, with total assets growing to PLN 282.02 million and a cash position of PLN 71.2 million. While operating expenses have risen due to development cycles, the firm continues to manage its capital conservatively, evidenced by the absence of payment delays on credit facilities and the decision to reduce the estimated costs of the 2021–2025 Incentive Scheme to zero as performance targets remain unmet. Trade receivables increased to PLN 36.3 million, and contract liabilities rose to PLN 12.9 million, reflecting obligations tied to the Frostpunk 2 Deluxe edition and its ongoing DLC roadmap. Looking forward, the company is executing a three-pillar strategy centered on internal IP development, long-term support for "games as platforms," and a diversified publishing portfolio. Management is prioritizing production efficiency and high-impact releases, such as the Frostpunk 2: Fractured Utopias DLC and Death Howl, to bolster year-end performance. Despite an impairment loss on Creatures of Ava and the rescheduling of Moonlighter 2: The Endless Vault, the firm remains committed to optimizing its commercial potential through disciplined project management and strategic investments in associate entities like Fool’s Theory.
11 bit studios
ReportQuarterly Report: 11 bit studios Q1 2025
11 bit studios demonstrates a strategic focus on long-term intellectual property development and portfolio expansion, despite experiencing a net loss of PLN 6.37 million during the first quarter of 2025. While revenue grew by 14.21% year-on-year to PLN 17.5 million, driven by the sustained performance of proprietary titles such as Frostpunk 2 and This War of Mine, profitability was constrained by a 28.6% increase in operating expenses. This rise in costs is primarily attributed to elevated amortization of recently released games and unfavorable foreign exchange impacts resulting from the appreciation of the złoty against the dollar and euro. Despite the quarterly loss, the company maintains a robust liquidity position with PLN 69.5 million in cash and cash equivalents. Financial stability is further supported by a reduction in long-term debt and the continued utilization of IP Box tax relief. The company’s balance sheet reflects significant investment in future growth, with net intangible assets reaching PLN 134.2 million, underscoring the ongoing development of its project pipeline. Management remains committed to its core pillars of proprietary IP creation, the maintenance of established titles as long-term platforms, and the expansion of its third-party publishing division. Looking ahead, the company is positioned for a pivotal second quarter with the scheduled June 2025 launch of The Alters, which currently maintains high visibility on digital storefront wishlists. The development roadmap remains aggressive, with a slate of projects extending through 2029, including the highly anticipated Frostpunk 1886. By balancing current operational expenditures with a disciplined approach to capital allocation and a clear focus on high-potential releases, the company aims to leverage its current liquidity to support its long-term growth strategy within the global computer game production and publishing sector.
11 bit studios
ReportProtokół Zwyczajnego Walnego Zgromadzenia: 11 bit studios S.A.
The document records the proceedings of a regular shareholders’ meeting held on 30 June 2011 by 11 bit studios S.A., a Warsaw‑based joint‑stock company. The meeting, convened by the board and chaired by Chairman Marcin Przasnyski, approved a series of resolutions concerning corporate governance and financial matters. Key actions included the disclosure of the audit committee election, the appointment of three members to the audit committee—Grzegorz Miechowski, Bartosz Brzostek and Bohdan Drozdowski—and the election of Przasnyski as meeting chair. The shareholders unanimously approved the company’s 2010 activity report and financial statements, which showed a net loss of PLN 231,199.53 and total assets of PLN 1,352,359.17. A resolution to cover the loss from future profits was adopted. Subsequent resolutions granted absolute approval (absolutory) to all board members and supervisory board members for the 2009‑2010 period, with voting results ranging from 48.74 % to 66.31 % of the capital represented by votes, reflecting full quorum and majority requirements under Polish company law. The meeting concluded with the adoption of the agenda, confirmation of proper convening and quorum, and closure. The protocol includes a signed attendance list and is notarised by Tomasz Wojciechowski. The proceedings cover corporate governance, financial reporting, and loss coverage for the 2010 fiscal year within Poland.
11 bit studios
ReportPrognozy dla 11 bit studios S.A. Wybranych Danych Finansowych na lata 2011-2013
The forecast presents projected financial performance for 11 bit Studios S.A. over the years 2011‑2013, expressed in thousands of Polish zloty. Net sales revenue is expected to rise from 4 358 in 2011 to 12 700 by 2013, reflecting annual growth rates of 51.40 % and 92.48 %. Net sales from product sales alone are projected to increase from 2 860 to 11 029, while changes in product inventory contribute an additional 1 498, 200, and 1 675 respectively. Net profit is projected to grow from 1 327 in 2011 to 4 574 in 2013, with profitability margins moving from 46.40 % to 41.47 %. The net profit growth rate accelerates sharply, from 31.42 % in the first year to an impressive 162.27 % in the second. The scope covers a single company within the video‑game development sector, focusing on selected financial metrics over a three‑year horizon. The methodology is implicit: the figures represent forecasted values rather than historical data, likely derived from internal projections or market analysis. No explicit sample size or external data sources are cited; the report appears to be an internal financial planning document. The analysis underscores a strong projected expansion in both revenue and profitability, driven largely by product sales growth and inventory management.
11 bit studios
ReportZakończenie Subskrypcji Akcji Zwykłych na Okaziciela Serii D
The announcement details the conclusion of a private subscription for ordinary bearer shares Series D issued by 11 Bit Studios S.A. The subscription, authorized on 10 November 2011 by a special general meeting to increase capital without existing shareholders’ subscription rights, commenced on 5 December 2011 and closed early on 9 January 2012, ahead of the originally stipulated 31 January deadline. The subscription capped at 500 000 shares, each with a nominal value of 0.10 zł. A total of 40 938 shares were actually subscribed and issued on 23 December 2011, at an emission price of 9.00 zł per share. The offering attracted 64 investors, but only ten entered into subscription agreements on the closing date; no sub‑emission arrangements were made. The transaction incurred total costs of 46 722 zł, comprising 41 722 zł for preparation and execution (including notarial fees), 5 000 zł for advisory and informational documentation, with no remuneration paid to sub‑emitters or promotion expenses. These costs are recorded as interim expenses and will be expensed upon registration of the capital increase in accordance with Polish accounting regulations. The report is confined to Poland, covering a single fiscal period (late 2011–early 2012) and the ordinary share segment of 11 Bit Studios. It follows statutory disclosure requirements under Polish corporate law and the Alternative Trading System regulations, providing a concise overview of subscription dates, share numbers, pricing, investor participation, and cost allocation.
11 bit studios
ReportDookreślenie kapitału — seria E
The document records a notarial act concerning the capital increase of 11 bit studios Spółka Akcyjna, a Warsaw‑based video game developer. The act confirms that the extraordinary general meeting held on 22 June 2012 approved a capital increase from PLN 191,169.90 to a maximum of PLN 231,169.90 by issuing up to 400,000 new ordinary shares (Series E) with a nominal value of PLN 0.10 each, and amended the company’s articles to reflect the new share structure. The updated capital is set at PLN 221,719.90 and divided into five series: 1,000,000 Series A shares (PLN 0.10), 494,200 Series B shares, 376,561 Series C shares, 40,938 Series D shares, and 305,500 newly issued Series E shares. Six subscription agreements were executed by 27 July 2012, covering 305,500 Series E shares for a total subscription value of PLN 30,550.00. The act lists the board members—Grzegorz Miechowski, Bartosz Brzostek, Przemysław Marszał, and Michał Drozdowski—who represent the company in signing. It details procedural aspects such as notarization, registration requirements, and cost allocation (notarial fee PLN 200.00 plus VAT PLN 46.00). The document is limited to the company’s Warsaw jurisdiction and pertains exclusively to its capital structure changes in 2012, with no broader industry or geographic scope. The methodology is purely legal documentation, relying on corporate minutes and statutory provisions to validate the capital increase and share issuance.
11 bit studios
ReportReport on the Completion of Series E Share Subscription
The report details the completion of a private subscription for Series E ordinary shares issued by 11 bit studios S.A. following the board’s resolution on 22 June 2012 to increase share capital without existing shareholders’ subscription rights. The subscription commenced on the resolution date and concluded on 27 July 2012, with the board filing a capital declaration on 31 July 2012. Six private investors entered into purchase agreements between 25 and 26 July 2012, acquiring a total of 305,500 shares at an issue price of PLN 9.00 per share, generating proceeds of PLN 2,749,500. The subscription involved no reduction in nominal value and did not include any sub‑subscription agreements. The total number of shares offered was 400,000, but only 305,500 were ultimately subscribed. Costs associated with the issuance amounted to PLN 42,386, broken down into preparation and execution of the offer (PLN 20,000), informational document drafting and advisory fees (PLN 20,500), notarial and treasury charges (PLN 1,886), with no sub‑subscription or promotion expenses. These costs were recorded as interim expenses and will be capitalised in accordance with Polish accounting regulations. The report confirms that the Series E shares were issued privately, without a public allocation date, and outlines the legal basis for reporting under the Alternative Trading System regulations. The capital increase was fully executed within the stipulated period, and all financial and procedural details comply with applicable corporate law provisions.
11 Bit Studios
Report