Warhorse Studios
CompanyCzech Republic
10 documents in the library are about Warhorse Studios, from writers such as Embracer Group, AI and Games and THQ Nordic. Each has a summary and key insights with the page they come from.
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Key figures from the reports
Kingdom Come: Deliverance II by Warhorse Studios sold over 6 million copies within 16 months of its release.
GameDev Reports, 2026 · Games and Numbers (June 17 - June 30, 2026)
Strategic expansion included the acquisitions of Warhorse Studios and 18POINT2, contributing to total assets of SEK 8,608.2 million.
Embracer Group, 2019 · Extended Financial Year Report: 1 Jan 2018 – 31 Mar 2019, p. 6
THQ Nordic AB acquired Warhorse Studios on February 13, 2019, for a total purchase price of EUR 42.8 million, consisting of EUR 40.4 million in cash and EUR 2.4 million in shares.
THQ Nordic, 2019 · THQ Nordic AB Acquires Warhorse Studios: Investor Presentation, p. 1
On Steam
Steam estimates as of 9 Oct 2026. Revenue is premium revenue on Steam only: game sales, without DLC.
- Revenue as publisher
- $112.6M
- 1 games
- Revenue as developer
- $296.6M
- 2 games
- Units sold
- 8.6M
- as publisher or developer
- Headquarters
- Czech Republic
Warhorse Studios’s best-selling games on Steam
| Game | Released | Share of the best seller | Revenue | Units |
|---|---|---|---|---|
| Kingdom Come: Deliverance IIDeveloper | 2025 | $183.9M | 4.5M | |
| Kingdom Come: DeliveranceDeveloper and Publisher | 2018 | $112.6M | 4.0M |
Documents about Warhorse Studios
Czech Game Industry 2026
The Czech game industry has solidified its position as a stable, export-oriented powerhouse, with 178 active studios contributing significantly to the national economy.
- The Czech game industry consists of 178 active studios and maintains a 98 percent export rate, driven by the global success of major titles like Kingdom Come: Deliverance II.
- In 2025, the industry achieved a major policy milestone by integrating video games into the Audiovisual Act and the State Cinematography Fund to provide a formal framework for public investment.
- Industry growth is currently bifurcated, with large-scale developers thriving while smaller studios face increasing pressure and a decline in new startup formation.
Games and Numbers (June 17 - June 30, 2026)
The bi-weekly “Games and Numbers” update tracks milestone achievements for PC, console, and mobile titles released between June 17 and June 30, 2026.
- Epic Games has paid content creators over $1 billion through Unreal Editor for Fortnite since its March 2023 launch. By May 2026, creator-built islands accounted for 47% of Fortnite's total playtime, an increase from 35% a year prior.
- Black Myth: Wukong by Game Science has sold over 30 million copies, with nearly half of these sales originating from China.
- Meccha Chameleon by lemorion_1224 sold over 10 million copies within 16 days of release, reaching a peak concurrent user count of 209.7k on Steam, placing it among the top 100 most popular titles in Steam's history.
Next Level: A Warm and Encouraging Introduction to Procedural Generation
The primary purpose of this analysis is to review Dr. Mike Cook’s book, Next Level: Making Games That Make Themselves, while providing a broader update on the state of artificial intelligence within the global video game industry as of May 2026.
- Xbox has discontinued its Copilot AI tool for mobile and console, following a largely unnoticed PC launch last year, as new head Asha Sharma staffs the leadership team with four members from Microsoft's CoreAI.
- Blender faced user backlash for accepting a corporate donation from AI company Anthropic, and while they announced they were surprised and need to address AI intersection, they are keeping the money as a one-off donation.
- Roblox introduced 'Roblox Reality,' a hybrid architecture using a video generation layer and AI models to re-render existing games for higher visual fidelity, a concept previously pitched by Stadia in 2019 for style transfer.
That DLSS 5 Reveal Will Have Long Lasting Damage for Games
The recent unveiling of Nvidia’s DLSS 5 represents a critical inflection point in the gaming industry, signaling a deepening divide between aggressive corporate AI integration and the expectations of developers and consumers.
- Nvidia’s DLSS5 release has faced significant backlash for applying unwanted AI-driven post-render effects that alter facial features, lighting, and artistic intent, resulting in a video demonstration with over 100,000 dislikes compared to only 16% likes.
- The DLSS5 technology is currently criticized for technical failures including inconsistent facial alignment, waxy skin textures, and lighting discrepancies, with industry experts noting that it is not yet feasible to run on a single GPU.
- The controversy has forced a public realization among gamers that DLSS functions as a form of generative AI, potentially damaging consumer trust and driving interest toward competitors like AMD, whose hardware powers current and next-generation consoles.
Kingdom Come: Deliverance 2 director hopes “AI revolution” will allow him to make games faster
The creative director and co-founder of Warhorse Studios, Daniel Vávra, discusses the successful launch of Kingdom Come: Deliverance 2, which achieved 2 million units sold within its first two weeks.
- Kingdom Come: Deliverance 2 sold 2 million units within its first two weeks, meeting internal projections based on pre-order data.
- Warhorse Studios scaled its team to 250 employees over a six-year development cycle that included navigating the COVID-19 pandemic.
- The studio attributes its commercial success to maintaining creative autonomy under Embracer Group, avoiding the trend-focused 'corporate product' model common in modern AAA development.
THQ Nordic: Embracer Group Investor Presentation
Embracer Group operates as a decentralized parent organization overseeing a vast portfolio of gaming studios, including THQ Nordic, Koch Media, and Warhorse Studios.
- Embracer Group operates as a decentralized parent organization managing a portfolio that includes THQ Nordic, Koch Media, and Warhorse Studios.
- The company maintains a global footprint with operations spanning more than 40 countries across Europe, North America, Africa, and Asia.
- Corporate strategy is defined by four strategic pillars: Business Sense, Solid Work, Great People, and Greener Planet.
Annual Report 2018/19
The 2018/19 fiscal period marked a transformative era for the THQ Nordic Group, characterized by aggressive expansion, structural reorganization, and significant financial growth.
- THQ Nordic Group experienced massive financial growth during the 2018/19 fiscal period, with net sales increasing to SEK 5.75 billion from SEK 507.5 million the previous year.
- The company raised over SEK 4.2 billion through directed share issues to fund ongoing development and the acquisition of new intellectual property.
- The organization transitioned to a decentralized holding company model and proposed a rebrand to Embracer Group to oversee its portfolio of over 100 franchises and 16 internal studios.
THQ Nordic Q5 FY18/19 Report
The THQ Nordic Q5 FY18/19 report outlines a period of significant financial expansion and strategic growth for the company, covering the fiscal quarter ending March 31, 2019.
- THQ Nordic achieved a 158% year-over-year increase in net sales to SEK 1,631 million and a 217% increase in operational EBIT to SEK 396 million for the quarter ending March 31, 2019.
- The company raised SEK 2.1 billion through a directed share issue to fund future mergers and acquisitions, maintaining a strong liquidity position for inorganic growth.
- Digital distribution accounted for 61% of total net sales, while owned intellectual property represented 84% of all game sales during the period.
Extended Financial Year Report: 1 Jan 2018 – 31 Mar 2019
THQ Nordic experienced a period of aggressive expansion and financial growth between January 2018 and March 2019, culminating in a significant performance surge during the first quarter of 2019.
- THQ Nordic’s net sales grew by 158% to SEK 1,630.5 million for the quarter ending March 31, 2019, compared to the same period in the previous year.
- Operational EBIT increased by 217% to SEK 395.9 million, driven by strong revenue performance and improved operational efficiency.
- The release of 'Metro Exodus' was the primary revenue driver, generating SEK 794 million in net sales, with additional contributions from 'Satisfactory' and partner publishing.
THQ Nordic AB Acquires Warhorse Studios: Investor Presentation
THQ Nordic AB finalized the acquisition of Warhorse Studios on February 13, 2019, to integrate the developer’s award-winning intellectual property and creative talent into its global portfolio.
- THQ Nordic AB acquired Warhorse Studios on February 13, 2019, for a total purchase price of EUR 42.8 million, consisting of EUR 40.4 million in cash and EUR 2.4 million in shares.
- Warhorse Studios reported strong 2018 financial performance with EUR 42.0 million in net revenue and an adjusted EBIT of EUR 27.8 million, reflecting a 61 percent EBIT margin.
- The acquisition was driven by the commercial success of Kingdom Come: Deliverance, which sold over 2 million units across PC, PlayStation 4, and Xbox One within its first year.
