11 Bit Studios Q1 2026 Earnings Summary

11 Bit Studios reported a 13.1% year-over-year revenue increase for the first quarter of 2026, reaching PLN 19.8 million. This growth was primarily driven by the console release of Death Howl alongside sustained performance from the company’s existing proprietary and publishing portfolio. Despite the revenue gains, the company recorded a net loss of PLN 2.78 million, influenced by a 20.5% rise in total operating expenses to PLN 25.3 million and increased depreciation and amortization costs.

Operational focus during the quarter centered on expanding digital platform availability and supporting post-release content for key titles. Development efforts remain committed to long-term value creation, with significant progress reported on Frostpunk 1886 and several unannounced projects. Notably, the upcoming title Crop demonstrated strong market interest, securing over 120,000 Steam wishlists within its first 14 days of visibility, marking a new company record for pre-release engagement.

Looking ahead, the company maintains a robust development pipeline extending through 2031. Strategic priorities for the remainder of 2026 include the release of major downloadable content for Frostpunk 2 and The Alters, as well as the full launch of Moonlighter 2 in the second half of the year. Management does not anticipate significant increases in capital expenditure for 2026–2027, opting instead to reallocate existing resources across the project portfolio. Financial guidance notes that future profitability remains sensitive to exchange rate fluctuations, particularly regarding the PLN/USD pair. At the close of the quarter, the company held PLN 52.5 million in cash and cash equivalents, with total assets valued at PLN 262.9 million.