Semi-Annual Report for H1 2024: 11 bit studios

The semi-annual report for 11 bit studios S.A. covering the first half of 2024 outlines the company’s financial performance and strategic outlook as it prepares for major product launches. The primary thesis centers on a transition period characterized by significant revenue growth from third-party publishing, offset by increased operating expenses related to the development of high-profile internal titles.

Financial results for the first half of 2024 show revenue of PLN 30.76 million, representing a 24.16% year-on-year increase. This growth was largely fueled by the company’s publishing division, with third-party titles such as The Invincible, The Thaumaturge, and INDIKA accounting for 52% of total revenue. Despite this top-line growth, the company reported an operating loss of PLN 5.35 million and a net loss of PLN 0.48 million. These losses are attributed to a 49% rise in operating expenses, driven by intensive preparations for the upcoming releases of Frostpunk 2 and The Alters.

Management maintains a positive outlook for the 2024–2026 period, projecting record-breaking results supported by the market debut of these in-house titles. Both games are scheduled for release in late 2024 and will be available on the Game Pass service. The company is actively managing player expectations through extensive quality assurance, community feedback loops, and global marketing campaigns. High anticipation for these titles is evidenced by strong Steam wish list rankings and positive reception at industry events like Gamescom. The company remains committed to its dual strategy of developing internal intellectual property while continuing to act as a publisher for external studios.