CD PROJEKT Q3 2021 Financial Results

CD PROJEKT experienced a period of strategic transition and operational investment during the third quarter of 2021. The primary focus remained on the ongoing technical refinement of Cyberpunk 2077, including preparations for its next-generation console release, alongside development efforts for The Witcher 3 next-gen updates and future expansions. This period also marked a significant shift in corporate structure through the acquisition of two North American studios, Digital Scapes and The Molasses Flood, aimed at bolstering internal development capabilities and supporting long-term growth across the company’s intellectual properties.

Financial performance for the quarter reflected a balance between revenue growth and increased operational expenditure. The Group generated 144 million PLN in revenue, representing a nearly 40% increase compared to the same period in the previous year. However, consolidated net profit declined to 16 million PLN. This reduction is attributed to the direct expensing of costs associated with the continuous updates for Cyberpunk 2077 and exploratory research into early-stage development projects. Despite the lower net profit, the company maintained a strong liquidity position, with financial reserves—comprising cash, bank deposits, and treasury bonds—increasing by 55 million PLN during the quarter.

The organizational transformation continues to influence production workflows as the company integrates its new international studios. The Vancouver-based team has been fully incorporated into the CD PROJEKT RED structure to assist with existing projects, while the Boston-based The Molasses Flood has been tasked with developing a new title based on established company IP. These activities underscore a broader strategic commitment to expanding internal talent pools and diversifying development pipelines to ensure sustained output in the coming fiscal years.