CD Projekt H1 2023 Financial Results

CD Projekt’s financial results for the first half of 2023 reflect a period of transition and significant investment in future development. The company reported revenue of PLN 325.2 million ($79.2 million), representing a 14% year-over-year decline, while net profit fell by 19.8% to PLN 91.2 million ($22.2 million). Despite these decreases, the firm maintains a positive outlook, driven by strong pre-order performance for the Cyberpunk 2077: Phantom Liberty expansion and ongoing progress on its next major title, codenamed Project Polaris.

Geographically, North America remains the company’s primary market, accounting for 64.7% of total sales, followed by Europe at 21.8% and Asia at 7.43%. Digital distribution continues to dominate the company’s sales model, comprising 88.6% of all units sold. First-party titles remain the core revenue driver, contributing 73.2% of the total H1 earnings.

Operational expenditures for the period reached PLN 160 million ($39 million), largely directed toward the final development stages of Phantom Liberty and the scaling of the team dedicated to the next Witcher game. As of July 2023, approximately 260 developers were assigned to Project Polaris, a figure expected to rise following the release of the Cyberpunk 2077 expansion. Conversely, the company has reduced resources for other initiatives, including Project Sirius and GWENT, as it shifts its technical focus toward Unreal Engine 5. This strategic pivot marks the end of content support for Cyberpunk 2077 expansions, signaling a long-term commitment to its upcoming pipeline.