Report11 bit studios
11 bit studios — Quarterly Report Q1 2020: Letter from the CEO
2 pages~4 min full read
11 bit studios achieved record Q1 2020 financial results, with revenue reaching PLN 30.52 million (up 114.3% YoY) and net profit rising 226.9% to PLN 14.51 million.
See it on page 1The launch of the 'The Last Autumn' DLC for Frostpunk on 21 January 2020 served as the primary growth driver, boosting both DLC and base game sales.
See it on page 1Frostpunk and its associated DLCs generated over PLN 100 million in revenue between April 2018 and March 2020, officially surpassing the cumulative lifetime sales of This War of Mine.
See it on page 1Total financial assets exceeded the PLN 100 million threshold for the first time, supported by an operating cash flow of over PLN 24.3 million.
See it on page 1The company is scaling its workforce from 140 to 190–200 employees by the end of 2020 to support three new internal projects (Projekt 8, 9, and 10) and an expanding publishing portfolio.
See it on page 1Publishing titles Moonlighter and Children of Morta contributed 24% of the company's total revenue during the first quarter of 2020.
See it on page 111 bit studios S.A. reported a record‑breaking first quarter of 2020, with revenue surpassing PLN 30.52 million and EBITDA reaching PLN 19.61 million, both up 114.3% and 168.3% year‑on‑year respectively. Net profit climbed nearly PLN 14.51 million, a 226.9% increase, though non‑cash provisions related to the 2017–2019 Incentive Scheme reduced the figure by more than PLN 2.05 million; the company elected to defer IP Box tax relief until the annual return. The surge was driven largely by the launch of Frostpunk’s second paid DLC, “The Last Autumn,” on 21 January 2020, which not only boosted DLC sales but also lifted demand for the base game. Combined revenue from Frostpunk and its DLCs exceeded PLN 100 million between April 2018 and March 2020, surpassing the cumulative sales of This War of Mine. Publishing titles Moonlighter and Children of Morta contributed 24% of total revenue in the quarter.
Operating cash flow exceeded PLN 24.3 million, allowing total financial assets to cross the PLN 100 million threshold for the first time. The company plans to expand its workforce from 140 to 190–200 employees by year‑end, focusing on new projects under development (Projekt 8, 9, and 10) and a growing publishing portfolio that now includes three promising titles. Operations continue amid COVID‑19 restrictions, with the company relocating to a new Warsaw office that supports its scaling ambitions. The report covers Poland‑based activities for Q1 2020, highlighting strong performance across development and publishing segments.
