11 bit studios S.A. Financial Results Q1 2023 — Investor Information

11 bit studios recorded nearly PLN 14.8 million in revenue for the first quarter of 2023, yielding an EBITDA of PLN 3.0 million and a net profit exceeding PLN 2.46 million. While these figures represent a year-on-year decline compared to the first quarter of 2022—which was bolstered by a surge in sales of This War of Mine following a high-profile charitable campaign for Ukraine—the results significantly exceeded internal budgetary expectations. Financial performance was supported by the continued monetization of the existing catalog, specifically Frostpunk and This War of Mine, as well as new revenue streams from the Frostpunk board game and a revaluation of the company's equity stake in Starward Industries.

The Warsaw-based developer and publisher is currently in a phase of intensified investment, with game development expenditure rising 28.2% year-on-year to PLN 12.14 million. This capital is being deployed to support a robust pipeline of both third-party and proprietary titles. The publishing division is preparing for the 2023 releases of The Invincible and The Thaumaturge, both of which have seen increased visibility on Steam wishlists following recent promotional efforts. These upcoming launches are expected to provide a significant boost to the company's financial results in the latter half of the year.

Looking toward long-term growth through 2025, the strategic focus remains on the release of major proprietary projects, including Frostpunk 2, The Alters, and the unannounced Project 8. Management maintains that the company’s strong cash position allows for an undivided focus on these development goals. By balancing the steady income from its established intellectual properties with a heavy investment in upcoming sequels and new titles, the company aims to secure a trajectory of sustained financial growth over the next several years.