Report11 bit studios
Games from 11 bit studios’ Publishing Portfolio Approaching Release: Q1 2023
2 pages~4 min full read
11 bit studios reported Q1 2023 revenue of PLN 14.8 million, EBITDA of PLN 3.0 million, and a net profit exceeding PLN 2.46 million, figures that outperformed internal forecasts despite a year-over-year decline.
See it on page 1Development expenditure increased by 28.2% year-on-year to PLN 12.14 million as the company scales investment in both proprietary and third-party titles ahead of upcoming releases.
See it on page 1The 2023 publishing pipeline features *The Invincible* (Starward Industries) and *The Thaumaturge* (Fool’s Theory), with both titles seeing increased Steam wishlist traction ahead of their scheduled launches.
See it on page 1The company plans to launch three major proprietary titles—*Frostpunk 2*, *The Alters*, and 'Project 8'—by the end of 2025 to drive long-term growth.
See it on page 1The Q1 2023 profit was bolstered by revenue from the *Frostpunk* board game and a revaluation gain on the company's equity stake in Starward Industries.
See it on page 1The year-over-year financial decline was primarily driven by a high-base effect from Q1 2022, when *This War of Mine* saw exceptional sales due to a charitable campaign for the Ukrainian Red Cross.
See it on page 111 bit studios’ first‑quarter 2023 financials show a revenue of PLN 14.8 million, EBITDA of PLN 3.0 million and net profit exceeding PLN 2.46 million, slightly below the same period in 2022 but still above internal forecasts. The decline is partly attributed to a high‑base effect from the previous year’s exceptional sales of *This War of Mine* during February–March 2022, when the company donated weekly proceeds to the Ukrainian Red Cross. The current quarter’s profit was also influenced by revenue from the board‑game version of *Frostpunk* and a revaluation gain on an equity stake in Starward Industries, which owns *The Invincible*.
Investment in development rose 28.2 % year‑on‑year to PLN 12.14 million, reflecting a strategy of increasing spend on both proprietary and third‑party titles as release dates approach. The publishing pipeline for 2023 includes *The Invincible* and *The Thaumaturge*, developed by Fool’s Theory, with promotional campaigns boosting their Steam wishlist rankings. The company anticipates that these releases will significantly lift 2023 financial results, supported by ongoing monetisation of established titles such as *Frostpunk* and *This War of Mine*.
Long‑term growth is expected to hinge on upcoming proprietary projects—*Frostpunk 2*, *The Alters*, and an unnamed “Project 8”—all slated for launch by the end of 2025. The company’s cash cushion and solid Q1 performance underpin its focus on expanding both its own development slate and publishing portfolio across the global video‑game market.
