Updated Mar 23, 2026 by 11 bit studios
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.
Development 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.
The 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.
The 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.
The 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.
The 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.
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.
Development 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.
The 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.
The 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.
The 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.
The 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.