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.
02
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.
03
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.
04
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.
05
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.
06
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.
Insights
01
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.
02
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.
03
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.
04
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.
05
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.
06
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.