Updated Mar 17, 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 of PLN 2.46 million, exceeding internal budget expectations despite a year-on-year decline.
Development expenditure rose 28.2% year-on-year to PLN 12.14 million as the company intensifies investment in its proprietary and third-party game pipeline.
The company’s publishing division is preparing for the 2023 releases of The Invincible and The Thaumaturge, which are expected to drive financial performance in the second half of the year.
Revenue remains supported by the continued monetization of the Frostpunk and This War of Mine catalogs, supplemented by income from the Frostpunk board game and a revaluation of the company's stake in Starward Industries.
Strategic growth through 2025 centers on the development of major proprietary titles, specifically Frostpunk 2, The Alters, and the unannounced Project 8.
Management maintains a strong cash position to fund its development goals while balancing steady income from established intellectual properties with heavy investment in upcoming projects.
11 bit studios reported Q1 2023 revenue of PLN 14.8 million, EBITDA of PLN 3.0 million, and a net profit of PLN 2.46 million, exceeding internal budget expectations despite a year-on-year decline.
Development expenditure rose 28.2% year-on-year to PLN 12.14 million as the company intensifies investment in its proprietary and third-party game pipeline.
The company’s publishing division is preparing for the 2023 releases of The Invincible and The Thaumaturge, which are expected to drive financial performance in the second half of the year.
Revenue remains supported by the continued monetization of the Frostpunk and This War of Mine catalogs, supplemented by income from the Frostpunk board game and a revaluation of the company's stake in Starward Industries.
Strategic growth through 2025 centers on the development of major proprietary titles, specifically Frostpunk 2, The Alters, and the unannounced Project 8.
Management maintains a strong cash position to fund its development goals while balancing steady income from established intellectual properties with heavy investment in upcoming projects.