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Key Insights
Quarterly Report of 11 Bit Studios S.A. for the First Quarter of 2021
11 bit studios~93 min full read
- 01
11 bit studios reported Q1 2021 revenue of PLN 14.84 million and a net profit of PLN 3.56 million, marking a significant decline from the PLN 30.52 million revenue and PLN 16.53 million profit recorded in Q1 2020.
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The company is scaling its workforce toward a target of 250–300 employees, contributing to a 72.7% increase in operating costs during the quarter.
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Despite lower quarterly earnings, the company maintains a strong financial position with record liquidity, holding PLN 107.8 million in financial assets and receivables and total assets of PLN 192.48 million.
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Management has implemented a 2021–2025 incentive scheme tied to a cumulative profit target of PLN 328 million to align internal development with long-term growth.
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The development pipeline is currently focused on three major internal projects—Project 8, Dolly, and Eleanor—with a strategic goal of releasing one proprietary title annually.
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The company utilized the 'IP Box' tax relief for the first time in Q1 2021, allowing for a preferential 5% corporate income tax rate on qualifying intellectual property revenue.
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Future revenue strategy relies on the long-tail sales of established titles like Frostpunk, Moonlighter, and Children of Morta, alongside an upcoming mobile launch of Frostpunk in partnership with NetEase.
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