Updated Mar 17, 2026 by 11 bit studios
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.