Updated Mar 17, 2026 by 11 bit studios
11 bit studios reported a 29.6% revenue decline to PLN 52.3 million and a net profit contraction to PLN 0.52 million in 2023, primarily due to a lack of major proprietary releases and a PLN 6.5 million write-down of its stake in Starward Industries.
The company invested a record PLN 58.2 million into game development during 2023, bringing total ongoing development work to PLN 149.6 million as it prepares for the releases of Frostpunk 2, The Alters, and Project 8.
The publishing division reached a record 42% share of total revenue, driven by the release of The Invincible and sustained performance from back-catalogue titles like Frostpunk and Children of Morta.
Despite lower earnings, the studio maintains a strong liquidity position with PLN 54.3 million in cash and deposits and no significant external debt.
Market anticipation for the upcoming release cycle is high, evidenced by over two million wishlists accumulated for Frostpunk 2.
The company expanded its workforce to 299 employees and secured advance payments from Microsoft for Game Pass inclusions to support its operational readiness for 2024.
11 bit studios reported a 29.6% revenue decline to PLN 52.3 million and a net profit contraction to PLN 0.52 million in 2023, primarily due to a lack of major proprietary releases and a PLN 6.5 million write-down of its stake in Starward Industries.
The company invested a record PLN 58.2 million into game development during 2023, bringing total ongoing development work to PLN 149.6 million as it prepares for the releases of Frostpunk 2, The Alters, and Project 8.
The publishing division reached a record 42% share of total revenue, driven by the release of The Invincible and sustained performance from back-catalogue titles like Frostpunk and Children of Morta.
Despite lower earnings, the studio maintains a strong liquidity position with PLN 54.3 million in cash and deposits and no significant external debt.
Market anticipation for the upcoming release cycle is high, evidenced by over two million wishlists accumulated for Frostpunk 2.
The company expanded its workforce to 299 employees and secured advance payments from Microsoft for Game Pass inclusions to support its operational readiness for 2024.