Quarterly Report of 11 bit studios S.A.: Q1 2022

1. 01
   11 bit studios S.A. reported a net profit of PLN 3,773,730 for Q1 2022, an increase from PLN 3,558,934 in Q1 2021. Revenue also increased to PLN 17,745,553 in Q1 2022 from PLN 14,836,980 in Q1 2021.See it on page 13
2. 02
   The company's cash and cash equivalents significantly increased to PLN 50,404,801 as of March 31, 2022, up from PLN 26,748,530 as of December 31, 2021.See it on page 41
3. 03
   11 bit studios S.A. raised USD 850,000 (PLN 3,670,405) in Q1 2022 from the sale of "This War of Mine" and its DLCs, which was donated to the Ukrainian Red Cross in April 2022 and recognized as revenue and other expenses.See it on page 52
4. 04
   The company's financial performance in Q1 2022 was strongly influenced by sales of "Frostpunk" and its DLCs, indicating a long monetization potential similar to "This War of Mine."See it on page 52
5. 05
   11 bit studios S.A. is actively expanding its publishing portfolio, with new contracts expected by year-end, and aims to manage 9 to 12 third-party projects simultaneously in the medium term. They also increased their workforce to 222 employees and contractors as of March 31, 2022.See it on page 24
6. 06
   The company has several publishing projects in development, including "Vitriol" (code name) by Fool’s Theory, "Botin" by Digital Sun Games, and "Ava" by Chibig, with "South of the Circle" by State of Play being the latest announced project.See it on page 53
7. 07
   Finance income saw a substantial increase of 79.94% year-on-year, totaling PLN 1,690,501 in Q1 2022, primarily due to currency exchange gains (PLN 1,116,162) and remeasurement of an interest rate swap (PLN 346,583).See it on page 28

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