Quarterly Report of 11 bit studios: Three Months Ended 31 March 2024

1. 01
   11 bit studios' revenue for Q1 2024 was PLN 15,326,271, a 3.81% increase from PLN 14,763,386 in Q1 2023, primarily driven by sales of proprietary and third-party published games, with the publishing division accounting for 48% of revenue.See it on page 45
2. 02
   The company's performance in 2024 will largely depend on the upcoming releases of two proprietary games: Frostpunk 2 (PC/Mac, July 25, 2024) and The Alters (PC, Xbox Series X/S, PS5, Q3 2024), both highly anticipated with Frostpunk 2 ranked 3rd and The Alters 70th on Steam wishlists.See it on page 2
3. 03
   The US market generated the highest revenue for 11 bit studios in Q1 2024 at PLN 11,292,378, an increase from PLN 10,758,651 in Q1 2023, while Poland, Japan, and China saw revenue decreases.See it on page 19
4. 04
   Net cash from investing activities was negative PLN 1,096,643 in Q1 2024, an improvement from negative PLN 5,240,459 in Q1 2023, with significant payments for property, plant, and intangible assets totaling PLN 14,016,607.See it on page 4
5. 05
   Cash and cash equivalents increased by PLN 3,973,583 in Q1 2024, reaching PLN 40,557,349 at the end of the period, compared to a decrease of PLN 3,840,062 and a balance of PLN 26,745,930 in Q1 2023.See it on page 31
6. 06
   Depreciation and amortisation decreased by 18.63% year-on-year to PLN 912,412 in Q1 2024, due to the completion of amortisation for older game titles.See it on page 20
7. 07
   The IP Box relief, a preferential CIT rate for intellectual property rights, amounted to PLN 355,001 in Q1 2024, down from PLN 369,317 in Q1 2023.See it on page 22

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