Updated Mar 17, 2026 by 11 bit studios
11 bit studios reported Q1 2025 revenue of PLN 17.5 million, a 14.2% year-on-year increase driven by the Frostpunk franchise and strong U.S. demand, which accounted for over 75% of total sales.
The company recorded a net loss of PLN 6.37 million, primarily due to a fivefold increase in depreciation and amortization, higher royalty obligations, and PLN 4.25 million in non-cash finance costs from currency fluctuations.
The company maintains a stable financial position with PLN 69.5 million in cash and cash equivalents and total assets of PLN 255.4 million, with intangible assets rising to PLN 134.2 million due to ongoing development.
Management has optimized costs by canceling 'Project 8' and reassessing the 2021–2025 Incentive Scheme, as the company no longer expects to meet its original five-year financial targets.
The 2025 release pipeline includes 'The Alters' in June and 'Moonlighter 2' in the summer, followed by 'Frostpunk 1886' scheduled for 2027.
The company continues to utilize the 'IP Box' tax relief, which allows for a preferential 5% corporate income tax rate on qualifying revenues.
11 bit studios reported Q1 2025 revenue of PLN 17.5 million, a 14.2% year-on-year increase driven by the Frostpunk franchise and strong U.S. demand, which accounted for over 75% of total sales.
The company recorded a net loss of PLN 6.37 million, primarily due to a fivefold increase in depreciation and amortization, higher royalty obligations, and PLN 4.25 million in non-cash finance costs from currency fluctuations.
The company maintains a stable financial position with PLN 69.5 million in cash and cash equivalents and total assets of PLN 255.4 million, with intangible assets rising to PLN 134.2 million due to ongoing development.
Management has optimized costs by canceling 'Project 8' and reassessing the 2021–2025 Incentive Scheme, as the company no longer expects to meet its original five-year financial targets.
The 2025 release pipeline includes 'The Alters' in June and 'Moonlighter 2' in the summer, followed by 'Frostpunk 1886' scheduled for 2027.
The company continues to utilize the 'IP Box' tax relief, which allows for a preferential 5% corporate income tax rate on qualifying revenues.