- 01
11 bit studios S.A. reported record financial results for the first nine months of 2020, with revenue increasing 37.89% year-on-year to PLN 68.16 million and net profit surging 277.49% to PLN 32.12 million.
- 02
Operating margins reached 51.5%, driven by a 12% reduction in operating expenses following the end of a previous employee incentive scheme and the application of a 5% preferential corporate tax rate via IP Box relief.
- 03
The Frostpunk portfolio, supported by expansions like The Last Autumn and On The Edge, remained the primary revenue driver, while Children of Morta and Moonlighter contributed approximately 28% to 30% of total revenue.
- 04
The company maintains a strong liquidity position with PLN 116 million in total financial assets, including over PLN 80 million in cash and cash equivalents.
- 05
Management is shifting to a faster release cadence, targeting one internal title every 12 to 18 months and one publishing project per quarter.
- 06
Development resources are currently focused on three internal projects—including the high-budget Project 8 on Unreal Engine 5—and four external publishing titles representing a PLN 25 million investment.
- 07
Despite pandemic-related recruitment challenges, the workforce grew to 156 employees, with investments in intangible assets rising to PLN 32.69 million.