Updated Mar 17, 2026 by 11 bit studios
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.
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.
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.
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.
Management is shifting to a faster release cadence, targeting one internal title every 12 to 18 months and one publishing project per quarter.
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.
Despite pandemic-related recruitment challenges, the workforce grew to 156 employees, with investments in intangible assets rising to PLN 32.69 million.
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.
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.
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.
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.
Management is shifting to a faster release cadence, targeting one internal title every 12 to 18 months and one publishing project per quarter.
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.
Despite pandemic-related recruitment challenges, the workforce grew to 156 employees, with investments in intangible assets rising to PLN 32.69 million.