Quarterly Report of 11 bit studios S.A.: Nine Months Ended September 30th 2023

Key insights

6 takeaways · ~2 min read

01
11 bit studios S.A.'s net profit for the nine months ended September 30th, 2023, significantly decreased by 93.38% year-on-year, from PLN 20,394,550 to PLN 1,350,738, with the net profit margin falling from 34.23% to 3.94%.See it on page 46
02
Cash provided by operating activities decreased from PLN 37,640,147 in 2022 to PLN 21,745,702 in 2023 for the nine-month period.See it on page 4
03
The company substantially increased spending on game development, reaching PLN 41,993,820 in the reporting period compared to PLN 34,107,931 in the comparative period, driven by development of Frostpunk 2, The Alters, and Project 8.See it on page 50
04
Basic earnings per share dropped from 8.40 in September 2022 to 0.37 in September 2023.See it on page 23
05
11 bit studios S.A. provided a surety of up to PLN 5,250,000 for a PLN 3,500,000 credit facility for its associate Fool's Theory Sp. z o.o. on June 5th, 2023.See it on page 49
06
Future performance will be influenced by the launches of The Invincible and The Thaumaturge (Q1 2024), and continued monetization of existing products like Frostpunk.See it on page 49

Summary

DEAR SHAREHOLDERS AND INVESTORS, We present to you the report of 11 bit studios S.A. for the nine months ended September 30th 2023. During the period, we earned PLN 34.28m in revenue, with EBITDA at PLN 1.66m and net profit at PLN 1.35 million. In the three months ended September 30th 2023, revenue came in at PLN 9.5m, while EBITDA was negative, at PLN -1.28m.