Quarterly Report of 11 Bit Studios for Nine Months Ended 30 September 2024

11 bit studios achieved a 211% year-on-year revenue increase to PLN 106.6 million and a net profit surge to PLN 47.5 million for the first nine months of 2024.

The September launch of Frostpunk 2 was the primary growth driver, selling over 511,000 copies and accounting for nearly 50% of the company's total revenue for the period.

The company is shifting its publishing strategy and reassessing its portfolio after the underperformance of certain titles, leading to a zero-value write-down of its investment in Fool’s Theory.

Capitalized development work grew significantly from PLN 5.4 million to PLN 97.8 million, reflecting a strategic transition toward large-scale production.

Trade receivables spiked to PLN 48.5 million due to a major contract with a single partner, while cash reserves decreased slightly to PLN 35.9 million due to heavy investment in intangible assets.

Management has reduced provisions for the 2021–2025 Incentive Scheme, citing uncertainty in meeting original financial targets due to game development delays.

Future growth is contingent on the Q1 2025 release of The Alters, the development of Project 8, and the continued monetization of the existing back catalogue.