Annual Report 11 Bit Studios S.A. for 2018

The 2018 fiscal year marked a transformative period of record-breaking financial and operational growth for 11 bit studios S.A. Driven by the commercial success of the proprietary title Frostpunk and the publishing hit Moonlighter, the company reported a 328.8% increase in revenue to 82.11 million PLN and a nearly tenfold rise in net profit to 37.55 million PLN. This performance was underpinned by the global digital distribution market, with the United States accounting for 82.5% of total sales. Following the sale of its subsidiary Games Republic Limited, the company transitioned to a standalone entity, focusing its capital on internal development and high-potential publishing projects.

Strategically, the firm is shifting toward a multi-team model to support a release cycle of one proprietary title every 12–18 months. To facilitate this, the company plans to double its workforce to 200 employees and invested 18.1 million PLN in a new Warsaw headquarters. Significant capital was also allocated to "Project 8" and the enhancement of its proprietary game engine. While the company maintains a strong liquidity position with 109.3 million PLN in total assets, it manages risks associated with high USD currency exposure and the competitive landscape for specialized talent and intellectual property rights.

Corporate governance remained stable under the leadership of founders Grzegorz Miechowski, Przemysław Marszał, and Michał Drozdowski, who collectively hold approximately 16% of the share capital. The company adopted new IFRS 9 and 15 standards to modernize revenue recognition and financial instrument classification. Beyond financial metrics, the studio reinforced its commitment to social responsibility, donating over 648,000 PLN to the War Child foundation. This combination of fiscal discipline, strategic infrastructure investment, and successful product launches led to the company’s promotion to the mWIG40 index on the Warsaw Stock Exchange.