Updated Mar 17, 2026 by 11 bit studios
11 bit studios is executing a strategic transition from indie developer to large-scale publisher, targeting 656 million PLN in consolidated revenue through 2025 via a new multi-team production structure.
Financial performance in 2021 saw revenue of 70.12 million PLN and a net profit of 28.69 million PLN, with stability maintained by the back catalogue of 'Frostpunk' and 'This War of Mine' despite the lack of new releases.
The company significantly increased R&D investment, with 52.93 million PLN in capitalized development costs for upcoming titles 'Frostpunk 2', 'Dolly', and 'Project 8', all of which have migrated to Unreal Engine.
Balance sheet strength remains high with total assets of 219.5 million PLN and record financial assets of 107.41 million PLN, bolstered by 'IP Box' tax relief and high liquidity.
The United States is the primary market, accounting for 76% of total revenue, creating a high sensitivity to currency volatility due to the mismatch between USD-denominated income and PLN-denominated costs.
Expansion efforts include a 40% stake acquisition in Fool’s Theory and a commitment of 50 million PLN to the external publishing pipeline through 2023.
The workforce has grown to over 200 employees to support the company's shift toward a model capable of delivering annual product releases.
11 bit studios is executing a strategic transition from indie developer to large-scale publisher, targeting 656 million PLN in consolidated revenue through 2025 via a new multi-team production structure.
Financial performance in 2021 saw revenue of 70.12 million PLN and a net profit of 28.69 million PLN, with stability maintained by the back catalogue of 'Frostpunk' and 'This War of Mine' despite the lack of new releases.
The company significantly increased R&D investment, with 52.93 million PLN in capitalized development costs for upcoming titles 'Frostpunk 2', 'Dolly', and 'Project 8', all of which have migrated to Unreal Engine.
Balance sheet strength remains high with total assets of 219.5 million PLN and record financial assets of 107.41 million PLN, bolstered by 'IP Box' tax relief and high liquidity.
The United States is the primary market, accounting for 76% of total revenue, creating a high sensitivity to currency volatility due to the mismatch between USD-denominated income and PLN-denominated costs.
Expansion efforts include a 40% stake acquisition in Fool’s Theory and a commitment of 50 million PLN to the external publishing pipeline through 2023.
The workforce has grown to over 200 employees to support the company's shift toward a model capable of delivering annual product releases.