Financial11 bit studios
Annual Report of 11 bit studios S.A. for 2010
1 Jun 201154 pages~76 min full read
11 bit studios concluded its inaugural fiscal period (Dec 2009–Dec 2010) with a net loss of 231,199 PLN, consistent with a pre-revenue development phase focused on its debut title, Anomaly Warzone Earth.
The company secured financial stability through share issuances that raised approximately 1.5 million PLN, resulting in a year-end cash balance of 731,783 PLN and a strong current ratio of 20.6.
By the end of 2010, the company had invested over 457,000 PLN into work-in-progress assets, establishing the operational infrastructure required for its multi-platform distribution strategy.
Founding shareholders maintained a 78.88% controlling stake, ensuring leadership continuity as the company transitioned into a publicly traded entity on Poland’s NewConnect market.
Management identified high competition for development talent and restrictive licensing processes from platform holders like Sony and Microsoft as primary operational risks.
The company successfully obtained an unqualified audit opinion, confirming its status as a going concern and validating its corporate governance standards ahead of its first commercial product launch.
The inaugural fiscal period for 11 bit studios S.A., spanning from December 7, 2009, to December 31, 2010, was defined by the transition from a startup venture to a publicly traded entity on Poland’s NewConnect market. The primary focus of this period was the development of the company’s debut title, Anomaly Warzone Earth, and the establishment of a multi-platform distribution strategy. While the company reported a net loss of 231,199 PLN, this result reflects a pre-revenue production phase characterized by disciplined cost management and significant investment in work-in-progress assets, which totaled over 457,000 PLN by year-end.
The financial structure was significantly bolstered through multiple share issuances, raising approximately 1.5 million PLN and increasing total equity to over 1.26 million PLN. This capital influx provided a high level of liquidity, evidenced by a current ratio of 20.6 and a year-end cash balance of 731,783 PLN. Despite negative profitability ratios typical of the early development cycle, an independent auditor issued an unqualified opinion, confirming the company’s stability and its ability to continue as a going concern. Founding shareholders retained a dominant 78.88% stake, ensuring leadership continuity during this foundational stage.
Operational risks identified during this period include the high competition for experienced development talent in Poland and the challenges of navigating restrictive licensing and approval processes from major platform holders like Sony and Microsoft. To mitigate these, management implemented proprietary recruitment and training systems. Strategically, the company committed to transparency and corporate governance standards required by the NewConnect market, successfully validating its business model ahead of its formal commercial launch. This period established the necessary financial and operational infrastructure to support a growth strategy centered on high-quality, independent intellectual property.
