11 bit studios experienced a significant H1 2023 downturn, with revenue falling 45.87% to PLN 24.78 million and net profit dropping 73.4% to PLN 4.01 million due to a lack of major releases since 2018.
See it on page 61The company is currently in a heavy investment cycle, with intangible assets related to game development rising to PLN 124.7 million to fund a pipeline that includes Frostpunk 2, The Alters, Project 8, The Invincible, and The Thaumaturge.
See it on page 75Despite lower earnings, the firm maintains a strong financial position with total assets of PLN 266.04 million and cash reserves of PLN 38.95 million, supported by strategic partner advances from Microsoft and a new PLN 20 million credit facility.
See it on page 75Management anticipates a financial recovery beginning in late 2023 and accelerating through 2024 as the new development and publishing titles reach the market.
See it on page 57The company’s operations are heavily export-dependent, with 92% of revenue generated internationally and 73% of the total market concentrated in the United States.
See it on page 56The firm utilizes Poland’s IP Box tax relief to maintain an effective tax rate of 15.03% while pursuing a long-term goal of PLN 328 million in profit before tax over the next five years.
See it on page 23That's the gist.
Dive into the full report for the data, charts, and sources behind these takeaways.
Read the full report