Half-Year Report: 11 bit studios H1 2024

Key insights

7 takeaways · ~3 min read

01
11 bit studios reported a net loss of PLN 477,805 for the first half of 2024, a significant decline from a net profit of PLN 4,013,206 in H1 2023.See it on page 2
02
Revenue increased to PLN 30,760,568 in H1 2024 from PLN 24,775,454 in H1 2023, while total operating expenses surged to PLN 36,117,307 from PLN 24,178,057 in the same periods.See it on page 60
03
The company experienced an operating loss of PLN 5,352,141 in H1 2024, contrasting with an operating profit of PLN 628,869 in H1 2023.See it on page 60
04
Development expenditure on games increased to PLN 29,611,891 in H1 2024, up from PLN 26,412,763 in H1 2023, with estimated total development costs for three games potentially exceeding PLN 160 million.See it on page 57
05
Frostpunk 2's PC release was postponed from July 25, 2024, to September 20, 2024, following positive feedback from influencer and media previews in May 2024.See it on page 57
06
Finance income decreased significantly to PLN 1,423,440 in H1 2024 from PLN 6,585,053 in H1 2023, primarily due to a lower gain on remeasurement of Starward Industries S.A. shares.See it on page 61
07
The company did not pay dividends in H1 2024 or 2023, with the full net profit for 2023 (PLN 525,609) transferred to statutory reserve funds.See it on page 33

Summary

HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE SIX MONTHS ENDED 30 JUNE 2024 (all amounts in PLN unless stated otherwise) DEAR SHAREHOLDERS AND INVESTORS, It is our pleasure to present to you the half-year report of 11 bit studios S.A. for the six months ended 30 June 2024. During the period, we earned PLN 30.76 million in revenue.