Updated Jun 25, 2026 by 11 bit studios
11 bit studios reported a net loss of PLN 0.48 million for H1 2024, a significant decline from the PLN 4.01 million profit in H1 2023, driven by a 49% surge in operating expenses.
Revenue grew 24.16% year-on-year to PLN 30.76 million, with third-party publishing titles like The Thaumaturge, INDIKA, and The Invincible now accounting for 52% of total sales.
Operating costs were heavily impacted by a doubling of salary expenses and increased marketing spend as the company scaled headcount for the launches of Frostpunk 2 and The Alters.
The company has capitalized over PLN 155 million in ongoing development work, reflecting a strategic shift toward larger, higher-budget productions.
Liquidity remains strong with PLN 42.87 million in cash reserves and PLN 24.35 million in contract liabilities, including advance payments from Microsoft for Game Pass and Frostpunk 2 pre-orders.
Management plans to stabilize future revenue through a multi-IP strategy and a consistent release cycle, asserting that current resources are sufficient to fund the development pipeline without external financing.
11 bit studios reported a net loss of PLN 0.48 million for H1 2024, a significant decline from the PLN 4.01 million profit in H1 2023, driven by a 49% surge in operating expenses.
Revenue grew 24.16% year-on-year to PLN 30.76 million, with third-party publishing titles like The Thaumaturge, INDIKA, and The Invincible now accounting for 52% of total sales.
Operating costs were heavily impacted by a doubling of salary expenses and increased marketing spend as the company scaled headcount for the launches of Frostpunk 2 and The Alters.
The company has capitalized over PLN 155 million in ongoing development work, reflecting a strategic shift toward larger, higher-budget productions.
Liquidity remains strong with PLN 42.87 million in cash reserves and PLN 24.35 million in contract liabilities, including advance payments from Microsoft for Game Pass and Frostpunk 2 pre-orders.
Management plans to stabilize future revenue through a multi-IP strategy and a consistent release cycle, asserting that current resources are sufficient to fund the development pipeline without external financing.