Financial11 bit studios
Half-Year Report of 11 bit studios S.A. for H1 2018
30 Aug 201849 pages~145 min full read
11 bit studios achieved a record-breaking H1 2018 with PLN 45.7 million in revenue, a 427% year-on-year increase, and a net profit of PLN 24.9 million.
See it on page 39The launch of Frostpunk was the primary growth driver, recouping its PLN 10-12 million development costs within 66 hours of its April release.
See it on page 19The company maintains a strong balance sheet with over PLN 51 million in cash, allowing for self-funded operations and future development without external debt.
See it on page 46International markets account for 96% of total sales, with the United States representing 85% of the company's revenue base.
See it on page 20The firm is strategically shifting from the indie segment to larger-scale productions, exemplified by the development of 'Project 8' and an expansion to three independent development teams.
See it on page 45The company's market capitalization surpassed PLN 1 billion during this period, resulting in its inclusion in the mWIG40 index.
See it on page 38Future growth initiatives include scaling the publishing division to target quarterly third-party releases and porting key titles to the Nintendo Switch and other consoles.
See it on page 2The first half of 2018 marked a transformative period for 11 bit studios S.A., characterized by record-breaking financial performance and a strategic shift toward larger-scale game production. Driven primarily by the April launch of Frostpunk, which recouped its PLN 10-12 million development costs within 66 hours, the company saw revenue surge 427% year-on-year to PLN 45.7 million. This commercial success, bolstered by the publishing hit Moonlighter and the sustained performance of This War of Mine, resulted in a net profit of PLN 24.9 million—a more than ninety-fold increase over the previous year.
The company’s financial position is exceptionally robust, with total assets reaching PLN 82.3 million and a cash position exceeding PLN 51 million. This liquidity allows for the self-funding of all current operations and future projects without the need for external debt. International markets remain the primary revenue driver, accounting for 96% of total sales, with 85% originating from the United States. This global reach contributed to the company’s market capitalization surpassing PLN 1 billion, leading to its inclusion in the mWIG40 index.
Strategically, the firm is transitioning away from the indie segment to focus on more ambitious titles, exemplified by the development of Project 8. To support this growth, the company is expanding to three independent development teams and scaling its publishing division to target quarterly third-party releases. Future growth initiatives include porting key titles to the Nintendo Switch and other consoles to extend product lifecycles. With a headcount of over 100 employees and a proprietary engine, the organization is positioned to stabilize long-term financial results through a diversified portfolio of internal and external intellectual properties.
