Half-Year Report of 11 bit studios S.A. for H1 2018

The 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.