Financial11 bit studios
Quarterly Report of 11 Bit Studios S.A. for the Nine Months Ended 30 September 2025
20 Nov 202552 pages~89 min full read
11 bit studios reported a net profit decline to PLN 22.0 million for the first nine months of 2025, down from PLN 47.5 million in the same period of 2024, driven by increased depreciation and amortization costs.
See it on page 5Total revenue for the nine-month period reached PLN 101.3 million, representing a 5% year-over-year decrease.
See it on page 5The company has reduced the estimated cost of its 2021–2025 Incentive Scheme to zero, indicating that original long-term revenue and profit targets will not be achieved following the termination of Project 8 and delayed releases.
See it on page 40The United States remains the primary market for the company, accounting for over 81% of total sales, with Steam serving as the dominant distribution channel.
See it on page 50Key product performance was anchored by the launch of The Alters, which sold 405,000 copies, alongside ongoing revenue from Frostpunk 2.
See it on page 46The company maintains a cash position of PLN 71.2 million and total assets of PLN 282.0 million as it continues development on projects including the Unreal Engine 5 transition for Frostpunk 1886.
See it on page 46Growth in the final quarter of 2025 is expected to be driven by the Early Access launch of Moonlighter 2, the release of Death Howl, and new DLC for Frostpunk 2.
See it on page 46Financial performance for 11 bit studios S.A. through the first nine months of 2025 reflects a period of significant operational transition and heavy product launches. Total revenue reached PLN 101.3 million, a 5% year-over-year decrease from 2024. Net profit experienced a more pronounced decline, falling from PLN 47.5 million to PLN 22.0 million. This contraction was primarily driven by a fivefold increase in depreciation and amortization expenses following the release of major titles, as well as rising finance costs linked to exchange rate fluctuations. Despite these pressures, the company maintained a robust cash position of PLN 71.2 million and grew its total assets to PLN 282.0 million.
The United States remains the primary market, accounting for over 81% of sales, with Valve’s Steam platform serving as the dominant distribution channel. Revenue was largely anchored by the successful launch of The Alters, which sold 405,000 copies, and the continued performance of Frostpunk 2 across consoles and subscription services. However, the company adjusted its long-term outlook by reducing the estimated cost of its 2021–2025 Incentive Scheme to zero, signaling that original five-year revenue and profit targets are unlikely to be met. This shift follows the termination of Project 8 and the rescheduling of several key releases.
Strategic focus remains on multiplatform game production and the expansion of the publishing pipeline. Significant capital is currently tied up in intangible assets and ongoing development, including the transition of Frostpunk 1886 to Unreal Engine 5. Looking toward the final quarter of 2025, the company anticipates revenue growth driven by the Early Access launch of Moonlighter 2, the release of Death Howl, and major DLC for Frostpunk 2. While the global console market offers expansion opportunities, the company continues to manage risks associated with a strengthening Polish złoty against the US dollar.
