Quarterly Report of 11 Bit Studios S.A. for the Nine Months Ended 30 September 2025

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.

Total revenue for the nine-month period reached PLN 101.3 million, representing a 5% year-over-year decrease.

The 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.

The United States remains the primary market for the company, accounting for over 81% of total sales, with Steam serving as the dominant distribution channel.

Key product performance was anchored by the launch of The Alters, which sold 405,000 copies, alongside ongoing revenue from Frostpunk 2.

The 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.

Growth 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.