Frostpunk
Documents about Frostpunk
Quarterly Report of 11 Bit Studios S.A. for Nine Months Ended September 30th 2023
During the first nine months of 2023, 11 bit studios S.A. experienced a transitional period characterized by a significant decline in financial performance as the company prepared for a major new release cycle.
- 11 bit studios experienced a significant financial downturn in the first nine months of 2023, with revenue falling 42% year-on-year to PLN 34.28 million and net profit dropping to PLN 1.35 million.
- The company is in a heavy investment phase, with intangible assets related to R&D rising to PLN 138.2 million to support upcoming titles including Frostpunk 2, The Alters, Project 8, and The Thaumaturge.
- Management plans to shift to an aggressive release cadence starting in 2024, targeting one internal title and three to four third-party titles annually.
Half-Year Report of 11 Bit Studios S.A. for the Six Months Ended June 30th 2023
During the first half of 2023, 11 bit studios S.A. entered a transitional phase characterized by heavy capital investment and a temporary decline in financial performance.
- 11 bit studios experienced a significant H1 2023 downturn, with revenue falling 45.87% to PLN 24.78 million and net profit dropping 73.4% to PLN 4.01 million due to a lack of major releases since 2018.
- The company is currently in a heavy investment cycle, with intangible assets related to game development rising to PLN 124.7 million to fund a pipeline that includes Frostpunk 2, The Alters, Project 8, The Invincible, and The Thaumaturge.
- Despite lower earnings, the firm maintains a strong financial position with total assets of PLN 266.04 million and cash reserves of PLN 38.95 million, supported by strategic partner advances from Microsoft and a new PLN 20 million credit facility.
11 bit studios S.A. Financial Results Q1 2023 — Investor Information
11 bit studios recorded nearly PLN 14.8 million in revenue for the first quarter of 2023, yielding an EBITDA of PLN 3.0 million and a net profit exceeding PLN 2.46 million.
- 11 bit studios reported Q1 2023 revenue of PLN 14.8 million, EBITDA of PLN 3.0 million, and a net profit of PLN 2.46 million, exceeding internal budget expectations despite a year-on-year decline.
- Development expenditure rose 28.2% year-on-year to PLN 12.14 million as the company intensifies investment in its proprietary and third-party game pipeline.
- The company’s publishing division is preparing for the 2023 releases of The Invincible and The Thaumaturge, which are expected to drive financial performance in the second half of the year.
Annual Report: 11 Bit Studios S.A. 2022
In 2022, 11 bit studios S.A. maintained a stable financial trajectory, reporting revenue of PLN 74.2 million, a 5.8% year-on-year increase.
- 11 bit studios reported 2022 revenue of PLN 74.2 million, a 5.8% year-on-year increase, though net profit fell 20.2% to PLN 22.9 million due to a 34.5% rise in operating expenses.
- The company maintains a strong balance sheet with PLN 87.28 million in cash and a low leverage ratio of 8.98%, funding its entire development pipeline through internal reserves without external debt.
- Strategic investment in the development pipeline is focused on three primary upcoming titles: Frostpunk 2, The Alters, and The Invincible.
Annual Report 11 Bit Studios for 2022
In 2022, Warsaw-based 11 bit studios S.A. demonstrated financial resilience and strategic expansion despite a 4.3% contraction in the global gaming market.
- 11 bit studios reported 74.2 million PLN in 2022 revenue, a 5.8% year-over-year increase, despite a 20.2% decline in net profit to 22.9 million PLN due to rising operational costs and a 3.66 million PLN donation to the Ukrainian Red Cross.
- The company is heavily prioritizing long-term growth, evidenced by a 69% surge in intangible assets to 99.9 million PLN and a 130 million PLN combined production budget for internal titles Frostpunk 2, The Alters, and Project 8.
- The publishing division reached a record 38% revenue share, bolstered by strategic equity stakes in external partners, including 40% of Fool’s Theory and 5.18% of Starward Industries.
Quarterly Report of 11 Bit Studios S.A. for Nine Months Ended September 30th 2022
During the first nine months of 2022, 11 bit studios S.A. demonstrated a robust financial performance characterized by a 21% year-on-year increase in revenue to PLN 59.58 million and a net profit of PLN 19.97 million.
- 11 bit studios reported a 21% year-on-year revenue increase to PLN 59.58 million and a net profit of PLN 19.97 million for the first nine months of 2022.
- Third-party publishing revenue grew to 39% of the total, up from 25% the previous year, driven by titles such as Moonlighter and Children of Morta.
- R&D spending surged by over 65% to PLN 34.26 million, funding the development of three proprietary titles—Frostpunk 2, The Alters, and Project 8—and four publishing projects.
Half-Year Report of 11 Bit Studios S.A. for the Six Months Ended June 30th 2022
During the first half of 2022, 11 bit studios S.A. demonstrated significant financial growth and strategic expansion, reporting a 28% year-on-year revenue increase to PLN 45.8 million and a 13.3% rise in net profit to PLN 15.1 million.
- 11 bit studios reported a 28% year-on-year revenue increase to PLN 45.8 million and a 13.3% rise in net profit to PLN 15.1 million for the first half of 2022.
- Development spending on intangible assets surged by 63.55% to PLN 77.5 million as the company advances its multi-project pipeline, including Frostpunk 2, The Alters, and Project 8.
- The company maintains a strong liquidity position with PLN 123.3 million in total financial assets, including PLN 109.5 million in cash and equivalents, to support its transition to larger-scale production.
Quarterly Report of 11 Bit Studios S.A. for the First Quarter of 2022
During the first quarter of 2022, 11 bit studios S.A. demonstrated a period of strategic expansion and financial resilience, reporting a 19.6% year-on-year revenue increase to PLN 17.75 million.
- 11 bit studios reported a 19.6% year-on-year revenue increase to PLN 17.75 million and a net profit of PLN 3.77 million for Q1 2022.
- The company maintains a strong liquidity position with PLN 117.3 million in total financial assets, including PLN 50.4 million in cash and cash equivalents.
- The studio is scaling its internal production to a three-team structure with a combined budget of approximately PLN 110 million, focusing on titles including Frostpunk 2, Project 8, and Dolly.
Annual Report of 11 bit studios S.A. for 2021
11 bit studios S.A. maintained a robust financial and strategic position in 2021, despite a year-over-year decline in earnings driven by a lack of new product premieres.
- 11 bit studios is executing a strategic transition from indie developer to large-scale publisher, targeting 656 million PLN in consolidated revenue through 2025 via a new multi-team production structure.
- Financial performance in 2021 saw revenue of 70.12 million PLN and a net profit of 28.69 million PLN, with stability maintained by the back catalogue of 'Frostpunk' and 'This War of Mine' despite the lack of new releases.
- The company significantly increased R&D investment, with 52.93 million PLN in capitalized development costs for upcoming titles 'Frostpunk 2', 'Dolly', and 'Project 8', all of which have migrated to Unreal Engine.
Quarterly Report of 11 Bit Studios S.A. for the Nine Months Ended September 30th 2021
During the first nine months of 2021, 11 bit studios S.A. focused on a strategic transition toward a multi-team production model and the expansion of its publishing pipeline.
- 11 bit studios is investing PLN 110 million into three major internal projects: Frostpunk 2, Project 8, and Dolly.
- The company has allocated PLN 80 million to expand its third-party publishing division through 2023, aiming for a consistent annual release cycle of one proprietary game and multiple external titles.
- Financial performance for the first nine months of 2021 showed a year-over-year decline, with revenue at PLN 49.2 million and net profit at PLN 17.4 million due to the aging of the existing portfolio.
Ghost in the Machine: Authorial Voice in System Design, 'Frostpunk' & Beyond
The concept of authorial voice in game design posits that a creator’s worldview is inherently embedded within their work, manifesting not only through narrative, visuals, and audio but also through the underlying mechanics and system balance.
- Game mechanics are not neutral; they carry the authorial voice and worldview of the designer, meaning every systemic balance decision communicates a value judgment.
- In Frostpunk, the design team realized that balancing mechanics—such as the penalty for amputations—required careful ethical consideration, as purely functional math can inadvertently express a worldview the designer does not hold.
- Designers must be aware that players increasingly analyze games beyond surface-level narratives, interpreting the underlying systemic rules as a form of communication or ideological statement.
Half-Year Report of 11 Bit Studios S.A. for the First Half of 2021
11 bit studios S.A. reported a solid financial performance for the first half of 2021, characterized by a transition from immediate product launches to a period of intensive internal development.
- 11 bit studios is executing a long-term growth strategy backed by a 2021–2025 incentive scheme targeting PLN 656 million in total revenue.
- The company is currently funding three internal projects—Frostpunk 2, Dolly, and Project 8—with a combined development budget of approximately PLN 110 million.
- Despite a year-on-year revenue decline of 28.7% to PLN 35.8 million and a 46.8% drop in net profit, the company maintains a strong financial position with record cash and financial assets of PLN 114.6 million.