The Invincible
Game
Documents about The Invincible
Half-Year Report of 11 Bit Studios S.A. for the Six Months Ended 30 June 2024
11 bit studios, the Polish game developer and publisher, used its first half of 2024 to invest heavily ahead of a major release cycle, and the cost showed in its results.
- 11 bit studios reported a net loss of PLN 0.48 million for H1 2024, a significant decline from the PLN 4.01 million profit in H1 2023, driven by a 49% surge in operating expenses.
- Revenue grew 24.16% year-on-year to PLN 30.76 million, with third-party publishing titles like The Thaumaturge, INDIKA, and The Invincible now accounting for 52% of total sales.
- Operating costs were heavily impacted by a doubling of salary expenses and increased marketing spend as the company scaled headcount for the launches of Frostpunk 2 and The Alters.
Quarterly Report of 11 Bit Studios S.A. for the Three Months Ended 31 March 2024
11 bit studios reported Q1 2024 revenue of PLN 15.33 million, up 3.81% year on year, but swung to an operating loss of PLN 1.03 million and a net loss of PLN 1.61 million, against a PLN 2.47 million profit in Q1 2023.
- 11 Bit Studios reported a Q1 2024 net loss of PLN 1.6 million, a decline from the previous year driven by a 25.88% increase in operating expenses and a near-doubling of employee benefit costs.
- Revenue grew 3.81% year-on-year to PLN 15.33 million, with the publishing division contributing 48% of sales and the United States market accounting for 74% of total revenue.
- The company holds PLN 140.7 million in capitalized development costs for key upcoming titles, specifically Frostpunk 2, The Alters, and Project 8.
Annual Report of 11 Bit Studios S.A. for 2023
11 bit studios, a Warsaw-based game developer and publisher with no subsidiaries and one associate (Fool's Theory), reports 2023 as a year of sharply lower earnings during heavy investment ahead of a concentrated 2024 release slate.
- 11 bit studios reported a 29.6% revenue decline to PLN 52.3 million and a net profit contraction to PLN 0.52 million in 2023, primarily due to a lack of major proprietary releases and a PLN 6.5 million write-down of its stake in Starward Industries.
- The company invested a record PLN 58.2 million into game development during 2023, bringing total ongoing development work to PLN 149.6 million as it prepares for the releases of Frostpunk 2, The Alters, and Project 8.
- The publishing division reached a record 42% share of total revenue, driven by the release of The Invincible and sustained performance from back-catalogue titles like Frostpunk and Children of Morta.
Quarterly Report of 11 Bit Studios S.A. for Nine Months Ended September 30th 2023
11 bit studios' results for the nine months ended September 30, 2023 show a sharp earnings contraction as an aging catalog met a year without major releases.
- 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
11 bit studios S.A., the Polish video game developer and publisher, saw first-half 2023 results fall sharply because its aging catalogue has had no major release since Children of Morta in 2018.
- 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.
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