The Thaumaturge
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Documents about The Thaumaturge
Annual Report 2025: 11 bit studios
The 2025 annual report for 11 bit studios confirms the company’s continued operational stability and status as a going concern within the global video game industry.
- 11 bit studios reported 141.03 million PLN in sales revenue for 2025, maintaining a net profit of approximately 6.94 million PLN.
- The company experienced a net cash flow decrease of 21.1 million PLN, driven by 23 million PLN in bond acquisitions and continued development of major titles like Frostpunk 2 and The Alters.
- Amortization expenses surged by over 142% in 2025, largely due to revised accounting methodologies and impairment charges for The Thaumaturge and Creatures of Ava.
Annual Report of 11 Bit Studios S.A. for 2024
11 bit studios S.A. reported record-breaking financial results for 2024, characterized by a 168.9% year-on-year revenue increase to PLN 140.54 million.
- 11 bit studios achieved a 168.9% year-on-year revenue increase to PLN 140.54 million in 2024, driven primarily by the launch of Frostpunk 2, which recouped its development costs within three days.
- The company recorded a modest net profit of PLN 6.9 million and an operating loss of PLN 2.84 million, heavily impacted by PLN 67.4 million in non-cash impairment losses.
- A significant PLN 48.4 million impairment charge was incurred due to the cancellation of 'Project 8', alongside additional write-downs for the underperforming titles The Thaumaturge and Creatures of Ava.
Current Report No. 3/2025: Impairments on Assets and Reduction of the Incentive Program Reserve
The Management Board of 11 bit studios has disclosed significant non-cash asset impairments and adjustments to its incentive program reserves as part of its financial closing for the 2024 fiscal year.
- 11 bit studios recorded a PLN 49,057,019 impairment loss following the formal cancellation of the development project codenamed Project 8.
- The company recognized additional impairment losses of PLN 10,902,836 for 'The Thaumaturge' and PLN 7,439,040 for 'Creatures of Ava' due to revised revenue expectations.
- The total non-cash asset impairments for the 2024 fiscal year reflect a strategic reassessment of the company's development pipeline and market performance of its titles.
Current Report No. 7/2025: Correction of the Annual Report for 2024
The Management Board of 11 bit studios S.A. issued a formal correction to its 2024 Annual Report following a request from its auditor, Grant Thornton Polska.
- 11 bit studios S.A. issued a formal correction to its 2024 Annual Report to address specific accounting classifications within its cash flow statement.
- The adjustment was mandated by auditor Grant Thornton Polska and focuses on the presentation of asset write-offs and impairments.
- The financial reclassifications involve the cancellation of Project 8 and impairment charges recognized for the titles The Thaumaturge and Creatures of Ava.
Half-Year Report of 11 Bit Studios S.A. for the Six Months Ended 30 June 2024
During the first half of 2024, 11 bit studios S.A. experienced a transitional period characterized by rising revenues and strategic investments in preparation for major upcoming releases.
- 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
Financial performance for the first quarter of 2024 reflects a transitional period characterized by steady revenue growth alongside increased operational spending.
- 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.
Zmiana Daty Premiery Gry „The Thaumaturge”
The management board of 11 bit studios S.A. has officially rescheduled the release date for the PC version of its upcoming title, The Thaumaturge.
- 11 bit studios S.A. has delayed the PC release of 'The Thaumaturge' from February 20, 2024, to March 4, 2024.
- The two-week delay is a strategic marketing decision intended to optimize commercial performance and market visibility rather than a result of technical issues.
- Management confirms that the production phase for the PC version of the game is complete.
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 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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