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Summary of main supplementary explanations questions and answers at the FY2026 First Quarter GREE Holdings, Inc. results briefing held on November 6, 2025
GREE Holdings’ FY2026 first‑quarter briefing clarified strategic priorities across its game, VTuber, and investment divisions. The company emphasized a shift toward an in‑house development model for console titles while still leveraging external contractors to bridge current expertise gaps. In the mobile game segment, outside‑app payment methods have been fully deployed across all major titles and are contributing positively to profitability; the VTuber platform has similarly expanded its outside‑app transactions, boosting operating margins. The firm acknowledges a structural decline in earnings from new smartphone releases but plans to sustain revenue by focusing on long‑term engagement features and continuous hit title launches, particularly within the RPG genre.
Market outlooks reveal a plateau in smartphone installs but growing potential through high‑value IP and outside‑app monetization. Console gaming is viewed as a long‑term investment, with an emphasis on cultivating enduring IP series. The VTuber market is still expanding globally, especially overseas, and the company projects full‑year profitability for its VTuber production arm by FY2027 as higher‑margin merchandise and live events offset earlier talent acquisition costs.
Exit strategies for the investment business have shifted from IPOs to M&A, reflecting broader market conditions. Generative AI is being integrated across game development, VTuber content creation, and digital transformation services to enhance efficiency and service quality, though its direct earnings impact remains difficult to quantify. Overall, GREE aims to strengthen core competencies, diversify revenue streams, and adapt to evolving market dynamics while pursuing sustainable growth.
- GREE is transitioning to an in-house development model for console titles, utilizing external contractors to address current expertise gaps while focusing on long-term IP cultivation.
- Outside-app payment methods have been fully implemented across all major mobile titles and the VTuber platform, directly contributing to improved operating margins.
- The VTuber production arm is projected to reach full-year profitability by FY2027 as high-margin merchandise and live events offset initial talent acquisition costs.
- The company is shifting its investment business exit strategy from IPOs to M&A to better align with current market conditions.
- Generative AI is being integrated into game development, VTuber content creation, and digital transformation services to improve operational efficiency and service quality.
Annual Report and Consolidated Financial Statements: 2020
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Strategic report 3 Highlights of the year 4 Chairman’s statement 6 History and background 7 Strategy 9 Business model 10 tinyBuild portfolio 14 Chief Executive’s ...
- tinyBuild aims for growth through both organic strategies, leveraging existing partnerships and in-house developers, and inorganic strategies, utilizing a low-risk M&A approach focused on 'acquihiring' development teams and acquiring relevant IP.
- The 'Hello Neighbor' franchise serves as a template for tinyBuild's multimedia strategy, having grown organically and through M&A, expanding into merchandise, books, and potential animated TV series, and generating over 60 million downloads for its first game.
- tinyBuild's organic growth strategy focuses on increasing the quality of its game pipeline with 23 games planned for 2021 and 2022, and accumulating IP through standard partnership agreements to extend franchise lifespans.
- The company mitigates risks associated with early-stage developer partnerships by typically providing funding at specific milestones, ensuring investments are tied to key development stages over a limited time horizon.
- tinyBuild's cash generated from operations increased from $11,732,000 in 2019 to $16,470,000 in 2020, with a net increase in cash and cash equivalents of $9,304,000 in 2020, bringing the total to $26,313,000 by year-end.
Annual Report and Consolidated Financial Statements: 2021
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Strategic Report 3 Highlights of the year 5 Chairman’s statement 6 History and background 7 Strategy 9 Business model 11 Chief Executive’s review 16 Chief ...
- tinyBuild achieved record growth in 2021 through mergers and acquisitions and organically, and listed on the London Stock Exchange on March 9, 2021.
- The company's back catalog revenue has consistently grown, representing 51% of gaming revenue in FY17, increasing to 83% in FY19, and settling at 79% in FY21.
- tinyBuild has a strong focus on influencer marketing, having achieved over 5 billion content-related views on YouTube by December 31, 2021, and maintaining relationships with over 10,000 verified influencers.
- tinyBuild is actively relocating staff from Ukraine due to the war, setting up a temporary location in the Balkans and planning a third studio in Western Europe to assist with relocation and visa processes.
- The company has a policy against 'crunching' and provided an extra week of holiday to all direct employees in 2021 as appreciation for their work during the pandemic.
Annual Report and Consolidated Financial Statements 2024
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED Chairman’s statement 4 History and background 5 Strategy 7 Business model 9 Chief Executive’s review 14 Chief Financial Officer’s review 16 Environmental, social and governance (ESG) 18 Principal risks and uncertainties ...
- tinyBuild experienced a significant decline in revenue and continued operating losses in 2024, with revenue dropping by 22% year-over-year to $34.7 million (from $44.7 million in 2023) and an operating loss of $20.4 million (compared to $63.8 million in 2023).
- The revenue decline was primarily due to limited flow-through from new games released in 2023 and a 50% drop in development revenues, largely from platform deals.
- Adjusted EBITDA remained negative at -$3.681 million in 2024, an improvement from -$7.113 million in 2023, impacted by revenue decline and a $13.7 million impairment of software development costs.
- tinyBuild raised over $11 million in new capital in January 2024 and welcomed Atari as a new core investor, helping to fund promising projects.
- The company maintains an organic growth strategy focusing on diversification, internal development teams (e.g., DUCKSIDE), established partnerships (e.g., Potion Craft), and leveraging influencer relationships for marketing, achieving over 5 billion content-related views on YouTube by December 31, 2024.
Annual Report 2014: 11 bit studios S.A.
I. PISMO ZARZĄDU ........................................................................................................3 II. WYBRANE JEDNOSTKOWE DANE FINANSOWE ZAWIERAJĄCE PODSTAWOWE POZYCJE ROCZNEGO SPRAWOZDANIA FINANSOWEGO WRAZ Z DANYMI PORÓWNYWALNYMI...........4 III. SPRAWOZDANIE FINANSOWE 11 BIT STUDIOS S.A. ZA ROK 2014 ...................................5 IV. SPRAWOZDANIE ZARZĄDU Z DZIAŁALNOŚCI SPÓŁKI W ROKU 2014. ............................. 40 V.
- 11 bit studios S.A. released "This War of Mine" in 2014, a milestone game developed in-house, and also launched "Spacecom" through its 11 bit launchpad publishing division.
- The company's total assets significantly increased from 589,514.42 PLN in 2013 to 1,745,563.16 PLN in 2014, driven by growth in intangible assets (from 466,671.58 PLN to 1,444,226.03 PLN) and tangible assets (from 63,180.84 PLN to 103,579.73 PLN).
- Net profit for 2014 was 890,745.75 PLN, a substantial increase from the previous year, with operating profit at 1,248,589.34 PLN.
- 11 bit studios S.A. generates most of its revenue in foreign currencies (primarily USD), meaning a weaker Polish Zloty positively impacts its income.
- The company faces risks including strong competition from other publishers, increasing competition in the game market, the risk of ideas being copied, and the challenge of keeping up with dynamic market trends like Virtual Reality (VR).
Annual Report 2017: 11 bit studios
2.2. SPRAWOZDANIE Z SYTUACJI FINANSOWEJ (PLN) AKTYWA PISMO ZARZĄDU Nota Stan na Stan na 31.12.2017 31.12.2016 Aktywa trwate Warszawa, 26 marca 2018 roku Rzeczowe aktywa trwate 3.11. 814 332 779 540 Szanowni Akcjonariusze i Inwestorzy 3.12.
- 11 bit studios S.A. focused heavily on "Frostpunk" in 2017, anticipating it will drive financial results for years, with its release scheduled for April 24, 2018.
- The company continued developing "This War of Mine" in 2017, releasing the "Fathers Promise" DLC on November 14, with two more "TWoM: Stories" DLCs planned for 2018. They also began work on a new game, "Projekt 8," involving a 20-person team, to be released after "Frostpunk."
- 11 bit publishing released two external games in 2017: "Beat Cop" (March 30) and "Tower 57" (November 16), with external game sales contributing over 10% to total revenue and recouping investment within months.
- Operating profit for 2017 was 7,619,936 PLN, a 50.69% decrease from 15,454,560 PLN in 2016, despite a 5.64% increase in operating costs to 11,845,351 PLN (from 11,212,540 PLN in 2016) and increased promotional spending.
- 11 bit studios S.A. sold its 100% stake in subsidiary Games Republic Limited to Lousva Trading Limited on April 11, 2017, dissolving the 11 bit studios S.A. Capital Group.
Annual Report: 11 Bit Studios S.A. 2024
ANNUAL REPORT OF 11 BIT STUDIOS S.A. FOR 2024 (all amounts in PLN unless stated otherwise) DEAR SHAREHOLDERS AND INVESTORS, It is with great pleasure that we present to you our Annual Report for 2024. During this period, 11 bit studios S.A. generated revenue of PLN 140.54 million, marking a 168.9% increase year on year and representing an all-time record for the Company.
- 11 Bit Studios S.A. is a computer game developer and publisher, with Frostpunk 2 (PC version) being a major recent success, selling 350,000 copies within three days of its September 20, 2024 launch and reaching 592,000 total unit sales by the end of 2024.
- The company's equity has grown significantly, from PLN 42.13 million in 2017 to PLN 229.92 million in 2024, reflecting a higher net profit in 2024 compared to 2023.
- Cash resources increased by 29.56% to PLN 70,463,596 at the end of 2024, up from PLN 54,386,466 in 2023, and total financial assets reached PLN 91,543,938.
- Total liabilities increased by 3.59% to PLN 32,384,084 in 2024, with current liabilities rising 12.66% to PLN 27,830,893, including PLN 11,002,109 in contract liabilities for future game sales and DLCs.
- The company has a multi-purpose credit facility of PLN 20,000,000 with PKO BP S.A. until June 25, 2025, which had no drawdowns as of the reporting date, and an investment credit facility with PKO BP S.A. of PLN 5,040,000 outstanding as of December 31, 2024.
Semi-Annual Report of 11 bit studios S.A.
Signed by: LETTER FROM THE MANAGEMENT BOARD Dear Shareholders and Investors Przemystaw Marszat Michat Drozdowski President of the Management Board Member of the Management Board Member of the Management Board Please be invited to read the Half-Year Report of 11 bit studios S.A. for the first half of 2019. During the period, we recorded over PLN 30.7m in revenue. Operating profit came in close to PLN 8.7m, with net profit above PLN 6.4m.
- 11 bit studios S.A. reported H1 2019 revenue of over PLN 30.7m, operating profit near PLN 8.7m, and net profit above PLN 6.4m, despite PLN 4.1m in non-cash provisions for their incentive scheme.
- The company's financial assets (cash, bank deposits, financial instruments, trade receivables) grew by PLN 13m from the end of 2018 to nearly PLN 84m by June 30, 2019, supported by almost PLN 20m in net cash flows from operating activities.
- Strong sales of Frostpunk and Moonlighter, both over a year old, along with continued contributions from This War of Mine, were the primary drivers of H1 2019 financial performance.
- Moonlighter, developed by Digital Sun, had over one million players by early Q3 2019, with Nintendo Switch becoming its leading sales platform since Q1 2019, especially after a successful Japanese launch.
- Children of Morta, a new publishing title, is set to launch for PCs on September 3, 2019, and consoles on October 15, 2019, with strong pre-release interest on Steam suggesting significant commercial potential.
Interim Financial Report: Nine Months Ended September 30th 2019
These interim condensed financial statements have been prepared on a historical cost basis. They do not include all information and disclosures required in full-year financial statements and should be read in conjunction with the Company's full-year financial statements for 2018, including notes, for the period of 12 months ended December 31st 2018, prepared in accordance with the IFRS as endorsed by the EU.
- 11 bit studios S.A. reported revenue of PLN 49,430,023 for the first nine months of 2019, a 17.09% decrease year-on-year.
- Basic earnings per share significantly dropped from PLN 12.47 in the nine months ended September 30, 2018, to PLN 4.38 in the same period of 2019.
- The company is actively developing "Projekt 10" and aims to release one proprietary game annually, while its publishing division plans for three to four external game debuts each year.
- Moonlighter and Children of Morta (PC version) were financial successes, boosting the company's position as a global game publisher; Moonlighter sales were particularly strong on Nintendo Switch, especially in Japan.
- 11 bit studios S.A. is expanding its workforce, projecting approximately 140 employees by the end of 2019 and potentially 180-200 in 2020, coinciding with a move to new offices in Warsaw with space for up to 300 employees.
11 bit studios — Quarterly Report Q1 2020: Letter from the CEO
11 bit studios S.A. reported a record‑breaking first quarter of 2020, with revenue surpassing PLN 30.52 million and EBITDA reaching PLN 19.61 million, both up 114.3% and 168.3% year‑on‑year respectively. Net profit climbed nearly PLN 14.51 million, a 226.9% increase, though non‑cash provisions related to the 2017–2019 Incentive Scheme reduced the figure by more than PLN 2.05 million; the company elected to defer IP Box tax relief until the annual return. The surge was driven largely by the launch of Frostpunk’s second paid DLC, “The Last Autumn,” on 21 January 2020, which not only boosted DLC sales but also lifted demand for the base game. Combined revenue from Frostpunk and its DLCs exceeded PLN 100 million between April 2018 and March 2020, surpassing the cumulative sales of This War of Mine. Publishing titles Moonlighter and Children of Morta contributed 24% of total revenue in the quarter.
Operating cash flow exceeded PLN 24.3 million, allowing total financial assets to cross the PLN 100 million threshold for the first time. The company plans to expand its workforce from 140 to 190–200 employees by year‑end, focusing on new projects under development (Projekt 8, 9, and 10) and a growing publishing portfolio that now includes three promising titles. Operations continue amid COVID‑19 restrictions, with the company relocating to a new Warsaw office that supports its scaling ambitions. The report covers Poland‑based activities for Q1 2020, highlighting strong performance across development and publishing segments.
- 11 bit studios achieved record Q1 2020 financial results, with revenue reaching PLN 30.52 million (up 114.3% YoY) and net profit rising 226.9% to PLN 14.51 million.
- The launch of the 'The Last Autumn' DLC for Frostpunk on 21 January 2020 served as the primary growth driver, boosting both DLC and base game sales.
- Frostpunk and its associated DLCs generated over PLN 100 million in revenue between April 2018 and March 2020, officially surpassing the cumulative lifetime sales of This War of Mine.
- Total financial assets exceeded the PLN 100 million threshold for the first time, supported by an operating cash flow of over PLN 24.3 million.
- The company is scaling its workforce from 140 to 190–200 employees by the end of 2020 to support three new internal projects (Projekt 8, 9, and 10) and an expanding publishing portfolio.
Half-Year Report of 11 Bit Studios S.A.: First Half of 2020
HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST HALF OF 2020 Dear Shareholders and Investors, Please be invited to read 11 bit studios S.A.’s report for the first half of 2020. We, as the Management Board, are extremely satisfied with the Company’s financial performance in the In the first six months of 2020, 11 bit studios S.A. reported revenue of nearly PLN 50.2m, up 63.2% year on year, and delivered a net profit of more than PLN 25.0m, up 237%.
- 11 Bit Studios S.A. achieved significant financial growth in H1 2020, with revenue increasing by 63.2%, operating profit by 172.25% to PLN 26,376,046, and net profit by 241.31% to PLN 25,330,511, marking its second-highest half-year net profit in company history.
- The strong financial performance was driven by excellent sales of games released in previous periods, including Frostpunk and Moonlighter (Q2 2018), Children of Morta (Autumn 2019), and continued strong sales of This War of Mine (November 2014).
- Operating expenses increased at a slower rate (12.92%) than revenue, partly due to a change in accounting for the 2017–2019 Incentive Scheme costs, which were fully recognized by the end of 2019 instead of Q2 2020.
- The company's headcount as of the report's issue date was 148 employees, working under employment contracts or civil law contracts.
- The COVID-19 pandemic had no adverse effect on the company's revenue from game sales and is not expected to threaten liquidity in the next 12 months, with the company successfully transitioning to remote work and offering a safe return-to-office option.
Quarterly Report for Nine Months Ended September 30th 2020
STUDIOS S.A.<sub>FOR </sub>NINE QUARTERLY REPORT OF 11 BITSTUDIOS S.A. FOR NINE MONTHS ENDED Dear Shareholders and Investors, It is our pleasure to present to you the report of 11 bit studios S.A. for the nine months ended September 30th 2020. The results for this period, which proved better than we assumed in the budget, clearly demonstrate that the consistent implementation of the Company's growth strategy is bringing measurable financial results.
- 11 bit studios S.A. generated PLN 68,159,127 in revenue from sales of computer games in the nine months ended September 30th, 2020, a significant increase from PLN 49,430,023 in the same period of 2019.
- The launch of Frostpunk: The Last Autumn on January 21st, 2020, was highly successful, driving sales of both the add-on and the base game, including the Frostpunk: Game of The Year edition.
- Revenue from third-party developed games, primarily Moonlighter and Children of Morta, accounted for approximately 28% of the Company's total revenue in the nine months ended September 30th, 2020.
- The US was the largest market for 11 bit studios S.A., contributing PLN 52,087,826 in revenue in the nine months ended September 30th, 2020, followed by Japan with PLN 10,072,823.
- 11 bit studios S.A. is developing a mobile version of Frostpunk in a free-to-play model with Chinese gaming giant NetEase, and a Frostpunk board game which successfully raised EUR 2,496,308 on Kickstarter.