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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 2023
ANNUAL R THE YEAR ENDED FINANCIAL STATEMENTS FOR THE YEAR ENDED Business model 10 Chief Executive’s review 15 Chief Financial Officer’s review 17 Environmental, social and governance (ESG) 19 Principal risks and uncertainties 20 Corporate Governance 25 Board of Directors 25 Corporate governance report ...
- Revenue generated from own-IP (1st and 2nd party games) decreased to 65% of gaming revenues in 2023, down from 77% in 2022, due to changes in the portfolio mix. Conversely, revenues from the back-catalogue increased to 92% of total revenues in 2023 (up from 80% in 2022), driven by successful new releases like "I am Future" (Early Access) and "Punch Club 2".
- The company maintains a strong social media presence with over 1.7 million followers across platforms by the end of 2023, placing it competitively with other gaming companies like Devolver Digital (1.1m) and Paradox Interactive (0.9m). They also boast c.5 billion YouTube views and over 10,000 verified influencers.
- The top 5 games generated 46.8% of total revenues in 2023 (up from 44.8% in 2022), and the top 10 games generated 65.44% (down from 66.3% in 2022), indicating broad diversification across audiences, genres, and technologies.
- The company incurred $3.5 million in legal settlement fees in 2023 and continues to face costs related to the Ukraine/Russia conflict, which are now included in operating expenses, with potential for future charges.
- The company mitigates risks associated with early-stage developer engagement by providing milestone-based funding, acquiring IP as part of agreements, and adjusting budgets using data-driven approaches. They also intensify audience validation through playtests and demos to align with consumer trends.
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.
Quarterly Report: 11 bit studios Q1-Q3 2024
QUARTERLY REPORT OF 11 BIT STUDIOS FOR NINE MONTHS ENDED 30 SEPTEMBER 2024 DEAR SHAREHOLDERS AND INVESTORS, It is with great pleasure that we present the quarterly report of 11 bit studios S.A. for the nine months ended 30 September 2024.
- 11 bit studios' net profit for the nine months ended September 30, 2024, was PLN 47,547,111, a significant increase from PLN 1,350,738 in the same period of 2023.
- Total comprehensive income for the nine months ended September 30, 2024, reached PLN 274,612,144, up from PLN 231,721,429 in the prior year.
- The company's cost of services increased to PLN 28,565,995 in Q1-Q3 2024, from PLN 20,038,142 in Q1-Q3 2023, driven by higher royalties (PLN 11,766,222) and marketing expenses (PLN 5,194,744).
- Salaries and wages rose to PLN 15,451,599 in Q1-Q3 2024 (from PLN 9,588,136 in 2023), including a non-cash provision of PLN 2,882,089 for the 2021–2025 Incentive Scheme.
- Finance costs significantly increased to PLN 2,781,184 in Q1-Q3 2024 from PLN 932,271 in Q1-Q3 2023, largely due to exchange differences (PLN 1,889,374) and measurement of financial instruments (Starward Industries S.A.) (PLN 440,287).
Quarterly Report: 11 bit studios S.A. 2025
QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR THE NINE MONTHS ENDED 30 Death Howl i This document is a translation from the original Polish version. In case of any discrepancies between the Polish and English versions, the Polish version shall prevail.2 PLN EUR 1 Jan– 1 Jan– 1 Jan– 1 Jan– 30 Sep 2025 30 Sep 2024 30 Sep 2025 30 Sep 2024 Revenue 101,310,402 106,658,014 23,913,703 ...
- 11 bit studios S.A.'s total assets increased to PLN 282,018,457 as of September 30, 2025, up from PLN 262,302,617 at December 31, 2024.
- Net cash from operating activities was PLN 27,345,047 for the nine months ended September 30, 2025.
- The company plans to launch two new titles in Q4 2025: Moonlighter 2: The Endless Vault (Early Access on November 19, 2025) and Death Howl (exact Q4 date to be announced).
- Intangible assets, primarily development work for games, increased to PLN 132,733,629 as of September 30, 2025, from PLN 128,778,863 at December 31, 2024, with PLN 27,779,769 in additions during the period.
- A PLN 212,021 impairment loss was recognized for the game Creatures of Ava due to a risk of impairment of completed development work.
Half-Year Report of 11 bit studios S.A.: H1 2025
HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE SIX MONTHS ENDED 30 JUNE DEAR SHAREHOLDERS AND INVESTORS, It is our pleasure to present to you the half-year report of 11 bit studios S.A. for the six months ended 30 June 2025. During the period, we earned PLN 57.24 million in revenue, a year-on-year increase of 86.09%.
- 11 bit studios S.A. reported a net profit of PLN 8,482,905 for H1 2025, a significant turnaround from a net loss of PLN 477,805 in H1 2024.
- Revenue for H1 2025 increased by 86.09% year-over-year to PLN 57,241,575, driven primarily by new titles 'The Alters' (PLN 20,415,393) and 'Frostpunk 2' (PLN 13,173,906).
- Operating profit saw a substantial improvement, reaching PLN 18,068,721 in H1 2025 compared to an operating loss of PLN 5,352,141 in H1 2024.
- Salaries, wages, and employee benefits decreased by 42.09% to PLN 7,711,456 in H1 2025, while depreciation and amortization increased by 275.18% to PLN 10,946,880.
- The company's liabilities decreased by 14.64% to PLN 27,644,524 as of June 30, 2025, mainly due to lower royalties payable to third-party developers.
Wojciech Ozimek: Profile and Expertise
Wojciech Ozimek has led one2tribe Sp. z o.o. for eleven years as CEO, overseeing organizational growth, product launches, sales and key client relationships. Under his direction the company has co‑created more than a dozen mobile and internet services, as well as several online games that collectively attract four million subscribers worldwide. Ozimek’s expertise lies in designing business‑oriented games, gamification solutions and educational titles, positioning him as a proponent of integrating gaming into everyday life. He has spoken at TEDx Kraków (2011) and Hewlett Packard/Warsaw (2012), frequently presenting at business‑gaming conferences in Poland and abroad, and co‑authored articles on gamification.
Ozimek is a senior consultant with the international Cutter Consortium, contributing to “Business‑IT Strategies” and “Enterprise Architecture” teams. He authored the report “Storming the Cathedral: Collaborating for Innovation in Mobile Markets.” Within one2tribe he has led concept development for strategic projects, including a business model for interactive TV (iTVP) and advisory work on mobile content distribution for P4/Play, Heyah/PTC Era, and Polkomtel S.A. Prior to one2tribe, he managed the e‑business competency group and later served as Director of Development at Infovide (now Infovide‑Matrix), delivering architecture concepts for major clients such as Nordea Bank Polska, Telekomunikacja Polska S.A., PTC Era, Onet.pl, PTK Centertel and Kredyt Bank S.A. His notable project Nordea Solo earned the 2001 System Informatyczny Roku award.
Ozimek’s earlier career included a role in the IT team at Telekomunikacja Polska S.A., where he implemented intranet solutions for the MikroBOK system, one of Poland’s first distributed data collection platforms. He holds a bachelor’s degree in Mathematics, Computer Science and Mechanics from the University of Warsaw.
In recent years he has served on the boards of Flow Combine Sp. z o.o., SIP Consulting Sp. z o.o., and temporarily on the board of Flow Combine, a studio that published its sole title through 11 Bit Studios S.A. No records of insolvency, fraud convictions or court‑ordered prohibitions exist for Ozimek, and he has not held executive roles in companies undergoing bankruptcy or competing with 11 Bit Studios.
- Wojciech Ozimek has served as CEO of one2tribe for 11 years, overseeing the development of online games and services that have reached four million subscribers globally.
- His professional focus centers on gamification and business-oriented game design, supported by his role as a senior consultant for the Cutter Consortium’s Business-IT Strategies and Enterprise Architecture teams.
- Prior to one2tribe, Ozimek held leadership roles at Infovide, where he directed development and architecture for major clients including Nordea Bank Polska, Telekomunikacja Polska S.A., and Onet.pl.
- He led strategic advisory projects for telecommunications firms such as P4/Play, Heyah/PTC Era, and Polkomtel S.A., and developed business models for interactive TV (iTVP).
- His technical background includes a bachelor’s degree in Mathematics, Computer Science, and Mechanics from the University of Warsaw and early experience implementing distributed data collection platforms like MikroBOK.
Establishment of the Release Date for the Game Frostpunk 2
The release schedule for the sequel to the critically acclaimed survival‑simulation title has been finalized, with a global launch set for July 25 2024. The announcement confirms that the PC version will debut on major digital storefronts—Steam, GOG, and Epic Games Store—and will be immediately available through Microsoft’s PC Game Pass. Future console releases are planned for PlayStation 5 and Xbox Series X/S, with the game slated to join the Xbox Game Pass library thereafter.
Pre‑sales commenced on March 6 2024, offering both a Deluxe Edition and a Base Game through Steam and the Microsoft Store. Pricing for the premium package is set at $74.99 / €74.99 (259.99 PLN), while the standard edition is priced at $44.99 / €44.99 (159.99 PLN). These figures reflect the company’s strategy to capture early adopters and maximize revenue across multiple platforms.
The communication originates from the board of 11 bit studios S.A., with Przemysław Marszał as President and Grzegorz Miechowski as board member. The release date decision aligns with the studio’s broader rollout plan, ensuring a coordinated launch across digital and subscription services. The information is disclosed under Article 17(1) of the MAR, indicating its confidential nature within corporate governance.
- Frostpunk 2 will launch globally on July 25, 2024, for PC via Steam, GOG, Epic Games Store, and Microsoft PC Game Pass.
- The standard edition is priced at $44.99/€44.99, while the Deluxe Edition is priced at $74.99/€74.99.
- Pre-sales for the game began on March 6, 2024, across Steam and the Microsoft Store.
- Future console releases are confirmed for PlayStation 5 and Xbox Series X/S, with the title scheduled to join the Xbox Game Pass library after the initial launch.
- The release strategy is managed by 11 bit studios S.A. and is being disclosed as a regulatory requirement under Article 17(1) of the MAR.
Ustalenie daty premiery gry „INDIKA”
The release date for the adventure title “INDIKA” has been officially set for 8 May 2024. The game will launch worldwide on PC and next‑generation consoles, including Xbox Series X/S and PlayStation 5. Digital distribution will be handled through major global platforms such as Steam, GOG and the Epic Games Store. “INDIKA” is a narrative‑rich adventure set in an alternate 19th‑century Russian backdrop, developed by the Kazakh studio Odd Meter and published by 11 bit Studios S.A. The publisher has pledged a portion of sales proceeds to support children affected by the war in Ukraine, underscoring a charitable component tied to the title. The announcement originates from 11 bit Studios’ board, with Przemysław Marszał serving as Chairman and Michał Drozdowski as a board member. The communication references Article 17(1) of the MAR for confidentiality purposes, indicating that the information is protected under relevant legal provisions. The release strategy focuses on digital channels and aligns with contemporary distribution trends in the gaming industry, targeting a global audience across multiple high‑profile platforms. The statement serves to inform stakeholders and the public of the finalized launch schedule, distribution partners, and social responsibility initiative associated with “INDIKA.”
- The adventure game 'INDIKA' is scheduled for a worldwide release on May 8, 2024.
- The title will launch on PC via Steam, GOG, and the Epic Games Store, as well as on PlayStation 5 and Xbox Series X/S consoles.
- The game is developed by the Kazakh studio Odd Meter and published by 11 bit studios S.A.
- 11 bit studios S.A. has committed to donating a portion of the game's sales proceeds to support children affected by the war in Ukraine.
- The narrative-driven game is set in an alternate version of 19th-century Russia.
Zmiana daty premiery gry „Frostpunk 2”: 20 września 2024
The announcement from 11 Bit Studios S.A. sets the global release date for “Frostpunk 2” on PC to 20 September 2024. The decision follows a March 6, 2024 market communication and reflects the board’s intent to refine the title further, aiming to enhance its commercial viability and sales potential. Distribution will occur through major digital storefronts—Steam, GOG, and Epic Games Store—and the game will be available on Microsoft’s PC Game Pass from launch. Future plans include releases for PlayStation 5 and Xbox Series X/S, with availability on Xbox Game Pass. Pricing is tiered: the Deluxe Edition will retail at 74.99 USD/EUR (259.99 PLN), while the Base Game will cost 44.99 USD/EUR (159.99 PLN). The communiqué, dated 27 June 2024 and referenced under legal Article 17(1) of the MAR, is directed at shareholders and stakeholders, emphasizing the strategic timing to maximize market impact. No additional data on sales projections or regional performance is provided, but the focus remains on global PC launch with subsequent console expansion.
- 11 Bit Studios has scheduled the global PC release of Frostpunk 2 for September 20, 2024.
- The base game is priced at 44.99 USD/EUR (159.99 PLN), while the Deluxe Edition is set at 74.99 USD/EUR (259.99 PLN).
- The title will be available at launch on Steam, GOG, Epic Games Store, and Microsoft’s PC Game Pass.
- The release date was finalized to allow for further refinement of the game, with the strategic goal of maximizing commercial viability and sales potential.
- Future console releases are planned for PlayStation 5 and Xbox Series X/S, with the latter including availability on Xbox Game Pass.
Current Report No. 6/2025: The Alters Release Date
The release of Frostpunk 2, the highly anticipated sequel to the critically acclaimed survival‑city builder, has been officially scheduled for June 13 2025. The announcement comes from the Management Board of 11 bit studios S.A., a Warsaw‑based developer known for its narrative‑driven titles. The global launch will encompass the PC edition and next‑generation console versions for Xbox Series X/S and PlayStation 5, ensuring simultaneous availability across major platforms.
Digital distribution will be handled by the industry’s leading storefronts: Steam, Epic Games Store, GOG, Xbox Store and PlayStation Store. In addition, the game will be added to Microsoft’s subscription services—PC Game Pass and Xbox Game Pass—from day one, broadening accessibility for subscribers. The release date was disclosed under Article 17.1 of the Market Abuse Regulation, classifying it as inside information that must be communicated promptly to avoid market manipulation.
The announcement is concise, focusing solely on the release logistics and distribution channels. No sales projections, marketing strategies, or financial implications are provided in this communication. The scope is strictly global, covering all major digital marketplaces and subscription services at launch. Methodologically, the information originates from an official board statement, with no external data or survey references included.
- 11 bit studios has scheduled the global release of Frostpunk 2 for June 13, 2025.
- The game will launch simultaneously on PC, Xbox Series X/S, and PlayStation 5.
- Frostpunk 2 will be available on day one through PC Game Pass and Xbox Game Pass subscription services.
- Digital distribution will be supported across Steam, Epic Games Store, GOG, the Xbox Store, and the PlayStation Store.
- The release date announcement was issued by the 11 bit studios Management Board as regulated inside information.
Current Report No. 16: Setting Release Date for Moonlighter 2: The Endless Vault
The announcement establishes the global early‑access release date for Moonlighter 2: The Endless Vault on PC as October 23, 2025. Distribution will occur through Steam and the Windows Store, while console releases for Xbox X/S and PlayStation 5 are deferred to a later date. The title is developed by Spanish studio Digital Sun, with 11 bit Studios S.A. acting as publisher.
The release schedule reflects a strategic focus on the PC market, leveraging major digital storefronts to maximize initial reach. By postponing console launches, the publisher can concentrate resources on polishing the PC experience and gathering player feedback during early access. The decision aligns with industry trends where developers use early‑access periods to iterate on gameplay, balance mechanics, and build community engagement before broader platform releases.
The communication is issued by the Management Board of 11 bit Studios, underscoring corporate governance and regulatory compliance. The statement cites Article 17.1 of MAR – Inside information as the legal basis, indicating that the release date is considered material information for investors. The brief does not provide additional data on sales projections, market analysis, or development milestones, focusing solely on the release timeline and distribution channels.
- Moonlighter 2: The Endless Vault will launch in early access on PC via Steam and the Windows Store on October 23, 2025.
- Console versions for PlayStation 5 and Xbox Series X/S are deferred to a later date to allow for a focused PC-first release strategy.
- The development is led by the Spanish studio Digital Sun, with 11 bit Studios S.A. serving as the publisher.
- The early-access period is intended to facilitate gameplay iteration, mechanical balancing, and community engagement prior to a wider platform rollout.
- 11 bit Studios issued this announcement as material information under Article 17.1 of the Market Abuse Regulation (MAR) to ensure regulatory compliance.