Investment
Documents
Summary of main supplementary explanations questions and answers at the FY2026 Second Quarter GREE Holdings, Inc. results briefing held on February 5, 2026
The briefing clarified GREE Holdings’ strategic priorities across its core business segments for FY2026. In the Anime Business, earnings from the newly announced “Mushoku Tensei: Jobless Reincarnation – Chronicle of Echoes” are recorded under the IP Business segment, reflecting the company’s focus on monetizing anime titles it has invested in. The Platform Business within the VTuber segment is expanding beyond traditional gifting revenue by piloting merchandise sales and event features on its REALITY platform; early feedback indicates positive reception, and the company plans to extend these monetization tools to a broader streamer base while offering corporate marketing solutions. In the DX Consulting Business, GREE emphasizes its niche in end‑user entertainment services and acknowledges that generative AI may automate routine maintenance but is unlikely to erode its creative‑driven value proposition in the short term. Regarding financial outlook, a downward revision of FY26 earnings was justified by recent softness in existing game titles; however, the company maintains confidence in its three‑year medium‑term targets (FY28) by shifting emphasis toward continuous growth businesses and reducing reliance on volatile game revenues. Finally, the Anime Business will pursue acquisition of production capabilities—through both in‑house development and M&A—within 2–3 years to secure control over high‑quality, timely anime output. These initiatives collectively aim to diversify revenue streams, strengthen creative control, and sustain long‑term growth across GREE’s entertainment ecosystem.
- GREE Holdings revised its FY26 earnings downward due to recent performance softness in existing game titles.
- The company is shifting its long-term strategy toward continuous growth businesses to reduce reliance on volatile game revenue, maintaining its medium-term targets for FY28.
- GREE plans to acquire anime production capabilities through in-house development and M&A within the next 2–3 years to secure control over output quality and timing.
- The REALITY platform is expanding its VTuber monetization model beyond gifting by piloting merchandise sales and event features, with plans to integrate corporate marketing solutions.
- Revenue from the new title 'Mushoku Tensei: Jobless Reincarnation – Chronicle of Echoes' is being categorized under the IP Business segment to reflect the company's focus on monetizing its anime investments.
Annual Report 2012: 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 ZA ROK 2012 11 BIT STUDIOS S.A. ........................................ 4 IV. SPRAWOZDANIE ZARZĄDU Z DZIAŁALNOŚCI SPÓŁKI W ROKU 2012....................................
- 11 bit studios S.A. reported a net profit of 1,344,700.33 PLN in 2012, a slight increase from 1,292,777.32 PLN in 2011.
- The company's equity significantly increased from 2,560,977.91 PLN in 2011 to 6,913,931.74 PLN in 2012, primarily due to an increase in share capital and reserve capital.
- Share capital increased from 187,076.10 PLN to 221,719.90 PLN in 2012 through the issuance of Series D and E shares, with nominal values of 0.10 PLN per share.
- Revenue from sales in 2012 totaled 3,346,593.68 PLN, with 95.5% of this revenue coming from foreign sales.
- Operating costs amounted to 3,007,118.43 PLN in 2012, with salaries constituting 59.7% and external services 31.9% of these costs.
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 2010: 11 bit studios
I. PISMO ZARZĄDU ............................................................................................................. 3 II. WYBRANE JEDNOSTKOWE DANE FINANSOWE ZAWIERAJĄCE PODSTAWOWE POZYCJE ROCZNEGO SPRAWOZDANIA FINANSOWEGO WRAZ Z DANYMI PORÓWNYWALNYMI ................ 4 III. SPRAWOZDANIE FINANSOWE ZA ROK 2010 11 BIT STUDIOS S.A. ........................................ 5 IV. SPRAWOZDANIE ZARZĄDU Z DZIAŁALNOŚCI SPÓŁKI W ROKU 2010....................................
- 11 bit studios S.A. reported a net loss of 231,199.53 PLN for the financial year ending December 31, 2010. This was attributed to lower than projected game production costs for "Anomaly Warzone Earth" and a delay in a planned distribution agreement from Q4 2010 to Q1 2011.
- The company's share capital on December 31, 2010, was 187,076.10 PLN, with a share capital increase from 100,000.00 PLN at the beginning of the period. Total equity stood at 1,268,200.59 PLN.
- 11 bit studios S.A. was founded on December 7, 2009, and its shares (Series A, B, and C) were first listed on the New Connect alternative trading system on January 12, 2011.
- The company signed publishing agreements for "Anomaly Warzone Earth" in early 2011: with Just a Game GmbH for PC and Mac boxed versions worldwide (excluding Poland), and with Licomp Empik Multimedia Sp. z o.o. for PC boxed distribution in Poland.
- "Anomaly Warzone Earth" was released in Poland on May 9, 2011, and in German-speaking countries on May 31, 2011.
Consolidated Annual Report 2016: 11 bit studios
Kapitat PISMO ZARZĄDU z nadwyzki rezerwowy Przypadajace Przypadajace Kapitat wartosci Kapitat z tytutu z przeliczenia Zyski akcjonariuszom dziatom podstawowy emisyjnej jednostek Warszawa, 30 marca 2017 roku ponad wartosc zapasowy ptatnosci w zagranicznych i zatrzymane dominujacej kontro nominal...
- 11 bit studios S.A. achieved its best financial year ever in 2016, with revenues reaching PLN 27 million, a 16.6% increase from 2015, and net profit growing by 11.8% to PLN 12.9 million, despite a one-time non-cash write-off of PLN 0.64 million from the Games Republic platform.
- The company's operational profit increased by nearly 3% to PLN 14.1 million in 2016, and it held PLN 29.11 million in cash by the end of December 2016, indicating strong financial health.
- The game "This War of Mine" (TWoM), released in autumn 2014, has generated over PLN 60 million in cumulative revenue, establishing 11 bit studios' brand recognition and financial stability.
- 11 bit studios S.A. is focusing on developing PC games using its proprietary engine, with "Frostpunk" being the main project, scheduled for release in the second half of 2017, with a significantly larger production and marketing budget than TWoM.
- The company's primary activities are the production and sale of multi-platform video games and global digital distribution of video games, with its shares publicly traded since its founding in 2009.
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 2018: 11 bit studios S.A.
wynagrodzenia róznicowana jest w zaleznosci od petnionej funkcji czy zajmowanego stanowiska). Wynagrodzenia uzyskiwane przez osoby zarzadzajace oraz osoby zarzadzajace wyzszego szczebla w Spótce obejmuje wynagradzanie akcjami, opcjami na akcje lub innymi prawami nabycia akcji, jak równiez wynagrodzenie nie jest ustalane w oparciu o zmiany cen akcji. PISMO ZARZĄDU WEWNETRZNEJ I ZARZADZANIA RYZYKIEM Szanowni Akcjonariusze i Inwestorzy raportów finansowych.
- 11 bit studios S.A. had an exceptional year in 2018, driven by the successful launches of "Frostpunk" (April 24) and "Moonlighter" (May 29), both of which quickly became bestsellers on platforms like Steam.
- The company actively supported its top games, "Frostpunk" and "Moonlighter," with significant free DLC releases throughout 2018, including "Survivor Mode," "The Fall of Winterhome," and "Endless Mode" for "Frostpunk," and "The Binding of Will" for "Moonlighter," which boosted sales and player engagement.
- Total capital expenditures on tangible assets (primarily real estate for a new office at Brzeska 2) and intangible assets (primarily game production) significantly increased from PLN 7,372,863 in 2017 to PLN 26,571,879 in 2018.
- NN Investment Partners TFI S.A. increased its stake in 11 bit studios S.A. to 5.21% of the share capital (119,229 shares) on June 15, 2018, up from 4.93% (112,476 shares) previously.
- 11 bit studios S.A. continued its charitable activities in 2018, donating a portion of revenue from the "War Child Charity DLC" for "This War of Mine" to War Child UK, an organization assisting child victims of war.
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 2015: Financial Statement
RAPORT ROCZNY11 BIT STUDIOS S.A. SPRAWOZDANIE FINANSOWE 11 BIT STUDIOS S.A. ZA 2015 ROK Pozostate koszty operacyjne 226 247 0,00 226 247 Zysk / (Strata) z dziatalnosci operacyjnej 11 244 147 - 54 945 11 189 201 1.
- 11 bit studios S.A. reported an operating profit of 11,189,201 PLN for the 2015 fiscal year.
- The company's operating profit figure of 11,189,201 PLN was derived from an initial operating profit of 11,244,147 PLN adjusted by 54,945 PLN in losses.
- Other operating costs for the 2015 period totaled 226,247 PLN.
Raport Roczny 2020: 11 bit studios S.A.
RAPORT ROCZNY 11 BIT STUDIOS S.A. ZA 2020ROK Warszawa, 28 kwietnia 2021 roku Szanowni Akcjonariusze i Inwestorzy Serdecznie zapraszamy Was do lektury Raportu rocznego 11 bit studios S.A. za 2020 rok. Nie ukrywamy, że z uwagi na pandemię COVID-19 był to rok dużych wyzwań jeśli chodzi o zarządzanie firmą i prowadzenie biznesu.
- 11 bit studios S.A. generated total revenue of 87,101,774 PLN in 2020, an increase from 71,221,248 PLN in 2019.
- The company's net profit in 2019 was restated from 21,710,280 PLN to 23,726,914 PLN due to adjustments related to the Motivational Program and ground value presentation.
- Revenue from external development studios' games, including "Moonlighter" and "Children of Morta," accounted for 29% of the company's revenue in 2020, down from 40% in 2019.
- The game "This War of Mine," released in November 2014, continued to provide a noticeable revenue stream in 2020.
- In 2020, 11 bit studios S.A. secured revenue from an agreement with Microsoft to include "Frostpunk" (January 9, 2020) and "Children of Morta" (January 16, 2020) in the Xbox Pass subscription service.
Annual Report 2019: 11 bit studios S.A.
RAPORT ROCZNY 11 BIT STUDIOS S.A. ZA 2019ROK. Szanowni Akcjonariusze i Inwestorzy Zapraszamy Was do zapoznania się z Raportem Rocznym 11 bit studios S.A. za 2019 rok. Dla naszej Spółki był to bardzo dobry rok, zarówno od strony biznesowej jak i finansowej. Wypracowaliśmy 71,2 mln PLN przychodów ze sprzedaży, 30,3 mln PLN wyniku EBITDA, blisko 23,9 mln PLN zysku operacyjnego i ponad 21,7 mln PLN zysku netto.
- 11 bit studios S.A. experienced significant financial growth in 2019, with total liabilities increasing from 19,351,248 PLN in 2018 to 35,928,089 PLN, and total assets (PASYWA RAZEM) rising from 109,262,821 PLN to 155,668,388 PLN.
- The company's financial assets grew substantially, with total financial assets increasing from 70,897,588 PLN in 2018 to 99,962,014 PLN in 2019, driven by a significant increase in bank deposits over 3 months (from 27,000,000 PLN to 67,328,563 PLN).
- International sales constituted a dominant portion of 11 bit studios S.A.'s revenue, accounting for 97.9% of total revenues in 2019, an increase from 96.5% in 2018.
- 11 bit studios S.A. invested 5,126,422 PLN in 2019 for the renovation and modernization of its new headquarters at Brzeska 2 in Warsaw, which it occupied in March 2020.
- The global video game market grew by 9.6% in 2019 to 152.1 billion USD and is projected to continue growing, reaching 164.6 billion USD in 2020 and 196 billion USD by 2022.
Raport Roczny 11 bit studios: 2022
RAPORT ROCZNY 11 BIT STUDIOS ZA 2022 ROK (wszystkie kwoty podane są w złotych o ile nie podano inaczej) SZANOWNI AKCJONARIUSZE I INWESTORZY Serdecznie zapraszamy Państwa do lektury Raportu rocznego 11 bit studios S.A. za rok 2022. Był to dla nas, z uwagi na trudne otoczenie makroekonomiczne (spowolnienie gospodarcze, wysoka inflacja) i geopolityczne (wojna na Ukrainie), bardzo intensywny, wymagający rok.
- 11 bit studios S.A. aims to be an "alternative to the mainstream" in gaming, focusing on high-quality, distinctive titles with increasing production and marketing budgets, targeting one new proprietary game release annually in the medium term.
- The company plans to expand its publishing activities, releasing 3-4 titles from external studios annually in the medium term, alongside its own games, to stabilize financial results.
- 11 bit studios S.A. is developing three internal development teams to work on three parallel titles, aiming for releases every few quarters and optimizing resource utilization.
- The company's functional and reporting currency is the Polish Złoty, and it recognizes revenue from PC/console and mobile games after platform deductions, while acting as a principal for games published from external developers.
- In 2022, the company's net cash flow from operating activities was 32,931,559 PLN, a decrease from 40,942,289 PLN in 2021, despite a lower profit for the year (22,889,816 PLN in 2022 vs. 28,685,582 PLN in 2021).