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Quarterly Report: 11 bit studios S.A. Q1 2021
11 BIT STUDIOS S.A.<sub>FOR</sub> QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST QUARTER OF 2021 Dear Shareholders and Investors, It is our pleasure to present to you this report of 11 bit studios S.A. for the first quarter of 2021. During the first three months of the year, 11 bit studios S.A. generated more than PLN 14.84m in revenue. Our EBITDA came in at PLN 6.38m, operating profit was PLN 3.44 m, and net profit reached almost PLN 3.56m.
- 11 bit studios S.A. experienced a significant 72.7% increase in salaries, wages, and employee benefits in Q1 2021, reaching PLN 2,490,307, primarily due to a PLN 1,039,104 non-cash provision for the 2021–2025 Incentive Scheme, alongside steady headcount growth and rising pay levels.
- The company's game development spending increased to PLN 7,928,100 in Q1 2021, driven by an intensive recruitment campaign to expand its three internal development teams (currently 45, 20, and over 50 people) to 60-70 individuals each within a few quarters.
- 11 bit studios' publishing portfolio includes four games: "Vitriol" (Fool’s Theory), "Foxhole" and "Botin" (Digital Sun Games), and "Ava" (Chibig), with active acquisition efforts expected to result in new contracts by year-end.
- The cost of services decreased year-on-year in Q1 2021 to PLN 5,450,345 from PLN 6,990,292, mainly due to a decline in revenue from third-party games like Moonlighter and Children of Morta, leading to lower royalty payments (PLN 3,281,790 in Q1 2021 vs. PLN 5,213,801 in Q1 2020).
- Ongoing development work, an intangible asset, significantly increased its carrying amount to PLN 32,275,827 as of March 31, 2021, up from PLN 25,545,704 at the end of 2020, with no risk of impairment identified.
Half-Year Report of 11 Bit Studios S.A.: First Half of 2021
HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THEFIRST HALF OF 2021 Dear Shareholders and Investors, Please be invited to read 11 bit studios S.A.’s report for the first half of 2021. We, as the Management Board, are clearly satisfied with the Company’s financial performance, which was far better than assumed in the budget for the period. In the first six months of this year, our Company posted revenue of nearly PLN 35.78m.
- 11 Bit Studios S.A. experienced a significant decrease in operating profit in H1 2021, falling 45.04% to PLN 14,495,759 from PLN 23,943,648 in H1 2020, with the operating profit margin dropping from 52.57% to 40.51%.
- EBITDA also declined in H1 2021 to PLN 19,760,614, down from PLN 31,220,900 in H1 2020, resulting in an EBITDA margin decrease from 62.23% to 55.23%.
- Cash flows from operating activities in H1 2021 were PLN 22,490,664, a 26.92% decrease compared to PLN 30,775,715 in H1 2020, despite the absence of new game releases.
- Total assets increased to PLN 201,184,432 (EUR 44,501,954) as of June 30, 2021, up from PLN 186,339,222 (EUR 40,378,613) on December 31, 2020.
- The company's share capital as of August 11, 2021, was PLN 236,542.1, comprising 2,365,421 shares, with 1,710 Series G shares subscribed and paid for on that date for PLN 176,779.80.
Quarterly Report of 11 bit studios S.A.: Q1 2022
BIT STUDIOS S.A.<sub>FOR</sub> QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST QUARTER OF 2022 Dear Shareholders and Investors, It is our pleasure to present to you this report of 11 bit studios S.A. for the first quarter of 2022. During the first three months of the year, 11 bit studios S.A. generated more than PLN 17.75m in revenue. Our EBITDA came in at PLN 5.32m, operating profit was PLN 3.75m, and net profit exceeded PLN 3.77m.
- 11 bit studios S.A. reported a net profit of PLN 3,773,730 for Q1 2022, an increase from PLN 3,558,934 in Q1 2021. Revenue also increased to PLN 17,745,553 in Q1 2022 from PLN 14,836,980 in Q1 2021.
- The company's cash and cash equivalents significantly increased to PLN 50,404,801 as of March 31, 2022, up from PLN 26,748,530 as of December 31, 2021.
- 11 bit studios S.A. raised USD 850,000 (PLN 3,670,405) in Q1 2022 from the sale of "This War of Mine" and its DLCs, which was donated to the Ukrainian Red Cross in April 2022 and recognized as revenue and other expenses.
- The company's financial performance in Q1 2022 was strongly influenced by sales of "Frostpunk" and its DLCs, indicating a long monetization potential similar to "This War of Mine."
- 11 bit studios S.A. is actively expanding its publishing portfolio, with new contracts expected by year-end, and aims to manage 9 to 12 third-party projects simultaneously in the medium term. They also increased their workforce to 222 employees and contractors as of March 31, 2022.
Quarterly Report for 11 bit studios S.A.: Nine Months Ended September 30th 2021
QUARTERLY REPORT OF 11 BIT STUDIOS 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 2021. The results for that period, which proved much better than we assumed in our budget both in terms of revenue and profits, clearly demonstrate that the consistent implementation of the Company's growth strategy is bringing tangible financial results.
- 11 bit studios S.A.'s revenue for the nine months ended September 30th, 2021, was PLN 49,196,100, a 27.82% decrease year-on-year, primarily due to a high comparative base from the successful 2020 release of Frostpunk: The Last Autumn DLC.
- The company's total equity increased to PLN 185,464,601 as of September 30th, 2021, up from PLN 164,648,124 at December 31st, 2020.
- Salaries, wages, and employee benefits significantly increased by 74.63% to PLN 8,938,472 for the nine months ended September 30th, 2021, largely due to workforce growth and PLN 2,916,714 in non-cash provisions from the 2021–2025 Incentive Scheme.
- Basic earnings per share decreased to PLN 7.36 for the nine months ended September 30th, 2021, from PLN 13.90 in the corresponding period of 2020.
- The company is developing new games, including a new IP and a Frostpunk universe project, and has three third-party developed games in its publishing pipeline, all utilizing Unreal Engine instead of their previous Liquid Engine.
Akt Notarialny: 11 Bit Studios
The notarized act dated January 9, 2012 records the formal approval by 11 Bit Studios’ board—Grzegorz Miechowski, Bartosz Brzostek, Przemysław Marszal, and Michał Drozdowski—of a capital increase for the Warsaw‑based public limited company. The board, empowered by Extraordinary General Meeting resolutions of November 10, 2011 (notary file A 7671/2011), authorized the issuance of up to 500,000 new ordinary shares (Series D) at a nominal value of PLN 0.10 each, raising the share capital from PLN 187,076.10 to a maximum of PLN 237,076.10. The resolution also amended the company’s statute to reflect a new share structure: 1,000,000 Series A shares, 494,200 Series B shares, 376,561 Series C shares, and up to 500,000 Series D shares.
By December 31, 2011 the board confirmed that 10 subscription agreements had been executed for a total of 40,938 Series D shares, amounting to PLN 4,093.80 in subscription proceeds. The act further specifies that the capital increase was fully paid in cash, with shares deposited into the company’s account before registration. It outlines provisions for voluntary share cancellation and issuance of utility certificates, as well as the allocation of costs: notarial fees, VAT at 23 %, and a civil‑law transaction tax.
The document is limited to Warsaw, Poland, covering the period from the November 2011 resolutions through the January 2012 notarization. It relies on statutory provisions under Polish commercial law (articles 431 §7, 310 §2, and related tax statutes) to validate the corporate actions. The act concludes with notarized signatures and fee details, confirming compliance with legal formalities for the capital increase.
- On January 9, 2012, 11 Bit Studios formally notarized a capital increase authorized by the board to issue up to 500,000 new Series D ordinary shares at a nominal value of PLN 0.10 each.
- The capital increase expanded the company's share capital from PLN 187,076.10 to a potential maximum of PLN 237,076.10.
- As of December 31, 2011, the company successfully executed 10 subscription agreements for 40,938 Series D shares, generating PLN 4,093.80 in cash proceeds.
- The company’s updated share structure now comprises 1,000,000 Series A shares, 494,200 Series B shares, 376,561 Series C shares, and the newly authorized pool of up to 500,000 Series D shares.
- The board of directors, including Grzegorz Miechowski, Bartosz Brzostek, Przemysław Marszal, and Michał Drozdowski, ratified these changes following resolutions passed at an Extraordinary General Meeting on November 10, 2011.
Half-Year Report: 11 bit studios (H1 2022)
HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE SIX MONTHSENDED Dear Shareholders and Investors, Please be invited to read 11 bit studios’ report for the six months ended June 30th 2022. It was a time of hard work for us. Despite the unfavourable macroeconomic headwinds, the Company’s financial performance in that period was much stronger than in the previous year and far better than we assumed in our budget.
- 11 bit studios S.A. reported a profit of PLN 15,083,775 for the period ended June 30, 2022, an increase from PLN 13,308,096 in the same period of 2021.
- The company's total assets increased by 10.48% to PLN 242,514,237 as of June 30, 2022, up from PLN 219,512,964 at December 31, 2021.
- Cash provided by operating activities rose to PLN 28,377,470 in H1 2022 from PLN 22,490,664 in H1 2021, with net cash from operating activities at PLN 24,080,772.
- Depreciation and amortisation expenses decreased by 41.63% year-on-year to PLN 3,072,760 in H1 2022, mainly due to lower amortisation of intangible assets as certain products completed amortisation.
- 11 bit studios acquired a 40% interest in Fool’s Theory Sp. z o.o. for an initial payment of PLN 2,619,215.50 in March 2022, with a second payment contingent on the sales and user ratings of their game, Vitriol.
Half-Year Report of 11 bit studios S.A.: First Six Months of 2023
HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE SIX MONTHS ENDED JUNE 30TH DEAR SHAREHOLDERS AND INVESTORS, We are pleased to share with you our half-year Gamescom, the largest European trade fair held in report for the first six months of 2023. We invite you Cologne, Germany, where they are garnering highly to read it, and we believe it will provide you with a favourable feedback. wealth of compelling and valuable insights .
- 11 bit studios S.A.'s net profit for the first half of 2023 was PLN 4,013,206, a significant 73.39% decrease from PLN 15,083,777 in the same period of 2022, with the net profit margin falling to 16.20% from 32.96%.
- Total revenue for the first six months of 2023 was PLN 24,775,454, down 45.87% from PLN 45,769,806 in the corresponding period of the previous year, primarily due to the natural aging of proprietary and publishing portfolios and a high comparative base from H1 2022.
- The US market was the largest revenue contributor in H1 2023, generating PLN 18,144,825, though this was a decrease from PLN 35,936,180 in H1 2022.
- Cash and cash equivalents increased to PLN 38,951,881 as of June 30th, 2023, up from PLN 30,585,991 at the end of 2022, with 66.47% deposited with Powszechna Kasa Oszczędności Bank Polski S.A.
- The company's publishing division is actively developing five titles, including 'The Thaumaturge' and 'The Invincible,' with a total investment budget of approximately PLN 50 million, and is also working on a mobile, free-to-play version of 'Frostpunk'.
Games from 11 bit studios’ Publishing Portfolio Approaching Release: Q1 2023
11 bit studios’ first‑quarter 2023 financials show a revenue of PLN 14.8 million, EBITDA of PLN 3.0 million and net profit exceeding PLN 2.46 million, slightly below the same period in 2022 but still above internal forecasts. The decline is partly attributed to a high‑base effect from the previous year’s exceptional sales of This War of Mine during February–March 2022, when the company donated weekly proceeds to the Ukrainian Red Cross. The current quarter’s profit was also influenced by revenue from the board‑game version of Frostpunk and a revaluation gain on an equity stake in Starward Industries, which owns The Invincible.
Investment in development rose 28.2 % year‑on‑year to PLN 12.14 million, reflecting a strategy of increasing spend on both proprietary and third‑party titles as release dates approach. The publishing pipeline for 2023 includes The Invincible and The Thaumaturge, developed by Fool’s Theory, with promotional campaigns boosting their Steam wishlist rankings. The company anticipates that these releases will significantly lift 2023 financial results, supported by ongoing monetisation of established titles such as Frostpunk and This War of Mine.
Long‑term growth is expected to hinge on upcoming proprietary projects—Frostpunk 2, The Alters, and an unnamed “Project 8”—all slated for launch by the end of 2025. The company’s cash cushion and solid Q1 performance underpin its focus on expanding both its own development slate and publishing portfolio across the global video‑game market.
- 11 bit studios reported Q1 2023 revenue of PLN 14.8 million, EBITDA of PLN 3.0 million, and a net profit exceeding PLN 2.46 million, figures that outperformed internal forecasts despite a year-over-year decline.
- Development expenditure increased by 28.2% year-on-year to PLN 12.14 million as the company scales investment in both proprietary and third-party titles ahead of upcoming releases.
- The 2023 publishing pipeline features The Invincible (Starward Industries) and The Thaumaturge (Fool’s Theory), with both titles seeing increased Steam wishlist traction ahead of their scheduled launches.
- The company plans to launch three major proprietary titles—Frostpunk 2, The Alters, and 'Project 8'—by the end of 2025 to drive long-term growth.
- The Q1 2023 profit was bolstered by revenue from the Frostpunk board game and a revaluation gain on the company's equity stake in Starward Industries.
Quarterly Report of 11 bit studios S.A.: Nine Months Ended September 30th 2023
DEAR SHAREHOLDERS AND INVESTORS, We present to you the report of 11 bit studios S.A. for the nine months ended September 30th 2023. During the period, we earned PLN 34.28m in revenue, with EBITDA at PLN 1.66m and net profit at PLN 1.35 million. In the three months ended September 30th 2023, revenue came in at PLN 9.5m, while EBITDA was negative, at PLN -1.28m.
- 11 bit studios S.A.'s net profit for the nine months ended September 30th, 2023, significantly decreased by 93.38% year-on-year, from PLN 20,394,550 to PLN 1,350,738, with the net profit margin falling from 34.23% to 3.94%.
- Cash provided by operating activities decreased from PLN 37,640,147 in 2022 to PLN 21,745,702 in 2023 for the nine-month period.
- The company substantially increased spending on game development, reaching PLN 41,993,820 in the reporting period compared to PLN 34,107,931 in the comparative period, driven by development of Frostpunk 2, The Alters, and Project 8.
- Basic earnings per share dropped from 8.40 in September 2022 to 0.37 in September 2023.
- 11 bit studios S.A. provided a surety of up to PLN 5,250,000 for a PLN 3,500,000 credit facility for its associate Fool's Theory Sp. z o.o. on June 5th, 2023.
Quarterly Report of 11 bit studios: Three Months Ended 31 March 2024
QUARTERLY REPORT OF 11 BIT STUDIOS FOR THE THREE MONTHS ENDED 31 MARCH 2024 (all amounts in PLN unless stated otherwise) DEAR SHAREHOLDERS AND INVESTORS, It is our pleasure to present to you the quarterly report of 11 bit studios S.A. for the three months ended 31 March 2024.
- 11 bit studios' revenue for Q1 2024 was PLN 15,326,271, a 3.81% increase from PLN 14,763,386 in Q1 2023, primarily driven by sales of proprietary and third-party published games, with the publishing division accounting for 48% of revenue.
- The company's performance in 2024 will largely depend on the upcoming releases of two proprietary games: Frostpunk 2 (PC/Mac, July 25, 2024) and The Alters (PC, Xbox Series X/S, PS5, Q3 2024), both highly anticipated with Frostpunk 2 ranked 3rd and The Alters 70th on Steam wishlists.
- The US market generated the highest revenue for 11 bit studios in Q1 2024 at PLN 11,292,378, an increase from PLN 10,758,651 in Q1 2023, while Poland, Japan, and China saw revenue decreases.
- Net cash from investing activities was negative PLN 1,096,643 in Q1 2024, an improvement from negative PLN 5,240,459 in Q1 2023, with significant payments for property, plant, and intangible assets totaling PLN 14,016,607.
- Cash and cash equivalents increased by PLN 3,973,583 in Q1 2024, reaching PLN 40,557,349 at the end of the period, compared to a decrease of PLN 3,840,062 and a balance of PLN 26,745,930 in Q1 2023.
Half-Year Report: 11 bit studios H1 2024
HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE SIX MONTHS ENDED 30 JUNE 2024 (all amounts in PLN unless stated otherwise) 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 2024. During the period, we earned PLN 30.76 million in revenue.
- 11 bit studios reported a net loss of PLN 477,805 for the first half of 2024, a significant decline from a net profit of PLN 4,013,206 in H1 2023.
- Revenue increased to PLN 30,760,568 in H1 2024 from PLN 24,775,454 in H1 2023, while total operating expenses surged to PLN 36,117,307 from PLN 24,178,057 in the same periods.
- The company experienced an operating loss of PLN 5,352,141 in H1 2024, contrasting with an operating profit of PLN 628,869 in H1 2023.
- Development expenditure on games increased to PLN 29,611,891 in H1 2024, up from PLN 26,412,763 in H1 2023, with estimated total development costs for three games potentially exceeding PLN 160 million.
- Frostpunk 2's PC release was postponed from July 25, 2024, to September 20, 2024, following positive feedback from influencer and media previews in May 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).