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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.
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 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.
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.
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.
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 Q1 2025
QUARTERLY REPORT OF 11 BIT STUDIOS FOR THE THREE MONTHS ENDED 31 MARCH DEAR SHAREHOLDERS AND INVESTORS, It is our pleasure to present to you the quarterly technical quality, balanced gameplay, and, of report of 11 bit studios S.A. for the three months course, a lot of excitement and entertainment. In ended 31 March 2025.
- 11 bit studios reported a profit loss of PLN 6,373,618 for Q1 2025, a significant increase from the PLN 1,605,666 loss in Q1 2024.
- Operating expenses increased to PLN 20,638,820 in Q1 2025 from PLN 15,614,303 in Q1 2024, primarily due to a more than fivefold increase in depreciation and amortization expense.
- The substantial rise in depreciation and amortization (from PLN 912,412 in Q1 2024 to PLN 4,581,735 in Q1 2025) is attributed to the amortization of recently released games like Frostpunk 2, The Thaumaturge, INDIKA, and Creatures of Ava.
- Net cash from operating activities decreased slightly to PLN 5,256,567 in Q1 2025 from PLN 5,438,889 in Q1 2024.
- The company's future performance will be largely influenced by upcoming releases of both proprietary and third-party titles, including Frostpunk 2 and The Alters.
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.
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.
Release Dates for Periodic Reports: 2025
The announcement from Warsaw, dated January 14 2025, outlines the 11 bit studios S.A. schedule for releasing its periodic financial reports in 2025, pursuant to the Finance Minister’s regulation of March 2018 and Article 56.1.2 of the Public Offering Act. The company will publish its full‑year report for 2024 on April 10 2025, followed by quarterly and semiannual reports: Q1 2025 on May 15 2025, H1 2025 on August 28 2025, and Q3 2025 on November 20 2025. In line with § 79(2) of the Regulation, no reports will be issued for Q4 2024 or Q2 2025. The release dates are set by the Management Board, chaired by President Przemysław Marszał and Member Grzegorz Miechowski. The communication serves to inform shareholders, regulators, and market participants of the company’s compliance timetable for statutory disclosures within Poland’s public offering framework. No additional data, statistics, or methodological details are provided beyond the scheduled dates and regulatory references.
- 11 bit studios S.A. will release its 2024 full-year financial report on April 10, 2025.
- The 2025 quarterly and semiannual reporting schedule is set for May 15 (Q1), August 28 (H1), and November 20 (Q3).
- In accordance with regulatory requirements, the company will not issue separate reports for Q4 2024 or Q2 2025.
- The disclosure schedule is mandated by the Polish Finance Minister’s regulation of March 2018 and Article 56.1.2 of the Public Offering Act.
- The reporting calendar was formally established by the company's Management Board, led by President Przemysław Marszał and Member Grzegorz Miechowski.