11 bit studios
Game Co.217 documents
Documents
Financial58 pages
Quarterly Report: Three Months Ended 31 March 2026
The quarterly report for the first quarter of 2026 demonstrates that 11 Bit Studios achieved a 13.5 % increase in revenue, reaching PLN 19.8 million (EUR 4.67 m), largely driven by the commercial success of proprietary titles such as Frostpunk 2 and The Alters, and the publishing hit Death Howl. Despite this top‑line growth, operating profit swung to a loss of PLN 5.48 m (EUR 1.29 m) from a profit in the same period last year, primarily due to a sharp rise in depreciation and amortisation expenses (PLN 11.36 m versus PLN 4.58 m). EBITDA, however, improved to PLN 5.88 m (EUR 1.39 m), supported by a significant increase in finance income, largely from exchange‑rate gains and fair‑value movements on financial instruments.
Cash generation remained robust; net cash from operating activities rose to PLN 15.43 m (EUR 3.64 m), while investing cash outflows increased to PLN 6.40 m, resulting in a net cash inflow of PLN 8.67 m (EUR 2.04 m). Liquidity, however, weakened slightly as cash and cash equivalents fell by 24 % to PLN 52.5 m, driven by higher short‑term bond holdings and lower bank balances. Trade receivables grew markedly to PLN 14.26 m, accompanied by a higher allowance for credit losses reflecting ageing receivables.
The balance sheet shows modest increases in property, plant and equipment (to PLN 21.40 m) and intangible assets (to PLN 261.56 m), driven by new machinery investments and development work in progress. Deferred tax assets rose to PLN 7.93 m, while liabilities increased marginally to PLN 0.82 m. The company’s contract liabilities declined as advances for Frostpunk 2 add‑ons were settled, indicating progress in monetising its IPs.
Geographically, the company’s revenue is heavily weighted toward the United States (≈ 77 % of total sales), exposing it to exchange‑rate risk as the Polish złoty strengthens against the U.S. dollar. Management highlighted upcoming DLC releases and continued investment in new IPs as key growth drivers, while noting the need to manage depreciation impacts on operating profitability.
- 11 Bit Studios reported a 13.5% revenue increase to PLN 19.8 million for Q1 2026, driven by the performance of Frostpunk 2, The Alters, and Death Howl.
- Operating profit swung to a loss of PLN 5.48 million, primarily due to a sharp rise in depreciation and amortisation expenses from PLN 4.58 million to PLN 11.36 million.
- EBITDA improved to PLN 5.88 million, bolstered by significant finance income derived from exchange-rate gains and financial instrument fair-value movements.
- Cash and cash equivalents fell 24% to PLN 52.5 million, reflecting a shift toward short-term bond holdings and increased investment in property and development assets.
- The company faces significant currency risk with approximately 77% of total revenue generated in the United States, making it vulnerable to a strengthening Polish złoty.
11 bit studios
Legal1 pages
Delay in Publication of the Annual Report for 2025: Warsaw
The notice from the Management Board of 11 bit studios S.A., issued on April 21, 2026, explains a postponement in releasing the company’s 2025 annual report. The delay is attributed to technical problems affecting the external signature of a board member, which prevents compliance with statutory signing requirements. The Board commits to publishing the report as soon as the issue is resolved, but no later than April 21, 2026. The announcement references Article 56(1)(2) of the Act on Public Offering and § 82(1) of the Minister of Finance regulation dated June 6, 2025, which govern current and periodic information obligations for issuers of securities. The communication is directed to shareholders and regulatory authorities, reaffirming the company’s adherence to legal disclosure timelines while acknowledging an unforeseen technical obstacle. No financial data, performance metrics, or market analysis are included; the document solely addresses procedural compliance and timeline adjustments. The scope is limited to Warsaw‑based 11 bit studios S.A., covering the fiscal year ending December 31, 2025. The notice serves as a formal notification of a temporary reporting delay and outlines the expected resolution date, ensuring transparency for investors and regulators.
- 11 bit studios S.A. has delayed the publication of its 2025 annual report, originally due for the fiscal year ending December 31, 2025.
- The postponement is caused by technical issues preventing the external digital signature of a board member, which is required for statutory compliance.
- The company has committed to resolving the issue and publishing the report no later than April 21, 2026.
- The delay notification was issued on April 21, 2026, to ensure compliance with Article 56(1)(2) of the Act on Public Offering.
- The announcement is strictly procedural and contains no financial data, performance metrics, or market analysis regarding the company's 2025 fiscal performance.
11 bit studios
Report71 pages
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.
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11 bit studios
Report54 pages
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.
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11 bit studios
Report69 pages
Raport Roczny 2011: 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 201111 BIT STUDIOS S.A. .......................................
- 11 bit studios S.A. experienced significant financial growth in 2011, achieving a net profit of 1,292,777.32 PLN, a substantial improvement from a net loss of 231,199.53 PLN in 2010.
- The company's revenue from sales increased dramatically by 544.4% from 474,038.19 PLN in 2010 to 3,054,721.58 PLN in 2011.
- Total operating costs increased by 110.4% from 757,807.86 PLN in 2010 to 1,594,533.17 PLN in 2011.
- Share capital was increased on November 10, 2011, through the issuance of up to 500,000 Series D ordinary bearer shares, each with a nominal value of 0.10 PLN, raising the capital from 187,076.10 PLN to a maximum of 237,076.10 PLN.
- 11 bit studios S.A. continued work on versions of the game "Anomaly Warzone Earth" for additional hardware platforms in 2011, with plans to complete and launch sales in 2012, alongside building new game development teams.
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11 bit studios
Report86 pages
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.
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11 bit studios
Report67 pages
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).
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11 bit studios
Report84 pages
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.
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11 bit studios
Report74 pages
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.
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11 bit studios
Report38 pages
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.
11 bit studios
Report145 pages
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.
11 bit studios
Report134 pages
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.
11 bit studios