11 bit studios

Organization

230 documents

Documents

Current Report No. 7/2025: Correction of the Annual Report for 2024

The Management Board of 11 bit studios S.A. issued a formal correction to its 2024 Annual Report following a request from its auditor, Grant Thornton Polska. This adjustment specifically addresses the presentation of financial data within the cash flow statement for the fiscal year ending December 31, 2024. The scope of the correction is limited to the Polish game developer’s internal accounting classifications and does not alter the broader narrative or strategic content of the annual filing. The primary focus of the amendment involves the accounting treatment of asset write-offs and impairments related to specific titles within the company’s portfolio. These financial adjustments stem from the cessation of production for the internal development known as Project 8, as well as impairment charges recognized for the games The Thaumaturge and Creatures of Ava. While these items impact the cash flow statement's presentation, the company confirms that the overall financial statements and the fundamental content of the 2024 Annual Report remain unchanged. This regulatory filing serves as a technical update to ensure compliance with auditing standards and accurate financial reporting for the Warsaw-based studio. By filing the corrected report alongside the auditor’s formal opinion, the company maintains transparency regarding the valuation of its intellectual property and the lifecycle of its development projects. The correction highlights the ongoing financial assessment of both canceled projects and underperforming titles as part of the studio's standard year-end reporting procedures.

game-publishing investment europe+1

11 bit studiosApr 2025

Legal

Adoption of Strategic Growth Trajectories for 11 Bit Studios S.A.

The strategic growth trajectories for 11 bit studios S.A. establish a multi-pillar framework designed to transition the company from a creator of meaningful games to a developer of relatable games. This evolution emphasizes emotional authenticity and intuitive player resonance while maintaining a rigorous focus on engaging mechanics and emergent narratives. The strategy is built upon three distinct product pillars: Pillar A focuses on original in-house intellectual property with high market potential; Pillar B targets the long-term development of established titles as sustainable gaming platforms to stabilize revenue; and Pillar C involves the X-DEV publishing division, which seeks to diversify the portfolio by partnering with external global studios. Operational efficiency is centered on an optimal in-house development scale, utilizing teams of 30 to 60 developers working within four-year production cycles. While the primary focus remains on high-quality single-player experiences, the company intends to selectively integrate multiplayer or social components where appropriate. The publishing arm, X-DEV, will prioritize indie-scale productions with target budgets ranging from USD 1 million to 2 million per title, though additional funds are earmarked for opportunistic projects with significant commercial upside. The organizational vision emphasizes financial stability, prudent budgeting, and the preservation of independent decision-making. By simultaneously developing multiple titles across its three pillars, the company aims to foster sustainable growth and formalize its unique institutional know-how. This roadmap positions the Warsaw-based studio to deliver frequent market successes through a stable business model while empowering experienced creative directors to lead innovative, high-performing teams.

game-development market-forecast europe+1

11 bit studiosApr 2025

Legal

Current Report No. 2/2025: Publishing Agreement Signed with The Outer Zone

11 bit studios has formally expanded its publishing portfolio through a strategic agreement with the Danish developer The Outer Zone. This partnership centers on the upcoming release of Death Howl, a deck-building title set within a Stone Age-inspired Norse kingdom. The narrative follows a protagonist named Ro on a quest through a mythological landscape, blending tactical card-based mechanics with a somber, character-driven story. This addition aligns with the publisher's established reputation for supporting titles that feature mature themes and distinct artistic directions. The project is currently scheduled for a 2025 launch, with the initial release targeting the PC platform. By securing these publishing rights, the Warsaw-based company continues to strengthen its presence in the independent development scene, acting as a bridge for international studios to reach global audiences. The agreement represents a significant commitment to the title's commercial lifecycle, covering the distribution and promotional efforts necessary to bring the Danish studio's debut or sophomore efforts to market. This disclosure, issued in early 2025, serves as a formal notification of inside information under European market abuse regulations. It highlights the ongoing trend of Central European publishers seeking high-quality, niche genre projects from Nordic developers to diversify their release calendars. The scope of the announcement is focused specifically on the contractual relationship and the immediate production timeline for the game, signaling a clear milestone in the publisher's mid-term growth strategy for the fiscal year.

game-publishing mergers-acquisitions europe+3

11 bit studiosJan 2025

Legal

Current Report No. 1/2025

The Management Board of 11 bit studios S.A. has established the official publication schedule for its financial and periodic reporting throughout the 2025 calendar year. This schedule serves to fulfill regulatory requirements for publicly traded companies on the Warsaw Stock Exchange, ensuring transparency for investors and stakeholders regarding the company's fiscal performance. The timeline covers the disclosure of results for the preceding 2024 fiscal year as well as interim performance metrics for the first three quarters of 2025. The reporting cycle begins with the release of the comprehensive full-year report for 2024 on April 10, 2025. Subsequent quarterly and semi-annual updates are scheduled for May 15, 2025, for the first quarter; August 28, 2025, for the first half of the year; and November 20, 2025, for the third quarter. These dates provide the primary windows for analyzing the company's financial health and the commercial progress of its gaming portfolio during the 2025 period. In accordance with specific Polish financial regulations regarding the publication of current and periodic reports by issuers of securities, the company has elected to omit separate quarterly reports for the fourth quarter of 2024 and the second quarter of 2025. This decision aligns with standard regulatory exemptions that allow for consolidated reporting during these specific intervals. The announcement, authorized by the company's executive leadership, establishes a clear framework for the dissemination of market-sensitive financial data over the coming twelve months.

investment europe market-analysis+1

11 bit studiosJan 2025

Legal

Two Notifications Under MAR Article 19

The management board of 11 bit studios S.A., a prominent Polish game developer and publisher, issued a formal regulatory disclosure on December 23, 2024, regarding insider trading activity. The communication serves to fulfill legal obligations under Article 19 of the Market Abuse Regulation (MAR), which mandates the public reporting of transactions involving company securities conducted by persons discharging managerial responsibilities or their closely associated entities. This specific notification confirms the acquisition of company shares by Marcin Kuciapski, a member of the Supervisory Board, and PAI F.R., an entity closely linked to him. The scope of the disclosure is centered on the Warsaw Stock Exchange and pertains specifically to the equity structure of 11 bit studios S.A. during the late December 2024 period. While the summary report confirms the occurrence of these transactions, it functions as a high-level administrative notification intended to maintain market transparency and ensure compliance with European Union financial regulations. The involvement of a Supervisory Board member in purchasing shares typically signals internal confidence in the company’s long-term value or strategic direction, particularly following major product releases or during specific fiscal cycles. The methodology for this disclosure relies on the mandatory self-reporting requirements for insiders, where the individuals involved must notify both the issuer and the relevant national supervisory authority of their transactions. By formalizing these notifications through the management board, represented by Przemysław Marszał and Grzegorz Miechowski, the company ensures that all stakeholders have access to information regarding changes in the shareholding patterns of its leadership. This transparency is a standard requirement for publicly traded entities in the gaming sector to prevent information asymmetry and uphold market integrity.

investment market-forecast mergers-acquisitions+1

11 bit studiosDec 2024

Legal

Zawiadomienie w trybie art. 19 ust. 1 rozporządzenia MAR

The management board of 11 bit studios S.A. issued a formal notification on December 18, 2024, regarding a recent acquisition of company shares by a closely associated entity. This disclosure, filed under Article 19 of the Market Abuse Regulation (MAR), details a transaction executed by the Fundacja Rodzinna Miechowskich. This foundation is directly linked to Grzegorz Miechowski, a member of the company’s management board who also serves as the president of the foundation’s board. The transaction took place on December 17, 2024, and represents a direct investment in the Warsaw-based game developer and publisher. While the specific volume and price per share are contained within the regulatory annex, the primary purpose of the disclosure is to maintain transparency regarding the financial activities of persons discharging managerial responsibilities and their related parties. This type of insider activity often serves as a signal of internal confidence in the company’s long-term value and strategic direction. The scope of this notification is limited to the Polish capital market and the specific governance requirements of the Warsaw Stock Exchange. It reflects the ongoing regulatory compliance of 11 bit studios S.A. in monitoring internal equity shifts. By documenting this acquisition, the company fulfills its legal obligations to inform the public and regulatory bodies of any changes in the shareholding structure involving its executive leadership, ensuring that market participants have access to relevant data regarding insider sentiment and ownership stability.

mergers-acquisitions investment market-forecast+1

11 bit studiosDec 2024

Legal

Zamknięcie „Projektu 8”

The management board of 11 bit studios S.A. formally resolved to terminate the development of the internal video game production known as Project 8 on December 17, 2024. This strategic decision stems from a determination that the title lacked the potential to achieve a satisfactory rate of return for the company. As of September 30, 2024, the project carried a book value of approximately 48.43 million PLN. Consequently, the company will implement a significant write-down on unfinished development work, which will negatively impact financial results for the current fiscal year. The final amount of this impairment will be determined following a comprehensive review of the assets generated during the development cycle. The termination of Project 8 necessitates a reduction in the size of the associated development team. While layoffs are confirmed, the scale of these redundancies does not meet the legal threshold required for collective dismissal procedures under Polish labor law. This suggests a targeted restructuring rather than a mass workforce reduction. The scope of this action is centered on the company’s internal production pipeline in Warsaw and reflects a shift in resource allocation away from underperforming intellectual properties. By prioritizing financial viability over continued investment in a project with diminishing commercial prospects, the company aims to protect its long-term fiscal health. The move highlights the increasing pressure on mid-to-large scale game developers to ensure high profitability in a competitive market. This disclosure, filed under market abuse regulations, serves as a critical update for investors regarding the company's asset valuation and operational strategy heading into the end of the 2024 financial year.

investment employment game-development+1

11 bit studiosDec 2024

Legal

Current Report No. 24: Analysis of the Situation on One of the Game Projects

The Management Board of 11 bit studios S.A. has initiated a comprehensive strategic analysis regarding the status of a specific internal game development project. This evaluation focuses on the viability and future of the title, signaling a potential shift in the company’s production pipeline. The primary objective of this review is to determine whether the project remains a sustainable asset or if the company must proceed with a significant financial impairment. Financial data as of September 30, 2024, indicates that the book value of the unfinished development work for this project totals approximately PLN 48.43 million. Should the ongoing analysis conclude that the project is no longer viable or requires a total cessation of development, the company anticipates a write-off of these capitalized costs. Such an action would directly impact the firm's balance sheet and reported net income for the relevant fiscal period, though the final valuation of any potential write-off remains subject to a formal asset review. This disclosure, issued in compliance with market abuse regulations regarding inside information, reflects the current operational landscape for the Warsaw-based developer and publisher as of late 2024. While the specific title under review was not named, the scale of the investment suggests a project of significant scope within the company’s portfolio. Management intends to provide further updates once a definitive decision is reached regarding the project’s continuation or termination.

game-development mergers-acquisitions europe+1

11 bit studiosDec 2024

Financial

Quarterly Report of 11 Bit Studios for Nine Months Ended 30 September 2024

11 bit studios achieved record-breaking financial performance during the first nine months of 2024, characterized by a 211% year-on-year revenue increase to PLN 106.6 million. This growth translated into a dramatic surge in net profit, which rose from PLN 1.35 million in the previous year to PLN 47.5 million. The primary catalyst for this expansion was the September launch of Frostpunk 2, which sold over 511,000 copies by the reporting date and generated nearly half of the period's total revenue. Financial results were further bolstered by a significant PLN 5.8 million IP Box tax relief settlement and strong performance from the United States market. The company’s balance sheet reflects a transition toward large-scale production, with the net carrying amount of completed development work rising from PLN 5.4 million to PLN 97.8 million. While operating activities generated PLN 27.3 million in cash, heavy investment in intangible assets and property resulted in a slight net decrease in total cash reserves to PLN 35.9 million. Trade receivables saw a substantial spike to PLN 48.5 million, largely due to a major contract with a single partner, while contract liabilities include advance payments from platforms like Microsoft for future game availability. Despite the success of the Frostpunk franchise, management is currently reassessing its broader publishing strategy following the underperformance of certain portfolio titles. This shift is evidenced by the decision to write down the investment estimate for Fool’s Theory to zero and a reduction in provisions for the 2021–2025 Incentive Scheme, as game delays make original financial targets less certain. Looking ahead to 2025, the company’s outlook remains centered on the postponed release of The Alters in the first quarter and the continued development of Project 8, alongside the ongoing monetization of its established back catalogue.

investment market-analysis europe+1

11 bit studiosNov 2024

Legal

Zmiana Udziału w Ogólnej Liczbie Głosów 11 Bit Studios S.A. – Zmniejszenie Stanu Posiadania Poniżej 5 Proc. Ogólnej Liczby Głosów

TFI Allianz Polska S.A. has reduced its investment stake in the Polish game developer 11 bit studios S.A., crossing below the significant threshold of 5 percent of total voting rights. This regulatory disclosure, issued in October 2024, details a divestment executed on September 30, 2024, and settled on October 2, 2024. The transaction involved several funds managed by the institution, including Allianz Duo FIO, Allianz FIO, and various specialized investment and pension funds. Prior to this sale, the managed funds collectively held 121,790 shares, representing 5.04 percent of the company’s share capital and an equivalent percentage of the total votes at the general meeting of shareholders. Following the disposal of a portion of these holdings, the aggregate position decreased to 110,000 shares. This adjustment brings the institutional group’s total ownership to 4.55 percent of the share capital and 4.55 percent of the total voting power. The notification confirms that the funds do not hold any additional indirect interests through subsidiaries or financial instruments that would impact the total voting calculation. This shift in ownership reflects a strategic reduction in exposure by a major institutional investor in the Warsaw-listed developer, known for titles such as Frostpunk and This War of Mine. The disclosure was made in accordance with Polish market regulations regarding the acquisition or disposal of significant blocks of shares in public companies.

investment market-analysis europe

11 bit studiosOct 2024

Legal

Raport Sprzedażowy Gry „Frostpunk 2”

The commercial performance of Frostpunk 2 reached a significant financial milestone within its first few days of release, with total sales exceeding 350,000 units by the morning of September 23, 2024. This rapid market adoption ensured that the estimated total revenues generated by the title have already surpassed the cumulative costs incurred for both production and marketing. Consequently, the project achieved a break-even point almost immediately following its global launch, marking a successful initial deployment for the developer. The financial assessment of this performance incorporates several distinct revenue streams beyond direct consumer sales. These figures include deferred payments resulting from a licensing agreement with Microsoft to provide the title via the Game Pass subscription service. Furthermore, the revenue calculations account for the Deluxe edition of the game, though a portion of those specific earnings related to future downloadable content will be formally recognized only upon the release of those expansions. This data reflects the global performance of the title across all digital distribution platforms during its launch window in September 2024. By achieving profitability so quickly, the title demonstrates strong brand equity and effective pre-launch marketing strategies. The results underscore the commercial viability of the survival-city builder genre and establish a solid financial foundation for the continued support and expansion of the franchise through its planned post-launch roadmap.

market-analysis monetization europe+1

11 bit studiosSept 2024

Legal

Notification of Managerial Transactions

Piotr Wierzbicki, a member of the Supervisory Board at 11 bit studios S.A., executed a series of share acquisitions on September 23, 2024. This regulatory filing, submitted in accordance with Article 19 of the Market Abuse Regulation (MAR), serves as a primary notification of managerial transactions involving the company’s financial instruments. The transactions were conducted on the Warsaw Stock Exchange (GPW) under the ticker 11B. The acquisition involved a total volume of 550 shares purchased in four distinct price tranches. These individual transactions ranged from a low of 363.5 PLN to a high of 365 PLN per share. Specifically, the manager acquired 4 shares at 363.5 PLN, 29 shares at 364 PLN, 139 shares at 364.5 PLN, and 378 shares at 365 PLN. The resulting aggregate volume of 550 shares was executed at a volume-weighted average price of 364.1667 PLN per share. This disclosure provides transparency regarding the personal investment activities of high-level leadership within the Polish game development sector. By reporting these trades, the issuer adheres to European Union transparency standards designed to prevent market abuse and provide investors with insight into the confidence levels of internal management. The scope of the notification is limited to a single trading day and focuses exclusively on the equity market activities of a specific member of the supervisory board.

investment mergers-acquisitions europe+1

11 bit studiosSept 2024