11 bit studios

Organization

230 documents

Documents

Half-Year Report of 11 Bit Studios S.A. for the Six Months Ended 30 June 2024

During the first half of 2024, 11 bit studios S.A. experienced a transitional period characterized by rising revenues and strategic investments in preparation for major upcoming releases. Revenue grew 24.16% year-on-year to PLN 30.76 million, primarily driven by third-party publishing titles such as The Thaumaturge, INDIKA, and The Invincible. These external projects now account for 52% of total sales, with the United States remaining the largest geographic market and Steam serving as the primary distribution platform. Despite the growth in top-line revenue, the company reported a net loss of PLN 0.48 million, a sharp decline from the PLN 4.01 million profit recorded in the same period of 2023. This downturn was largely due to a 49% surge in operating expenses, driven by a doubling of salary costs and increased marketing expenditures. These costs reflect a significant expansion in headcount and intensified preparations for the high-profile launches of Frostpunk 2 and The Alters. The company has capitalized over PLN 155 million in ongoing development work, signaling a shift toward larger, higher-budget productions. The financial position remains robust, with total assets growing to PLN 277.4 million and cash reserves increasing to PLN 42.87 million. Liquidity is further bolstered by PLN 24.35 million in contract liabilities, largely consisting of advance payments from Microsoft for Game Pass inclusions and Frostpunk 2 pre-orders. Management maintains a positive outlook for the 2024–2026 period, supported by a multi-IP strategy intended to stabilize revenue through a consistent release cycle of both internal and third-party titles. While the company faces risks related to production delays and a competitive labor market, its current resources are deemed sufficient to fund its development pipeline without external financing.

investment game-publishing market-analysis+2

11 bit studiosAug 2024

Legal

Zmiana Terminu Publikacji Raportu Okresowego

The management board of 11 bit studios S.A., a prominent game development company based in Warsaw, has officially announced a revision to its financial reporting schedule for the 2024 fiscal year. This regulatory update specifically concerns the release date of the semi-annual report covering the first half of 2024. While the company had previously established August 22, 2024, as the intended publication date in an earlier communication from January, the disclosure has now been rescheduled to August 27, 2024. This adjustment is limited strictly to the mid-year financial results. All other previously announced deadlines for periodic reports throughout the remainder of the year remain unchanged and in effect. The notification serves as a formal compliance measure in accordance with Article 56 of the Act on Public Offering, which mandates the timely disclosure of current and periodic information by listed entities. The scope of this announcement is administrative and focused on the Polish capital market, specifically addressing shareholders and market observers monitoring the company’s performance during the first six months of 2024. The document was authorized by the President of the Management Board, Przemysław Marszał, and Board Member Grzegorz Miechowski, ensuring the procedural integrity of the scheduling shift within the framework of the company's investor relations obligations.

investment market-analysis europe+1

11 bit studiosAug 2024

Legal

Powiadomienie o transakcjach

Marcin Kuciapski, a member of the supervisory board at 11 bit studios S.A., executed a series of share acquisitions in the company during July 2024. These transactions were formally disclosed in compliance with Article 19 of the Market Abuse Regulation (MAR), which mandates the reporting of trades by persons discharging managerial responsibilities. The acquisitions involved ordinary shares identified by the ISIN code PL11BTS00015 and were conducted on the Warsaw Stock Exchange (GPW) main market. The purchasing activity occurred over two consecutive trading days. On July 11, 2024, a total of 80 shares were acquired through seven individual trades, all executed at a uniform price of 632 PLN per share. The following day, July 12, 2024, an additional 40 shares were purchased across five separate transactions at a price of 640 PLN per share. In total, the supervisory board member increased his holding by 120 shares over the 48-hour period, representing a total investment value of 76,160 PLN. This disclosure provides transparency regarding the investment activities of high-level insiders within the Polish game development sector. By reporting these acquisitions, the issuer ensures regulatory compliance and provides the market with data concerning insider sentiment and direct financial interest in the company’s equity. The scope of the notification is limited to these specific acquisition events and does not detail the total aggregate holdings of the individual following these transactions.

investment market-analysis europe+1

11 bit studiosJul 2024

Legal

Adoption of the Uniform Text of the Company's Articles of Association by the Supervisory Board

The Supervisory Board of 11 bit studios S.A., a prominent Polish game development studio based in Warsaw, has officially adopted the uniform text of the company’s Articles of Association. This administrative action, finalized on June 20, 2024, follows the resolutions passed during the Ordinary General Meeting held earlier that month on June 6. The primary objective of this measure is to consolidate and formalize the various amendments made to the corporate statutes, ensuring that the governing documents accurately reflect the current legal and structural framework of the organization. The adoption was executed under the authority granted to the Supervisory Board by specific resolutions from the general assembly, adhering to the regulatory requirements set forth in the Act on Public Offering. This update serves as a critical governance milestone for the company, providing a clear and unified legal foundation for its ongoing operations and strategic decision-making processes. By integrating these changes into a single, cohesive document, the company maintains transparency and compliance with Polish capital market regulations. The scope of this action is centered on the internal corporate governance of 11 bit studios S.A. within the Polish market. The formalization of the uniform text was overseen by the company’s executive leadership, including the President of the Management Board and other board members. This procedural update ensures that all stakeholders have access to the most current version of the company’s foundational regulations, reflecting the latest shifts in shareholder mandates and corporate policy as of mid-2024.

mergers-acquisitions investment employment+2

11 bit studiosJun 2024

Legal

Ustalenie Daty Premiery Gry „Creatures of Ava” na 7 Sierpnia 2024 Roku

The management of 11 bit studios S.A. has officially scheduled the global release of Creatures of Ava for August 7, 2024. This launch targets both PC users and owners of the Xbox Series X/S console. The title represents a collaborative publishing effort, as the game was developed by the Spanish studios Inverge and Chibig. This announcement serves as a formal regulatory disclosure regarding confidential information under European market abuse regulations, signaling a finalized production and marketing timeline for the upcoming title. The distribution strategy for the game focuses on a digital-first approach across major global gaming marketplaces. Availability is confirmed for Steam, the Epic Games Store, GOG, and the Xbox Store. Furthermore, the release includes a day-one launch on subscription services, specifically PC Game Pass and Xbox Game Pass for consoles. This move indicates a strategic effort to maximize immediate player accessibility and reach a broad audience across the Microsoft ecosystem and various PC storefronts simultaneously. The scope of this announcement is global in nature, though it originates from the company’s headquarters in Warsaw. By securing a mid-summer release date and multi-platform availability, the publisher aims to establish a strong market presence for the new intellectual property. The involvement of two distinct development studios and the commitment to major subscription platforms suggest a significant scale for the project within the publisher's current portfolio for the 2024 fiscal year.

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11 bit studiosJun 2024

Legal

Resolutions Adopted by the Ordinary General Meeting: 11 bit studios

The Ordinary General Meeting of 11 bit studios S.A., held on June 6, 2024, served as the formal governance assembly to review and approve the company’s operational and financial standing for the preceding fiscal period. Based in Warsaw, the assembly focused on the statutory requirements of a publicly traded entity under Polish law, specifically addressing the adoption of resolutions necessary for the continued legal and financial administration of the firm. The proceedings involved the participation of the Management Board, led by President Przemysław Marszał and Board Member Grzegorz Miechowski, ensuring that all corporate actions aligned with the Act on Public Offering and the conditions governing current and periodic information. The scope of the meeting encompassed the formal ratification of financial statements and the discharge of duties for board members, which are standard procedures for maintaining transparency with shareholders. While the specific numerical financial data is typically contained within the attached resolutions rather than the summary announcement, the primary objective was to validate the company’s strategic direction and financial health following a period of significant development activity. These resolutions provide the legal framework for the company’s capital management and executive oversight for the upcoming fiscal year. Methodologically, the meeting followed standard corporate governance protocols for the Warsaw Stock Exchange, requiring a quorum of shareholders to pass binding decisions. The outcomes reflect a consensus on the management’s performance and the company’s trajectory within the global gaming market. By formalizing these resolutions, the company maintains its compliance with regulatory obligations while signaling stability to investors regarding its internal leadership and administrative functions. This administrative milestone is critical for the studio as it transitions through its current production cycle and prepares for future commercial releases.

mergers-acquisitions investment europe+1

11 bit studiosJun 2024

Legal

Resolutions Adopted by the Ordinary General Meeting of 11 bit studios S.A. on June 6, 2024

The Ordinary General Meeting of 11 bit studios S.A., held on June 6, 2024, formalized the company’s financial and operational standing following the 2023 fiscal year. Shareholders representing 40.05% of the share capital ratified financial statements showing a net profit of 525,609 PLN and total assets of 258.3 million PLN. This profit was allocated entirely to supplementary capital, alongside 5.71 million PLN from a dissolved reserve fund previously earmarked for management loans. The assembly granted full discharge to both Management and Supervisory Board members for their 2023 performance, signaling broad institutional confidence despite a modest year-over-year profit margin. Executive compensation structures were a primary focus, with the adoption of an updated Remuneration Policy designed to link management incentives to long-term stability. Under this framework, Management Board bonuses are strictly performance-contingent, capped at five times the fixed salary and calculated as a percentage of net profit—specifically 6% if earnings grow and 3% if they decline, with no bonus issued in the event of a loss. While the financial reports passed unanimously, the remuneration-related resolutions faced notable opposition, receiving approximately 16% to 17% of "against" votes from the represented shares. Strategic expansion was also codified through significant amendments to the company’s Articles of Association. The assembly approved a broadening of the corporate scope to include real estate management, technical publishing, educational activities, and the maintenance of telecommunication equipment. These changes, which will take effect upon registration in the National Court Register, suggest a diversification strategy beyond core game development into broader technical and administrative services. This evolution of the corporate statutes, combined with the strengthening of supplementary capital, positions the firm for a more complex operational footprint in the coming years.

mergers-acquisitions investment europe+1

11 bit studiosJun 2024

Legal

List of Shareholders With at Least 5% Votes at the AGM on June 6, 2024

The management board of 11 bit studios S.A. disclosed the ownership structure of major shareholders participating in the Ordinary General Meeting held on June 6, 2024. This disclosure identifies institutional and individual investors who commanded at least 5% of the voting rights present at the assembly, providing a snapshot of the company’s concentrated voting power and capital distribution at that specific time. The data reflects the participation of major Polish financial institutions, international investment funds, and key members of the company’s leadership. Allianz TFI emerged as the largest participant at the meeting, holding 179,873 votes, which represented 18.58% of the votes present and 7.44% of the total voting rights in the company. Other significant institutional blocks were held by Nationale-Nederlanden PTE with 14.15% of the meeting votes and the Government of Norway with 8.50%. Goldman Sachs TFI and Swedbank Robur NY Teknik also maintained notable presence, each representing approximately 6.2% of the votes cast during the proceedings. Individual leadership within 11 bit studios remains a critical component of the shareholder base. Grzegorz Miechowski held 17.40% of the votes present at the meeting, while Przemysław Marszał and Michał Drozdowski accounted for 12.40% and 10.21% respectively. Collectively, these internal and external stakeholders represent the primary decision-making block for the developer, illustrating a balanced mix of professional asset management and founder-led influence within the Polish gaming sector.

investment europe market-analysis+2

11 bit studiosJun 2024

Legal

Change of Release Date of Game "Frostpunk 2" to September 20, 2024

The management board of 11 bit studios has officially rescheduled the global PC launch of Frostpunk 2 to September 20, 2024. This strategic postponement from the previously announced timeline is intended to provide additional development time for further refinement. By prioritizing game polish, the studio aims to maximize the title's commercial performance and long-term sales potential upon release. This decision reflects a commitment to quality control as a primary driver for market success in the competitive survival-city builder genre. The scope of this release covers a worldwide digital distribution strategy across major PC platforms, including Steam, GOG, and the Epic Games Store. Furthermore, the title will be available on Microsoft’s PC Game Pass service starting on day one. While the immediate focus remains on the Windows platform, the studio has confirmed future availability for PlayStation 5 and Xbox Series X/S consoles, including integration with the Xbox Game Pass ecosystem. Financial details for the launch indicate a tiered pricing structure designed for global markets. The standard edition is set at 44.99 USD/EUR or 159.99 PLN, while the Deluxe Edition is priced at 74.99 USD/EUR or 259.99 PLN. This regulatory announcement, issued from Warsaw, serves as a formal update to the company's release roadmap and underscores the studio's tactical approach to managing high-profile intellectual properties within the global gaming industry.

game-publishing poland pc+1

11 bit studiosJun 2024

Legal

Rekomendacja Rady Nadzorczej w Sprawie Podziału Zysku Netto Wypracowanego w 2023 Roku

The Supervisory Board of 11 bit studios S.A. has formally endorsed a proposal regarding the allocation of the company’s net profit generated during the 2023 financial year. Following a resolution passed on May 9, 2024, the board issued a positive opinion on the Management Board’s recommendation to retain the entirety of the year’s earnings. Specifically, the net profit amounting to 525,609 PLN is slated to be transferred to the company’s supplementary capital rather than being distributed to shareholders as dividends. This financial decision focuses on the Polish gaming entity’s operations throughout the 12-month period ending December 31, 2023. By directing these funds into supplementary capital, the leadership aims to strengthen the internal financing structure and support the company’s ongoing development initiatives. The recommendation reflects a conservative fiscal approach during a period of significant project scaling and investment within the studio’s portfolio. The final determination regarding this profit allocation remains subject to the approval of the Ordinary General Meeting of Shareholders. This meeting is scheduled to take place on June 6, 2024, where the resolution will be put to a formal vote. This disclosure complies with standard regulatory requirements for publicly traded companies on the Warsaw Stock Exchange, ensuring transparency regarding the firm's capital management strategy and its implications for the upcoming fiscal cycle.

investment game-publishing poland

11 bit studiosMay 2024

Legal

Announcement of the Ordinary General Meeting of 11 Bit Studios S.A.

The Board of Directors of 11 bit studios S.A. has formally convened an Ordinary General Meeting of shareholders scheduled for June 6, 2024. The meeting is set to take place at the company’s corporate headquarters in Warsaw, Poland, beginning at 11:00 AM. This announcement serves as a regulatory requirement under Polish law regarding public offerings and the conditions for introducing financial instruments into organized trading. The primary objective of this assembly is to address standard corporate governance matters typical for an annual general meeting. While the specific financial results are not detailed in the announcement text, the meeting will involve the review and adoption of resolutions concerning the company’s operations and fiscal performance. The scope of the meeting covers the entirety of the 11 bit studios S.A. corporate entity, focusing on its standing within the global video game development and publishing industry. Accompanying documentation provided for shareholders includes the full text of the announcement, draft resolutions, power of attorney templates, and necessary participation forms. These materials are made available through the company’s dedicated investor relations portal to ensure transparency and compliance with statutory disclosure obligations. The announcement is signed by the President of the Management Board, Przemysław Marszał, and Board Member Grzegorz Miechowski, confirming the official nature of the summons and the company's adherence to established regulatory frameworks for listed entities in Poland.

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11 bit studiosMay 2024

Financial

Quarterly Report of 11 Bit Studios S.A. for the Three Months Ended 31 March 2024

Financial performance for the first quarter of 2024 reflects a transitional period characterized by steady revenue growth alongside increased operational spending. Revenue rose 3.81% year-on-year to PLN 15.33 million, primarily supported by the publishing division, which contributed 48% of total sales through titles such as The Invincible and The Thaumaturge. Geographically, the United States remains the most critical market, accounting for nearly 74% of total revenue. Despite the top-line growth, the company shifted from a prior-year profit to a net loss of PLN 1.6 million. This decline was driven by a 25.88% increase in operating expenses, largely due to a near-doubling of employee benefits and significant ongoing investments in upcoming proprietary titles. The balance sheet remains robust, with total assets reaching PLN 265.15 million and a strong liquidity position of PLN 40.56 million in cash and equivalents. Capital expenditure focused heavily on development, with PLN 140.7 million currently invested in ongoing projects, most notably Frostpunk 2, The Alters, and Project 8. Internal assessments indicate no risk of impairment for these assets, even under conservative revenue scenarios. To preserve capital for these large-scale projects, management has recommended allocating the entirety of the 2023 net profit to statutory reserves rather than issuing dividends. Strategic focus is now directed toward the second half of 2024, which is expected to serve as a major growth catalyst. The upcoming high-profile launches of Frostpunk 2 and The Alters, both of which will debut on PC Game Pass, are central to the company’s medium-term goal of releasing one proprietary and several third-party titles annually. While the company continues to benefit from the "IP Box" tax relief and the successful break-even of indie titles like INDIKA, the long-term financial trajectory remains tied to the successful execution of its major internal development pipeline and the continued expansion of the Frostpunk intellectual property across multiple media formats.

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11 bit studiosMay 2024