11 bit studios has embarked on new proprietary projects

In the first half of 2025, 11 bit studios generated revenue of PLN 57.24 million, an increase of 86.09% year on year, while its net profit for the period came in at PLN 8.48 million.

The revenue growth was driven by the expansion of the Company’s portfolio to include a new proprietary title – The Alters, launched on 13 June 2025 for PCs and consoles (Xbox Series X/S and PlayStation 5). “The game has been very well received by players and professional critics alike, earning scores of 8.2/10 and 85/100, respectively, on Metacritic. By 8 July 2025, its sales exceeded 280 thousand copies,” said Przemysław Marszał, the 11 bit studios CEO. He emphasised that, in addition to sales of games released in previous periods, an important contributor to the Company’s revenue during the first six months of 2025 was recurring income from Microsoft Corporation for making selected titles – primarily The Alters and Frostpunk 2 – available to players via their Game Pass service.

At the same time, the Company’s operating expenses in the first half of 2025 went up by 11.70% year on year, to PLN 40.34 million. “The rise was mainly due to a nearly fourfold increase in amortisation and depreciation expense relative to the year before, totalling PLN 10.95 million, which reflected the commenced amortisation of The Alters and Frostpunk 2,” noted the Company’s representative. He reminded that 11 bit studios applies a declining-balance amortisation method for both titles, affecting the level of reported profits compared with earlier periods. Consequently, at the operating level, the Company earned PLN 18.07 million in the six-month reporting period, compared with an operating loss of PLN 5.35 million posted a year earlier. Net profit for the period amounted to PLN 8.48 million, or PLN 3.51 per share. “Non-cash finance costs in excess of PLN 8 million, attributable to the necessary revaluation of financial assets in the form of cash held by the Company in foreign currencies had a negative impact on our net profit,” added Przemysław Marszał. He noted that the first half of 2025 was a particularly strong period for the Polish złoty, which appreciated against both the euro and US dollar – the currencies in which the majority of the Company’s revenue is earned.

In the proprietary games segment, in parallel with the final stages of developing The Alters and preparing for its launch, during the first six months of 2025 the Company continued work on the console edition of Frostpunk 2, scheduled for release on 18 September 2025, and on the first of its paid DLCs. “The expansion will be available to the gaming community by the end of this year, with two additional DLCs planned for 2026,” assured the CEO. On the other hand, The Alters team, immediately after the June release, focused on implementing fixes and improvements requested by players and, during the summer period, began to work on a paid DLC. “Its release is expected next year,” declared Przemysław Marszał.

In the publishing segment, 11 bit studios prepared for the 23 October 2025 Early Access release of Moonlighter 2: The Endless Vault, as well as the launch of Death Howl, also scheduled for this year. The former’s developer is the Spanish studio Digital Sun, while the latter is being created by The Outer Zone of Denmark.

“A key event in the early months of 2025 was the presentation of our strategic vision for the coming years, which took place at the Investor Conference in April,” said the CEO. In accordance with the strategy, the operations of 11 bit studios over the next years will be organised around three core pillars. The first one will involve the development of entirely new games based on original or existing Company IP, created by in-house teams. This ‘new games internal dev’ pillar aims to build opportunities for major product and commercial success. The second strategic focus will be on the long-term development of selected proprietary titles with large player bases, referred to as ‘platform games’. This pillar is designed to stabilise revenue, mitigate risk, and expand the Company’s IP portfolio. The third pillar will involve publishing. The plan is for the publishing division to diversify the Company’s business and pursue additional success opportunities on a title-by-title basis.

As part of this strategy, by the end of 2024, the Company had already initiated work on its first platform game, Frostpunk 1886. “The project is an expanded and upgraded version of the original Frostpunk, rebuilt on the new Unreal Engine 5, planned for release in 2027,” announced the CEO. The project will ultimately involve a team of around 30 developers. “Concept development for additional in-house productions, code-named as P12 and P13, is already under way, with P14 and P15 lined up to commence in the upcoming quarters,” concluded the 11 bit studios representative.