More than PLN 14.83 million in revenue, PLN 6.38 million in EBITDA, PLN 3.56 million in net profit, and nearly PLN 107.8 million in liquid financial assets – the results delivered by 11 bit studios S.A. in Q1 2021 are better than what the Company had budgeted for the period.
Although business management was not made easy by the ongoing COVID-19 pandemic, at 11 bit studios S.A the first months of the year saw an acceleration of work on new proprietary productions. “Project 8 and the Dolly and Eleanor projects, as well as further games in the 11 bit publishing’s portfolio, will drive 11 bit studios S.A.’s performance in the coming years. We are very satisfied with the pace of work on most of them,” emphasises Przemysław Marszał, the CEO of the listed company. He states that in Q1 2021 alone, 11 bit studios S.A. spent nearly PLN 8 million on investments in new titles. “We assume that in future periods, with our increasing headcount, which is already approaching 180 people, and the planned expansion of our publishing portfolio, the capital expenditure on new games will continue to grow, which will have a positive effect on 11 bit studios S.A.’s future revenues and profits,” Mr Marszał declares.
The company he manages can certainly afford an ambitious growth programme, as its financial assets (cash in bank accounts and secure financial instruments), plus trade receivables, totalled nearly PLN 107.8 million at the end of March 2021, up on the previous quarter. Their value reached a level previously unseen in the Company’s over 11-year history.
In the first quarter of 2020, 11 bit studios S.A. generated more than PLN 14.83 million in revenue. EBITDA reached PLN 6.38 million, operating profit was PLN 3.44 million, and net profit came in at nearly PLN 3.56 million. “To note, the net profit figure was affected by a non-cash provision recognised in connection with the Company’s Incentive Scheme for 2021–2025. It was nearly PLN 1.04 million, and the same amount will be charged against our profits in subsequent quarters starting from Q1 2021, until Q4 2025 inclusive,” explains the CEO.
As in previous periods, the solid figures for Q1 2021 were due to the very good monetisation of the Company’s entire proprietary game portfolio, supported by successful promotional campaigns on major sales platforms, including Steam. “Our revenue in the period also benefited from the release of the Mac version of Frostpunk on February 24th,” says Mr Marszał. Other material positive contributors to 11 bit studios S.A.’s performance in the first months of 2021 were the games offered by the publishing division, led by Moonlighter and Children of Morta. Revenue from sale of third-party developed games accounted for 27% of the Company’s total revenue in the period.
