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In 2025, 11 bit studios S.A. generated a record-breaking PLN 141.0 million in sales revenue. The past year confirmed the strength of the Company’s diversified business model, combining successful launches of new proprietary titles, the systematic development of the publishing division, and the long-term monetization of legacy games.
Key financial results for 2025:
Recording of a meeting with representatives of the company’s management board.
The financial situation of 11 bit studios is stable. In 2025, the Company generated PLN 62.5 million in positive cash flows, which translated into an increase in available funds. At the end of the year, the level of cash and cash equivalents amounted to nearly PLN 95 million. This liquidity position enables the financing of subsequent development and publishing projects using internal funds.
The year 2025 at 11 bit studios was marked by the development of proprietary IPs, further strengthening of key franchises, and publishing activities. In June, the Company’s new proprietary game, The Alters, debuted. Thanks to its original concept, it was well-received by players and critics, achieving sales of 545 thousand copies. In parallel, the Frostpunk 2 universe was developed, with total sales approaching 880 thousand copies ; during this period, the console version and the first DLC, Fractured Utopias, were introduced, among other things. The entire Frostpunk franchise has already reached over 11 million players worldwide.
In addition to internal projects, the publishing segment made a significant contribution to the results. In the fourth quarter, two titles from external studios debuted: Moonlighter 2: The Endless Vault (in Early Access) and Death Howl. Operational activities were supported by the presence of the Company’s games in subscription services, including Xbox Game Pass, which translated into stable cash flows and an expanded player base. This direction remains consistent with the assumptions of the long-term development strategy presented in April of last year.
“The year 2025 confirmed that our business model is balanced and based on several complementary pillars: the development of new IPs, the monetization of existing brands, and publishing activities. The Alters showed that we can build new, global brands, and we are consistently developing Frostpunk as a long-term franchise,” comments Przemysław Marszał, CEO of 11 bit studios S.A.
Strategy – the return of cult titles and new universes
In 2025, 11 bit studios adopted a new development strategy that charts the Company’s transformation path into a mature and multi-dimensional business ecosystem. The new vision is based on three complementary pillars: creating high-quality proprietary games (New Games Development), the long-term monetization of hits in the Game as a Platform model, and expanding the portfolio through the XDEV publishing division. The Company is redefining its approach to the product lifecycle – a game’s release is now treated as the beginning of a multi-year process of building brand value, rather than a one-off sales event. The roadmap for 2027–2031, which includes the Frostpunk 1886 project and new IPs, assumes an increase in the regularity of releases while maintaining strict cost and operational discipline.
“Our strategy is primarily an evolution that allows us to explore the boundaries of the medium even more boldly. We want every game under the 11 bit studios banner, whether it’s a completely new IP or a reimagining of already known worlds, to carry a unique, ambitious artistic vision and that special emotional charge that our players value most. Building a multi-dimensional ecosystem gives us the space for bold creative decisions and the development of new directions, while maintaining the consistency and quality that define our approach to game creation,” emphasizes Michał Drozdowski, Creative Director of 11 bit studios S.A.
“This strategy is a natural stage in the development of our approach to game production and a response to changing player expectations. Increasingly, we think of our titles as projects developed also post-release, in dialogue with the community. Additionally, the optimization of production cycles and greater efficiency in project management translate into better planning and the construction of a more predictable operational model, in which successive releases strengthen the foundations of the entire Company,” adds Marek Ziemak, Chief Production Officer of the Company.
As part of the updated strategy, the Company officially confirmed work on two completely new, proprietary IPs (working projects P12 and P14) and a new game set in the Frostpunk universe (P13). An equally important element of the roadmap is the return to the studio’s most important brands in a new, refreshed formula. Alongside the already-in-development Frostpunk 1886 project, the Company announced project P15, which is a reimagining of the cult classic This War of Mine.
“Our goal is to build a diversified portfolio. On the one hand, we are investing in completely new worlds, opening subsequent chapters in the studio’s history through proprietary projects P14 and P12. We are also expanding the universe of the cult classic Frostpunk into a new genre through the realization of P13. We also know what immense value our existing brands hold. Projects like Frostpunk 1886 or the newly announced P15, which is a reimagining of This War of Mine, are not standard remasters. They represent a fully modern, fresh take on the games that defined 11 bit studios, designed from the ground up with a multi-year lifecycle and long-term community engagement in mind,” announces Przemysław Marszał, CEO of 11 bit studios S.A.
The publishing activities of 11 bit studios remain an important complement to the Company’s development and support this diversification of the portfolio. Following its Early Access debut, preparations are underway for the release of the full version of Moonlighter 2: The Endless Vault, which will also be available on consoles. Among the new projects, the recently announced Crop draws attention, having gathered over 100 thousand wishlists on Steam in less than a week since its presentation. The schedule is rounded out by another contracted title, and the Company continues its cooperation with independent developers, expanding its publishing portfolio.
Perspectives for 2026
The year 2026 will be a year of transformation and intense investments in a new wave of projects for 11 bit studios. In the coming quarters, players can expect the release of, among others, the full version of Moonlighter 2, further paid DLC expansions for Frostpunk 2 (including Breach of Trust in June), and a DLC for The Alters (turn of Q2 and Q3). Advanced production work will also continue on the highly anticipated title Frostpunk 1886, whose debut is planned for the turn of 2027/2028, with the majority of development forces focused on the dynamic development of the entire range of key projects, including P12, P13, P14, and P15.
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