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11 bit studios S.A. enters a new production cycle and continues building foundations for the coming years
11 bit studios S.A. has published its financial results for the first quarter of 2026. The period was marked by further monetization of the existing portfolio, development of new projects, and continued organizational and production changes supporting the Company’s long-term growth.
In the first quarter of 2026, sales revenues amounted to PLN 19.8 million, compared to PLN 17.5 million a year earlier. EBITDA increased to PLN 5.9 million from PLN 2.2 million in the prior-year period. At the same time, operating profit remained significantly impacted by high amortization of proprietary projects, which amounted to PLN 11.4 million compared to PLN 4.6 million a year earlier. This was primarily the result of accounting for expenditures related to releases from previous periods, mainly Frostpunk 2 and The Alters. As of the end of March 2026, the Company held PLN 52.5 million in cash and PLN 18.9 million in short-term financial assets.
Recording of a meeting with representatives of the company’s management board.
“We have just entered a new, multi-year production cycle. The coming quarters will be a period of intensive work on upcoming projects and further development of the organization to support a larger scale of operations. The first proprietary title release under the new schedule is planned for the turn of 2027 and 2028, which is why the current stage is naturally focused more on building foundations, developing the pipeline, and increasing operational predictability than on maximizing short-term financial results,” comments Piotr Bajraszewski, acting Financial Director and Business Development Director at 11 bit studios S.A.
The Company emphasizes that parallel efforts are underway to further optimize production processes, improve schedule predictability, and enhance cost efficiency in project development. The new production model assumes greater project stage-gating and a more selective approach to resource allocation. The goal of these initiatives is to establish a more regular and predictable release cadence while gradually reducing the high earnings volatility characteristic of the gaming industry.
The outlook for 2026 remains primarily focused on further development of existing brands, publishing operations, and preparation of subsequent production projects. In the coming months, the Company expects the release of the second paid DLC for Frostpunk 2 – Breach of Trust (scheduled for June 23, 2026) – as well as DLC for The Alters planned for the turn of the second and third quarters.
The full release of the highly anticipated Moonlighter 2, developed within the Company’s publishing segment, is planned for the second half of the year. In the first quarter of 2026, the Company also announced a new publishing title – Crop, developed by Carbonara Studios. The game was met with a very positive reception from the gaming community and surpassed 100,000 Steam wishlists within the first week following its announcement. The title is scheduled for release in 2027. Such rapid growth in interest also confirms the expanding global reach of the Company’s publishing operations.
“The strong reception of Crop confirms the effectiveness of the publishing model developed by the Company and its ability to identify projects capable of building strong communities even before release,” explains Rufus Kubica, Head of Publishing at XDEV within 11 bit studios S.A.
At the same time, advanced work continues on Frostpunk 1886 and other projects developed under the Company’s new production roadmap.
In the gaming industry, a significant portion of value is created long before a game’s release and is often not yet visible in current financial results. Therefore, the Company focuses on transparently communicating the stage of project development, the quality of its pipeline, and the direction of organizational growth for the coming years. An important element of this policy was also the first-time disclosure of intangible assets related to the Company’s largest ongoing projects, representing the most significant share of production assets, which constitutes another step toward increasing transparency for the market and investors,” adds Piotr Bajraszewski.
11 bit studios maintains its strategic growth directions, including further expansion of proprietary franchises, development of new projects, and publishing activities, while maintaining cost discipline and focusing on the quality of delivered productions.
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