Harvest time is fast approaching

In the six months to June 30th 2023, the video game developer and publisher recorded more than PLN 24.77 million in revenue. EBITDA came it at PLN 2.94 million, with a net profit of over PLN 4.01 million.


“These are not the figures we or our investors have come to expect from our performance in prior periods, and they are below our desired levels. However, the decline in our financial results was both anticipated and inevitable, given the absence of major game releases in recent years,” commented Przemysław Marszał, President of the Management Board and CEO of 11 bit studios S.A. He pointed to the previous year’s high comparative base, notably driven by the collaboration with Netflix on the mobile rendition of ‘Moonlighter’. “Of particular note this year are our trade receivables, which as at June 30th 2023 exceeded PLN 20 million — a record for the Company. This includes a portion of the payments due from Microsoft under our recent agreement as announced in June 2023, which integrates select titles from 11 bit studios and third-party games from our publishing arm into the Microsoft Game Pass service,” he added.

Mr. Marszał also emphasized the Company’s unwavering commitment to broadening both its proprietary and third-party game portfolio in recent years. “Our investment of time and money in these endeavours has been robust. In the first half of 2023 alone, our game development expenditure neared PLN 26 million. Cumulatively, over the last year and two years, we have channelled PLN 50.7 million and PLN 88 million, respectively, into this direction. And our financial commitment continues,” the CEO stated. Echoing the June Investor Conference, he stressed the significance of the upcoming quarters. “We are on the brink of unveiling new games, poised to rejuvenate our financial trajectory and reaffirm our presence in the gaming industry. Our aspiration is to mirror the milestones achieved with the releases of ‘This War of Mine’ in 2014 and ‘Frostpunk’ in 2017,” Marszał conveyed.

Slated for premiere first, on November 6th 2023, is ‘The Invincible’, crafted by Kraków-based Starward Industries S.A., which 11 bit studios S.A. holds a 5.99% stake in. This game, inspired by the renowned novel of the same title by Stanisław Lem, will be available on PCs and consoles.

Another upcoming release by our publishing division this year is ‘The Thaumaturge’, a role-playing game developed by Fool’s Theory Sp. z o.o., which is 40% owned by 11 bit studios S.A. and which specialises in the RPG genre. “Both titles are presently drawing attention at Gamescom, Europe’s largest gaming trade fair in Cologne, Germany. The initial response has been encouraging,” Marszał highlighted.

Our 2024 lineup begins with ‘Project N’, a code name for an as-yet undisclosed title. “This is another third-party game from our publishing division. Its themes and atmosphere align perfectly with 11 bit studios S.A.’s philosophy. The official marketing campaign will commence soon,” announced Marszał.

The first half of 2024 will also see the premieres of ‘Frostpunk 2’ and ‘The Alters’. “These are our flagship proprietary releases, which we are currently working towards, and which are pivotal for the Company’s future trajectory. Both are currently under exclusive preview at Gamescom for industry insiders. We have high hopes for their reception,” remarked Marszał.

Mr. Marszał also mentioned that the Company’s portfolio includes other ongoing projects, like ‘Project 8’, ‘Ava’, and ‘Botin’, all of which are progressing steadily but require a few more quarters of dedicated effort from the entire team for fruition. “We have been scaling up our workforce in anticipation of increased workload and responsibilities, in particular bolstering our marketing, publishing, and business development departments. Our staff, now exceeding 280 professionals, continues to grow. Having evolved from a small and later medium-size developer that we were during the launch of first ‘This War of Mine’ and then ‘Frostpunk’, we remain confident that the projects slated for release within a year will manifest our enhanced capabilities, aligned with our strategic vision and aspirations,” concluded Marszał.