The Alters set to become the most thoroughly tested game in 11 bit studios’ history

In the first quarter of 2025, 11 bit studios reported PLN 17.5 million in revenue, with EBITDA of PLN 2.21 million and an operating loss of PLN 2.37 million.

For the first three months of the year, the company posted a net loss of PLN 6.37 million. “This was largely due to depreciation and amortisation, which was several times higher than in the previous year, as well as foreign exchange differences of PLN 4.25 million, representing mostly non-cash items,” explained Przemysław Marszał, 11 bit studios’ CEO. “These stemmed from the revaluation of our monetary assets denominated in foreign currencies, mainly US dollars.” As at the end of March, the company held nearly PLN 69.5 million in cash and cash equivalents, an increase of 6.18% compared with the end of 2024.

In terms of proprietary game development, in the first quarter of 2025, 11 bit studios focused on advancing work on Frostpunk 2. One of the key outcomes was the release on 8 May of Patch 1.3, which addressed some of the feedback received from fans and is expected to support long-term sales performance. “The development team also continued work on the console version of Frostpunk 2 and paid DLCs for the game, both of which are scheduled to launch in upcoming quarters and are aimed at extending the game’s monetisation window,” the CEO added.

In the first quarter of the year, the company also wrapped up development on The Alters, set to debut on 13 June. The title will launch simultaneously on PC, Xbox Series X/S, and PlayStation 5. It will also be available from day one on Microsoft’s Game Pass service. As the CEO emphasises, the company is making every effort to ensure The Alters meets the highest standards in technical quality and gameplay balance, while also delivering an engaging and enjoyable experience for players. “In recent months, we have implemented a wide range of fixes and improvements based on feedback from both internal and external testers. It’s fair to say that The Alters will be the most thoroughly tested game in 11 bit studios’ history,” Mr Marszał affirms. At the same time, the company ramped up its marketing campaign for The Alters to drive interest in the title, which currently holds the 35th spot on the Steam wishlist, the second-best result in the company’s history.
A highlight of the campaign was a two-day preview event held on 14–15 May. At 11 bit studios’ invitation, several dozen guests from around the world visited Warsaw, including representatives from major global gaming media and top influencers. Alongside The Alters, attendees also had the opportunity to try Moonlighter 2, a Spanish-developed game from the company’s publishing portfolio, slated for release this summer. Another title set to launch later this year is Death Howl, developed by the Danish studio The Outer Zone.

“In line with our strategy unveiled in April, over the next few years 11 bit studios will focus its efforts on three core pillars,” Mr Marszał explains. The first will be entirely new games based on original or existing company IP, created by in-house teams. This ‘new games internal dev’ pillar aims to lay the groundwork for future flagship titles. The second area will involve the long-term development of selected in-house titles with large player communities, so-called ‘platform games’. This pillar is designed to strengthen stability, mitigate risk, and further develop the company’s proprietary IP. The third pillar will be publishing. The publishing division is intended to diversify the company’s business and create additional success opportunities on a title-by-title basis.

“As part of this strategy, several months ago we initiated work on our first platform game, Frostpunk 1886”, says 11 bit studios’ representative. The project is an expanded and upgraded version of the original Frostpunk, rebuilt on the new Unreal Engine 5. Planned for release in 2027, it will be developed by a team of 20–30 people. “Concept work on some new in-house projects (a game codenamed P12), is already underway, while for other products (P13 through P15) it is expected to begin over the coming quarters,” the CEO concludes.