11 Bit Studios (11B) investor relations material

Executive summary

• Q1 2026 saw net sales of 19.8 million PLN, up 13.1% year-over-year, driven by strong proprietary and publishing titles, including Death Howl, Frostpunk 2, and The Alters.

• Death Howl launched on consoles, received 94% positive reviews, and broke even in Q1.

• Project Crop surpassed 120,000 Steam wishlists in 14 days, setting a company record.

• Internal development focused on major DLCs for Frostpunk 2 and The Alters, and advanced work on Frostpunk 1886.

• Digital distribution and post-launch content optimization were key operational focuses.

Financial highlights

• Q1 2026 revenue was PLN 19.8 million, up 13.1% year-over-year.

• EBITDA was PLN 5.9 million, up 165.9% year-over-year, though one report notes EBITDA at PLN 4.7 million.

• Net loss narrowed to PLN 2.8 million from PLN 6.4 million last year.

• Operating loss was PLN 5.5 million; operating expenses rose to PLN 25.3 million.

• Operating cash flow was PLN 15.4 million, up from 5.3 million PLN year-over-year.

Outlook and guidance

• Major DLCs for Frostpunk 2 and The Alters are scheduled for release in 2026.

• Moonlighter 2 full release, including new platforms, is planned for 2026.

• Several unannounced projects are moving into full production, with a robust pipeline through 2031.

• No significant CapEx increases expected in 2026–2027; spending will be reallocated among projects.