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11 Bit Studios (11B) investor relations material
11 Bit Studios Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Revenue for the nine months ended 30 September 2025 was PLN 101.3 million, down 5% year-over-year, driven by the launch of The Alters and strong catalogue sales, despite a record 2024 comparison.
The Alters launched in June 2025, selling 405,000 copies by mid-November, and Frostpunk 2 console version released in September 2025.
Publishing division contributed with new releases and monetisation of prior titles, including The Invincible, The Thaumaturge, and INDIKA.
Strategic focus shifted to monetising recent releases, optimising development processes, and building a robust long-term pipeline.
Financial highlights
Net profit for the nine months was PLN 21.97 million, down from PLN 47.55 million year-over-year.
EBITDA was PLN 30.59 million, a significant decrease from PLN 53.08 million in the prior year.
Operating profit fell to PLN 25.21 million from PLN 53.72 million year-over-year.
Depreciation and amortisation rose sharply to PLN 24.08 million, mainly due to new game launches and a change in amortisation method.
Cash and cash equivalents at period end were PLN 71.2 million, up from PLN 65.5 million at year-end 2024.
Outlook and guidance
Fourth quarter expected to be strong, with major releases including Moonlighter 2: The Endless Vault (Early Access) and Death Howl.
Additional revenue anticipated from Frostpunk 2: Fractured Utopias DLC and a major content update for The Alters.
Management expects continued catalogue monetisation and positive impact from year-end promotional activities.
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Next 11 Bit Studios earnings date
Q4 202515 Apr, 2026
Next 11 Bit Studios earnings date
Q4 202515 Apr, 2026
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Frequently asked questions
11 bit studios S.A. develops and sells video games worldwide, regardless of platform or gaming device. The company was founded in 2009 by Grzegorz Miechowski and Michal Rudzinski, together with Jakub Dvorski and Oskar Burliga, who serve as the editor and lead programmer today. After successfully developing several cult-classics: Anomaly Warzone Earth (2011), Anomaly Defenders (2014) and This War of Mine (2014), 11 bit studios is currently preparing for its next major title - Frostpunk.
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