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11 Bit Studios
11 Bit Studios (11B) investor relations material
11 Bit Studios Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary27 Aug, 2026
Executive summary
H1 2026 marked by strategic reorganization, expansion beyond games, and a shift to a diversified portfolio of long-lived entertainment assets, with strong monetization of existing IPs and scaling of new projects.
Over 1 million copies of Frostpunk 2 and 656,000 copies of The Alters sold; strong back-catalogue and new DLCs drove engagement and revenue.
Key contributors to revenue included Frostpunk 2, Death Howl, and The Alters, with robust promotional activities at Gamescom and new publishing partnerships.
Net loss for H1 2026 was PLN 1.0m, compared to a net profit of PLN 8.5m in H1 2025.
EBITDA for H1 2026 was PLN 4.3m, a significant drop from PLN 15.7m in H1 2025.
Financial highlights
H1 2026 revenue was PLN 45.1m, down 21.3% year-over-year; Q2 revenue was PLN 25.3m, down 36.3%.
Operating expenses in H1 rose 25.6% to PLN 50m, mainly due to higher depreciation and amortization costs.
H1 operating loss was PLN 4.3m (vs. PLN 18.1m profit prior year); net profit for H1 was PLN -1m (vs. PLN 8.5m prior year).
EBITDA for H1 2026 was PLN 4.3m, down from PLN 15.7m in H1 2025.
Revenue normalization reflects high base from The Alters' 2025 launch and strong back-catalogue monetization.
Outlook and guidance
Focus on long-term support for Frostpunk 2, with a third DLC planned for release by end of 2026.
Multiple internal projects (P12, P13, P14, P15) progressing from pre-production to full production, with major releases scheduled through 2031.
Moonlighter 2 full release set for September 2, 2026; Crop and Trainwatch targeted for 2027.
The Alters to receive continued post-launch monetization and updates.
No atypical seasonality or cyclicality observed; management expects stable operations.
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Latest events from 11 Bit Studios
- Record revenue, new three-pillar strategy, and strong 2025 profit outlook highlighted.11B
Investor Update - Q1 2026 revenue up 13.1%, net loss narrowed, and major DLCs and new projects ahead.11BQ1 2026
- Record revenue and operating profit in FY 2025, with major new releases and a strong future pipeline.11BQ4 2025
- Record-breaking profit and revenue surge, led by Frostpunk 2 and strong publishing results.11BQ3 2024
- Revenue and profit declined year-over-year, but major new releases and DLCs are set to drive Q4 growth.11BQ3 2025
- Revenue up 90% to PLN 58m in H1 2025; net profit PLN 8.5m; strong new releases.11BQ2 2025
- Revenue up 24% but higher costs led to a net loss; major game launches expected to drive growth.11BQ2 2024
- Record revenue growth driven by Frostpunk 2 offset by major one-off impairment losses.11BQ4 2024
- Revenue up 14.2%, but higher costs and FX losses led to a net loss; major releases ahead.11BQ1 2025
Next 11 Bit Studios earnings date
Q3 202625 Nov, 2026
11 Bit Studios
Next 11 Bit Studios earnings date
Q3 202625 Nov, 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.