11 Bit Studios (11B) investor relations material

Executive summary

• Q1 2026 revenue increased by 13.1% year-over-year to PLN 19.8 million, led by Death Howl's console release and strong performance from proprietary and publishing titles.

• Crop achieved over 120,000 Steam wishlists in 14 days, setting a company record for new title interest.

• The quarter emphasized expanding digital platform availability, supporting post-release content, and optimizing monetization of the IP portfolio.

• Internal development focused on long-term value, with new DLCs and advanced work on Frostpunk 1886 and several unannounced projects.

• Multiple internal and external projects are in development, with a robust pipeline extending through 2031.

Financial highlights

• Q1 2026 revenue was PLN 19.8 million, up 13.1% year-over-year; EBITDA rose to PLN 5.9 million, and net loss narrowed to PLN 2.78 million.

• Operating loss was PLN 5.5 million; total operating expenses increased 20.5% to PLN 25.3 million.

• Depreciation and amortization rose sharply, impacting gross margin (PLN 11.4 million vs. PLN 4.6 million year-over-year).

• Cash and cash equivalents at quarter-end were PLN 52.5 million; total assets stood at PLN 262.9 million.

• External services cost PLN 8.6 million, including PLN 3.6 million in royalties; staff cost was PLN 4 million.

Outlook and guidance

• Major DLCs for Frostpunk 2 and The Alters are scheduled for release in 2026, with Moonlighter 2 full release planned for the second half of the year.

• Pipeline includes Frostpunk 1886, Crop, and several unannounced projects through 2031.

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

• Management highlights exchange rate risk, particularly PLN/USD, as a key factor for future profitability.