11 Bit Studios (11B) Q2 2025 earnings summary

Executive summary

• First half 2025 revenue reached PLN 58 million, a 90% year-over-year increase, driven by The Alters and strong back-catalogue and Game Pass revenues.

• Operating profit was PLN 18.07 million with a margin just over 30%, reversing a prior operating loss.

• EBITDA totaled PLN 29.02 million (about 50% margin); net profit was PLN 8.5 million, reversing a prior loss.

• The Alters sold over 280,000 copies by early July 2025 and received high critical acclaim.

• Strategic vision centers on new in-house games, long-term platform games, and publishing.

Financial highlights

• Current assets at end of June: PLN 88 million; cash and equivalents: PLN 52 million (PLN 74 million at end of July).

• Liabilities: PLN 27 million; equity: PLN 238 million, with statutory reserve funds at PLN 185 million.

• 80% of revenue in USD, 15% in EUR; over PLN 8 million in FX losses due to USD/PLN rate.

• Wages and salaries decreased 42% year-over-year, mainly due to lower bonus reserves.

• Depreciation and amortisation rose 275% to PLN 10.95 million due to new launches and amortisation method change.

Outlook and guidance

• Management expects 2025 revenue and net profit to exceed 2024, but notes FX headwinds.

• Near-term results will be driven by monetisation of Frostpunk 2, The Alters, and new publishing titles.

• Console release of Frostpunk 2 and new DLCs are expected to boost revenue in H2 2025.

• New internal projects (P12, P13) in prototyping/design; P14 to start this year, P15 next year.

• At least two new publishing titles to be announced in 2025; one may launch in 2026.