11 Bit Studios (11B) Q3 2024 earnings summary

Executive summary

• Achieved record-breaking revenue, operating profit, and net profit for the nine months ended 30 September 2024, surpassing previous full-year highs from 2020.

• Revenue reached PLN 106.7 million, up 211.1% year-over-year; Q3 alone contributed nearly PLN 76 million, a sevenfold increase.

• Operating profit was PLN 53.1 million and net profit PLN 47.5 million, representing a 3,420.1% year-over-year increase.

• Frostpunk 2 launch was the main driver, with 441,000 copies sold by quarter-end and 511,000 by report issue date.

• Publishing segment contributed 26% of total revenue, with notable releases including The Thaumaturge, INDIKA, and Creatures of Ava.

Financial highlights

• Revenue: PLN 106.7 million (up 211.1% year-over-year).

• Operating profit: PLN 53.1 million (vs. loss of PLN 1.7 million last year).

• EBITDA: PLN 58.0 million (vs. PLN 1.7 million last year).

• Net profit: PLN 47.5 million (up 3,420.1% year-over-year).

• Net cash from operating activities: PLN 27.3 million.

Outlook and guidance

• Focus on enhancing Frostpunk 2 gameplay and releasing additional paid DLCs to maximize monetization.

• The Alters scheduled for release in Q1 2025, expected to be a major financial driver.

• Ongoing reassessment of publishing strategy due to mixed performance of recent titles.

• Upcoming releases include console versions of The Thaumaturge and new DLC for This War of Mine.