11 Bit Studios (11B) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of PLN 142 million in FY 2025, driven by successful launches, new releases, and strong back-catalog performance.

• Major releases included The Alters, Frostpunk 2, and Moonlighter 2 early access, all receiving strong player and critical reception.

• Expanded portfolio with new internal and publishing projects, supporting long-term growth and strategic focus on new games, games as a platform, and XDEV publishing.

• Ongoing production discipline and operational changes to improve efficiency, scalability, and project management.

Financial highlights

• Operating profit reached PLN 21.9 million for the year, rebounding from a prior year loss.

• Net profit totaled PLN 7 million, with strong EBITDA and robust cash reserves.

• Amortization increased to PLN 40 million for Frostpunk 2 and The Alters to better match sales curves.

• Finance costs of PLN 8.6 million, mainly due to exchange differences from USD exposure.

• XDEV titles contributed 23% of total sales revenue.

Outlook and guidance

• Multiple new projects in development, including new IPs and Frostpunk universe expansion, with a diversified release pipeline through 2031.

• Upcoming releases: Moonlighter 2 (2026), Crop (2027), Frostpunk 1886 (2027/2028), and several new IPs.

• Focus on long-term monetization with ongoing DLC and support for The Alters and Frostpunk 2.

• Continued investment in production process improvements and team scalability.