11 Bit Studios (11B) Q2 2026 earnings summary

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.