CI Games (CIG) Q1 2025 earnings summary

Executive summary

• Q1 2025 consolidated revenue was 16.3m PLN, down 25% year-over-year, reflecting the post-launch sales cycle of key titles, especially "Lords of the Fallen" (38% of sales), and the debut of "Tails of Iron 2" (24% of sales).

• EBITDA reached 7.9m PLN (49% margin), net profit was 1.1m PLN (6.8% margin), both lower than Q1 2024 due to lower sales and higher sales costs, but with reduced general admin expenses.

• No new game launches are planned for 2025, with management expecting lower revenues for the year compared to 2024.

• The company secured new credit lines and received significant advances from Epic Games for the next "Lords of the Fallen" installment.

Financial highlights

• Revenue: 16.3m PLN in Q1 2025 vs. 21.8m PLN in Q1 2024 (down 25% year-over-year).

• EBITDA: 7.9m PLN (49% margin) vs. 11.1m PLN (51% margin) in Q1 2024.

• Net profit: 1.1m PLN vs. 37k PLN in Q1 2024.

• Operating cash flow: 16.3m PLN; investing cash flow: -20.4m PLN; financing cash flow: 5.0m PLN.

• Total assets: 242.7m PLN as of 31.03.2025, up 4% from year-end 2024.

Outlook and guidance

• No major game releases planned for 2025; revenue expected to be lower than 2024 due to the cyclical nature of the industry.

• Funding for ongoing operations and game development secured through operational cash flow, new credit lines, and advances from Epic Games.

• Management is considering additional publishing deals or co-financing for future projects.