11 Bit Studios (11B) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached PLN 58 million, a 90% year-over-year increase, driven by the launch of The Alters and strong sales of Frostpunk 2 and back catalogue titles.

• Operating profit was PLN 18.07 million, a turnaround from a loss in H1 2024, with a margin just over 30%.

• EBITDA totaled PLN 29.02 million (49.7%–50.69% margin); net profit was PLN 8.5 million (14.5%–14.8% margin).

• Key releases: The Alters (PLN 20m), Frostpunk 2 (PLN 13m), Frostpunk 1 (PLN 8m); The Alters sold over 280,000 units by July 8, 2025.

• Strategic focus on new internal games, long-term platform game development, and publishing expansion.

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; equity ratio at 89.6%.

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

• Operating expenses rose 11.7% year-over-year to PLN 40.34 million, mainly due to higher amortization from new launches.

• Net cash from operating activities was negative at -22.8 thousand PLN, impacted by increased receivables.

Outlook and guidance

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

• Key H2 2025 drivers: Frostpunk 2 console release, new DLCs, launches of Moonlighter 2 and Death Howl.

• Cash balances expected to be higher by year-end; ongoing and planned investments to be self-financed.

• 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.