11 Bit Studios (11B) Q3 2024 earnings summary

Executive summary

• Achieved record sales revenue, operating profit, and net profit in the first nine months of 2024, surpassing previous best year 2020.

• Sales revenue reached 106.7m PLN, up 211% year-over-year; net profit at 47.5m PLN, up 3420% year-over-year.

• Frostpunk 2 PC launch in September 2024 drove results, with 441k copies sold by Q3 end and 511k by report publication.

• Frostpunk 2 accounted for 49% of total revenue; strong performance from publishing segment and back catalogue.

• Focus for coming quarters: improving Frostpunk 2, launching The Alters in Q1 2025, and refining publishing strategy.

Financial highlights

• Revenue: 106.7m PLN for Jan–Sep 2024 (211% YoY growth); Q3 revenue 75.9m PLN (up 699% YoY).

• Operating profit: 53.1m PLN vs. 1.7m PLN loss YoY; EBITDA: 58.0m PLN vs. 1.7m PLN YoY.

• Net profit: 47.5m PLN (44.6% margin) vs. 1.4m PLN YoY.

• Cash flow from operations: 27.3m PLN; net cash at period end: 35.9m PLN.

• Publishing segment contributed 26% of revenue (27.6m PLN); Frostpunk 2 sales 52.3m PLN.

Outlook and guidance

• Key driver for Q4 and early 2025: continued Frostpunk 2 sales, including console versions and DLC.

• The Alters PC/console launch set for Q1 2025, expected to significantly impact future results.

• Ongoing monetization of back catalogue and new publishing titles (e.g., The Thaumaturge, INDIKA, Creatures of Ava).

• Company to present updated strategy post-The Alters launch.