11 Bit Studios (11B) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2025 was PLN 101.3 million, down 5% year-over-year, driven by the launch of The Alters and strong catalogue sales, despite a record 2024 comparison.

• The Alters launched in June 2025, selling 405,000 copies by mid-November, and Frostpunk 2 console version released in September 2025.

• Publishing division contributed with new releases and monetisation of prior titles, including The Invincible, The Thaumaturge, and INDIKA.

• Strategic focus shifted to monetising recent releases, optimising development processes, and building a robust long-term pipeline.

Financial highlights

• Net profit for the nine months was PLN 21.97 million, down from PLN 47.55 million year-over-year.

• EBITDA was PLN 30.59 million, a significant decrease from PLN 53.08 million in the prior year.

• Operating profit fell to PLN 25.21 million from PLN 53.72 million year-over-year.

• Depreciation and amortisation rose sharply to PLN 24.08 million, mainly due to new game launches and a change in amortisation method.

• Cash and cash equivalents at period end were PLN 71.2 million, up from PLN 65.5 million at year-end 2024.

Outlook and guidance

• Fourth quarter expected to be strong, with major releases including Moonlighter 2: The Endless Vault (Early Access) and Death Howl.

• Additional revenue anticipated from Frostpunk 2: Fractured Utopias DLC and a major content update for The Alters.

• Management expects continued catalogue monetisation and positive impact from year-end promotional activities.