11 Bit Studios (11B) Q4 2024 earnings summary

Executive summary

• Revenue reached PLN 140.5 million in 2024, a 168.9% year-over-year increase, driven by the launch of Frostpunk 2 and strong legacy title sales.

• Operating loss of PLN 2.84 million and net profit of PLN 6.9 million, impacted by one-off impairment losses totaling PLN 67.4 million.

• Publishing division contributed 26% of total revenue, with three new third-party titles released.

• Discontinuation of Project 8 and impairments on The Thaumaturge and Creatures of Ava significantly affected results.

• Cash position strengthened, with cash and equivalents at PLN 65.5 million at year-end.

Financial highlights

• Revenue: PLN 140.5 million (up 168.9% year-over-year).

• Operating loss: PLN 2.84 million (vs. operating profit of PLN 7.6 million in 2023).

• Net profit: PLN 6.9 million (vs. PLN 0.53 million in 2023).

• EBITDA: PLN 17.0 million (up from PLN 11.8 million in 2023).

• Cash and equivalents: PLN 65.5 million (up 74% year-over-year).

• Total assets: PLN 262.3 million; equity: PLN 229.9 million.

Outlook and guidance

• Console release of Frostpunk 2 and new DLCs expected in 2025.

• The Alters scheduled for release on 13 June 2025, with high strategic importance.

• Two additional publishing titles (Moonlighter 2 and Death Howl) planned for 2025.

• New Frostpunk universe project in development for 2027; larger-scale proprietary title targeted for 2029.

• Cash position expected to further strengthen by end of 2025.