In 2024, 11 bit studios S.A. generated revenue of PLN 140.54 million, representing a 168.9% increase year on year and marking the highest sales in the Company’s history. Net profit, despite several adverse one-off items, came in at PLN 6.90 million. At year-end, the Company’s cash position (cash and bank deposits) exceeded PLN 70 million.
The sharp increase in 11 bit studios’ revenue in 2024 was primarily driven by new game releases during the period, led by Frostpunk 2.
“By the end of December, we sold 592,000 copies of the game, generating revenue of PLN 69.73 million,” said Przemysław Marszał, President of the Management Board of the Company.
Meanwhile, legacy titles such as Frostpunk and This War of Mine also continued to perform strongly. Both titles accounted for a total of PLN 35.75 million in revenue, up 13.7% than in 2023.
“This clearly demonstrates that 11 bit studios creates outstanding games with extended lifespans,” commented Marszał.
He also noted that the Company’s publishing division released a further three titles in 2024.
“The titles developed by our external partner studios represented 26% of the Company’s revenue in the period, or PLN 36.54 million.”
Unfortunately, the Company’s strong sales growth did not translate into a corresponding increase in margins. In 2024, the Company recorded an operating loss of approximately PLN 2.84 million, while net profit totalled PLN 6.90 million, reflecting the recognition of a deferred tax asset.
“We hoped for significantly more, but in December we made the decision to discontinue the development of a game codenamed Project 8, which led to a non-cash impairment loss of PLN 48.42 million,” explained Marszał.
A deteriorating market environment for the title’s genre, extended production timelines, and escalating costs reduced the likelihood of achieving a positive return on investment to zero. Similarly, non-cash impairment losses were recognised on The Thaumaturge and Creatures of Ava, both released by the Company’s publishing division.
“The two titles launched in 2024 but failed to resonate with gamers – unlike INDIKA, which began generating returns shortly after release,” confirmed Marszał.
The said impairment losses totalled PLN 18.34 million. In aggregate, these one-off items adversely affected the Company’s net profit by approximately PLN 67.4 million. It is also worth noting a positive contribution to the 2024 results from a multi-million-złoty reversal of provisions related to the 2021–2025 Incentive Scheme. Additionally, the switch to a declining balance amortisation method for Frostpunk 2 led to an amortisation charge on this title of more than PLN 12.5 million in 2024. If the Company had continued to apply the straight-line method, the amortisation cost of Frostpunk 2 in 2024 would have been just over PLN 3 million.
“Certainly, 2024 was a year marked by hard work, significant challenges, and tough business decisions for us. It was also a year of achievements that we are proud of. We experienced failures as well, which we are confident we have learned from. We are entering a new year that we firmly believe will bring notable improvements in both our operational and financial performance,” reflected Marszał.
He also confirmed that the Company is continuing intensive development work on Frostpunk 2.
“We have barely begun monetising this title. We hope that upcoming DLCs, including new gameplay features, will improve the ratings Frostpunk 2 has received from players,” he noted.
He added that the console version of the game is slated for release in the coming months.
“We are also actively preparing for the scheduled 13 June 2025 release of The Alters, developed by our in-house teams. We have strong confidence in this title, which is strategically very important to us,” acknowledged Marszał.
The marketing campaign for The Alters is just getting underway.
“We are pleased that more and more gamers are recognising the originality of this title, reminiscent of the uniqueness that made This War of Mine, our first global bestseller, stand out,” he said.
In 2025, 11 bit studios’ publishing division will also release two additional titles: the Spanish-developed Moonlighter 2, a sequel to the Company’s most successful third-party title to date, scheduled for launch in the summer; and the Danish-developed Death Howl.
“The latter aligns well with our refreshed publishing strategy, the details of which are still being finalised,” concluded Marszał.
In his view, the gaming industry is undergoing rapid transformation.
“As a developer and publisher, we intend to diversify both the scale of our projects and their development timelines. This also means capitalising on near-term, financially attractive opportunities. This underlies our decision to initiate production on the next project set in the Frostpunk universe, which we plan to launch as early as 2027. In parallel, we have commenced development on a larger-scale title, targeted for release in 2029,” he announced.
He also noted that the Company has concepts for further proprietary games, with development slated to begin in the near future.
“We can confidently outline our future plans. While our 2024 results – affected by non-cash charges – fell short of expectations, both our own and likely those of shareholders and investors, the Company’s financial condition remains strong. Moreover, we are confident that, despite substantial outlays on new proprietary and third-party games, our cash position at the end of 2025 will be significantly stronger than it was a year earlier,” concluded Marszał.