11 bit studios posts net profit of PLN 48 mln in Q3, above market expectations

The company reported an operating profit of PLN 58.4 million (EUR 13.5 mln) in the third quarter, compared to a loss of PLN 2.3 million (EUR 531k) in the same period in 2023. The market had expected a PLN 41.4 million (EUR 9.6 mln) profit.

The company's revenue, on the other hand, came in at nearly PLN 75.9 million (EUR 17.6 mln), slightly higher than the consensus expectation of PLN 64.6 million (EUR 15 mln).

In the first three quarters of the year, the company recorded nearly PLN 106.7 million (EUR 24.7 mln) in sales revenue, compared to PLN 34.4 million (EUR 7.96 mln) a year earlier.

The YTD operating profit was PLN 53 million (EUR 12.3 mln) and net profit was around PLN 47.5 million (EUR 11 mln). A year ago, the company had a nearly PLN 1.7 million (EUR 393k) operating loss and PLN 1.35 million (EUR 312k) net profit.

The company said that the 211.1 percent year-on-year increase in sales revenue in the first three months of the year a result of the release of 'Frostpunk 2' on September 20, 2024 for PC.

"Crucial for 11 bit studios’ YTD results was, of course, the release of ‘Frostpunk 2’ on September 20, 2024 (PC version).

"By the end of the period, the company had sold 441,000 copies of the game (net, taking into account returns) with as many as 53.7 percent of fans opting for the Deluxe version, from which part of the revenue will be recognised over time (along with the release of further paid add-ons that this version contains)," they wrote.

"By the date of publication of this report, sales increased to 511,000 units. (48.7 percent Deluxe version)," they added.

As indicated, close to 25 percent of ‘Frostpunk 2’ buyers (up to September 30) were from China (this figure is currently 24.2 percent).

18.2 percent of ‘Frostpunk 2’ copies went to players from the United States (18.5 percent now) and 7.1 percent to fans from Germany (currently 7.2 percent). For Poland, the rates in both cases were 2.9 percent each.

han/ gaw/