Profil:
11 bit studios SA11 bit studios sports PLN 2.2 mln EBITDA and PLN 6.4 mln net loss in Q1, below consensus
Listed video games developer 11 bit studios had an EBITDA profit of PLN 2.2 million (EUR 517,660) and a net loss of PLN 6.2 million (EUR 1.46 mln) in the first quarter of 2025, the games developer said in a report. PAP Biznes's consensus was for an EBITDA result of PLN 4.8 million (EUR 1.13 mln) and a net loss of PLN 0.9 million (EUR 211,770).
The company's revenue turned out to be 1 percent higher than the PAP Biznes consensus and amounted to PLN 17.5 million (EUR 4.12 mln). The company also recorded an operating loss of PLN 2.4 million (EUR 564,700), with analysts surveyed by PAP Biznes expecting an EBIT of PLN 100,000 (EUR 23,530).
As stated in the press release, the recorded net loss was significantly influenced by depreciation, which was several times higher than the previous year, as well as non-cash foreign exchange differences of as much as PLN 4.25 million (EUR 1 mln). It was indicated that these resulted from the revaluation of the company's monetary assets, which are denominated in foreign currencies, mainly USD.
At the end of March, the company's accounts held nearly PLN 69.5 million (EUR 16.4 mln) in cash and cash equivalents, 6.18 percent more than at the end of 2024.
In the area of proprietary games, 11 bit studios focused on the development of Frostpunk 2 in the first quarter of 2025, which resulted, among other things, in Patch 1.3 to be released on 8 May, which addressed some of the comments submitted to the game by fans, which should translate positively into sales of the game in the long term.
As added, the development team also continued to work on the creation of a console version of Frostpunk 2 and paid add-ons for the game, which will debut in subsequent quarters and which are also expected to extend the game's monetisation.
As added in the market filing in the first quarter, the company was finalising work on the game The Alters, which is scheduled to debut on June 13. The title will be simultaneously offered for PC and Xbox X/S and PS5 consoles. It will also be available, on launch day, on the Game Pass subscription service run by Microsoft.
"The last few months have been dedicated to making a number of fixes and improvements to the game that address all the shortcomings reported by both internal and external testers. It can be said that The Alters will be the best tested game in the history of 11 bit studios," said the company's CEO Przemyslaw Marszal, quoted in the market filing.
It was pointed out that at the same time, the company was intensifying the marketing campaign for The Alters to further increase interest in the title.
The game is currently ranked 35th on the Steam wishlist, which is the second best result in the company's history.
mcb/ han/
