11 bit studios has shared its financial results for the first quarter ended March 31, 2024. Despite posting losses, the Polish publisher remains confident in its pipeline of upcoming releases.

11 bit studios reports net loss of $406k in Q1, says INDIKA met expectations


  • According to its latest report, 11 bit studios reached PLN 15.33 million ($3.9 million) in revenue in the first quarter, up 3.8% year-over-year.
  • Operating loss was PLN 1.03 million ($261k), while its net loss reached PLN 1.6 million ($406k) — compared to a net profit of PLN 2.85 million ($723k) in the same period last year.
  • According to Bankier.pl, the PAP Biznes consensus forecasted a net revenue of PLN 13.5 million ($3.4 million) and net profit of PLN 1.2 million ($304k) for the period. So the company performed slightly below expectations.
  • Sales of published games accounted for 48% of the quarterly revenue. The main drivers among third-party releases were The Invincible and The Thaumaturge.
  • “Although the sales of both games during their launch periods were slightly below our expectations, we are pleased to note that fans are responding well to the initial price promotions,” 11 bit CEO Przemysław Marszał said in a statement. “This should have a positive impact on long-term sales over the coming years.”
  • The company noted that Indika, Odd Meter’s folk horror adventure game launched in May 2024, “met expectations.” Marszał added that investment in the project was relatively small, but “has already more than paid off.”
  • 11 bit studios expects its first-party titles, Frostpunk 2 and The Alters, to be the main revenue drivers in the current fiscal. They will also be available on Game Pass on day one.
  • Frostpunk 2 is also the company’s first game available for pre-orders, and this decision “has proven to be overwhelmingly positive.” It is now also the third most wishlisted title on Steam, while The Alters ranks 70th on the list.
  • For the next fiscal year, 11 bit studio has several games in its pipeline, including Project 8 (first-party title) and Botin (codename for the new title from Moonlighter developer Digital Sun).

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