11 Bit Studios (11B) Investor Update summary

Operational highlights

• Released five games and 18 major updates across all platforms, earning 34 award nominations and 12 wins, including a Game Award for Best Strategy Game for Frostpunk 2.

• Achieved strong engagement with players and reviewers, with high user and critic scores and effective marketing outreach.

• Expanded team, promoted nearly 200 employees, and maintained a low 6% voluntary turnover rate, reflecting organizational stability.

• Supported social initiatives, including summer camps for Ukrainian children and significant charity fundraising.

Financial performance

• 2024 was a record year with PLN 140 million in revenue, nearly 2.7 times higher than 2023, but operating expenses of PLN 143 million led to an operating loss of PLN 2.8 million.

• Net profit for the year was PLN 6.9 million after accounting for financial items and tax effects.

• Strong liquidity with PLN 70 million in cash and equivalents, total assets of PLN 261 million, and equity of PLN 229 million.

• Frostpunk 2 contributed 50% of 2024 revenue (PLN 70 million), while the original Frostpunk generated PLN 28 million, exceeding its prior year sales.

• Significant non-cash charges included PLN 48 million for Project 8 closure and PLN 18 million in impairments for The Thaumaturge and Creatures of Avalon.

Strategic and product roadmap

• Introduced a new three-pillar strategy: new games from internal development, platform games (long-term supported titles), and external development (publishing).

• Announced Frostpunk 1886 as the first platform game, a reimagining of Frostpunk 1 in Unreal Engine with new content, mod support, and planned for 2027.

• Frostpunk IP will now have two parallel paths: Frostpunk 1886 (city builder/society survival) and Frostpunk 2 (grand strategy/society survival).

• The Alters, a major new internally developed game, launches June 13, 2025, with strong pre-release feedback and high wishlist numbers.

• Moonlighter 2 and Death Howl, both from the publishing division, are set for release in the second half of 2025.