Polish video game developer 11 bit studios reported a net loss of PLN 1 million for the first half of 2026, a decline from a PLN 8.5 million profit in the same period last year, as revenue fell 21% to PLN 45 million.
Operating expenses increased 25% to PLN 50 million, driven by a 83% rise in depreciation and amortization to PLN 20 million. External services costs remained nearly flat at PLN 19 million, while staff costs rose 3.9% to PLN 8 million. Operating profit turned negative at PLN -4.3 million, compared with PLN 18.1 million a year earlier. EBITDA declined 45% to PLN 50.7 million.
Second-quarter results showed a similar trend, with revenue down 36% to PLN 25 million and operating profit falling 94.1% to PLN 1.2 million. Net profit dropped 87% to PLN 1.8 million. The company’s stock was trading at $131.30, down 0.53% on the day, roughly 2.9% above its 52-week low of $127.20 and 35.2% below its peak of $202.40.
Management attributed the weaker performance to a transitional year, noting high comparative bases from 2025. CEO Przemek highlighted the company’s focus on shorter, more intense marketing campaigns and a five-year strategic outlook. Development lead Marek emphasized confidence in ongoing projects, including The Alters, which has sold over 600,000 copies since its June 2025 launch.
Key titles continued to drive engagement, with Frostpunk 2 surpassing 1 million copies sold and Moonlighter 2 set for a full 1.0 release on consoles in September 2026. The company also announced Trainwatch in August 2026 and plans to release the third and final DLC for Frostpunk 2 by year-end. Longer-term projects include Frostpunk 1886, a rebuild of the original game on Unreal Engine, slated for 2027–2028.
11 bit studios’ development teams are distributed across multiple projects, with Frostpunk 2 and The Alters accounting for the largest headcounts at 48 and 41 staff, respectively.
