CD Projekt Q3 revenue down 49% as Witcher 4 development enters full swing

Polish developer CD Projekt released its financials for the third quarter of 2024-2025’s fiscal year, which concluded on September 30, 2024. The studio had strong numbers in the first half of the year, but there were dips in revenue for both the third quarter and the larger fiscal year thus far.

CDP made 227.5 million PLN (or $55.2 million) in sales revenue for the third quarter, down 49 percent from the 442.6 million PLN during 2023-2024’s third quarter. Net profit also fell to 78.1 million PLN this quarter, a drop of 61.4 percent from the same timeframe last year.

Revenue for the first three quarters of 2024-2025 (January 1, 2024-September 30, 2024) was 652.3 million PLN, a 15 percent decline compared to last year’s three-quarter figure (767.6 million PLN).

Profit and losses for CD Projekt’s 2024-2025 third quarter.

Despite those decreases, CDP CFO Piotr Nielubowicz called this recent quarter “very strong.” Cyberpunk 2077 and its 2023 expansion Phantom Liberty were praised for selling 30 million copies and 8 million copies (respectively) by quarter’s end. Both titles, and 2015’s The Witcher 3, have been continuously touted as big drivers for CDP’s revenue and sales.

Alongside these “impressive figures” for Cyberpunk, CDP CEO Michal Nowakowski reaffirmed the game’s release on Mac in 2025.

All eyes on The Witcher 4

Earlier this year, CD Projekt Red began pre-production on The Witcher 4, currently codenamed ‘Polaris.’ According to Nowakowski, the studio is now in full production on the title, which will be developed in Unreal Engine 5 and is intended as the start of a new series of games.

Out of CDPR’s 650 developers, 400 workers are currently devoted to Polaris, as of Halloween 2024. 64 staffers are handling ‘Orion’ (Cyberpunk’s sequel), and 42 employees are on ‘Sirius,’ a multiplayer Witcher spinoff from The Molasses Flood. Last year, the studio restarted development on the project after it laid off nearly 30 developers.

CD Projekt’s full financials for 2024-2025’s third quarter can be read here.

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