Frostpunk 2 nears 600,000 sales after ‘tough’ year for developer 11 Bit Studios

Frostpunk 2 sold 592,000 units as of December 2024 to generate PLN 69.73 million ($18.5 million) in revenue for developer 11 Bit Studios.

As noted in the company’s fiscal report for the year ended December 31, 2024, the studio saw annual revenue increase by 168.9 percent year-over-year to PLN 140.54 million ($37.3 million) after delivering record-breaking annual sales.

That revenue surge was primarily driven by new releases and the launch of Frostpunk 2, but the studio noted that legacy titles such as Frostpunk and This War of Mine also performed “strongly.”

Games developed by external partners and published by 11 Bit represented 26 percent of the company’s annual revenue.

Despite achieving significant sales milestones, 11 Bit acknowledged that 2024 was a “tough” year containing “significant challenges.”

For instance, that sales growth didn’t translate into a corresponding increase in margins and the company recorded an operating loss of roughly PLN 2.84 million ($753,000) in 2024. Net profit totalled PLN 6.90 million ($1.8 million), reflecting the recognition of a deferred tax asset.

“We hoped for significantly more, but in December we made the decision to discontinue the development of a game codenamed Project 8, which led to a non-cash impairment loss of PLN 48.42 million,” said Przemysław Marszał, president of the management board at 11 Bit.

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11 Bit planning to launch another Frostpunk project in 2027

The cancellation of Project 8, billed as a narrative-driven console title, resulted in layoffs at the studio.

11 Bit said the title was scrapped due to “a deteriorating market environment for the title’s genre, extended production timelines, and escalating costs reduced the likelihood of achieving a positive return on investment to zero.”

The company also recognised non-cash impairment losses on The Thaumaturge and Creatures of Ava, both of which were released through its publishing division.

“Certainly, 2024 was a year marked by hard work, significant challenges, and tough business decisions for us. It was also a year of achievements that we are proud of. We experienced failures as well, which we are confident we have learned from,” continued Marszał.

“We are entering a new year that we firmly believe will bring notable improvements in both our operational and financial performance.”

Looking ahead, Marszał said the company must diversify the scale of its projects and their development timelines to thrive in an industry “undergoing rapid transformation.” He claimed that means capitalizing on financially attractive opportunities.

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With that in mind, the company has already initiated production on another project set in the Frostpunk universe, which it plans to launch in 2027. Another “larger-scale title” has been greenlit for release in 2029.

“We can confidently outline our future plans. While our 2024 results—affected by non-cash charges—fell short of expectations, both our own and likely those of shareholders and investors, the Company’s financial condition remains strong,” added Marszał.

“Moreover, we are confident that, despite substantial outlays on new proprietary and third-party games, our cash position at the end of 2025 will be significantly stronger than it was a year earlier.”

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