Carbon Studio
Carbon Studio S.A. is a Poland-based VR/XR game developer publicly listed on the Warsaw Stock Exchange NewConnect (ticker 0RH), shipping 7+ consumer titles on Meta Quest, Steam, PlayStation VR, and Pico, with proprietary AI graphics-optimization technology (MAGOS) and enterprise XR services.
- Company typePublic
- Founded2015
- HeadquartersGliwice, Poland
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What Carbon Studio does
Carbon Studio S.A. is a Poland-based VR and XR game developer founded in 2015 and headquartered in Chorzów (ul. Kościuszki 63) with a production branch at the Gliwice Technopark. The company ships more than seven consumer titles — most prominently The Wizards series (over 200,000 copies sold across versions), Hunt Together, Crimen – Mercenary Tales, Warhammer Age of Sigmar: Tempestfall (under Games Workshop licence), and Mindset — distributed on Meta Quest, Steam, PlayStation VR (PSVR/PSVR2), and Pico. The studio is publicly listed on the Warsaw Stock Exchange NewConnect alternative market under ticker 0RH, with a share capital of PLN 211,355 across 2,113,550 shares following a 2025 G-series issuance. Błażej Szaflik serves as President of the Management Board.
The technical stack is built primarily on Unreal Engine, extended with Unity capability via the April 2024 acquisition of Iron VR S.A. (wholly-owned subsidiary). The company operates three proprietary AI/ML systems: (1) MAGOS, an EU-funded (PLN 4.1M from PARP under the FENG SMART Path programme) “Multiplatform Automatic Genetic Optimisation System” that automatically adapts VR graphics to varied hardware; (2) the GAZE eye-tracking mechanic, deployed commercially in Reach The Clouds on Meta Quest Pro (March 2026); and (3) Home Tips, a Mixed Reality prototype combining spatial computer vision with generative AI for holographic household guidance via hand tracking. Revenue is split across three streams: one-time game sales through storefronts (e.g., Warhammer Age of Sigmar: Tempestfall at $24.99 on Quest 2); professional-service XR contracts for enterprise customers (VR training, virtual showrooms, metaverse spaces, publishing/porting); and co-production/royalty deals — most notably Real Boxing VR: Road to Riyadh (PLN 1.8M net production fee from Vivid Games, fully financed, H1 2027) and the Meta co-development Project Hermes (2026). R&D is partly underwritten by EU and Polish government grants.
In FY2025 Carbon Studio reported net sales of PLN 1.91M, a year-on-year decline from PLN 3.85M in 2024 attributed to absence of new releases. Despite the revenue dip, profitability indicators strengthened: Q3 2025 EBITDA reached PLN 509.6K with net profit of PLN 287.9K; Q1 2026 EBITDA grew 27.8% YoY to PLN 687.5K; and 2025 operating cash flow was positive at PLN 315K. Total assets stood at PLN 10.06M with equity of PLN 4.96M at end-2025. The 30-person team has produced more than seven VR/XR titles, and 600,000+ players have experienced Carbon Studio games worldwide since 2015.
Carbon Studio firmographics
Firmographics- Name
- Carbon Studio
- Legal name
- Carbon Studio S.A.
- Website
- https://carbonstudio.pl
- Company type
- Public
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Carbon Studio S.A. is a Poland-based VR/XR game developer publicly listed on the Warsaw Stock Exchange NewConnect (ticker 0RH), shipping 7+ consumer titles on Meta Quest, Steam, PlayStation VR, and Pico, with proprietary AI graphics-optimization technology (MAGOS) and enterprise XR services.
- Ownership category
- akta.pro rank
Carbon Studio industry classification
Industry- Product category
- VR Game Development
- NAICS
- Software Publishers (5132)
- SIC
- Services-Prepackaged Software (7372)
- akta.pro primary industry
- VR/AR/XR Game Studios (MPAFAAAE)
- akta.pro secondary industries
- Serious Games & Simulation Studios (Training, Defense, Enterprise) (MPAFAAAH), XR/AR/VR/MR Development Frameworks & Toolchains (MPAFAFAF)
Keywords
Where Carbon Studio is headquartered
LocationHeadquarters
- HQ city
- Gliwice
- HQ country
- Poland
- HQ region
- Europe
Offices2 records
Markets served
Carbon Studio business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations
Revenue model
- VR Game Sales: Direct sales of VR games through app stores (Meta Quest, Steam, PlayStation VR, Pico) with one-time purchase model per title. Revenue from established titles like The Wizards series, Hunt Together, Crimen, Warhammer Age of Sigmar: Tempestfall, and Mindset.
- Publishing Partnerships: Revenue-sharing arrangements with publishers like Vertigo Games for The Wizards publishing, and production fees from co-publishing deals like Real Boxing VR with Vivid Games (PLN 1.8M net production fee).
- XR Services for Business: Custom VR/XR/MR and Metaverse solutions development for brands and enterprises, including VR training applications, industrial simulations, virtual showrooms, and branded virtual spaces.
- EU and Government Funding: R&D project funding from PARP (PLN 4.1M MAGOS project) and Institute of Creative Industries (PLN 160K Wild Roads funding). Grants support AI development and game prototyping.
- Subscription Revenue: Inclusion of Hunt Together in Meta Quest+ Library generates subscription-based visibility and potential revenue from October 2024 to March 2025.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Pay-as-you-go | Warhammer Age of Sigmar: Tempestfall on Meta Quest 2 |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels7 records
Carbon Studio product offering
Product offeringCore offering
Carbon Studio develops and publishes Virtual Reality games for consumer platforms (Meta Quest, Steam, PlayStation VR, Pico) with a portfolio of 7+ titles including The Wizards franchise, Hunt Together, Crimen - Mercenary Tales, Warhammer Age of Sigmar: Tempestfall, and Mindset. The studio also delivers custom XR (VR/AR/MR) and Metaverse solutions for enterprises including VR training simulations, virtual showrooms, branded virtual spaces, and VR game porting and publishing services.
Product overview
Carbon Studio is a Polish VR game developer offering a portfolio of consumer VR games and enterprise XR solutions. Consumer games span multiple genres including fantasy magic adventures (The Wizards series), multiplayer PvP (Hunt Together), puzzle (Mindset), licensed IP (Warhammer Age of Sigmar: Tempestfall), and experimental titles. The company also develops XR for Business services including VR training, virtual showrooms, metaverse solutions, and VR publishing support. Key platforms include Meta Quest, Steam, PlayStation VR, and Pico. The studio is listed on Warsaw Stock Exchange NewConnect and is pursuing AI integration through the MAGOS R&D project for VR graphics optimization and the Home Tips Mixed Reality application.
Differentiator
Problem solved
Functional benefit
Products and services
- Alice VR Interactive sci-fi story inspired by Alice in Wonderland, set on an alien planet where reality changes with the protagonist's perception. Features narration by Krystyna Czubówna and was Carbon Studio's first commercial VR game.
- The Wizards Series Fantasy VR action-adventure series featuring intuitive spellcasting based on natural hand gestures. Includes multiple editions and expansions across Meta Quest, Steam, PlayStation VR, and Pico platforms.
- Hunt Together Multiplayer cooperative VR hunting game where players team up as hunters against monsters. Available on Meta Quest and Steam.
- Crimen – Mercenary Tales VR adventure game featuring sword fights, archery, humor, and exploration with a 100-achievement system and difficulty options. Released across Meta Quest, PCVR, PlayStation VR2, and Pico platforms.
- Warhammer Age of Sigmar: Tempestfall Brutal combat VR game set in the Warhammer Age of Sigmar universe, published under Games Workshop license. Available on Meta Quest 2, PCVR, and Viveport platforms.
- Mindset Relaxing VR puzzle game with ambient gameplay designed for stress relief and mental wellness.
- Reach The Clouds VR climbing adventure using eye-tracking as core gameplay mechanic. First game to use gaze-based interaction for growing branches on a tree, exclusively on Meta Quest Pro. Features semi-physical climbing and potential eye training applications.
- Real Boxing VR: Road to Riyadh Boxing VR game developed in collaboration with Vivid Games S.A. Carbon Studio receives a PLN 1.8 million net production fee, fully financed by publisher, with planned release in H1 2027.
- XR for Business Training Applications Custom VR training applications and realistic simulations for industrial processes, addressing needs for immersive employee training solutions and cost-effective remote training across enterprises.
- XR Virtual Showrooms Immersive product presentation virtual spaces for architecture and e-commerce, enabling interactive product visualization for brands.
- Metaverse Solutions Custom virtual worlds, online events, and branded spaces for companies seeking Metaverse experiences for marketing and audience engagement.
- VR Publishing & Porting Services Porting and publishing of VR games on Meta Quest, Steam, and PlayStation VR platforms. Provides VR studios and publishers with multi-platform deployment capabilities and technical expertise.
Quantifiable outcome
- Over 600,000 players worldwide have experienced Carbon Studio VR games
- +4 more outcomes
Companies that use Carbon Studio
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
Carbon Studio technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
AI capability9 records
Feature4 records
Carbon Studio partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- Vivid GamescorePartnership for production and joint release of Real Boxing VR: Road to Riyadh. Carbon Studio receives PLN 1.8M net production fee paid in five tranches, with full financing from Vivid Games. Release planned for first half 2027.
- TechGliwiceminorMembership in TechGliwice technology community at Gliwice Technopark. Co-founder Aleksander Caban sharing AI-driven game prototyping expertise through knowledge-sharing initiatives.
- Meta PlatformscoreStrategic partnership with Meta for Project Hermes - a VR simulation game developed in collaboration with Meta. Meta supports both production and promotion of the title scheduled for release in 2026. Also involved in Quest+ Library inclusion for Hunt Together.
- Vertigo GamescorePublishing partnership for The Wizards – Dark Times: Brotherhood, bringing co-op multiplayer to the popular VR action-adventure series. Vertigo Games is the VR specialist publishing arm of PLAION Group.
- Games WorkshopcoreLicensing partner for Warhammer Age of Sigmar: Tempestfall, one of Carbon Studio's major titles featuring the Warhammer IP.
- Klabater (formerly CDP)minorOriginal publishing partner for Alice VR, providing production support, distribution, PR, and Polish localization including Krystyna Czubówna narration.
- Sony (PlayStation)corePlatform partner for PlayStation VR and PSVR2 distribution of The Wizards series, Warhammer Tempestfall, and other titles.
- Valve (Steam)corePrimary PCVR distribution platform partner for SteamVR releases including The Wizards, Hunt Together, and Crimen.
Scale indicators12 records
Recent moves6 records
Expansion highlights6 records
Carbon Studio competitors and assessment
Company assessmentDirect peers
- Survios: Los Angeles-based VR game developer behind titles like Creed and Walking Dead: Saints & Sinners. Comparable in scale and focus on premium VR experiences with multi-platform distribution.
- Resolution Games: Stockholm-based VR game studio and one of the most prolific developers on Meta Quest, SteamVR, and PlayStation VR. Direct competitor in the same VR game development niche with comparable multi-platform titles and similar work-for-hire/porting services.
- Beat Games: Prague-based VR game studio (Beat Saber) acquired by Meta. Direct competitor with the largest VR rhythm game franchise; relevant as a peer given Meta-owned status and exclusive Quest content publishing advantages.
- Owlchemy Labs: Austin-based VR studio (Vacation Simulator, Job Simulator) acquired by Google. Direct peer in consumer VR games with strong multi-platform presence and comedic/adventure IP similar to Carbon Studio's Wizards franchise.
- Schell Games: Pittsburgh-based VR/AR studio producing consumer VR games alongside enterprise training simulations. Highly comparable dual-track model (consumer games + enterprise XR) with similar Unreal Engine-based production capabilities.
- Fast Travel Games: Swedish VR game studio focused on premium VR titles across Meta Quest, PSVR2, and SteamVR. Direct competitor in the same VR game development category with comparable portfolio of action, adventure, and licensed-IP titles.
- nDreams: UK-based VR game developer and publisher with both consumer titles and enterprise XR solutions. Highly comparable to Carbon Studio's hybrid consumer-games + business-XR model, including VR training applications and multi-platform distribution.
Emerging players
- Maze Theory: UK-based VR/immersive experience studio focused on entertainment IP and storytelling. Comparable as an emerging VR player with similar focus on narrative-driven VR experiences and IP-based productions.
Regional players
- Vivid Games: Polish game developer and publisher (Real Boxing series) that is Carbon Studio's partner for Real Boxing VR: Road to Riyadh. Regional peer in the Polish game development ecosystem with complementary mobile and console gaming expertise.
Broad incumbents
- Vertigo Games: VR-focused publisher and developer (part of PLAION/Koch Media) and Carbon Studio's publishing partner for The Wizards – Dark Times: Brotherhood. Comparable as both a peer and partner, with broader portfolio and stronger publishing infrastructure.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Carbon Studio social profiles
Digital presenceCarbon Studio financial estimates
Financial estimateRevenue estimate
Valuation estimate
Carbon Studio leadership team
Management profileNumber of profiles
Profiles2 records
Carbon Studio subsidiaries and ownership
Company hierarchySubsidiaries1 record
Carbon Studio funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Carbon Studio M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Carbon Studio
What does Carbon Studio do?
Carbon Studio develops and publishes Virtual Reality games for consumer platforms (Meta Quest, Steam, PlayStation VR, Pico) with a portfolio of 7+ titles including The Wizards franchise, Hunt Together, Crimen - Mercenary Tales, Warhammer Age of Sigmar: Tempestfall, and Mindset. The studio also delivers custom XR (VR/AR/MR) and Metaverse solutions for enterprises including VR training simulations, virtual showrooms, branded virtual spaces, and VR game porting and publishing services.
Is Carbon Studio a public or private company?
Carbon Studio is a public company. It is classified as public and is currently operating.
When was Carbon Studio founded?
Carbon Studio was founded in 2015. It employs 11 to 50 people.
Where is Carbon Studio based?
Carbon Studio is headquartered in Gliwice, Poland, in the Europe region.
How does Carbon Studio make money?
Five revenue lines are on record. VR Game Sales are the primary driver. The others are publishing Partnerships, XR Services for Business, EU and Government Funding and subscription Revenue.
Who are Carbon Studio's main competitors?
Direct peers on record are Survios, Resolution Games, Beat Games, Owlchemy Labs, Schell Games, Fast Travel Games and nDreams. Maze Theory is listed as an emerging player. Vivid Games is listed as a regional player. Vertigo Games is listed as a broad incumbent.
Does Carbon Studio have an API?
No public API is recorded for Carbon Studio.
What industry is Carbon Studio in?
Carbon Studio's product category is VR Game Development. Its primary akta.pro industry code is MPAFAAAE, VR/AR/XR Game Studios, with a secondary code of MPAFAAAH, Serious Games & Simulation Studios (Training, Defense, Enterprise). Its NAICS code is 5132 and its SIC code is 7372.