Carbon Studio

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.

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

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

• VR game development
• Extended reality services
• XR enterprise solutions
• Virtual reality gaming
• Mixed Reality applications

Headquarters

HQ city

Gliwice

HQ country

Poland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations

Revenue model

1. 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.
2. 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).
3. 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.
4. 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.
5. 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

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core 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

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability9 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Vivid GamescoreStrategic or Co-development Partner · 17 February 2026Partnership 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.
• TechGliwiceminorStrategic or Co-development Partner · 29 January 2026Membership in TechGliwice technology community at Gliwice Technopark. Co-founder Aleksander Caban sharing AI-driven game prototyping expertise through knowledge-sharing initiatives.
• Meta PlatformscoreStrategic or Co-development Partner · 20 September 2024Strategic 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 GamescoreChannel Partner/ Reseller/ Distributor · 21 December 2022Publishing 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 WorkshopcoreStrategic or Co-development PartnerLicensing partner for Warhammer Age of Sigmar: Tempestfall, one of Carbon Studio's major titles featuring the Warhammer IP.
• Klabater (formerly CDP)minorChannel Partner/ Reseller/ DistributorOriginal publishing partner for Alice VR, providing production support, distribution, PR, and Polish localization including Krystyna Czubówna narration.
• Sony (PlayStation)coreChannel Partner/ Reseller/ DistributorPlatform partner for PlayStation VR and PSVR2 distribution of The Wizards series, Warhammer Tempestfall, and other titles.
• Valve (Steam)coreChannel Partner/ Reseller/ DistributorPrimary PCVR distribution platform partner for SteamVR releases including The Wizards, Hunt Together, and Crimen.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct 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

• Xx.com/Carbon_VR

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carbon Studio