11 bit studios s.a

What 11 bit studios s.a does

11 bit studios s.a is a Warsaw-headquartered, publicly traded Polish video game developer and publisher (WSE: 11BIT) founded in 2010. The company operates a dual business model: (1) internal development of premium narrative-driven games under its own IP — anchored by the Frostpunk franchise (Frostpunk 2, plus Frostpunk 1886 announced for 2027-2028) and This War of Mine (over 7 million copies sold since 2014), with The Alters launched June 2025 as a major new IP — and (2) a curated publishing division that signs indie studios (Fool's Theory, Digital Sun, Starward Industries, Odd Meter, Carbonara, The Outer Zone, Inverge/Chibig, State of Play, Dead Mage) for tailored deals including QA, localization, marketing, and global distribution.

The technology foundation is Unreal Engine 4 and 5, transitioned from the proprietary Liquid Engine under a custom license agreement with Epic Games covering 10 upcoming projects. Distribution is comprehensive across Steam, Epic Games Store, GOG, PlayStation 5, Xbox Series X|S, Nintendo Switch, Xbox/PC Game Pass (day-one for major titles), Netflix Mobile, and physical retail through Skybound Games. Revenue is generated through one-time game and DLC sales, subscription revenue from Microsoft Game Pass, publishing revenue shares, and limited premium physical editions. The company's "meaningful entertainment" philosophy emphasizes emotionally complex, thematically serious games, a positioning that has earned museum inclusions (MoMA, Imperial War Museum) and inclusion in the Polish national school curriculum.

Financially, FY2025 was a record year at PLN 141 million in revenue, with Q4 2025 contributing PLN 142 million driven by the Frostpunk 2 console launch, The Alters, and legacy title monetization. The company holds PLN 69.5M cash (Q1 2025), has made minority equity investments in Fool's Theory (40%, PLN 2.62M first tranche) and Starward Industries, and trades on the Warsaw Stock Exchange. Its competitive position rests on a distinctive brand, multi-channel distribution, and a growing publishing portfolio — but no proprietary AI/ML capability is disclosed.

Name

11 bit studios s.a

Legal name

11 bit studios s.a

Website

https://11bitstudios.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

251–500 employees

Ownership category

akta.pro rank

Product category

Video Games and Interactive Entertainment

NAICS

Software Publishers (5132)

akta.pro primary industry

Strategy/4X/Management Game Studios (MPAFAAAK)

akta.pro secondary industries

Narrative/Adventure & RPG Game Studios (MPAFAAAL), Full-Service Game Publishers (1st/2nd/3rd-Party Publishing) (MPAFABAA)

Keywords

• Video game development
• Indie game publishing
• Narrative survival games
• City-building strategy games
• Console PC gaming

Headquarters

HQ city

Warsaw

HQ country

Poland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. Direct Game Sales: One-time purchase revenue from PC and console game sales across Steam, Epic Games Store, GOG, PlayStation Store, Xbox Store, and retail physical editions.
2. DLC and Expansion Sales: Paid downloadable content for Frostpunk 2 including Fractured Utopias and Breach of Trust expansions. Legacy titles also generate DLC revenue.
3. Publishing Revenue Share: Publishing third-party indie titles (Moonlighter series, The Thaumaturge, The Invincible, Death Howl, Crop, Creatures of Ava, INDIKA, South of the Circle) in exchange for revenue share from sales.
4. Game Pass / Subscription Revenue: Day-one availability on Xbox Game Pass and PC Game Pass for titles like Frostpunk 2, The Alters, and Creatures of Ava generates subscription revenue from Microsoft.
5. Charity DLC Proceeds: Special charity DLC (e.g., This War of Mine 10th Anniversary 'Forget Celebrations') where all studio proceeds are donated to charitable partners (War Child, Amnesty International, Liberty Ukraine Foundation, Indie Games Poland).
6. Legacy Title Monetization: Long-term monetization of older titles including Frostpunk, This War of Mine, Children of Morta, and Moonlighter through sales, DLC, and bundle deals.

Pricing tiers

Go-to-market motion2 records

Distribution channels8 records

Marketing channels8 records

Core offering

11 bit studios develops and publishes premium narrative-driven video games for PC, PlayStation 5, Xbox Series X|S, and Nintendo Switch, with internal franchises including Frostpunk 2, This War of Mine, The Alters, and the upcoming Frostpunk 1886. The company also operates a curated indie publishing division providing tailored contracts, QA, localization, marketing, and global distribution to external developers such as Digital Sun, Fool's Theory, Starward Industries, Odd Meter, Carbonara Games, The Outer Zone, Inverge, Chibig, State of Play, and Dead Mage.

Product overview

11 bit studios s.a. is a Polish game developer and publisher operating a dual business model combining internal IP development with an external publishing division. Internal development focuses on flagship franchises including Frostpunk 2 (city-building survival sequel), Frostpunk 1886 (reimagining of original), This War of Mine (civilian war survival), and The Alters (sci-fi survival), with additional unannounced projects in development. The publishing division serves as a curated label for premium indie titles including Moonlighter 2: The Endless Vault (action-RPG shopkeeper), Death Howl (soulslike deck-builder), The Thaumaturge (isometric RPG), The Invincible (narrative sci-fi), South of the Circle (Cold War narrative), INDIKA (narrative adventure), and Creatures of Ava (creature-saver adventure). The company also provides publishing services including tailored contracts, focus testing, QA, translations, and marketing support. Founded in Warsaw, the studio is recognized for its 'meaningful entertainment' philosophy and titles that address difficult topics.

Differentiator

Problem solved

Functional benefit

Products and services

• Frostpunk 2 City-building survival sequel set 30 years after the Great Storm. Players serve as Steward guiding New London through ideological conflicts between eight factions including Overseers, Bohemians, Icebloods, Technocrats, Proteans, Legionnaires, Ventures, and Manders. Features expanded urban management, political systems, and emergent narrative. Available on PC, PS5, Xbox Series X|S, and Xbox Game Pass.
• This War of Mine Survival game portraying civilian life during wartime, shifting from action-focused war games to show the struggle of civilians. Has sold over 7 million copies and has been included in Polish school curriculum as supplementary educational material. Available across PC, consoles, and mobile.
• The Alters Sci-fi survival game where Jan Dolski creates alternate versions of himself to survive on a hostile planet. Blends survival, base-building, exploration, and emotional storytelling. Launched across PC, PS5, Xbox Series X|S, and Xbox Game Pass.
• Frostpunk 2: Breach of Trust DLC Paid downloadable content expansion for Frostpunk 2 priced at $12.99, adding new city New Edinburgh with geothermal mechanics, Tremors and Volcano Night shock events, and a Vote of Trust referendum system.
• Frostpunk 2: Fractured Utopias DLC First major paid expansion for Frostpunk 2 adding unique Utopia Trees for eight factions, faction-specific hubs, housing districts, new laws, and over 100 new narrative events.
• Moonlighter 2: The Endless Vault Action-RPG sequel where Will balances shopkeeping with dungeon exploration in dimension-hopping village of Tresna. Developed by Digital Sun and published by 11 bit studios.
• Death Howl Soulslike deck-builder from Danish studio The Outer Zone. Players control Ro, a grieving mother navigating Nordic-inspired spirit realm to reunite with her departed son through grid-based turn combat and open world exploration.
• The Thaumaturge Isometric RPG set in 1905 Warsaw during Russian imperial occupation. Players embody Wiktor Szulski, a thaumaturge who commands salutors (demon entities) to influence characters and engage in turn-based combat. Developed by Fool's Theory, published by 11 bit studios.
• The Invincible First-person narrative adventure based on Stanisław Lem's novel. Players assume role of astrobiologist Yasna searching for missing crew on planet Regis III. Hard sci-fi with retro-futuristic aesthetic. Developed by Starward Industries, published by 11 bit studios.
• South of the Circle Narrative experience featuring cinematic story set in 1960s Cold War. Follows Peter torn between career and love amid military power conflicts. BAFTA-winning studio State of Play developed title with voice cast including Gwilym Lee and Olivia Vinall.
• INDIKA Third-person narrative adventure set in parallel 19th century Russia. Players guide young nun Indika on journey exploring duality of good and evil through exploration and environmental puzzles. Developed by Odd Meter with themes of sin, sorrow, and moral dilemmas.
• Creatures of Ava Action-adventure creature-saver game where players tame creatures to save world from infection called 'the withering.' Co-developed by Inverge and Chibig studios with narrative by Rhianna Pratchett. Available on Xbox and PC Game Pass.
• Children of Morta: Ancient Spirits DLC Paid downloadable content for Children of Morta rogue-lite dungeon crawler, priced at $4.99 on all platforms. The base game has sold over 1 million copies since 2019.
• 11 bit studios Publishing Division Publishing arm offering tailored contracts, production enhancement (focus testing, QA, translations, marketing), premiere management, and production support for external indie developers. Publishes a carefully selected portfolio of premium indie titles annually.
• This War of Mine: Forget Celebrations Charity DLC Special 10th Anniversary charity DLC for This War of Mine where all studio proceeds are donated equally to War Child, Amnesty International, Liberty Ukraine Foundation, and Indie Games Poland.

Quantifiable outcome

• This War of Mine has sold over 7 million copies since 2014.
• +5 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

14 partnerships are on record, tiered minor and core.

• Carbonara Games (Crop publishing)minorStrategic or Co-development Partner · 8 April 2026Carbonara Games' Crop described as 'Stardew Valley meets Twin Peaks' — a farming simulation with Lovecraftian horror elements published by 11 bit studios. Developed by a three-person team. No release date announced.
• Skybound GamescoreChannel Partner/ Reseller/ Distributor · 25 July 2025Partnership with Skybound Games for physical distribution of Frostpunk 2 on PlayStation 5 and Xbox Series X|S. Skybound oversees the production and distribution of the Icebreaker Edition and Whiteout Edition physical console releases, available alongside digital versions on September 18, 2025.
• Carbonara GamesminorStrategic or Co-development Partner · 8 April 2025Three-person indie studio Carbonara Games developed Crop, a horror-infused farming simulator described as 'Stardew Valley meets Twin Peaks'. 11 bit studios serves as the publisher. The game has no announced release date.
• The Outer ZoneminorStrategic or Co-development Partner · 17 January 2025Three-person Copenhagen-based studio The Outer Zone developed Death Howl, a soulslike deck builder. 11 bit studios publishes the title. Development was supported by the Danish Film Institute's The Games Scheme. The game targets PC release in 2025.
• Digital SuncoreStrategic or Co-development Partner · 5 December 2024Spanish studio Digital Sun developed the Moonlighter series and its DLC Between Dimensions. 11 bit studios serves as the publisher for Moonlighter and its sequel Moonlighter 2: The Endless Vault. Digital Sun also developed Cataclismo. The partnership has generated over 2 million copies sold for Moonlighter.
• War Child, Amnesty International, Liberty Ukraine Foundation, Indie Games PolandminorOthers · 14 November 2024Charitable partners for This War of Mine's 10th Anniversary 'Forget Celebrations' charity DLC. All studio proceeds from the DLC are donated equally to War Child, Amnesty International, Liberty Ukraine Foundation, and Indie Games Poland. Previously, This War of Mine donated one week of sales ($850,000) to the Ukrainian Red Cross following Russia's invasion of Ukraine.
• Inverge and ChibigminorStrategic or Co-development Partner · 6 March 2024Spanish studios Inverge and Chibig co-developed Creatures of Ava, an action-adventure creature saver game. Published by 11 bit studios. The narrative was co-created with writer Rhianna Pratchett. Released on Xbox Series X|S and Windows 11 PC in 2024 with Xbox Game Pass and PC Game Pass.
• Odd MeterminorStrategic or Co-development Partner · 18 October 2023Odd Meter developed INDIKA, a narrative adventure set in parallel 19th-century Russia. The 16-person team relocated from Russia to Kazakhstan following Russia's invasion of Ukraine. 11 bit studios supported the team through the transition without interfering with game content. Part of INDIKA revenue is donated to help children affected by the war in Ukraine.
• Fool's TheorycoreStrategic or Co-development Partner · 17 June 2022Polish studio Fool's Theory (Bielsko-Biała, ~60 people) developed The Thaumaturge for 11 bit studios publishing. 11 bit studios acquired a 40% stake in Fool's Theory for PLN 2.62 million (first tranche) with a second tranche tied to Project Vitriol performance. Fool's Theory is developing the unannounced RPG codenamed Project Vitriol for 11 bit studios, with a budget exceeding 17 million PLN.
• Starward IndustriescoreStrategic or Co-development Partner · 12 June 2022Polish studio Starward Industries developed The Invincible, a narrative sci-fi game based on Stanislaw Lem's novel. 11 bit studios became minority shareholders in Starward Industries while serving as publisher. The Invincible launched November 6, 2023 on PC and current-gen consoles.
• NetflixminorChannel Partner/ Reseller/ Distributor · 24 May 2022Netflix mobile gaming platform hosts Moonlighter mobile version exclusively for Netflix subscribers on Android and iOS devices. All Netflix subscribers can access the game as part of the Netflix mobile gaming lineup.
• State of PlayminorStrategic or Co-development Partner · 14 April 2022British BAFTA-winning studio State of Play developed South of the Circle, a narrative experience set during the 1960s Cold War. 11 bit studios serves as publisher. Features voice acting from Gwilym Lee, Olivia Vinall, and other notable actors.
• Epic GamescoreTechnology or Integration · 2 December 2021Custom license agreement with Epic Games for Unreal Engine 4 and Unreal Engine 5 development. The agreement provides 11 bit studios the freedom to select the most suitable Unreal license variation for each project and offers the option to extend the number of projects included. 10 upcoming projects will be powered by Unreal Engine.
• Dead MageminorStrategic or Co-development Partner · 7 October 2021Dead Mage developed Children of Morta, a rogue-lite dungeon crawler. 11 bit studios published the title which has sold over 1 million copies since 2019. Multiple DLC expansions have been released including the Ancient Spirits DLC.

Scale indicators10 records

Recent moves1 record

Expansion highlights5 records

Direct peers

• Devolver Digital: Curated indie game publisher (Hotline Miami, Fall Guys, Cult of the Lamb). Most directly comparable on the boutique-publisher business model — selecting premium indie titles with tailored deals rather than high-volume signings.
• Focus Entertainment: French indie/AA publisher (A Plague Tale, Atomic Heart). Comparable on the curated publishing of narrative-rich premium indie titles and multi-platform distribution strategy.
• Annapurna Interactive: US-based indie game publisher known for narrative, artistic titles (Stray, What Remains of Edith Finch). Comparable on the boutique publisher model that curates premium narrative experiences over volume.
• Paradox Interactive: Swedish game developer and publisher specializing in strategy/management games (Cities: Skylines, Crusader Kings). Closely comparable on the strategy/management genre focus (Frostpunk) and the developer-plus-publisher dual business model.
• Team17: UK-based indie game developer and publisher (Worms franchise, Overcooked). Comparable on the indie developer-publisher dual model and mid-market public listing, though broader in genre scope.
• Larian Studios: Belgian RPG developer (Baldur's Gate 3, Divinity). Comparable on deep narrative-RPG development expertise and willingness to tackle mature themes, though now operating at AAA scale post-BG3.
• CD Projekt Red: Polish narrative-focused game developer (The Witcher, Cyberpunk 2077). Most comparable on country of origin, public-market listing, and narrative-RPG focus, though operating at a much larger AAA scale than 11 bit's premium indie positioning.
• Coffee Stain Publishing: Swedish indie developer and publisher (Satisfactory, Valheim, Deep Rock Galactic). Comparable on the developer-plus-publisher model for premium indie titles, especially in simulation and survival genres adjacent to Frostpunk.

Emerging players

• Supergiant Games: US-based indie developer (Bastion, Hades, Pyre). Comparable on narrative-driven, design-led premium indie development and the 'meaningful entertainment' positioning, though smaller in scale and not a publisher.
• Klei Entertainment: Canadian indie developer (Don't Starve, Mark of the Ninja, Oxygen Not Included). Comparable on the survival-management genre overlap with Frostpunk and on premium indie development ethos.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/11bitstudios
• YouTubeyoutube.com/user/11bitstudios
• Facebookfacebook.com/11bitstudios
• LinkedInlinkedin.com/company/11-bit-studios

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about 11 bit studios s.a