11 bit studios s.a
- Company typePublic
- Founded2010
- HeadquartersWarsaw, Poland
- Headcount251–500
- GTM typeB2B and B2C
- OfferingSoftware
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.
11 bit studios s.a firmographics
Firmographics- 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
11 bit studios s.a industry classification
Industry- 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
Where 11 bit studios s.a is headquartered
LocationHeadquarters
- HQ city
- Warsaw
- HQ country
- Poland
- HQ region
- Europe
Offices1 record
Markets served
11 bit studios s.a 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
- 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.
- DLC and Expansion Sales: Paid downloadable content for Frostpunk 2 including Fractured Utopias and Breach of Trust expansions. Legacy titles also generate DLC revenue.
- 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.
- 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.
- 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).
- 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
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Pay-as-you-go | Frostpunk 2: Breach of Trust expansion pack |
| One time/ perpetual license | Pay-as-you-go | Children of Morta: Ancient Spirits DLC |
| One time/ perpetual license | Pay-as-you-go | Frostpunk 2 physical console editions (Icebreaker and Whiteout) |
Go-to-market motion2 records
Distribution channels8 records
Marketing channels8 records
11 bit studios s.a product offering
Product offeringCore 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
Companies that use 11 bit studios s.a
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles3 records
11 bit studios s.a technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
11 bit studios s.a partnerships and signals
Strategic signalPartnerships
14 partnerships are on record, tiered minor and core.
- Carbonara Games (Crop publishing)minorCarbonara 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 GamescorePartnership 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 GamesminorThree-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 ZoneminorThree-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 SuncoreSpanish 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 PolandminorCharitable 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 ChibigminorSpanish 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 MeterminorOdd 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 TheorycorePolish 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 IndustriescorePolish 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.
- NetflixminorNetflix 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 PlayminorBritish 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 GamescoreCustom 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 MageminorDead 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
11 bit studios s.a competitors and assessment
Company assessmentDirect 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
11 bit studios s.a social profiles
Digital presence11 bit studios s.a financial estimates
Financial estimateRevenue estimate
Valuation estimate
11 bit studios s.a leadership team
Management profileNumber of profiles
Profiles11 records
11 bit studios s.a subsidiaries and ownership
Company hierarchySubsidiaries1 record
11 bit studios s.a funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
11 bit studios s.a M&A and investment
M&A and investmentM&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
What does 11 bit studios s.a do?
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.
Is 11 bit studios s.a a public or private company?
11 bit studios s.a is a public company. It is classified as public and is currently operating.
When was 11 bit studios s.a founded?
11 bit studios s.a was founded in 2010. It employs 251 to 500 people.
Where is 11 bit studios s.a based?
11 bit studios s.a is headquartered in Warsaw, Poland, in the Europe region.
How does 11 bit studios s.a make money?
Six revenue lines are on record. Direct Game Sales are the primary driver. The others are DLC and Expansion Sales, publishing Revenue Share, game Pass / Subscription Revenue, charity DLC Proceeds and legacy Title Monetization.
Who are 11 bit studios s.a's main competitors?
Direct peers on record are Devolver Digital, Focus Entertainment, Annapurna Interactive, Paradox Interactive, Team17, Larian Studios, CD Projekt Red and Coffee Stain Publishing. Emerging players are Supergiant Games and Klei Entertainment.
Does 11 bit studios s.a have an API?
No public API is recorded for 11 bit studios s.a.
What industry is 11 bit studios s.a in?
11 bit studios s.a's product category is Video Games and Interactive Entertainment. Its primary akta.pro industry code is MPAFAAAK, Strategy/4X/Management Game Studios, with a secondary code of MPAFAAAL, Narrative/Adventure & RPG Game Studios. Its NAICS code is 5132.