On the evening of November 26, CD PROJEKT released its financial report for the third quarter of 2024. The Polish group of companies reported a decrease in revenue and profit alongside increased expenses for game development. It also highlighted the sales of Cyberpunk 2077.
Cyberpunk 2077
- CD PROJEKT's quarterly revenue amounted to PLN 227.5 million ($55.4 million), down 49% from the previous year.
- Net profit for CD PROJEKT dropped by 61% to PLN 79.1 million ($19.2 million).
- The decline is attributed to the absence of new releases: last year, CD PROJEKT released the Phantom Liberty expansion for Cyberpunk 2077, while this year saw no similar releases. Nevertheless, CD PROJEKT expressed satisfaction with the quarter’s results overall.
- The bulk of the revenue came from CD PROJEKT RED, amounting to PLN 181.1 million ($44.1 million, down 52.6%). GOG accounted for another PLN 49.3 million ($12 million, down 41%).
- Cyberpunk 2077 and the Phantom Liberty expansion earned PLN 114.6 million ($27.9 million) for the quarter, a 67% decline compared to last year.
- At the same time, total revenue from The Witcher series and its expansions increased by 44% to PLN 54.2 million ($13.2 million).
- North America remained CD PROJEKT's primary market, accounting for 74.2% of the group’s revenue for the quarter. Europe followed with 17.4%, Asia with 2.4%, Australia with 1%, and South America with 0.5%. The domestic market (Poland) contributed 4.4% of the revenue.
- CD PROJEKT's research expenses surged by 391% over the year to PLN 22.5 million ($5.5 million). These are costs associated with early-stage work on games before entering the development phase. The funds went towards Project Orion (the sequel to Cyberpunk 2077), Canis Majoris (a remake of the first The Witcher), and Project Hadar (a new IP).
- Direct expenses for game development totaled PLN 64.4 million ($15.6 million) for the quarter, nearly the same as the previous year.
- The next installment of The Witcher has advanced to full-scale development, with a team of 400 people working on the game.
- The Project Orion team consists of 64 people, the Project Sirius team (a spin-off of The Witcher by The Molasses Flood studio) has 42 people, and Project Hadar has 18 people.
- As of November 26, Cyberpunk 2077 has sold over 30 million copies. The Phantom Liberty expansion sold 8 million copies. Both figures include sales of individual copies as well as those sold within the Ultimate edition.