Carbon Studio publishes Q1 2026 report — EBITDA up nearly 28% year over year
TL;DR: Carbon Studio S.A. has published its Q1 2026 periodic report. EBITDA rose to PLN 687,550.54 (+27.8% YoY), net loss narrowed by nearly 24%, and the Company’s cash position strengthened nearly fourfold.
📄 Download the full Q1 2026 report (PDF) →
The Company delivered EBITDA of PLN 687,550.54, compared with PLN 537,870.47 in Q1 2025 — an increase of nearly 28% year over year. The result confirms improved operational efficiency and consistent cost discipline at the studio.
Key Q1 2026 financials (vs Q1 2025)
- EBITDA: PLN 687,550.54 (vs PLN 537,870.47) — +27.8% YoY
- Net loss: narrowed to −PLN 588,399.33 (vs −PLN 770,731.07 a year earlier) — improvement of 23.7% YoY
- Cash at period end: PLN 740,338.37 (vs PLN 184,746.91) — nearly four times higher
Amortization of completed projects still weighs on net result
The Q1 2026 net result continues to be significantly impacted by the high amortization of completed projects, which amounted to PLN 1,233,043.12 — nearly identical to a year earlier (PLN 1,231,774.94). Amortization currently covers nine completed titles and projects, including Crimen — Mercenary Tales Quest Edition, The Wizards — Dark Times: Brotherhood, Hunt Together, and Metaverse. While this charge weighs on the net result in accounting terms, it is a non-cash cost reflecting prior investments in the Company’s portfolio.
This is precisely why EBITDA — operating result before depreciation and amortization — is today the most meaningful indicator of the studio’s true operational health. And that indicator clearly shows we are moving in the right direction.
Key events of the quarter
Agreement with Vivid Games S.A. — On 17 February 2026, Carbon Studio signed an agreement for the production and co-publishing of Real Boxing VR: Road to Riyadh. The Company’s total production fee will amount to PLN 1.8 million net, and the title is scheduled to launch on VR platforms in H1 2027. The project diversifies the Company’s revenue sources.
“Hermes” project with Meta Platforms Technologies LLC — during Q1, the Company continued work on the strategic project with Meta, focusing on further development, testing, and optimization.
VR demo with eye-tracking — On 16 March 2026, Carbon Studio released a free demo on the Meta Quest Store featuring eye-tracking mechanics, showcasing the studio’s capabilities in innovative interaction design.
The Wizards in Meta Horizon+ — the title remained available in the subscription library for Meta Quest users, reinforcing brand visibility within the Meta ecosystem.
Wild Roads project funding — after the reporting period, the Company signed an agreement with the Institute of Creative Industries for funding under the Video Games Support Program 2026, totalling PLN 160,598.
MAGOS R&D project — continued work on a proprietary tool for automated optimization of graphic assets in VR games, co-financed by EU funds under the SMART Path program.
Key Takeaways
- EBITDA grew by nearly 28% year over year, to PLN 687.5k
- Net loss narrowed by 24%, despite persistently high amortization of completed projects (PLN 1.23M)
- Cash position strengthened nearly fourfold — to PLN 740.3k
- New production agreement with Vivid Games (PLN 1.8M net) and continuation of the “Hermes” project with Meta
- After the reporting period: PLN 160.6k funding for the Wild Roads prototype
Frequently Asked Questions
What was Carbon Studio’s EBITDA in Q1 2026?
Carbon Studio’s EBITDA in Q1 2026 amounted to PLN 687,550.54, compared with PLN 537,870.47 in the same period of the previous year — an increase of 27.8% year over year.
Why did the Company report a net loss despite positive EBITDA?
The net loss is primarily driven by high amortization of completed projects (PLN 1.23M in Q1 2026), which is a non-cash accounting cost. EBITDA, as the operating result before depreciation and amortization, better reflects the Company’s current operational performance.
What are Carbon Studio’s most important projects in 2026?
The Company’s strategic projects include: “Hermes” carried out with Meta Platforms Technologies LLC, Real Boxing VR: Road to Riyadh produced for Vivid Games (launch H1 2027), the MAGOS R&D project co-financed by EU funds, and the new prototype game “Wild Roads”.
Where can I download the full Q1 2026 report?
The full periodic report for Q1 2026 is available in PDF format on carbonstudio.pl.
📄 Read the full report — Carbon Studio Q1 2026 (PDF)
📊 Previous Carbon Studio quarterly reports: