Carbon Studio summarizes Q1 and develops strategic projects
TL;DR: The Carbon Studio Q1 2025 financial results show positive EBITDA of PLN 537.9k despite a 22.5% revenue decline. Key highlights include Hunt Together’s success in Meta Quest+, the EU-funded MAGOS AI project launch, and two new game demos in preparation.
The first quarter of 2025 marked a period of intensive development for Carbon Studio. Although revenue declined due to no new game releases, the company focused on promoting existing titles and developing innovative projects. Additionally, the team worked on building long-term value through business diversification and cost optimization.
Q1 2025 Financial Results Overview
Carbon Studio closed Q1 2025 with a net loss of PLN 770.7 thousand. Sales revenue reached PLN 679.6 thousand, representing a year-on-year decrease of 22.5%.
However, the company maintained a positive EBITDA of PLN 537.9 thousand. This indicates strong operational stability despite challenging market conditions.
The main revenue sources came from monetizing flagship games. In particular, Hunt Together continues to attract strong interest. This success stems from its inclusion in the Meta Quest+ program and the recently introduced single-player mode.
VR Portfolio Development
The company continued promoting its portfolio titles on Meta Quest Store and Steam VR platforms. As a result, these games maintain visibility across distribution channels while extending their lifecycle.
These efforts included several key titles:
- The Wizards series
- Crimen – Mercenary Tales
- Warhammer: Tempestfall
Carbon Studio’s VR journey started with Alice VR. Since then, the studio has expanded into a diverse portfolio of immersive experiences.
“We are actively developing new projects while continuing to support our flagship titles,” commented Aleksander Caban, Member of the Management Board.
Strategic Business Decisions
In agreement with Kepler Interactive, Carbon Studio decided to discontinue a VR platform port project. This decision followed a strategic review of development goals and priorities.
Consequently, the studio chose to reallocate resources toward its own publishing projects. These internal projects carry greater growth potential. Moreover, they may significantly increase revenue and shareholder value over the long term.
MAGOS AI Project and Innovation
A key strategic milestone was launching the MAGOS project. This innovative VR graphics optimization system receives funding from EU resources through PARP (FENG program).
The initiative aligns with Carbon Studio’s strategy to advance AI and automation technologies. Furthermore, the company is preparing two new game demos. These demos aim to secure publishing partners in Poland and internationally.
CEO on Q1 2025 Results
“Despite seasonal slowdowns and no new releases, we maintained operational stability. We continue executing our long-term strategy,” commented Blazej Szaflik, CEO of Carbon Studio S.A.
He added: “We invest in innovation and portfolio development. The benefits of our cost optimization efforts are becoming increasingly evident. Therefore, we expect coming quarters to bring positive impact on our financial results.”
For more recent updates, see our Q2 2025 financial report.