Carbon Studio Maintains Positive EBITDA and Strengthens Growth Foundations – Q2 2025
TL;DR: Carbon Studio Q2 2025 financial results show positive EBITDA of PLN 304.5k and operating cash flow of PLN 906.8k. Project Hermes reaches alpha build stage in partnership with Meta.
Chorzow, Poland – August 14, 2025 – Carbon Studio S.A., a NewConnect-listed developer of VR games and technology solutions, has published its Q2 2025 financial results.
Q2 2025 Financial Highlights
The company reported strong operational metrics:
- Positive EBITDA: PLN 304.5k
- Operating cash flow: PLN 906.8k
- Reduced costs: Third-party services down from PLN 344.2k to PLN 322.6k
Project Hermes Reaches Alpha Stage
During the quarter, Carbon Studio focused on its strategic Project Hermes, developed in partnership with Meta Platforms Technologies LLC. The project reached the alpha build stage. This is a key milestone enabling broad-scale testing and gameplay refinement.
VR Portfolio Performance
The company executed promotional campaigns for its flagship titles:
- The Wizards series
- Crimen – Mercenary Tales
- Hunt Together
- Warhammer Age of Sigmar – Tempestfall
These campaigns boosted visibility across Meta Quest, Steam, and PlayStation Store.
Operational Efficiency
Carbon Studio maintained stable operating expenses despite higher amortization. Additionally, the company reduced salary expenses from PLN 123.5k to PLN 61.3k, improving operational efficiency. The completed Series G share issue strengthened its capital structure.
CEO Commentary
“We are at a pivotal stage – investing in projects that will drive our growth in the coming periods. Maintaining positive EBITDA and operating cash flow while delivering intensive production proves that we can manage our resources effectively,” said Blazej Szaflik, CEO of Carbon Studio S.A.
Looking Ahead: Gamescom 2025
The quarter concluded with preparations for Gamescom 2025. Carbon Studio presented selected prototypes aimed at securing publishing partnerships for upcoming titles.
Furthermore, the company continued analytical work on VR applications in education and culture sectors. This recognizes the growing demand for immersive technologies in socially impactful projects.
See also: Q3 2025 Report for the latest updates.