Carbon Studio publishes its 2025 Annual Report
Lead: Carbon Studio S.A. has published its Annual Report for the financial year 2025. The document summarises a year of intensive production and R&D work — including the continuation of the strategic Project Hermes with Meta Platforms Technologies LLC, the launch of the MAGOS R&D project co-financed under the FENG programme, and the run-up to a co-publishing partnership with Vivid Games S.A. on Real Boxing VR: Road to Riyadh.
2025 — Key facts
- Net sales revenue: PLN 1.91 m (vs. PLN 3.85 m in 2024)
- Net result: PLN −3.18 m, largely driven by amortisation of R&D works completed in earlier years (PLN 4.82 m)
- Cash flow from operating activities: positive, PLN +315 k
- Total assets: PLN 10.06 m
- Equity: PLN 4.96 m
- Share capital: increased to PLN 211,355 following the G-series share issue (165,000 shares, August 2025); 2,113,550 shares in total
The revenue decline was driven primarily by the absence of new game releases in 2025 — sales relied on the mature part of the catalogue (The Wizards, Crimen — Mercenary Tales, Hunt Together, Warhammer Age of Sigmar: Tempestfall) on Meta Quest, Steam and PlayStation. The net loss is largely non-cash and reflects amortisation of earlier R&D outlays.
From the President’s letter
“2025 was an exceptionally demanding year for the Company. (…) We consistently strengthened Carbon Studio’s position as a specialised producer of VR/XR games and solutions. (…) Looking ahead, we maintain a cautious but consistent optimism.”
— Błażej Szaflik, President of the Management Board, Carbon Studio S.A.
The Management Board states that despite a demanding market environment, the Company has retained its ability to continue operations, executed key development projects, and pursued actions aimed at improving operating efficiency and diversifying revenue sources.
Key projects and events
Project Hermes
Continuation of the strategic partnership with Meta Platforms Technologies LLC. In 2025 the Company carried out production work, developed gameplay mechanics, and prepared the project for the next quality stages. Achieving subsequent milestones is material to the Company’s future revenue.
Project MAGOS (R&D)
MAGOS — Multiplatform Automatic Graphic Optimisation System is Carbon Studio’s R&D project aimed at developing an automated tool supporting the optimisation of graphical assets in VR games using artificial intelligence. The project is co-financed by the European Union under the European Funds for a Modern Economy — SMART Path programme (agreement with PARP). Funding: PLN 4,117,518.75; total project cost: PLN 5,642,201.25.
The Wizards joins Meta Horizon+
The Wizards was added to the Meta Horizon+ subscription library for Meta Quest users, increasing brand visibility and the potential to reach new audiences.
G-series share issue
In June 2025 the Company successfully completed a private subscription of 165,000 ordinary bearer shares of the G series. The share capital increase was registered on 6 August 2025.
Events after the balance sheet date
- 17 February 2026 — agreement with Vivid Games S.A. for the production and joint release of Real Boxing VR: Road to Riyadh. Carbon Studio’s production fee: PLN 1.8 m net payable in five tranches; the production is fully financed by the publisher; release planned for the first half of 2027.
- 16 March 2026 — free release of a VR demo with eye-tracking mechanics on the Meta Quest Store.
- Agreement with the Institute of Creative Industries under the Video Games Support Programme 2026 for a prototype of the Wild Roads project (PLN 160,598 in funding).
VR/XR market context in 2025
2025 was a transitional year for the VR/XR sector. Global XR growth was driven primarily by smart glasses and AI-first devices. The VR games segment remained significant but more selective — with emphasis on multi-platform releases, long-term user retention, and community-driven titles. Hardware highlights of the year: Apple Vision Pro with the M5 chip, Samsung Galaxy XR running Android XR, and the announcement of Valve Steam Frame.
Outlook
For the coming financial year, the Management Board focuses on:
- on-time delivery of Project Hermes milestones,
- launching production of Real Boxing VR: Road to Riyadh with Vivid Games S.A.,
- continued execution of the MAGOS R&D project,
- developing the Wild Roads prototype,
- diversifying revenue sources and maintaining monetisation of the existing portfolio.
The full 2025 Annual Report, including the financial statements and the independent auditor’s report (PRO AUDIT Kancelaria Biegłych Rewidentów Sp. z o.o.), is available for download:
📄 Download Carbon Studio S.A. 2025 Annual Report (PDF)
📄 Independent Auditor’s Report (PDF)
All current, quarterly and annual reports are available in the Reports section of the Company’s website.