In the third quarter of the year CD PROJEKT continued to work on updating Cyberpunk 2077 and developing the game’s next-gen version. The recent months also saw an expansion of the Group, now bolstered by two new entities.
– We are hard at work on the next-gen version of Cyberpunk, scheduled for release in the first quarter of 2022, alongside another major update for all platforms. There is also ongoing work on the next-gen version of The Witcher 3 and the Cyberpunk expansion. In parallel, we carry on with the transformation of our studio, which is affecting more and more production teams – says Adam Kiciński, President and Joint CEO of the CD PROJEKT Group.
In the third quarter of 2021 the CD PROJEKT Group posted 144 million PLN in revenues – nearly 40% more than the year before. The Group’s consolidated net profit was lower than in the reference period, at 16 million PLN.
– This year-on-year reduction in net profit is mainly due to expenses related to updating Cyberpunk and exploratory work on new projects which are at an early stage of development, where the associated costs are reported directly in our P&L statement for the current period. At the same time, the balance of our financial reserves – cash, bank deposits and t-bonds – increased by 55 million PLN in the third quarter – remarks Piotr Nielubowicz, Vice President and CFO.
As announced in the first quarter of 2021 while introducing the Group’s strategy update, CD PROJEKT intensified its involvement in M&A activities. Two Northern American entities joined the Group in recent months: Digital Scapes (now rebranded as CD PROJEKT RED Vancouver) and The Molasses Flood.
– We are happy to join forces with the Vancouver and Boston studios – both are experienced teams which we plan to expand in the coming years. Each transaction strengthens key competences at the Group and paves the way for further growth – notes Adam Kiciński.
The Canadian team has been integrated with the CD PROJEKT RED organizational structure and supports ongoing projects, while The Molasses Flood will work on a separate game based on one of CD PROJEKT’s IPs.
The full financial statement of the CD PROJEKT Group can be found at https://www.cdprojekt.com/en/investors/result-center/.