Techland has published its financial results for 2023and have been disappointing compared to the previous two record years, with huge losses due to decreased revenue from Dying Light 2: Stay Human. The company is nevertheless optimistic about the future.
More precisely, in 2023 Techland recorded a net loss of PLN 90 million (approximately EUR 22.7 million). This is the highest loss in the company’s history, in stark contrast to the results of 2022, which closed with a net profit of PLN 746.8 million (approximately EUR 188 million).
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Revenues amounted to PLN 229.1 million (approximately EUR 58 million), an almost fivefold decrease compared to PLN 1.12 billion (EUR 283 million) in 2022. The sharp decline was due to lack of new releases and the amortization of development costs for already released games. The record results of 2022 were driven by the launch of Dying Light 2 and its expansion Bloody Ties. The game sold over 5 million copies in less than a month.
The success of Dying Light 2 helped Techland temporarily surpass CD Projekt in terms of market capitalization. The company’s financial results were also better than those of any other Polish developer (the creator of Cyberpunk 2077 closed 2022 with a net profit of PLN 347 million, or $87.7 million).
Despite record losses, theTechland’s board of directors is optimisticbecause it believes that this is a normal situation in today’s video game industry, where profits depend on the performance of new titles. The studio also emphasized that revenues from successful products are reinvested in the development of new projects.
Techland is now working on its next project, a AAA open world RPG based on a new IP. In 2023, it spent PLN 24.6 million (approximately EUR 6 million) on it, bringing the total production costs of the game to PLN 96.5 million (approximately EUR 24.2 million).
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