Huge profit spikes help boost CD Projekt’s reserves, giving the company a hefty $326 million stash to fund its myriad new projects.
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CD Projekt Group’s 2023 financials show interesting results. Cash and cash equivalents are up 20% year-over-year to 1.3 billion PLN, or about $326 million, and its this cache that will help fuel new game development. Breakout success with game sales fueled this jump in profits, with Cyberpunk 2077 reaching 25 million sales and the total franchise generating $750 million in full game sales since 2020.
“The Group’s net profit for 2023 was over 480 million PLN (about $120 million), nearly 40% higher than the year before,” said CD Projekt Chief Financial Officer Piotr Nielubowicz.
“These results have strengthened our financial standing. At year-end, our reserves–cash, bank deposits, and T-bonds–had a total value of over 1.3 billion PLN. We are therefore well-prepared to invest in our future releases.”
“Last but not least, overall the most significant increase on the balance sheet is the total value of cash, deposits, and treasury bonds,” CD Projekt joint CEO Michal Nowakowski said elsewhere in the earnings call.
3CD Projekt is currently working on five projects including:
- Polaris – The first game in a new Witcher trilogy
- Sirius – Multiplayer & singleplayer Witcher game from The Molasses Flood
- Canis Majoris – The Witcher 1 remake in Unreal Engine 5 from Fool’s Theory
- Orion – Cyberpunk 2
- Hadar – Brand new IP, not based on any previous franchise, will be 100% owned by CD Projekt
These projects will be developed in parallel and Polaris is set to enter production later this year.