CD Projekt announces its third most profitable year despite the absence of major releases in 2024

CD Projekt shared its 2024 financial figures, noting it achieved its third highest net profit year despite an absence of major product launches.

The firm saw a 17.9% reduction in revenue, totaling PLN 985 million ($254 million), down from PLN 1.2 billion ($310.4 million) in the prior year.

Net profit saw a slight dip, declining 2.3% from PLN 481.1 million ($124 million) the previous year to PLN 469.8 million ($121.5 million).

The revenue was mainly supported by Cyberpunk 2077 along with its expansion, Phantom Liberty, together generating approximately PLN 600 million ($155.1 million) in 2024.

Up to November 2024, Cyberpunk 2077 had exceeded sales of 30 million units, while Phantom Liberty surpassed eight million in sales.

November also saw The Witcher 4 entering complete development, and Project Sirius, a multiplayer title based in the Witcher universe, moving into pre-production.

CD Projekt announced the integration of The Molasses Flood team into CD Projekt Red to enhance the coordination of Project Sirius.

The Witcher remake, first announced in October 2022, is in the concept development stage, as is the forthcoming Cyberpunk project codenamed Orion.

In terms of personnel, the development team expanded by 10% to exceed 700 staff since the last November, largely driven by recruitment for the new Cyberpunk initiative. The company aims to further expand this team by 100% by the end of 2025.

A partnership with Scopely for a game using CD Projekt's intellectual property was also disclosed during the earnings call.

"Both of our series had a phenomenal year," stated CD Projekt CFO Piotr Nielubowicz, noting that the company's performance is primarily influenced by Cyberpunk 2077 and its expansion, Phantom Liberty.

"Even though ten years have passed since its launch, The Witcher 3 remains popular and consistently generates revenue. We are pleased that, without major releases, this past year ranks as the third most profitable in our history," he added.