Q3 2024 CD Projekt SA Earnings Call Transcript
Key Points
- Cyberpunk 2077 has sold over 30 million copies, indicating strong ongoing interest in the franchise.
- The Cyberpunk 2077 expansion, Phantom Liberty, has sold 8 million copies, showcasing the expansion's quality and the franchise's enduring appeal.
- CD Projekt SA (OTGLF) is expanding its platform reach by optimizing Cyberpunk 2077 for Apple silicon, targeting Mac users.
- The Witcher franchise's Project Polaris has completed preproduction, marking significant progress in its development.
- The company maintains a strong financial position with PLN1.4 billion in cash reserves, reflecting effective financial management.
- Q3 2024 sales revenues were nearly half of the previous year's due to the absence of new launches, highlighting reliance on new releases for revenue growth.
- Administrative expenses increased due to early phase work on new projects, impacting overall profitability.
- The company faces challenges in scaling up its Orion project, indicating potential difficulties in talent acquisition or project management.
- Net profit for the first three quarters of 2024 was PLN42 million less than the comparative period, despite strong sales performance.
- The absence of major new releases in 2025 and 2026 could impact future revenue growth, as current projects are still in early development stages.
Good afternoon. My name is Michal Nowakowski, and I'll be your host during today's conference dedicated to the CD Projekt Group's financial results for the third quarter of 2024. I will be co-presenting with Piotr Nielubowicz. And after the presentation, we will invite you to participate in a Q&A session, where we'll be joined by Karolina Gnas, our VP and Head of Investor Relations.
So first of all, we are thrilled to kick things off with an exciting update from the Cyberpunk franchise. Cyberpunk 2077 has reached another huge milestone with over 30 million copies sold. We are extremely proud to see our title continuing to attract a growing community of players, who wish to dive deep into the rich dystopian future world. Night City's growing player community not only has a direct impact on our financial performance, but also bodes well for the next game in the series.
Moving to the sales performance of Cyberpunk 2077 expansion. Phantom Liberty topped 8 million copies this month. Achieving
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