Comment by Ekaros

1 day ago

If I read their income statement from Q3 correctly it is comparatively not doing great.

01.01.2025 to 30.09.2025 net profit 910 thousand PLN I think.

01.01.2024 to 30.09.2024 net profit 32 thousand PLN.

With "from 1 January to 30 September 2025: 4.2365 PLN/EUR and from 1 January to 30 September 2024:4.3022 PLN/EUR."

It is not that much. So splitting it off probably make sense for the CD Projekt.

26 comments

Ekaros

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embedding-shape  1 day ago

https://www.cdprojekt.com/en/investors/result-center/q3-2025... [has a bunch of files at the bottom too, for more data]

> Consolidated net earnings during the reporting period stood at 193 million PLN – 2.5 times more than during the corresponding period of the previous year, which results in a net profitability of 55%.

Maybe I don't understand "profits above all" sufficiently well as some of my peers, but that seems Good Enough to me.

  • Ekaros  1 day ago

    Overall CD Projekt is doing well, but cut associated to GOG.COM is paltry as shown above.

apetresc  1 day ago

I'm not sure I understand your figures. What is "32 thousand PLN", surely their entire annual profit for all of 2024 was not literally 32K PLN (approx. 9K USD)? Is this measured in millions? And whatever they're measured in, surely 32K to 910K in the span of a year is considered excellent progress?

  • Ekaros  1 day ago

    No it was actually just circa 9 thousand Euros from GOG.COM. And it seems there was period of having potential loss of million PLN as well in Q3 of 2024 I think. So it looks quite variable based on which products release.

    See: https://www.cdprojekt.com/en/wp-content/uploads-en/2025/11/c...

    Starting from page 28.

    • araes  18 hours ago

      Cost of Sales is eating them alive.

      They lose ~72% of every PLN/EUR/USD they bring in. Their financial statement is Really confusingly laid out. However, pg 36 has comparison. GOG is actually not THAT tiny of a segment (percentage-wise, absolute EUR / PLN numbers are still small). 49k PLN / 300k PLN for the CD PROJEKT Red and 350k total.

      Compared to CD PROJEKT RED, insanely horrible cost of sales ratio.

      July 1st, 2025 to Sept. 30th, 2025 (Numbers are in PLN, directly from document)

                       CD PROJEKT RED     GOG.COM
  Sales revenue         303,133      48,982
  Cost of sales          23,310      35,151

      January 1st, 2025 to Sept. 30th, 2025 (Numbers are in PLN, directly from document)

                       CD PROJEKT RED     GOG.COM
  Sales revenue         658,575     143,285
  Cost of sales          61,307     103,075

      PLN numbers can be verified (GOG quarterly is really on the order of 10,000 EUR) by looking at pages 30-31 with export sales summaries.

      For comparison to the 72% ratio, their main video game creation business spends 7-8% on cost of sales.

      From page 8 "Selling expenses represents costs of marketing activities relating to the GOG.COM platform and the work on the development and processing of sales executed through that platform."

      From some of the rest of the document, it seems like "maybe" some of that is prepayments and costs related to providing the software.

      Personal view, while it may be beneficial to not have to deal with GOG from an operational perspective, a significant percentage of sales are on the platform for their own software, and CD PROJEKT's title releases heavily influence sales figures on GOG, so it may end up limiting themselves from an otherwise beneficial distribution channel. Probably provides better negotiating position also if you're trying to barter with Nintendo, Sony, Microsoft, Valve, ect... However, if the partnership continues with the next owners, may not be an issue.

      3 replies →

rvba  21 hours ago

Is this taken from some LLM?

The first two numbers perhaps make sense, the 4,3022 looks like EUR/ PLN exghange rate..