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Investor relations

Record-breaking revenues and profits of Artifex Mundi


The publicly listed game developer and publisher ended 2020 with an increase in revenues of 55%, reaching a record-breaking amount of PLN 25.7 million, generating an operating profit of PLN 10 million and a net profit of PLN 8.2 million, compared to operating and net losses the year before. The reason for the increase in revenues and profits is the increase in revenues and profits from the HOPA segment, as well as the dynamic growth of the free-to-play segment, with the Unsolved application at the forefront.

“The results achieved in 2020 confirmed the validity of the Group’s development strategy, which is based upon the allocation of Artifex Mundi’s resources in the most promising ventures as well as the maximization of profitability and positive cash flows from the commercialization of the available game portfolio. In our view, the HOPA segment has the potential to provide us with mid-term stability of revenues and profits, reaching the desired level that was achieved last year, which will enable us to develop our strategic free-to-play projects: the Unsolved application and our new mobile RPG. We deeply believe that thanks to our projects, 2021 and the following years at Artifex Mundi will be marked by a significant increase in the company’s value for the benefit of the stockholders,” says Przemysław Błaszczyk, President of Artifex Mundi.

In 2020, the HOPA segment, which is based on the commercialization of the games available in the Group’s HOPA (Hidden Object Puzzle Adventure) portfolio as premium products, generated revenues of PLN 20.8 million (47% increase YoY) and achieved an operating result of PLN 12.9 million, over two times higher than in 2019. The dynamic increase in revenues and profits is the effect of the consistent expansion of the commercialization channels of the company’s HOPA portfolio, which encompasses over 90 titles, among others, by releasing more games on consoles.

In 2020, the free-to-play segment generated revenues of almost PLN 4 million, compared to PLN 1.2 million in the previous year. The dynamic increase in revenues is the consequence of, among others, the development of the Unsolved application, which was released at the beginning of last year. Unsolved offers players the chance to play 14 recognizable HOPA games available in Artifex Mundi’s portfolio for a limited time. Players continue their gameplay based on usable energy, which is slightly renewed every day and can be purchased in the application. The free-to-play segment ended the year with a loss of PLN 0.8 million, which resulted from a write-down of PLN 3 million for the capitalized expenses of Tiny Dragons and Bladebound.

“2020 brought us a noticeable increase in the revenues from Bladebound, but they were lower than we had assumed. We wish to continue the active commercialization of the game, with a simultaneous reduction of spending on its development and the allocation of the segment’s resources in a new RPG, which hasn’t been revealed yet. We assume our decision to be beneficial for Artifex Mundi’s results and the company’s value for the benefit of the stockholders both short-term and in the long run,” says Przemysław Błaszczyk.