According to the CFO, the company’s first-quarter revenue was primarily driven by robust sales of Cyberpunk 2077 and the success of its expansion, Phantom Liberty.
CD Projekt Crimson has announced its financial results for the first quarter ending March 31, 2025, revealing a slight decline in gross revenue and net profit compared to the same period last year. Despite this, the company’s performance remains resilient amid ongoing industry challenges.
Revenue for the quarter was nearly flat, decreasing marginally by 0.17% from PLN 226.7 million (approximately $60.3 million) in the previous year to PLN 226.3 million (around $60.2 million). This stability underscores the sustained demand for their flagship titles.
However, net earnings experienced a significant drop of 14%, falling from PLN 100 million ($26.6 million) last year to PLN 86 million ($22.8 million). This decline reflects increased operational costs and strategic investments aimed at future projects.
During a recent earnings call, CFO Piotr Nielubowicz highlighted that the positive sales momentum of Cyberpunk 2077, especially following the launch of its highly anticipated expansion Phantom Liberty, played a crucial role in supporting the quarter’s results. Since its release in September 2023, Phantom Liberty has sold over 10 million copies worldwide, marking a major milestone for the franchise.
In addition, CD Projekt announced that development of Cyberpunk 2, previously known by its codename Orion, has entered the pre-production phase. The company is actively recruiting talent to meet its 2025 development goals, signaling a strong commitment to expanding the Cyberpunk universe.
The company’s workforce has grown to over 730 employees as of April 2025, with 420 dedicated to the development of The Witcher 4. This expansion reflects CD Projekt’s strategic focus on delivering high-quality content and maintaining its competitive edge in the gaming industry.
Legacy of The Witcher Series and Future Outlook
Since its debut in 2015, The Witcher 3: Wild Hunt has sold more than 60 million copies globally, generating approximately PLN 2.4 billion ($638 million) in revenue. This achievement cements its status as one of the best-selling video games of all time, praised for its compelling storytelling, expansive world, and ongoing support from the developer.
CD Projekt’s co-CEO Michał Nowakowski emphasized the franchise’s enduring appeal, stating, “The Witcher 3’s remarkable sales figures reaffirm its position as a timeless classic, reflecting the quality and dedication that define our brand.” He added that the company aims to introduce a new generation of players to the franchise through the upcoming fourth installment of The Witcher series, which promises to build on its legacy.
Financial Strength and Strategic Vision
Commenting on the PLN 2.4 billion revenue from The Witcher 3, Nowakowski noted, “This financial success highlights the franchise’s lasting value and its vital role in strengthening CD Projekt Red’s financial stability.” He further explained that these results enable the company to invest confidently in new projects, including the development of The Witcher’s next chapter, Cyberpunk universe expansions, and a new intellectual property codenamed Hadar.
Looking ahead, CD Projekt remains committed to innovation and storytelling excellence, leveraging its strong financial foundation to shape the future of its beloved universes. As the industry continues to evolve, the company’s strategic investments and creative pursuits position it well for sustained growth and success in the years to come.
