CD Projekt Q3 revenue down 49% as Witcher 4 development enters full swing

Polish developer CD Projekt released its financials for the third quarter of 2024-2025's fiscal year, which concluded on September 30, 2024. The studio had strong numbers in the first half of the year, but there were dips in revenue for both the third quarter and the larger fiscal year thus far.

CD Projekt made 227.5 million PLN (or $55.2 million) in sales revenue for the third quarter, down 49 percent from the 442.6 million PLN during 2023-2024's third quarter. Net profit fell by 61.4 percent year-over-year to 78.1 million PLN during Q3.

Revenue for the first three quarters of 2024-2025 (January 1, 2024-September 30, 2024) was 652.3 million PLN, a 15 percent decline compared to last year's three-quarter figure of 767.6 million PLN.

Profit and losses for CD Projekt's 2024-2025 third quarter.

Despite those decreases, company CFO Piotr Nielubowicz said described the quarter as "very strong." Cyberpunk 2077 and its 2023 expansion Phantom Liberty were praised for selling 30 million copies and 8 million copies, respectively, by the end of Q3. Both titles and 2015's The Witcher 3 have been continuously touted as drivers of revenue and sales.

Alongside those "impressive figures" for Cyberpunk, CD Projekt CEO Michal Nowakowski reaffirmed the game's release on Mac in 2025.

All eyes on The Witcher 4

Earlier this year, CD Projekt Red (CDPR) began pre-production on The Witcher 4, currently codenamed 'Polaris.' According to Nowakowski, the studio is now in full production on the title, which will be developed in Unreal Engine 5 and is intended as the start of a new series of games.

Out of CDPR's 650 developers, 400 workers are currently devoted to Polaris. 64 staffers are handling 'Orion' (Cyberpunk's sequel), and 42 employees are on 'Sirius,' a multiplayer Witcher spinoff from The Molasses Flood. Last year, the studio restarted development on the project after it laid off nearly 30 developers.

CD Projekt's full financials for 2024-2025's third quarter can be read here.