Red Square Games S.A., a Kraków-based studio listed on NewConnect, has summarised its performance for the third quarter of 2025, during which the company clearly focused on two strategic areas.
The first is the digitalisation of board games, which ignited the global player community following the announcement of Twilight Imperium Digital, an adaptation of the iconic board game published by Asmodee — currently ranked sixth in the world among board games.
The second area — board game publishing — expanded the company’s portfolio to six planned titles, including the high-profile Rayman® The Board Game, based on Ubisoft’s globally popular video game franchise.
Twilight Imperium Digital: A Global, Strategic Project
Twilight Imperium Digital will bring the legendary board game — a long-standing international success with multiple editions and expansions — to computer screens. The video game adaptation will recreate the galactic conflict and political intrigue of the tabletop original, preserving the cult atmosphere beloved by fans worldwide.
The title’s Steam page received a strong and enthusiastic reception from both players and international media, confirming its significant commercial potential. As of now, Twilight Imperium Digital ranks 775th among the most anticipated games on Steam.
“Twilight Imperium Digital is a strategic project for us with global potential. The enthusiasm and engagement of the player community on the game’s dedicated Discord server show that Red Square Games correctly identified the market demand for a digital version of this particular title. Working on such a popular IP is also an opportunity for us to strengthen our international position and secure new contracts,”
said Krzysztof Wolicki, CEO of Red Square Games S.A.
Board Games Taking a Growing Role
Board games are taking on an increasingly important role in the company’s operational strategy. In Q3 2025, Red Square Games announced Rayman® The Board Game in its publishing lineup. The game is based on Ubisoft’s globally recognised video game series. The company will be the exclusive distributor of the title in Poland, with a domestic release planned for 2026.
Over recent months, the company has been consistently strengthening its board game segment, expanding its lineup to six titles currently at various stages of development. Among them is Knarr, scheduled for release on 20 November.
It is also worth noting that the company’s first board game, Wiatrakowo, released in the first half of the year, was nominated for Board Game of the Year and received a distinction in the Best Mid-Weight Game category. This momentum reflects the company’s consistent diversification, combining well-known IP with proprietary projects.
Financial Results: Revenue Growth and Reduced Losses
In the third quarter of 2025, Red Square Games generated over PLN 0.62 million in net sales revenue. Cumulatively, from January to September, revenue exceeded PLN 2.1 million.
For the same nine-month period, the net loss decreased by nearly 40%, from PLN (0.38) million last year to PLN (0.23) million this year. Operating costs fell 20% year-on-year, down to PLN 2.35 million — an improvement the management board says confirms the company’s growing operational efficiency.
“The third quarter of 2025 was a period of significant investment in our board game projects. Importantly, we continue to maintain stable revenue and expand the potential of our titles, which should translate into stronger results in the coming quarters. We believe that diversifying our publishing schedule — built around several well-known IP — will deliver measurable benefits for the company,”
added CEO Krzysztof Wolicki.
The company emphasises that the development of both board games and digital titles remains a key pillar of its strategy. The ongoing investments aim not only to drive future revenue growth, but also to strengthen Red Square Games’ presence on the international market.
Source: CEO.com.pl
