Noobz from Poland Q3 2025: Small Loss, Strong Equity and Growing Investment in Total Tank Simulator 2

Financial Results Overview

In the first nine months of 2025, Noobz from Poland S.A. generated revenue of approximately PLN 448k, only slightly below the PLN 466k reported in the same period of 2024. The third quarter alone delivered around PLN 110k in revenue, nearly three times higher than the modest PLN 39k achieved in Q3 2024, indicating a clear year-on-year improvement in quarterly activity despite still small absolute sales levels.

Operating performance remained weak but controlled. For 9M 2025 the company recorded an operating loss of about PLN 50k, driven by cost levels that continue to exceed current revenue and capitalization of development work. On the bottom line, Noobz reported a net loss of PLN 53k for the period January–September 2025, compared with a profit of PLN 2.06m in the prior year period, when the result was strongly supported by one-off other operating income. In Q3 2025 the net loss was approximately PLN 47k, an improvement against the heavy loss of PLN 268k booked in Q3 2024.

The headline message is that the company is operating close to break-even on a year-to-date basis, but without the extraordinary gains that lifted 2024, while it continues to invest heavily in the next major title.

Profitability and Cost Structure

The income statement highlights the tension between relatively low current revenues and a cost base reflecting ongoing game development.

Key elements of the cost structure in 9M 2025 were:

External services of roughly PLN 277k, related mainly to subcontracted work and specialist services supporting production.
Salaries of approximately PLN 228k plus social security and benefits of around PLN 32k, reflecting a compact but specialized development team.
Depreciation of about PLN 20k, still a minor part of the overall cost base.

Together these operating costs reached approximately PLN 557k in 9M 2025, exceeding recognized revenue and leading to a negative margin. However, a large part of the development effort is not immediately expensed, but captured as an increase in inventories (products in progress), which has important implications for both the balance sheet and future profitability.

Financial costs were relatively modest compared with 2024, when the company recognized significant financial expenses linked to investments and disposals of financial assets. As a result, the 2025 loss is more an expression of underlying operating scale than of financial shocks.

Balance Sheet and Capital Structure

As at 30 September 2025, total assets stood at about PLN 3.69m, compared with PLN 4.17m a year earlier, reflecting the gradual consumption of cash and the normalization of financial assets after earlier disposals.

The equity position remains the central pillar of the balance sheet:

Equity amounted to PLN 3.03m at the end of Q3 2025, down from PLN 3.59m a year earlier, mainly due to the current-year loss and accumulated historical losses.
Despite the loss, equity is supported by a substantial share premium balance of nearly PLN 9.0m, which increased during 2025 thanks to capital injections and allocation of prior-year profit.
Share capital was modestly increased via a new share issue, rising from PLN 157.3k to 162.1k, signalling continued investor readiness to support the company’s roadmap.

Liabilities and provisions totalled about PLN 661k, up slightly year-on-year, and consist mainly of trade payables, tax and social security obligations, and short-term accruals. The company does not rely on long-term bank debt, so leverage remains low. The balance sheet therefore presents a conservative, equity-heavy structure, but one that is being gradually eroded by ongoing losses and cash outflows.

Cash Flows and Liquidity

Cash generation is currently the weakest part of the story. Operating cash flow for 9M 2025 was negative at around PLN –475k, compared with –374k in the same period of 2024. The main driver is the sharp increase in inventories, which reflects the capitalization of development costs for Total Tank Simulator 2 and other work in progress. Changes in inventories alone consumed nearly PLN 285k of cash in 9M 2025.

Net cash outflow for the period reached about PLN 18k, taking cash and cash equivalents down to PLN 7.1k at the end of September 2025 from PLN 98.1k at the same point in 2024. This level of liquidity is low and underlines the importance of:

Access to fresh equity capital (as already demonstrated by the 2025 share issue).
Timely monetisation of the company’s development pipeline, particularly Total Tank Simulator 2.

From an investor’s perspective, the cash position is tight but still manageable given the absence of bank debt and the recent capital support from shareholders.

Management Commentary and Operational Developments

In the commentary to the Q3 2025 report, management emphasizes that the period was primarily devoted to advancing the development of Total Tank Simulator 2. Work included adding new maps, polishing graphics, closing the list of units for the demo and refining gameplay mechanics.

The company plans to publish a playable demo of Total Tank Simulator 2 on Steam on 27 November 2025. This date is a key operational milestone:

The demo will test player reception and core mechanics.
It should support wishlist growth and build awareness before full release.
Feedback from the demo phase may lead to additional development work and further capitalised costs.

Crucially, full game revenues have not yet begun to flow. Management explicitly notes that the full version of Total Tank Simulator 2 has not been released and that any sales proceeds will only appear in future reporting periods. In the meantime, ongoing production increases inventories on the asset side of the balance sheet and constrains operating cash flows.

Outlook and Key Risks

The near-term outlook for Noobz from Poland is closely tied to the commercial success of Total Tank Simulator 2. The Q3 2025 report suggests that the core of the development stage is progressing according to plan, with a demo release imminent. This implies a potential inflection point in 2026, when the company may finally start recognizing revenue from the title.

Key upside factors include:

Successful demo reception leading to strong wishlist and sales performance on Steam.
The ability to monetise accumulated development work and convert current inventory into revenue.
The continued support of shareholders, with the 2025 capital increase demonstrating confidence in the project.

Key risks, however, remain material:

Liquidity risk stemming from low cash balances and negative operating cash flow until release.
Execution risk in finalising and polishing Total Tank Simulator 2, particularly if extensive changes are needed following demo feedback.
Market risk, since eventual sales will depend on a competitive PC/Steam environment and the game’s ability to differentiate itself.

For equity investors, the company increasingly resembles a focused option on the success of one major project rather than a diversified portfolio of live titles.

Investment Perspective

Noobz from Poland enters the final stages of development for Total Tank Simulator 2 with:

Modest but stable legacy revenues.
A largely unleveraged balance sheet with a strong premium capital base.
A narrow but clearly defined pipeline centred around one ambitious tactical title.

At the same time, the company is loss-making year-to-date, has consumed cash and will continue to depend on fresh equity or near-term commercialisation to support operations. The risk-reward profile is therefore asymmetric:

On the upside, strong reception and monetisation of Total Tank Simulator 2 could quickly transform today’s inventory and accumulated development expenses into revenue and margin, rebuilding cash and supporting valuation.
On the downside, delays, weak player reception or sub-scale sales could force further equity issues or cost reductions and would weigh heavily on shareholder returns.

Conclusion

The Q3 2025 report paints a picture of a small but focused developer transitioning from a capital-raising and production phase toward a potentially decisive market test. Financially, Noobz from Poland is close to operating break-even but still posting a small net loss and negative operating cash flow, with liquidity that must be carefully monitored. Strategically, everything now hinges on the successful launch and commercial performance of Total Tank Simulator 2.

For investors willing to accept elevated project and liquidity risk, the company offers leveraged exposure to the potential success of a single, well-defined title. More conservative investors will likely wait for clearer signs of traction from the upcoming demo and for evidence that the sizeable balance-sheet investment in work-in-progress can be converted into sustainable cash-generating operations.

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