CD Projekt Red Q1 2025 Earnings: Cyberpunk and The Witcher Continue to Fuel Growth Amid Profit Dip

CD Projekt Red has released its financial results for Q1 2025, reflecting a minor year-over-year decrease in sales and net profit, but maintaining strong performance across its flagship franchises—Cyberpunk 2077 and The Witcher.

Financial Highlights: Sales Flat, Profits Down

For the quarter ending March 31, 2025, CD Projekt Red reported:

• Revenue of PLN 226.3 million ($60.2 million), down slightly from PLN 226.7 million ($60.3 million) in Q1 2024—a 0.17% decline.

• Net profit dropped 14%, falling from PLN 100 million ($26.6 million) last year to PLN 86 million ($22.8 million).

Despite the decline in profits, CD Projekt CFO Piotr Nielubowicz stated that earnings were “supported by strong sales” of Cyberpunk 2077 and its expansion Phantom Liberty, which continues to perform exceptionally well.

Phantom Liberty Surpasses 10 Million Units Sold

The critically acclaimed Phantom Liberty expansion for Cyberpunk 2077, released in September 2023, has now surpassed 10 million units sold. This milestone demonstrates the game's long-term commercial appeal, even after the base game's rocky 2020 launch. The base game stands at 30 million sales.

Cyberpunk 2 Enters Pre-Production

CD Projekt also confirmed that Cyberpunk 2, previously known by its codename Project Orion, has officially entered pre-production. The company is prioritizing recruitment efforts in 2025 to build out the team for this next installment in the Cyberpunk universe. Currently, 96 devs are working on it, a significant jump from 56 last year.

Witcher 4 in Production, Franchise Sales Soar

Meanwhile, work on The Witcher 4—the next mainline title in the iconic franchise—is well underway, with over 420 developers assigned to the project as of April 2025.

Notably, The Witcher 3: Wild Hunt continues to generate massive revenue a decade after launch:

• Over 60 million copies sold globally

• Over PLN 2.4 billion ($638 million) in lifetime revenue

 “This remarkable figure firmly establishes The Witcher 3 as one of the best-selling games of all time,” said CD Projekt joint CEO Michał Nowakowski. “It’s a testament to its enduring quality, immersive world, and unwavering support from our global player base.”

Nowakowski added that the company aims to introduce fans to a new Witcher saga, starting with the upcoming Witcher 4.

Hadar: CD Projekt’s Mysterious Third IP

In addition to Cyberpunk and The Witcher, CD Projekt is continuing early work on Project Hadar, a third original IP that remains under wraps. The company’s robust financial foundation, strengthened by its legacy franchises, enables it to pursue new creative ventures independently.

Developer Growth & Strategic Vision

As of April 2025, CD Projekt’s development team has grown to over 730 staff, allowing the studio to work on multiple AAA projects concurrently. The company is carefully scaling operations while remaining committed to high-quality, story-driven experiences. 

 “Our goal is to shape the future of both The Witcher and the Cyberpunk universes,” said Nowakowski, “while nurturing our next big adventure in Project Hadar.”

What’s Next?

While no specific release windows have been announced for Cyberpunk 2 or The Witcher 4, CD Projekt Red's 2025 roadmap appears to be focused on building toward major franchise entries while maintaining strong catalog sales.