The studio is holding its cards close, perhaps waiting for summer
CD Projekt Red, the Polish studio behind The Witcher and Cyberpunk 2077, finds itself at a familiar crossroads — where creative ambition and financial obligation pull in opposite directions. With the Songs of the Past expansion delayed to 2027, the studio must now lean on undisclosed projects to meet a $551 million profit target before year's end. It is a moment that asks an old question of any creative enterprise: can the work that hasn't yet been named carry the weight of the work that has been promised?
- The delay of The Witcher 3's Songs of the Past expansion tears a hole in CD Projekt's 2026 revenue plan, leaving 418 million PLN still needed to hit a cumulative profit target.
- Three mystery projects — two gaming, one non-gaming — have been confirmed as 'in advanced production,' but no names, dates, or details have been offered to a market hungry for reassurance.
- The Scopely mobile game, developed by the studio behind the $6 billion Monopoly Go!, was quietly ruled out for 2026, narrowing the window of possible revenue sources even further.
- Summer gaming showcases — Sony's State of Play, Xbox's event, Summer Game Fest — have become the de facto deadline for CD Projekt to reveal what it's been building in secret.
- Executives struck a tone of calibrated confidence on the earnings call, the kind of language that signals belief in the plan while quietly acknowledging how much still has to go right.
CD Projekt Red is navigating a year defined by what it hasn't announced. The studio recently pushed The Witcher 3's Songs of the Past expansion to 2027, removing the project that was meant to anchor its 2026 financial strategy. That decision leaves a meaningful gap in the calendar — and in the math.
The studio operates under a three-year profit incentive program ending in 2026, with a cumulative net profit target of roughly $551 million. After a solid first quarter, CD Projekt still needs 418 million Polish zloty to reach it. Without the Witcher expansion, the path there runs through projects no one outside the studio has seen.
On a recent earnings call, co-CEO Michal Nowakowski confirmed three projects in advanced development — two gaming-related, one non-gaming — set to release this year. He offered nothing further. No titles, no genres, no windows. The studio appears to be timing its reveals for the summer showcase circuit, where Sony, Xbox, and Summer Game Fest could each serve as a stage.
Notably absent from the 2026 slate is the mobile game being developed with Scopely, the studio behind Monopoly Go!, which became the fastest mobile game ever to generate $6 billion. CD Projekt confirmed that title won't arrive this year, signaling a deliberate pace over a rushed launch.
CFO Piotr Nielubowicz called the profit target 'highly ambitious' while maintaining the company believes it remains achievable. It is the language of measured optimism — confident enough to steady investors, careful enough to leave room for uncertainty. The coming months will determine whether CD Projekt's secret slate is a masterstroke of timing or a gamble that the market will eventually demand answers to.
CD Projekt Red is banking on mystery. The Polish studio has pushed back The Witcher 3's Songs of the Past expansion to 2027, which means the game that was supposed to anchor the company's 2026 revenue strategy is now off the table entirely. That leaves a significant gap in the financial calendar—one the studio is scrambling to fill.
The company operates under a three-year profit incentive program that runs through 2026, with a cumulative net profit target of 2 billion Polish zloty, or roughly $551 million. After a solid first quarter, CD Projekt still needs 418 million zloty to cross the finish line. Without the Witcher 3 expansion landing this year, that math suddenly looks precarious. Investors and analysts are asking the obvious question: how does the studio plan to make up the difference?
CD Projekt's answer is deliberately vague. During a recent earnings call, co-CEO Michal Nowakowski confirmed that the company has three projects in advanced stages of production—two gaming-related and one non-gaming—that will release in 2026. He offered no names, no details, no timelines. The studio is clearly holding its cards close, perhaps waiting for the summer showcase season to make announcements. Sony's State of Play, Xbox's event, or Summer Game Fest could all serve as venues for reveals.
One project notably absent from this lineup is the mobile game in development at Scopely, the studio behind the juggernaut Monopoly Go!, which generated $6 billion faster than any other mobile game in history. CD Projekt made clear that the Scopely title won't launch in 2026. The company is taking its time with that one, presumably unwilling to rush a project with such high expectations attached.
CFO Piotr Nielubowicz acknowledged the ambition baked into the profit target. "The goal remains highly ambitious," he said during the call, before adding that the company believes it has a realistic shot at reaching it given the slate of projects in development and other initiatives underway. The phrasing suggests confidence, but also caution—the kind of language executives use when they're not entirely certain but need to reassure shareholders.
What makes this moment interesting is the transparency gap. CD Projekt is telling the market that salvation is coming, but it's not saying what salvation looks like. The studio could be sitting on a major announcement—a new IP, a surprise sequel, a partnership deal. Or it could be hedging, spreading its bets across multiple smaller projects in hopes that collectively they'll move the needle. Either way, the next few months will be telling. If nothing substantial emerges from the summer showcase circuit, the questions from investors will only grow louder. CD Projekt has built its reputation on delivering ambitious games; now it's betting that whatever it's cooking up in secret can deliver ambitious numbers too.
Citações Notáveis
The goal remains highly ambitious. Nevertheless, with both gaming and non-gaming projects in a fairly advanced stage of production, and some initiatives we are working on, we believe we have a chance of meeting the goal.— Piotr Nielubowicz, CD Projekt CFO
A Conversa do Hearth Outra perspectiva sobre a história
Why delay the Witcher 3 expansion if you need the revenue this year?
Because pushing out a half-baked product would damage the franchise long-term. The studio chose the safer bet: disappoint shareholders now, protect the brand later.
So these mystery projects—are they new games, or existing ones they haven't announced?
That's the real question. Could be either. Could be a new Witcher title, could be something entirely different. The fact that they're being cagey suggests they want maximum impact from the reveal.
What about the Scopely mobile game? That seemed like a sure thing.
It probably is a sure thing, but not for 2026. Scopely has proven it can make money at scale. CD Projekt isn't going to rush that and risk squandering the opportunity.
Is 418 million zloty actually achievable with just mystery projects?
It depends on what those projects are. If one of them is a major AAA release, absolutely. If they're smaller titles or service-based revenue, it gets tighter.
When will we actually know what these projects are?
Summer showcases are the most likely venue. Sony, Xbox, or Summer Game Fest. If nothing drops there, the silence becomes its own kind of answer—and not a reassuring one.