Is Anshar Studios profitable in 2026?

No public profitability figures exist for Anshar Studios as of July 2026. It is a NewConnect-listed micro-cap with co-dev revenue from titles like Baldur's Gate 3 and its own Painkiller reboot, which launched October 9, 2025, but no disclosed profit/loss data.

Could AI replace Anshar Studios?

Anshar's core services, porting, remastering, QA and asset production, sit directly in AI's replacement path. Wharton research from April 2026 found AI-first small teams outperforming legacy pipeline studios by an order of magnitude on production speed, a direct threat to Anshar's labor-based model.

Who is Anshar Studios' biggest competitor?

Virtuos Games, with over 3,500 staff and credits including Demon's Souls and Call of Duty: Black Ops Cold War, is the largest enterprise-scale co-dev rival as of June 2026, competing alongside Keywords Studios and Polish peers like Fool's Theory.

Who owns Anshar Studios?

Anshar Studios S.A. trades publicly on Poland's NewConnect alternative market rather than being controlled by a single parent company. As of April 2025, co-founders Łukasz Hacura serves as CEO and Grzegorz Dymek as COO.

Has Anshar Studios had layoffs in 2025 or 2026?

No layoffs specific to Anshar Studios were reported as of December 2025, though the broader games industry saw major cuts, including Xbox's 3,200-job reduction announced July 2026, which could reduce demand for outsourced co-dev studios like Anshar.

What is Project Medieval and has Anshar Studios released it?

Project Medieval is Anshar Studios' unannounced proprietary RPG, teased in November 2023 at Poznań Game Arena. As of mid-2026 it remains unreleased, making its eventual launch a key test of the studio's own-IP publishing pivot.

Gaming companies · Poland

Anshar Studios

ansharstudios.com ↗

Polish AA studio that co-develops, ports, and remasters games for bigger publishers.

Losing its protection

Assessed 23 July 2026 · Evidence as of 23 July 2026

The structural protection is eroding.

On the recordSince 23 July 2026 · Checkable from H2 2026 · Every call on the record Checkpoint: Project Medieval reveal or shipping decision, still unannounced since Nov 2023 teaser

The call

Anshar has real shipped work behind it, but it sells hours in a market where AI tools and bigger studios both cut hourly costs faster than Anshar can raise prices.

Anshar Studios makes video games for bigger companies (like work on Baldur's Gate 3 and Silent Hill 2) and is trying to build its own games like Painkiller. The hired work is easy for larger studios or AI tools to copy or replace, since it involves routine tasks like fixing old games, checking for bugs, and making art assets. At the same time, big publishers are laying off workers and cutting budgets, which means less work to hire out. The one thing that could save the company is if its own games, especially Painkiller and Project Medieval, become real money-makers and shift the business away from hired work before AI and shrinking publisher budgets squeeze the service side too much.

Why

AI pressure: AI-native co-dev and asset pipelines (Wharton-cited AI-first teams). Generative AI is compressing the porting, remastering, and QA hours that make up Anshar's core paid work. Could AI do the core job? Yes, likely.

Bigger players: Virtuos Games and Keywords Studios. Virtuos alone runs 3,500+ staff and can underbid Anshar on the same publisher co-dev contracts. Could a giant copy it? Yes, easily.

What protects it. Shipped credits on Baldur's Gate 3 and Silent Hill 2 remake keep publishers calling Anshar first for co-dev work.

What would change this call

Project Medieval reveal, release date, or cancellation announcement. Shows whether the own-IP pivot beyond Painkiller is real or stalled since 2023.
NewConnect quarterly filing showing co-dev revenue trend and client concentration. Reveals if services revenue is shrinking as AI-native rivals underprice contracts.
Non-renewal or new contract announcement from a Larian/Bloober/Saber-tier publisher client. Indicates whether Anshar retains anchor relationships or loses them to competitors.

Key numbers

ZoomInfo estimates $6.3M revenue (2026-07-06)
Site claims 200+ staff (2025-09-10)
Painkiller reboot launched Oct 9, 2025 (2025-10-17)

Named risks

Core services (porting, QA, asset production) overlap directly with AI's fastest-compressing task set. Severity: high
Publisher-side layoffs (Xbox 3,200 cuts, July 2026) reduce demand for outsourced co-dev work. Severity: high
Reputation-based client relationships must be re-won contract by contract, no structural moat. Severity: medium
Project Medieval own-IP RPG unreleased since November 2023 teaser, pivot unproven at scale. Severity: medium
Fragmented market with larger, lower-cost rivals (Virtuos, Keywords Studios) eroding billable-hours economics. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Virtuos Games	gaining on	3,500+ staff enterprise-scale co-dev vs Anshar's ~200, as of 2026-06-01
Keywords Studios	gaining on	Large-scale global outsourcing incumbent competing on price and scale, 2026-06-01
AI-native small teams	gaining on	Wharton, April 2026: AI-first teams outperform legacy pipeline studios by order of magnitude
Fool's Theory and Polish co-dev peers	contesting	Compete in same fragmented Polish co-dev/outsourcing market, per Wikipedia category, 2026-07-22
Publisher in-house downsizing (Xbox, Ubisoft)	losing to	Xbox cut 3,200 jobs and 4 studios July 2026, shrinking outsourced co-dev budgets

Questions people ask

Is Anshar Studios profitable in 2026?: No public profitability figures exist for Anshar Studios as of July 2026. It is a NewConnect-listed micro-cap with co-dev revenue from titles like Baldur's Gate 3 and its own Painkiller reboot, which launched October 9, 2025, but no disclosed profit/loss data.
Could AI replace Anshar Studios?: Anshar's core services, porting, remastering, QA and asset production, sit directly in AI's replacement path. Wharton research from April 2026 found AI-first small teams outperforming legacy pipeline studios by an order of magnitude on production speed, a direct threat to Anshar's labor-based model.
Who is Anshar Studios' biggest competitor?: Virtuos Games, with over 3,500 staff and credits including Demon's Souls and Call of Duty: Black Ops Cold War, is the largest enterprise-scale co-dev rival as of June 2026, competing alongside Keywords Studios and Polish peers like Fool's Theory.
Who owns Anshar Studios?: Anshar Studios S.A. trades publicly on Poland's NewConnect alternative market rather than being controlled by a single parent company. As of April 2025, co-founders Łukasz Hacura serves as CEO and Grzegorz Dymek as COO.
Has Anshar Studios had layoffs in 2025 or 2026?: No layoffs specific to Anshar Studios were reported as of December 2025, though the broader games industry saw major cuts, including Xbox's 3,200-job reduction announced July 2026, which could reduce demand for outsourced co-dev studios like Anshar.
What is Project Medieval and has Anshar Studios released it?: Project Medieval is Anshar Studios' unannounced proprietary RPG, teased in November 2023 at Poznań Game Arena. As of mid-2026 it remains unreleased, making its eventual launch a key test of the studio's own-IP publishing pivot.

Timeline

2026-07-06Xbox CEO Asha Sharma announces 3,200 layoffs and four studios cut.
2026-06-22Anshar Publishing slate lists Moldwasher and Whispers of the Eyeless releases.
2026-04-10Wharton research finds AI-first game teams outperforming legacy pipeline studios.
2026-03-17Whispers of the Eyeless fully releases via Anshar Publishing.
2025-10-21Painkiller reboot launches on Xbox Series X|S.
2025-10-09Painkiller reboot launches on PC and PS5.
2025-03-20Anshar Studios announced as lead developer on Painkiller reboot.
2025-01-29Coridden released by Anshar Publishing.
2023-12-19Anshar year-end review: 154 specialists, Project Medieval RPG teased.
2012Anshar Studios founded by former City Interactive Katowice staff.

Revision history

23 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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