CD Projekt

High portfolio concentration. Three main projects (The Witcher 4, Cyberpunk 2, Hadar) account for the vast majority of future revenue. A delay or weak launch of any one of them materially affects results - unlike diversified global publishers.
Long production cycles. Multi-year gaps between major releases make financial results uneven. Years without a new release are years of cash consumption, not profit generation.
No global scale. Electronic Arts (FY26 net bookings USD 8 billion), Take-Two (FY25 USD 5.65 billion) and Ubisoft (FY24–25 EUR 1.85 billion) operate in a different league. CD PROJEKT does not compete on catalog size - only on franchise depth.
Reputation risk after Cyberpunk 2077. The 2020 launch left lasting scars in technical-quality perception. Player expectations for The Witcher 4 and Cyberpunk 2 are very high - a small technical stumble will draw disproportionate criticism.
Weaker live-service position. CD PROJEKT is strong in premium single-player games, weaker in recurring-revenue models (multiplayer, season passes, microtransactions). Competitors build large franchises on this base.
Currency dependency. Sales in USD/EUR, reporting in PLN - PLN strength automatically lowers translated results without affecting actual sales.
Talent competition. Global AAA studios compete with CD PROJEKT for the same designers, engineers, writers and artists. Polish location gives a cost edge, not a talent edge.

Weaknesses - CD Projekt