CD PROJEKT RED says that it has a new framework for its spin-off title in development which is currently referred to as Project Sirius. CD PROJEKT RED originally announced Project Sirius back in October 2022 along with a slew of other Witcher-themed titles that were in development. It is said to feature both single and multiplayer gameplay and is being developed by Boston-based studio, The Molasses Flood (The Flame and the Flood). Evidently, back in March, some at CD PROJEKT RED had concerns with the current state of the game and not only announced that it would be writing off the funds already expended in development but also potentially rebooting the project.
Per CD PROJEKT RED CFO Piotr Nielubowicz (as transcribed by VGC)
“We need to keep evaluating the situation as we move along. It’s better to cut costs early – and even restart if needed – than to carry on.
“As a result of this approach, we experienced negative results on our other operating activity linked to the impairment related to Project Sirius, which we reported 10 days ago.”
CEO Adam Kiciński added: “Our intention was to cut costs early and give ourselves time for re-assessment. We don’t want to carry on with projects that we are not aligned with. So basically that’s all we’d like to share about Project Sirius for now.”
Eurogamer has reported that development for Project Sirius is back on track as CD PROJEKT RED says that it has a new framework and is even partially reversing its decision to write off funding that was spent.
From the Latest CD PROJEKT RED Regulatory Announcement:
“In reference to current report no. 8/2023 of 20 March 2023, the Management Board of CD PROJEKT S.A. with a registered seat in Warsaw (“The Company”) hereby announces the conclusion of work on defining a new framework for Project Sirius, which is carried out by The Molasses Flood (“The Project”).
Defining a new framework of the Project will have the following effect on the Company’s accounts:
(a) partial reversal – in the amount of 21.5 million PLN – of the impairment allowance on development expenditures related to the Project in 2022, which originally amounted to 33.4 million PLN and burdened the financial result of the Company and its Group in 2022, will be recognized;
(b) part of the development expenditures related to the Project in the first quarter of 2023 will be written off – in the amount of 2.7 million PLN.”
It appears that, for now, The Molasses Flood will remain involved in the game’s development and at least some of what has already been created will still be used in the new framework.
“Partial reversal of the impairment allowance for 2022 and partial writeoff of the development expenditures incurred in the first quarter of 2023 is the result of the decision to continue the Project in the reformulated framework based on a material part of the already developed elements of the game by the Molasses Flood.”