Gemini
Company
Documents about Gemini
Annual Management Board Report on Operations of the PCF Group Capital Group: 2025
The 2025 fiscal year represented a period of profound strategic retrenchment for PCF Group, as the company pivoted away from self-publishing and virtual reality development to stabilize its financial position.
- PCF Group pivoted to a work-for-hire model in 2025, abandoning self-publishing and VR development to focus on partnerships with Microsoft, Krafton, 2K Games, and Sony.
- The company reported a net loss between 124.3 and 170 million PLN, driven by 131.3 million PLN in impairment charges and development cost amortization.
- Financial stability weakened significantly, with total assets declining by 42% and equity falling by 45% during the restructuring period.
PCF Group Separate Annual Financial Statements: 2025
PCF Group’s 2025 financial performance reflects a period of significant structural transition and fiscal consolidation.
- PCF Group reported a net loss of 169.99 million PLN in 2025, an improvement from the 228.58 million PLN loss in 2024, despite a sharp decline in total assets from 315.16 million PLN to 153.05 million PLN.
- The company recorded a 126.3 million PLN impairment charge due to the underperformance of the title Lost Rift, necessitating a significant restructuring of its operations.
- To stabilize the business, PCF Group reduced its workforce from 297 to 143 employees and canceled internal projects including Bifrost and Gemini, while exiting the virtual reality segment entirely.
PCF Group Annual Consolidated Financial Statements: Fiscal Year 2025
The PCF Group’s fiscal year 2025 financial statements detail a period of aggressive strategic restructuring aimed at stabilizing the company’s long-term financial position.
- PCF Group reported a net loss of 124.3 million PLN for fiscal year 2025, driven by 98 million PLN in impairment charges from underperforming titles and the cancellation of internal projects Bifrost and Gemini.
- Total assets decreased significantly from 373.4 million PLN to 215.7 million PLN as the company restructured its operations.
- Revenue grew slightly to 199.6 million PLN, supported by work-for-hire collaborations with Microsoft, Krafton, and Sony.
Current Report No. 46/2025: Fulfillment of the Condition Precedent in the Agreement with Square Enix Limited
The filing announces that the conditional clause attached to the November 19 2025 agreement between PCF Group S.A., headquartered in Warsaw, and Square Enix Limited, based in London, has been satisfied.
- PCF Group S.A. and Square Enix Limited have officially terminated their production-publishing contracts for the 'Gemini' (dated August 12, 2020) and 'Madness' (dated February 16, 2016) projects.
- The condition precedent for the November 19, 2025 agreement was satisfied following PCF Group's delivery and Square Enix's confirmation of the 'Gemini' project development assets (the 'Closing Kit').
- Both companies have mutually waived all further claims arising from their prior collaboration on the Gemini and Madness projects.
Raport bieżący nr 44/2025
The primary aim is to announce that PCF Group S.A., headquartered in Warsaw, has entered into a conditional settlement with Square Enix Limited of London concerning the financial finalisation of the Gemini project and the termination of two existing production-publishing contracts.
- PCF Group S.A. and Square Enix Limited signed a conditional settlement on 19 November 2025 to terminate their production-publishing contracts for the Gemini and Madness projects.
- The settlement is contingent upon PCF Group delivering a 'Closing Kit' of all Gemini development materials within 30 days of the signing date.
- Square Enix has a 30-day window following the delivery of the Closing Kit to review and confirm its contents.
Półroczne Sprawozdanie Zarządu z Działalności Grupy Kapitałowej PCF Group S.A. oraz Spółki PCF Group S.A.: 2025
PCF Group S.A. experienced a period of significant strategic realignment and financial volatility during the first half of 2025.
- PCF Group recorded a 51% year-over-year revenue increase to 115.3 million PLN, driven by work-for-hire contracts with Microsoft (Gears of War: E-Day), Krafton, and Sony Interactive Entertainment.
- The company reported a net loss of 21.3 million PLN and an 81% decline in cash reserves, necessitating a capital raise of 6.67 million Series H shares in August 2025.
- Financial results were heavily impacted by 173 million PLN in non-cash write-offs related to the suspension of the self-published Project Bifrost and the impairment of subsidiary Incuvo S.A.
Skonsolidowany Raport Półroczny za okres 01.01.2025-30.06.2025
PCF Group reported a significant increase in consolidated sales revenue for the first half of 2025, reaching 115.3 million PLN compared to 76.3 million PLN in the same period of 2024.
- PCF Group reported a consolidated net loss of 21.3 million PLN for H1 2025, an improvement over the 33.3 million PLN loss in H1 2024, despite a revenue increase to 115.3 million PLN.
- Liquidity remains a critical concern as cash reserves dropped from 58.1 million PLN to 11.2 million PLN, following a failed 350 million PLN funding round in late 2024.
- The company executed a strategic pivot toward third-party development, securing work-for-hire collaborations with Microsoft (Project Maverick/Gears of War: E-Day), Sony (Project Delta), and Krafton.
PCF Group 3M25 Financial Results
The PCF Group’s financial results for the first quarter of 2025 reflect a period of significant strategic restructuring and financial consolidation.
- PCF Group reported a net loss of 3.9 million PLN for 3M25, with revenue declining to 56.9 million PLN from 63.0 million PLN in the same period last year.
- The company has suspended the Bifrost project—resulting in full impairment—and ceased development on the Gemini project to focus on cash flow preservation.
- EBITDA fell to 1.7 million PLN and adjusted EBITDA to 11.0 million PLN, heavily impacted by Bifrost-related costs and reduced Gemini revenue contributions.
Financial Results Q1 2025
The financial results for the first quarter of 2025 detail the operational and fiscal performance of PCF Group S.A., a global video game developer.
- PCF Group S.A. reported Q1 2025 revenue of 63.0 million PLN, an increase from 56.9 million PLN in Q1 2024.
- The company recorded a net loss of 3.9 million PLN in Q1 2025, widening from a 0.9 million PLN loss in the same period last year.
- Adjusted EBITDA fell significantly year-over-year, dropping from 11.0 million PLN to 1.7 million PLN.
Current Report No. 15/2025
The decision to downsize the development team assigned to Project Gemini is presented as a response to contractual uncertainty with Square Enix Limited, the publisher of the work-for-hire title.
- PCF Group S.A. is laying off more than 60 employees from its European development team following the halt of Project Gemini on 1 June 2025.
- The workforce reduction is a direct response to Square Enix Limited’s failure to provide a new execution contract to extend the original publishing agreement.
- The absence of a binding framework for Project Gemini has created significant revenue uncertainty, forcing PCF Group to initiate risk-mitigation measures.
Raport Bieżący Nr 16/2025
The decision to suspend further work on Project Bifrost was taken on 1 June 2025 by the board of PCF Group S.A., headquartered in Warsaw, under the authority of Article 17(1) of the MAR Regulation.
- On 1 June 2025, PCF Group S.A. officially suspended all work on Project Bifrost due to a lack of internal financing and organizational resources.
- The suspension of Project Bifrost was triggered by the failure to secure a new execution contract for the Gemini project, which was being developed for Square Enix Limited.
- PCF Group S.A. had been funding Project Bifrost through a self-publishing model, which became unsustainable following the lapse of the Gemini work-for-hire contract.
Raport Bieżący nr 14/2025
The board of PCF Group S.A., headquartered in Warsaw, announces the suspension of development activities on the Gemini project effective 1 June 2025.
- PCF Group S.A. has suspended all development activities on the Gemini project, effective 1 June 2025.
- The suspension follows the expiration of the content-rider agreement with Square Enix Limited, which covered work-for-hire production services.
- Square Enix has failed to provide a new execution agreement for subsequent production milestones or clarify its intent regarding the project's future.