Letter to Shareholders: 2024

PCF Group cancelled four major projects in 2024.

The company discontinued Dagger, Red, Victoria, and Bifrost during the year. These decisions reduced consolidated earnings for the first half of 2024.

Over 120 employees were laid off in December.

The layoffs followed the cancellation of Victoria and Bifrost. Earlier in the year, 30 staff were cut related to the Gemini project.

The August strategic review failed to secure investment.

The board launched a strategic options review in August aimed at securing external investment or restructuring. The effort failed, leaving the group to reassess short- and long-term plans.

1. 01
   August review launched

   Board sought external investment or restructuring
2. 02
   Review failed

   Group reassessed short- and long-term plans
3. 03
   VR segment exited

   Focus narrowed to AAA action titles

Gemini revenue only covered its direct costs.

The project was developed under a short-term agreement with Square Enix. Its revenue only covered direct costs, contributing to the decision to tighten the self-publishing pipeline.

The VR segment was largely exited in 2024.

Incuvo's Bison was slated as the final title. The company narrowed its focus to AAA action titles after the strategic review failed.

The company commits to rebuilding through partnerships.

The letter stresses a commitment to rebuilding through strategic partnerships and focused development on AAA action titles. It continues investment in high-quality games for a global audience.

PCF Group cancelled four major projects in 2024.

The company discontinued Dagger, Red, Victoria, and Bifrost during the year. These decisions reduced consolidated earnings for the first half of 2024.

Over 120 employees were laid off in December.

The layoffs followed the cancellation of Victoria and Bifrost. Earlier in the year, 30 staff were cut related to the Gemini project.