PCF Group Financial Results 1H25

Key insights

6 takeaways

01
PCF Group reported a net loss of 21.3 million PLN and an EBITDA of -11.3 million PLN for the first half of 2025, driven by asset write-downs from the consolidation of PCF Chicago into PCF US.See it on page 4
02
The company is executing a comprehensive reorganization plan ending in September 2025, involving personnel reductions and office space optimization to prioritize positive cash flow.See it on page 15
03
The self-published title 'Lost Rift', launched in September 2025, showed strong technical stability and retention but failed to meet internal sales and concurrent user expectations.See it on page 7
04
The VR division, operated through Incuvo, will release its final project in Q4 2025, marking the company's strategic exit from the VR publishing market.See it on page 8
05
PCF Group maintains a workforce of 756 employees and is currently developing three Work-for-Hire projects for partners including Microsoft and Krafton.See it on page 6
06
Future investment strategy is contingent on reaching a break-even point for VR projects and ensuring 'Lost Rift' becomes self-sustaining.See it on page 8

Summary

The PCF Group financial results for the first half of 2025 detail a period of organizational restructuring and strategic realignment within the global game development sector. The company, which operates across Europe and North America, reports a net loss of 21.3 million PLN for the first half of 2025, alongside an EBITDA of -11.3 million PLN. These figures reflect the impact of asset write-downs related to the consolidation of PCF Chicago into PCF US, as well as the ongoing costs associated with its diverse project portfolio.

The company’s operational strategy is currently divided into three primary segments: Work-for-Hire (WFH) projects, self-publishing, and VR production. The WFH segment remains a core focus, with three active projects under development for partners such as Microsoft and Krafton. In the self-publishing space, the company launched Lost Rift in early access in September 2025; while the title demonstrated strong player retention and technical stability, initial sales and peak concurrent user numbers fell below internal expectations. Meanwhile, the VR division, managed through Incuvo, is preparing to release its final project in the fourth quarter of 2025, marking a strategic exit from the VR publishing market.

To address financial performance, the company has implemented a comprehensive reorganization plan scheduled for completion by September 2025. This initiative includes personnel reductions, office space optimization, and strict cost-control measures. Management intends to prioritize positive cash flow, aiming to reach a break-even point on VR projects and ensure Lost Rift becomes self-sustaining before committing to new investments. The company maintains a workforce of 756 employees as of mid-2025 and continues to actively pursue new WFH contracts to stabilize its revenue streams.