Updated Mar 17, 2026 by PCF Group
People Can Fly reported a net loss of 75.6 million PLN in 2023, largely driven by a 68.3 million PLN non-cash write-off following the cancellation of Project Dagger.
Consolidated revenue fell to 150.1 million PLN from 180.3 million PLN in 2022, a decline attributed to the previous year's high comparative base from a terminated Take-Two Interactive contract and the launch of Green Hell VR.
The company is implementing austerity measures, including office closures and spending freezes, to address liquidity concerns and rising costs associated with a 24% increase in headcount to 756 employees.
Development of AAA projects Bifrost and Victoria remains on track for 2025–2026, though the January 2024 launch of Bulletstorm VR failed to meet commercial expectations.
Profitability is currently pressured by ongoing negotiations with Square Enix regarding Project Gemini, which have negatively impacted project margins.
Management is actively exploring additional financing options to stabilize the company's financial position while continuing its strategic shift toward self-publishing and internal IP development.
People Can Fly reported a net loss of 75.6 million PLN in 2023, largely driven by a 68.3 million PLN non-cash write-off following the cancellation of Project Dagger.
Consolidated revenue fell to 150.1 million PLN from 180.3 million PLN in 2022, a decline attributed to the previous year's high comparative base from a terminated Take-Two Interactive contract and the launch of Green Hell VR.
The company is implementing austerity measures, including office closures and spending freezes, to address liquidity concerns and rising costs associated with a 24% increase in headcount to 756 employees.
Development of AAA projects Bifrost and Victoria remains on track for 2025–2026, though the January 2024 launch of Bulletstorm VR failed to meet commercial expectations.
Profitability is currently pressured by ongoing negotiations with Square Enix regarding Project Gemini, which have negatively impacted project margins.
Management is actively exploring additional financing options to stabilize the company's financial position while continuing its strategic shift toward self-publishing and internal IP development.