The company reported 2024 revenue of PLN 190.4 million, but incurred a net loss of PLN 175.3 million and an EBITDA of PLN 12.9 million due to project write-offs and revenue declines.
See it on page 12Management is pivoting away from VR development following the withdrawal of platform subsidies, shifting focus toward AAA and compact-AAA titles.
See it on page 6The organization is implementing a cost-reduction strategy that includes restructuring office space and realigning the workforce, which had grown to 756 employees by the end of 2024.
See it on page 4Krafton has waived its ROFO/ROFR rights for the Bifrost and Victoria projects, allowing the company to pursue external publishing partners for these titles.
See it on page 13Future production includes two new projects with Sony Interactive Entertainment, the self-publishing of the final VR title Project Bison in Q4 2025, and an early-access release of Lost Rift in 2025.
See it on page 2The company is actively seeking additional funding sources to ensure liquidity while maintaining a lean operational model across its six global studio locations.
See it on page 13The analysis outlines a strategic pivot toward cash‑flow optimization for the company, driven by recent shifts in the VR market and a need to secure additional financing. Revenue growth in 2024 reached PLN 190.4 million, largely supported by the launches of Project Maverick and Project Echo, as well as the January 2024 release of Bulletstorm VR. However, profitability suffered due to write‑offs of the Red and Bifrost projects and a decline in 2Q revenues linked to Gemini negotiations, resulting in an EBITDA of PLN 12.9 million and a net loss of PLN 175.3 million.
Operationally, the organization is trimming non‑essential spend and restructuring office space and team composition to reduce overhead. The workforce, which expanded from 612 employees in 2020 to 756 by the end of 2024, is being realigned with a focus on critical projects. The company has ceased further investment in VR development following the 2024 platform subsidy withdrawal, redirecting resources toward AAA and compact‑AAA titles.
Future initiatives include two new work‑from‑home projects with Sony Interactive Entertainment, the self‑publishing of Project Bison (the final VR title from PCF Group) slated for Q4 2025, and an early‑access release of Lost Rift in 2025. Krafton’s waiver of ROFO/ROFR rights for Bifrost and Victoria frees the company to seek external publishers. Scenario analysis is underway to identify additional funding sources, ensuring liquidity while maintaining a lean operational model across global studios in Warsaw, Montreal, Newcastle, Dublin, Katowice, and Rzeszów.