Key insights
7 slides
Revenue growth
Q1 2024 revenue rose to PLN 180.3 million from PLN 171.5 million.
Revenue increased from PLN 171.5 million in Q1 2023 to PLN 180.3 million in Q1 2024. The launch of “Bulletstorm VR” and development of “Maverick” drove the increase.
Net loss
Net income was a loss of PLN 0.9 million in Q1 2024.
The company recorded a net loss of PLN 0.9 million for Q1 2024. Higher operating costs associated with new project development and work-for-hire initiatives caused the loss.
Balance sheet
Total assets grew to PLN 277.6 million at 31 March 2024.
Total assets were PLN 277.6 million at 31 March 2024, up from PLN 159.4 million a year earlier. Equity rose to PLN 427.3 million.
Liquidity
Cash and equivalents stood at PLN 112.7 million.
Cash and equivalents stood at PLN 112.7 million. Total assets grew to PLN 277.6 million compared to PLN 159.4 million in the prior year.
Workforce
The group maintained 756 employees across five studio locations.
The group maintains a stable workforce of 756 employees across five international studio locations. Studios are in Warsaw, Montreal, Newcastle, Dublin, and Katowice.
Page 8 of the report756
Employees in 2024
- Employees in 2023
- 763
Pipeline
The pipeline includes two self-published AAA titles and three VR projects.
The development pipeline includes two self-published AAA titles and three VR projects. “People Can Fly” and “Bison” are scheduled for release between 2024 and 2026.
Page 8 of the report- 01Two self-published AAA titlesIncludes “Maverick” and “People Can Fly”
- 02Three VR projectsIncludes “Bison” and “Green Hell VR”
- 03Release window“People Can Fly” and “Bison” scheduled for 2024–2026
Work-for-hire
Work-for-hire projects are expected to contribute additional revenue streams.
Ongoing work-for-hire projects include “Green Hell VR” and “Bulletstorm VR.” These projects are expected to contribute additional revenue streams in the coming quarters.
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Summary
The presentation outlines PCF Group S.A.’s financial performance for the first quarter of 2024, focusing on its gaming and VR portfolio. Revenues rose to PLN 180.3 million in Q1 2024, up from PLN 171.5 million in the same period a year earlier, driven by the launch of “Bulletstorm VR” and ongoing development of the AAA title “Maverick.” Net income for the quarter was a loss of PLN 0.9 million, reflecting higher operating costs associated with new project development and capitalisation of work‑for‑hire initiatives. EBITDA improved to PLN 11.0 million, a 3‑fold increase over Q1 2023, largely due to cost optimisation and the inclusion of amortisation from recent IP acquisitions. The group’s balance sheet shows total assets of PLN 277.6 million at 31 March 2024, up from PLN 159.4 million a year earlier, with equity rising to PLN 427.3 million. Cash and equivalents stood at PLN 112.7 million, indicating a solid liquidity position.
Geographically, the company operates studios in Warsaw, Montreal, Newcastle, Dublin, and Katowice, with a workforce of 756 employees in 2024 versus 763 in 2023. The portfolio includes two self‑published AAA titles and three VR projects, with “People Can Fly” and “Bison” slated for release in 2024–2026. The presentation also highlights ongoing work‑for‑hire projects such as “Green Hell VR” and “Bulletstorm VR,” which are expected to contribute additional revenue streams in the coming quarters. Overall, PCF Group S.A. demonstrates growth in revenue and EBITDA while managing increased costs associated with expanding its IP and development capabilities.
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