Updated Mar 17, 2026 by PCF Group
PCF Group reported a net loss of PLN 33.3 million and an EBITDA loss of PLN 11.3 million for 1H24, driven by a contract amendment with Square Enix for Project Gemini and a PLN 7.8 million write-off for Project Red.
Revenue for 1H24 reached PLN 76.3 million, a modest increase from the PLN 68.7 million recorded in 1H23, despite the negative impact of margin reductions in the second quarter.
The group is shifting its strategic focus toward self-publishing and VR specialization to mitigate the financial volatility inherent in major work-for-hire contract renegotiations.
The VR subsidiary Incuvo is currently managing three primary projects, including the development of co-op mode for Green Hell VR and the vertical slice phase for Project Bison.
Bulletstorm VR, released in 1Q24, provided a partial financial offset to the period's losses, with its primary development cycle concluding following a major update in September 2024.
The company maintains a global workforce of 735 employees, including a core development team of 504 staff members distributed across hubs in Poland, North America, and Europe.
PCF Group reported a net loss of PLN 33.3 million and an EBITDA loss of PLN 11.3 million for 1H24, driven by a contract amendment with Square Enix for Project Gemini and a PLN 7.8 million write-off for Project Red.
Revenue for 1H24 reached PLN 76.3 million, a modest increase from the PLN 68.7 million recorded in 1H23, despite the negative impact of margin reductions in the second quarter.
The group is shifting its strategic focus toward self-publishing and VR specialization to mitigate the financial volatility inherent in major work-for-hire contract renegotiations.
The VR subsidiary Incuvo is currently managing three primary projects, including the development of co-op mode for Green Hell VR and the vertical slice phase for Project Bison.
Bulletstorm VR, released in 1Q24, provided a partial financial offset to the period's losses, with its primary development cycle concluding following a major update in September 2024.
The company maintains a global workforce of 735 employees, including a core development team of 504 staff members distributed across hubs in Poland, North America, and Europe.