PCF Group revenue grew to 115.3 million PLN in 1H 2025, up from 76.3 million PLN in 1H 2024.
EBITDA turned positive at 2.9 million PLN in 1H 2025, recovering from an 11.3 million PLN loss in the same period last year.
The company narrowed its net loss to 21.3 million PLN in 1H 2025, compared to a 33.3 million PLN loss in 1H 2024, despite accounting write-offs from the Chicago studio merger.
PCF Group is exiting the VR segment, with the Q4 2025 release of 'Tracked: Shoot to Survive' (Project Bison) serving as its final VR title.
Quarterly revenue has stabilized in the 50-60 million PLN range, supported by a combination of work-for-hire projects and internal IP development.
The company workforce stands at 756 employees as of June 30, 2025, following the consolidation of PCF Chicago into PCF US.
This financial summary details the performance of PCF Group (People Can Fly) for the first half of 2025, reflecting a period of organizational restructuring and portfolio transition. The group operates across two continents with a total workforce of 756 people as of June 30, 2025, a slight decrease from 2024 levels. This team is distributed primarily across studios in Warsaw, North America, and various European satellite locations, following the merger of PCF Chicago into PCF US.
Financial results for 1H 2025 show a significant recovery in profitability compared to the previous year. Revenue for the first half of 2025 reached 115.3 million PLN, a substantial increase over the 76.3 million PLN reported in 1H 2024. EBITDA improved from a loss of 11.3 million PLN in 1H 2024 to a positive 2.9 million PLN in 1H 2025. Despite these operational improvements, the group recorded a net loss of 21.3 million PLN for the period, though this represents a narrowing of the 33.3 million PLN net loss seen in the prior year. Key drivers for these results include the increased contribution of Project Echo, the inclusion of Project Delta in financial reporting, and accounting write-offs related to goodwill and licenses following the Chicago studio merger.
The group’s product strategy highlights a shift in its VR segment managed by Incuvo. While Green Hell VR continues to receive updates, including a successful co-op mode launch, the upcoming title Tracked: Shoot to Survive (Project Bison) is scheduled for a Q4 2025 release. This title will mark the final VR game published by PCF Group as it refines its long-term development focus. Quarterly revenue trends indicate a stabilization in the 50-60 million PLN range per quarter throughout late 2024 and early 2025, supported by a mix of work-for-hire projects and internal IP development.
