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Financial Results 9M24

27 November 202417 pages1,216 words

Summary

PCF Group S.A. presents its financial and operational results for the first nine months of 2024, focusing on the performance of its global development studios and its VR-specialized subsidiary, Incuvo. The report covers the group’s activities across its primary hubs in Europe and North America, tracking the evolution of its workforce and project portfolio through September 30, 2024. Financial performance for the 9M 2024 period shows total revenues of PLN 131.9 million, an increase from PLN 111.3 million in the same period of 2023. This growth was primarily driven by the recognition of revenues from the release of Bulletstorm VR in the first quarter and an increase in Work-for-Hire (WFH) revenues during the third quarter. However, profitability was negatively impacted by several factors, leading to a net loss of PLN 33.3 million compared to a loss of PLN 13.4 million in the previous year. Key detractors included a PLN 7.8 million write-down related to Project Red and revenue adjustments for Project Gemini following amended contract terms with Square Enix, which lowered margins. Adjusted EBITDA fell to negative PLN 1.7 million from a positive PLN 8.5 million in 9M 2023. Operational highlights focus on the VR portfolio managed by Incuvo. Green Hell VR continues to expand with a co-op mode scheduled for release on December 16, 2024, following its addition to Meta Quest+ in June. Development of Project Bison, an internal IP, is progressing through the vertical slice phase with a planned 2025 premiere. Conversely, active development on Bulletstorm VR concluded in September 2024 following the version 1.4 update. The group’s total headcount remained stable at 767 employees, with a significant concentration of developers in Warsaw and North American studios.

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Financial Results 9M24

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