Updated Mar 17, 2026 by PCF Group
PCF Group reported a net loss of PLN 33.3 million for 9M 2024, widening from a PLN 13.4 million loss in the same period last year.
Total revenue grew to PLN 131.9 million from PLN 111.3 million, driven by the release of Bulletstorm VR and increased Work-for-Hire activity.
Adjusted EBITDA dropped to negative PLN 1.7 million, down from a positive PLN 8.5 million in 9M 2023.
Profitability was hit by a PLN 7.8 million write-down for Project Red and margin compression on Project Gemini following contract amendments with Square Enix.
Incuvo’s internal IP, Project Bison, is currently in the vertical slice phase with a scheduled premiere in 2025.
Green Hell VR continues to see support, with a co-op mode launch set for December 16, 2024, following its addition to Meta Quest+ in June.
The group maintained a stable workforce of 767 employees, with development operations concentrated in Warsaw and North American studios.
PCF Group reported a net loss of PLN 33.3 million for 9M 2024, widening from a PLN 13.4 million loss in the same period last year.
Total revenue grew to PLN 131.9 million from PLN 111.3 million, driven by the release of Bulletstorm VR and increased Work-for-Hire activity.
Adjusted EBITDA dropped to negative PLN 1.7 million, down from a positive PLN 8.5 million in 9M 2023.
Profitability was hit by a PLN 7.8 million write-down for Project Red and margin compression on Project Gemini following contract amendments with Square Enix.
Incuvo’s internal IP, Project Bison, is currently in the vertical slice phase with a scheduled premiere in 2025.
Green Hell VR continues to see support, with a co-op mode launch set for December 16, 2024, following its addition to Meta Quest+ in June.
The group maintained a stable workforce of 767 employees, with development operations concentrated in Warsaw and North American studios.