Consolidated Quarterly Report for Q1 2026: PCF Group

PCF Group faced significant financial headwinds during the first quarter of 2026, characterized by a substantial net loss and declining revenues. The company reported a net loss of 23.29 million PLN, a sharp deterioration from the 3.86 million PLN loss recorded in the same period of 2025. Revenue fell to 45.57 million PLN from 62.99 million PLN year-over-year, while operating losses reached 20.85 million PLN. These results were heavily impacted by a 24.9 million PLN impairment charge, which accounted for the total write-down of goodwill associated with the subsidiary Game On, alongside additional asset depreciation.

To stabilize its financial position and ensure business continuity, the company has pivoted toward a dual-track strategy focusing on work-for-hire partnerships and self-publishing initiatives. Key developments include a new agreement with 2K Games for Project Florence and continued contributions to high-profile titles such as Gears of War: E-Day. While the company successfully reduced operational costs following the conclusion of the Gemini and Bifrost projects, cash and cash equivalents declined to 16.82 million PLN. Consequently, management has initiated a capital increase of approximately 13.91 million PLN through a new share issuance to bolster liquidity and support its publishing portfolio.

The organization maintains a cautious outlook, prioritizing long-term stability over short-term shareholder returns. Management has confirmed that no dividend payments will be issued until the company achieves consistent profitability and positive cash flows. Despite the current fiscal challenges, the company continues to refine its operational model, emphasizing the optimization of the Lost Rift project and the expansion of its third-party publishing capabilities. Sebastian Wojciechowski remains the primary stakeholder, retaining a 38.79% interest in the firm as it navigates this period of structural transition.