PCF Group experienced a period of significant financial and strategic transition during the first nine months of 2025. While consolidated revenues grew by 15.3% year-on-year to 152.1 million PLN, primarily driven by development fees from external partners, the Group recorded a substantial net loss of approximately 117 million PLN. This downturn was largely precipitated by 131.3 million PLN in non-cash impairment write-offs following the suspension of several internal projects and the underperformance of new releases. Total assets and equity saw marked declines as the Group navigated liquidity challenges resulting from a failed funding round in late 2024. The Group’s strategic pivot involves a move away from self-publishing and VR ventures toward a stable "work-for-hire" model for AAA and compact-AAA titles. High-profile collaborations with Sony, Microsoft, and Krafton, including work on Project Maverick (Gears of War: E-Day), now form the core of the business. This shift follows the termination of Project Gemini and Project Madness after a settlement with Square Enix, as well as the suspension of Project Bifrost due to financing constraints. Furthermore, the disappointing Early Access launch of Lost Rift (Project Victoria) led to a 92 million PLN write-down, representing 85% of the project's asset value. To stabilize its financial position, management implemented significant cost-cutting measures, including the layoff of over 110 employees and the phasing out of its VR publishing arm. Capital was bolstered through the issuance of 6.67 million Series H shares, raising approximately 20 million PLN. Despite a decrease in cash reserves to 35.1 million PLN by the end of September, the Group maintains a going-concern assumption for the upcoming year, supported by positive operating cash flow and a renewed focus on high-budget external development contracts.