Updated Mar 17, 2026 by People Can Fly Group
PCF Group reported a 117 million PLN net loss for the first nine months of 2025, driven by 131.3 million PLN in non-cash impairment write-offs from suspended projects and underperforming releases.
The company is abandoning self-publishing and VR to pivot toward a 'work-for-hire' model, focusing on AAA collaborations with partners including Sony, Microsoft, and Krafton.
The early access launch of 'Lost Rift' (Project Victoria) triggered a 92 million PLN write-down, accounting for 85% of the project's asset value.
Consolidated revenue grew 15.3% year-on-year to 152.1 million PLN, supported by development fees from external partners despite the broader financial downturn.
Management executed significant cost-cutting measures, including the layoff of over 110 employees and the closure of the VR publishing division.
Liquidity was bolstered by the issuance of 6.67 million Series H shares raising 20 million PLN, though cash reserves fell to 35.1 million PLN by the end of September 2025.
Key internal projects including Project Gemini, Project Madness, and Project Bifrost have been terminated or suspended due to financing constraints and settlement agreements.
PCF Group reported a 117 million PLN net loss for the first nine months of 2025, driven by 131.3 million PLN in non-cash impairment write-offs from suspended projects and underperforming releases.
The company is abandoning self-publishing and VR to pivot toward a 'work-for-hire' model, focusing on AAA collaborations with partners including Sony, Microsoft, and Krafton.
The early access launch of 'Lost Rift' (Project Victoria) triggered a 92 million PLN write-down, accounting for 85% of the project's asset value.
Consolidated revenue grew 15.3% year-on-year to 152.1 million PLN, supported by development fees from external partners despite the broader financial downturn.
Management executed significant cost-cutting measures, including the layoff of over 110 employees and the closure of the VR publishing division.
Liquidity was bolstered by the issuance of 6.67 million Series H shares raising 20 million PLN, though cash reserves fell to 35.1 million PLN by the end of September 2025.
Key internal projects including Project Gemini, Project Madness, and Project Bifrost have been terminated or suspended due to financing constraints and settlement agreements.