Related Documents
Legal
Raport Bieżący Nr 1/2021
PCF Group S.A. issued a formal notification regarding a strategic adjustment to the release schedule for its high-profile title, Outriders. The primary objective of this announcement is to inform stakeholders that the game’s global launch date has been moved from February 2, 2021, to April 1, 2021. This decision was reached in coordination with the project’s publisher, Square Enix Limited, as part of a revised marketing and distribution strategy aimed at optimizing the title's market entry. The revised timeline incorporates the release of a free playable demonstration on February 25, 2021, approximately five weeks prior to the new full launch date. This demo is designed to offer several hours of gameplay across both single-player and cooperative modes, featuring all four character classes. By providing early access to the core mechanics and content, the publisher intends to build consumer confidence and allow potential players to evaluate the product before committing to a purchase. This adjustment reflects a common industry practice of utilizing public demos to drive pre-order momentum and ensure technical stability. The scope of this announcement covers the global release plans for the title across all intended platforms. While the delay represents a two-month shift in the production cycle, the inclusion of a comprehensive demo serves as a tactical bridge to maintain community engagement during the extended development and polishing phase. This disclosure was made in compliance with standard market transparency regulations governing publicly traded entities in the gaming sector.
PCF GroupJan 2021
Financial
Półroczne Sprawozdanie Zarządu z Działalności Grupy Kapitałowej PCF Group S.A. oraz Spółki PCF Group S.A.: 2025
PCF Group S.A. experienced a period of significant strategic realignment and financial volatility during the first half of 2025. While total sales revenue grew by 51% year-over-year to 115.3 million PLN, the Group recorded a net loss of 21.3 million PLN and a sharp 81% decline in cash reserves. This revenue growth was primarily driven by "work-for-hire" development fees from major international partners, including Microsoft for Project Maverick (revealed as Gears of War: E-Day), Krafton for Project Echo/Zulu, and Sony Interactive Entertainment for Project Delta. These partnerships have become the Group's primary financial stabilizer as it pivots away from more capital-intensive self-publishing and VR ventures. The reporting period was defined by the suspension of several high-profile projects and a subsequent reduction in workforce. Most notably, work on Project Gemini was halted on June 1, 2025, following a breakdown in communication and contract negotiations with publisher Square Enix, leading to the layoff of over 60 employees. Additionally, the self-published Project Bifrost was suspended due to cash flow constraints, resulting in significant non-cash write-offs totaling approximately 173 million PLN when combined with the impairment of the subsidiary Incuvo S.A. The Group also began a gradual withdrawal from the VR publishing market following the underperformance of Bulletstorm VR. To address liquidity challenges and a tightening immediate liquidity ratio, the Group successfully raised capital through the issuance of 6.67 million Series H shares in August 2025. Despite the contraction in its self-publishing pipeline, the Group launched Project Victoria (retitled Lost Rift) in Early Access on Steam in September 2025, though its long-term success remains uncertain. Moving forward, the Group faces ongoing risks related to its dependence on third-party publishers, currency fluctuations affecting its PLN-based cost structure, and the need to maintain high-skilled development talent in a competitive global market.
PCF GroupSept 2025
Legal
PCF Group Current Report No. 42/2023: Bulletstorm VR Release Date Announced
PCF Group S.A. has officially scheduled the global release of Bulletstorm VR, previously developed under the internal codename Thunder, for December 14, 2023. This announcement serves as a formal update to the company’s long-term production pipeline, following initial disclosures regarding the project made in late 2021. The release marks a significant milestone for the Warsaw-based developer as it adapts one of its most recognizable intellectual properties for virtual reality environments. The launch strategy focuses on broad platform availability to maximize market reach within the virtual reality segment. Upon release, the title will be accessible through the Meta Oculus Store, the Sony PlayStation Store, and Steam. This multi-platform approach ensures coverage across major hardware ecosystems, including standalone headsets and PC-tethered configurations. By targeting these specific storefronts, the company aims to capture a diverse cross-section of the global VR gaming audience during the competitive year-end holiday window. This strategic move reflects the company’s ongoing efforts to diversify its portfolio and leverage existing assets in emerging technology sectors. The transition from a traditional first-person shooter to a VR-native experience indicates a commitment to technical adaptation and platform-specific innovation. As a publicly traded entity, the management board issued this notification in compliance with European market abuse regulations, highlighting the material importance of the release date to the company’s financial outlook and operational schedule for the 2023 fiscal year.
PCF GroupAug 2023
Presentation
Aktualizacja Strategii Nowe Otwarcie: Polska
People Can Fly’s strategic update, issued on 31 January 2023, outlines a transformation from a single‑title studio into a multi‑project, globally distributed developer and emerging self‑publisher. The core thesis is that leveraging the group’s expertise in AAA shooters, Unreal Engine technology, and a newly expanded talent pool will enable simultaneous delivery of several high‑quality games while shifting revenue generation toward Game‑as‑a‑Service and diversified monetisation models. Over the past two years the group has completed the Outriders launch and its Worldslayer expansion, restructured its production pipeline from one‑game‑at‑a‑time to parallel development, and opened new studios in Kraków and Montréal. Acquisitions of Phosphor Games (Chicago), Game On Creative (motion‑capture and cinematics), and Incuvo S.A. (VR) have broadened capabilities into compact‑AAA, virtual‑reality and live‑service titles. The workforce now exceeds 600 “Aviators,” including roughly 400 developers, with two‑thirds based in Europe and one‑third in North America. Internal processes rely on agile, matrix‑based feature teams, a proprietary PCF Framework for Unreal Engine, and Centers of Excellence that foster cross‑project knowledge sharing. Future plans target six new releases by 2027, aiming for at least 3 billion PLN in combined revenue from 2023‑2027. The pipeline includes the AAA work‑for‑hire title Gemini (partnered with Square Enix, slated for 2026), the self‑funded AAA projects Dagger, Bifrost and Victoria (all projected for 2025‑26), the compact‑AAA concept Red, and the self‑published VR titles Thunder (2023) and Green Hell VR (202
PCF GroupJan 2023