Related Documents
Report
Current Report No. 7/2024: Settlement of Bulletstorm VR Production Costs and Termination of Production-Publishing Agreement
PCF Group S.A. has finalized the financial settlement and contractual dissolution regarding the production of Bulletstorm VR. Following the game’s release on January 18, 2024, the publisher and its subsidiary, Incuvo S.A., reached an agreement to settle all remaining production milestones. As part of this financial reconciliation, PCF Group charged Incuvo 871,157.59 PLN to cover development and quality assurance costs incurred during the project’s lifecycle. The decision to terminate the production-publishing agreement, effective January 19, 2024, stems directly from the unsatisfactory commercial performance of the title upon its launch. Under the terms of this dissolution, Incuvo forfeits all rights to future royalty payments derived from the game’s sales. This restructuring effectively ends the original collaborative framework between the two entities regarding this specific intellectual property. Moving forward, PCF Group assumes full responsibility for the final product and its ongoing commercialization. While the company retains the option to utilize Incuvo’s resources for potential future development tasks, the publisher now maintains complete control over the title’s lifecycle. This shift in management strategy reflects a broader effort to mitigate the impact of the game’s poor market reception and consolidate oversight of the product’s future development and sales trajectory.
PCF Group
Legal
Raport Bieżący Nr 2/2025: Decision to Gradually Withdraw From VR Game Publishing
The Board of PCF Group S.A., headquartered in Warsaw, has resolved to phase out its publishing activities in the virtual‑reality (VR) segment, positioning the upcoming title “Bison” as the final VR game the company will release. The decision follows an internal review of the Group’s VR portfolio against a backdrop of markedly reduced investment by VR platform holders, which has eroded the commercial outlook for new VR titles. Consequently, the Board concluded that continued exposure to this market would no longer be sustainable. In parallel with the withdrawal plan, PCF Group finalized revised terms with its subsidiary Incuvo S.A. for the last phase of the Bison project, scheduled for launch in the fourth quarter of 2025. Under the new arrangement Incuvo will contribute a modest share of the remaining production costs and will receive a proportionate share of post‑release revenues, limited to the amount it invests in the final production budget. No further development contracts for new VR games will be awarded to Incuvo, and the subsidiary will not engage in additional VR publishing activities. Going forward, the Group will concentrate exclusively on AAA and compact‑AAA titles for PC and console platforms. Its strategy will combine self‑publishing of proprietary games with work‑for‑hire and co‑development projects, exemplified by the Gemini and Maverick initiatives. The scope of the analysis is limited to PCF Group’s operations in Poland, covering the period up to the projected Q4 2025 release and the subsequent strategic shift away from VR. No external survey data are cited; the conclusion rests on an internal assessment of market trends and the Group’s financial and operational performance.
PCF GroupMar 2025
Legal
Raport bieżący nr 7/2024: Rozliczenie kosztów produkcji gry „Bulletstorm VR”
The settlement report records the final accounting and contractual resolution between PCF Group S.A., headquartered in Warsaw, and its subsidiary Incuvo S.A. of Katowice concerning the development of the virtual‑reality title “Bulletstorm VR.” It confirms that, as of 15 March 2024, the parties concluded the remaining production milestones that spanned the period leading up to the game’s launch on 18 January 2024, and that PCF, acting as publisher, invoiced Incuvo for development and quality‑assurance services in the amount of 871 157,59 złoty. The agreement also stipulates a mutual termination of the production‑publishing contract effective 19 January 2024, driven by an unsatisfactory market reception of the title. Under the termination terms, Incuvo forfeits any entitlement to royalties from subsequent sales, while PCF assumes full responsibility for completing the final product and overseeing its commercial distribution. The report notes that PCF may still draw on Incuvo’s resources for any remaining development work, though no further financial compensation is prescribed. Reference is made to three earlier interim reports—numbers 46/2021, 42/2023 and 56/2023—that documented the project’s progress and financial status. The current settlement therefore closes the fiscal cycle for the “Bulletstorm VR” project, consolidating all outstanding developer costs into a single charge and establishing PCF’s exclusive control over the game’s post‑release lifecycle. The scope is limited to the Polish corporate entities involved, covering activities from the initial milestones through the January 2024 launch and subsequent termination.
PCF GroupMar 2024
Legal
PCF Group Current Report No. 51/2023: Suspension of Production Agreement Negotiations
The management board of PCF Group S.A., operating under the People Can Fly brand, has formally announced the indefinite suspension of negotiations regarding a production agreement for a new video game project. This decision concerns a development contract for an action-combat title intended for virtual reality platforms, currently identified by the code name Project Dolphin. The suspension follows a non-binding letter of intent signed in June 2023 with a prominent United States-based entertainment entity that was intended to serve as the project’s publisher. The cessation of development activities and contract negotiations is attributed to external labor instability within the American entertainment sector. Informal communications between the developer and the publisher indicate that the decision is a direct consequence of ongoing industry strikes in the United States, which have created a climate of significant uncertainty across the broader entertainment landscape. This disruption has forced a halt to the collaborative efforts previously established for the VR title, reflecting the immediate impact of labor disputes on international production pipelines. This development represents a shift in the company’s immediate project roadmap for the 2023 period. While the initial agreement established the framework for a strategic partnership in the high-growth VR segment, the indefinite suspension highlights the vulnerability of specialized game development projects to macroeconomic and industrial labor trends. The announcement serves as a regulatory notification regarding the status of material negotiations and the current operational standing of Project Dolphin within the company’s portfolio of upcoming titles.
PCF GroupSept 2023