Updated Mar 23, 2026 by PCF Group
Report
Published by PCF Group
The report announces that on 13 December 2021 PCF Group S.A., a Warsaw‑based company, entered into a production and publishing agreement with Incuvo S.A. of Katowice. The contract focuses on adapting a title from the People Can Fly portfolio for all major virtual‑reality platforms, including code adjustments to meet VR hardware specifications. PCF Group will finance the entire VR production through milestone payments tied to key development stages, with contract terms aligned to market standards for similar agreements. Upon completion and launch of the VR game, Incuvo will receive royalties contingent on sales revenue that covers PCF Group’s production, marketing, and distribution costs; the royalty rate depends on the defined sales thresholds. The game’s release is targeted for late 2023. No special contractual clauses or penalty provisions deviate from common practice for this type of agreement, ensuring standard industry compliance.
Raport bieżący nr 46/2021 Data sporządzenia: 13 grudnia 2021 r. Temat: Zawarcie umowy produkcyjno-wydawniczej z Incuvo S.A. Podstawa prawna: Art. 17 ust. 1 Rozporządzenia MAR Treść raportu: Zarząd PCF Group S.A. z siedzibą w Warszawie („Spółka”, „Emitent”) niniejszym informuje, że w dniu 13 grudnia 2021 r. Spółka zawarła ze spółką Incuvo S.A. z siedzibą w Katowicach umowę produkcyjno-wydawniczą, której przedmiotem jest wprowadzenie w grze komputerowej z portfolia gier grupy kapitałowej People Can Fly zmian niezbędnych do implementacji gry na wszystkie znaczące platformy gier wirtualnej rzeczywistości (ang. virtual reality, VR), w tym dostosowanie kodu gry do wymagań technicznych platform VR lub wymagań technicznych urządzeń przeznaczonych do odtwarzania gier VR. Produkcja gry VR będzie finansowana w całości przez Spółkę jako wydawcę w miarę realizacji kontraktowanych w ramach procesu produkcyjnego kluczowych etapów produkcji gry VR (tzw. milestones). Wartość umowy produkcyjno-wydawniczej nie odbiega od warunków rynkowych podobnych umów zawieranych w obrocie gospodarczym. Po zakończeniu produkcji gry VR i wprowadzeniu gry do sprzedaży Incuvo S.A. przysługiwać będzie wynagrodzenie w formie tantiem (ang. royalties), które będzie płatne, jeśli określone wpływy (zdefiniowane w umowie) ze sprzedaży gry zapewnią Spółce jako wydawcy zwrot kosztów poniesionych w związku z produkcją, promocją i dystrybucją gry. Wysokość tantiem jest uzależniona od kwoty określonych wpływów ze sprzedaży gry. Premiera gry planowana jest do końca 2023 r.
jeśli określone wpływy (zdefiniowane w umowie) ze sprzedaży gry zapewnią Spółce jako wydawcy zwrot kosztów poniesionych w związku z produkcją, promocją i dystrybucją gry. Wysokość tantiem jest uzależniona od kwoty określonych wpływów ze sprzedaży gry. Premiera gry planowana jest do końca 2023 r. Umowa nie zawiera postanowień określających specyficzne warunki, które odbiegałyby od warunków powszechnie stosowanych dla danego typu umów, w tym postanowień dotyczących kar umownych.
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.
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.
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.
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.