Updated Mar 17, 2026 by PCF Group
Legal · March 1, 2024
Published by PCF Group
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.
PEOPLE CAN FLY Raport bieżący nr 7/2024 Data sporządzenia: 15 marca 2024 r. Temat: Rozliczenie kosztów produkcji gry „Bulletstorm VR” oraz rozwiązanie za porozumieniem stron umowy produkcyjno-wydawniczej na produkcję tej gry Podstawa prawna: Art. 17 ust. 1 Rozporządzenia MAR Treść raportu: W nawiązaniu do raportów bieżących nr 46/2021 z dnia 13 grudnia 2021 r., nr 42/2023 z dnia 22 sierpnia 2023 r. oraz nr 56/2023 z dnia 17 listopada 2023 r. Zarząd spółki PCF Group S.A. z siedzibą w Warszawie („Spółka”, „Emitent”) informuje, że w dniu 15 marca 2024 r. zawarł z Incuvo S.A. z siedzibą w Katowicach, spółką zależną Emitenta („Incuvo”), umowę w przedmiocie rozliczenia pozostałych kluczowych etapów produkcji gry „Bullestrom VR” (tzw. milestones) obejmujących okres do czasu premiery gry w dniu 18 stycznia 2024 r. W ramach rozliczenia oraz w oparciu o postanowienia umowy produkcyjno-wydawniczej, Spółka jako wydawca, obciążyła Incuvo kosztem prac deweloperskich oraz prac związanych z kontrolą jakości gry zrealizowanych przez Spółkę na rzecz Incuvo na kwotę 871.157,59 PLN (ośmiuset siedemdziesięciu jeden tysięcy stu pięćdziesięciu siedmiu złotych i pięćdziesięciu dziewięciu groszy). Jednocześnie, wraz z uzgodnieniem rozliczenia prac deweloperskich, wobec niesatysfakcjonującej premiery gry „Bulletstorm VR”, strony postanowiły o rozwiązaniu za porozumieniem stron umowy produkcyjno-wydawniczej na produkcję wskazanej gry ze skutkiem na dzień 19 stycznia 2024 r., określając przy tym brak uprawnień Incuvo do wynagrodzenia w formie tantiem ze sprzedaży gry (royalties).
nującej premiery gry „Bulletstorm VR”, strony postanowiły o rozwiązaniu za porozumieniem stron umowy produkcyjno-wydawniczej na produkcję wskazanej gry ze skutkiem na dzień 19 stycznia 2024 r., określając przy tym brak uprawnień Incuvo do wynagrodzenia w formie tantiem ze sprzedaży gry (royalties). Ewentualne dalsze prace deweloperskie dotyczące gry „Bulletstorm VR” będą prowadzone w ramach procesu produkcyjnego, w którym to Spółka będzie odpowiedzialna za wytworzenie produktu końcowego oraz za jego komercjalizację, w tym wprowadzenie do sprzedaży. Zarząd Spółki dopuszcza możliwość wykorzystania zasobów Incuvo do realizacji w/w prac.
PCF Group S.A. has entered into a production and publishing agreement with Incuvo S.A. to adapt an existing title from the People Can Fly portfolio for virtual reality platforms. This strategic partnership focuses on implementing necessary technical changes and code adjustments to ensure compatibility with all major VR hardware and software ecosystems. The agreement marks a significant expansion of the company’s intellectual property into the immersive technology segment, with a scheduled release window targeting the end of 2023. Under the financial terms of the contract, PCF Group S.A. serves as the publisher and assumes full responsibility for financing the production. Payments to Incuvo S.A. are structured around the successful completion of specific development milestones. The commercial arrangement follows a standard industry model where Incuvo S.A. becomes eligible for royalty payments only after the publisher has fully recouped its investments in production, promotion, and distribution. The specific royalty rates are tiered based on the total sales revenue generated by the VR title. The scope of this agreement is global, covering all significant virtual reality platforms available in the market. The contract does not contain unusual provisions or specific penalties that deviate from standard market practices for high-end software development and publishing. This collaboration leverages Incuvo’s technical expertise in VR porting and development to maximize the commercial reach of PCF Group’s established gaming assets within the rapidly evolving virtual reality industry.
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 Group S.A. has entered into a non-binding letter of intent with a prominent United States-based entertainment entity to develop a new virtual reality title under the code name Project Dolphin. This collaboration marks a strategic expansion into the VR action and combat genre, with the project slated for release on both current and future major virtual reality hardware platforms. The agreement outlines a work-for-hire development model, where the studio will execute the project on behalf of the publisher in exchange for fixed remuneration rather than retaining intellectual property rights. The financial scope of the production is significant for the VR segment, with an estimated development budget ranging between 16 million and 24 million USD. Under the proposed terms, the publisher will retain full ownership of the intellectual property and all associated rights resulting from the development process. This partnership aligns with the studio’s broader strategy of diversifying its project portfolio while leveraging external funding for high-fidelity production. The development timeline aims for completion by the end of 2025. While the letter of intent establishes the framework for the partnership and triggers formal negotiations for a definitive development agreement, it remains non-binding at this stage. The finalization of the contract is subject to successful negotiations, and the studio maintains a neutral outlook regarding the certainty of the final execution. This disclosure, issued in mid-2023, reflects the company's ongoing efforts to secure large-scale production contracts within the global gaming market.
The report announces thatPCF Group S.A., headquartered in Warsaw, has entered into a development agreement with its subsidiary Incuvo S.A. in Katowice to launch a new video‑game project codenamed “Bison.” The decision follows an internal assessment of market conditions, production capacity and the group’s capital resources, and is grounded in Article 17(1) of the MAR Regulation. “Bison” is defined as a survival‑adventure title built on intellectual property owned by the People Can Fly group and targeted at current and next‑generation virtual‑reality hardware. The entire development will be financed by PCF Group, which will also oversee the creation of a market‑ready product and its commercial rollout. Unity is specified as the graphics engine for the project, reflecting the company’s existing technical expertise and infrastructure. The agreement, signed on 12 November 2023, outlines that Incuvo will provide the necessary development services while PCF retains responsibility for final product delivery and sales. The planned launch window spans 2024 to 2025, positioning the game within the rapidly expanding VR segment in Poland and broader European markets. No external data sources or survey samples are cited; the conclusions rest on the company’s internal market analysis and resource evaluation.