Skonsolidowany Raport Półroczny za okres 01.01.2025-30.06.2025

PCF Group reported a significant increase in consolidated sales revenue for the first half of 2025, reaching 115.3 million PLN compared to 76.3 million PLN in the same period of 2024. This growth was primarily driven by the development fee segment, bolstered by high-profile "work-for-hire" collaborations with industry leaders including Microsoft (Project Maverick/Gears of War: E-Day), Sony (Project Delta), and Krafton. Despite the revenue surge, the Group recorded a consolidated net loss of 21.3 million PLN. While this represents an improvement over the 33.3 million PLN loss in H1 2024, the financial position remains pressured, characterized by a sharp decline in cash reserves from 58.1 million PLN to 11.2 million PLN and a reduction in total assets to 327.0 million PLN.

The reporting period was defined by a major strategic pivot toward third-party development to mitigate liquidity challenges following a failed 350 million PLN funding round in late 2024. This shift necessitated the suspension of several internal projects, most notably Project Bifrost and Project Gemini. The suspension of Bifrost led to 12.2 million PLN in write-offs, including impairments to Unreal Engine licenses and goodwill related to the Chicago development team. Furthermore, the breakdown in negotiations with Square Enix regarding Project Gemini and the decision to exit the VR publishing market resulted in over 110 layoffs.

Management maintains a going concern assumption supported by a five-year recovery plan and a post-balance sheet Series H share issuance in August 2025, which raised 20 million PLN. While the self-publishing segment continues to face headwinds—evidenced by an operating loss of 48.8 million PLN and initial sales for the early access launch of Lost Rift (Project Victoria) falling below projections—the Group remains focused on AAA and compact-AAA titles for PC and consoles. The ownership structure remains stable, with Chairman Sebastian Wojciechowski maintaining a 41.71% stake as the Group navigates its transition toward a more sustainable service-based revenue model.