Updated Mar 17, 2026 by PCF Group
PCF Group reported a consolidated net loss of 21.3 million PLN for H1 2025, an improvement over the 33.3 million PLN loss in H1 2024, despite a revenue increase to 115.3 million PLN.
Liquidity remains a critical concern as cash reserves dropped from 58.1 million PLN to 11.2 million PLN, following a failed 350 million PLN funding round in late 2024.
The company executed a strategic pivot toward third-party development, securing work-for-hire collaborations with Microsoft (Project Maverick/Gears of War: E-Day), Sony (Project Delta), and Krafton.
Operational restructuring led to the cancellation of internal projects Project Bifrost and Project Gemini, resulting in 12.2 million PLN in write-offs and over 110 layoffs.
The self-publishing segment is underperforming, with an operating loss of 48.8 million PLN and early access sales for 'Lost Rift' falling below initial projections.
Management is attempting to stabilize the company through a five-year recovery plan and a post-balance sheet Series H share issuance in August 2025 that raised 20 million PLN.
PCF Group reported a consolidated net loss of 21.3 million PLN for H1 2025, an improvement over the 33.3 million PLN loss in H1 2024, despite a revenue increase to 115.3 million PLN.
Liquidity remains a critical concern as cash reserves dropped from 58.1 million PLN to 11.2 million PLN, following a failed 350 million PLN funding round in late 2024.
The company executed a strategic pivot toward third-party development, securing work-for-hire collaborations with Microsoft (Project Maverick/Gears of War: E-Day), Sony (Project Delta), and Krafton.
Operational restructuring led to the cancellation of internal projects Project Bifrost and Project Gemini, resulting in 12.2 million PLN in write-offs and over 110 layoffs.
The self-publishing segment is underperforming, with an operating loss of 48.8 million PLN and early access sales for 'Lost Rift' falling below initial projections.
Management is attempting to stabilize the company through a five-year recovery plan and a post-balance sheet Series H share issuance in August 2025 that raised 20 million PLN.