Updated Mar 17, 2026 by PCF Group
PCF Group S.A. achieved a 29% increase in sales revenue to 107.8 million PLN and a net profit of 41.8 million PLN in 2021.
The company’s total assets nearly tripled to 256.9 million PLN, supported by 121 million PLN in share premiums from Series B and D issuances.
Work-for-hire projects, primarily driven by a partnership with Square Enix, accounted for over 80% of total revenue.
The company ended 2021 without receiving royalties from the April release of Outriders, as the publisher was still recouping production and promotion costs.
Strategic expansion included the acquisition of Game On Creative Inc., a majority stake in Incuvo S.A., and the opening of a new development hub in Chicago.
The company maintains a strong financial position with a current liquidity ratio of 9.17, a debt-to-EBITDA ratio of 0.29, and cash reserves of 90.7 million PLN.
Management identified currency risk as a primary exposure due to revenues being denominated in USD and EUR while operational costs are incurred in PLN.
PCF Group S.A. achieved a 29% increase in sales revenue to 107.8 million PLN and a net profit of 41.8 million PLN in 2021.
The company’s total assets nearly tripled to 256.9 million PLN, supported by 121 million PLN in share premiums from Series B and D issuances.
Work-for-hire projects, primarily driven by a partnership with Square Enix, accounted for over 80% of total revenue.
The company ended 2021 without receiving royalties from the April release of Outriders, as the publisher was still recouping production and promotion costs.
Strategic expansion included the acquisition of Game On Creative Inc., a majority stake in Incuvo S.A., and the opening of a new development hub in Chicago.
The company maintains a strong financial position with a current liquidity ratio of 9.17, a debt-to-EBITDA ratio of 0.29, and cash reserves of 90.7 million PLN.
Management identified currency risk as a primary exposure due to revenues being denominated in USD and EUR while operational costs are incurred in PLN.