Updated Mar 17, 2026 by PCF Group
The Group reported a net loss of 175.3 million PLN for 2024, driven by 173 million PLN in non-cash impairment losses related to the cancellation of Project Red and the 155 million PLN write-off of Project Bifrost.
Sales revenue grew by 27% to 190.4 million PLN, primarily supported by work-for-hire development fees from partners including Microsoft, Krafton, and Square Enix.
Cash reserves fell from 124 million PLN to 58.1 million PLN, resulting in a tightened liquidity ratio of 0.57 and a 27% decrease in total assets.
The Group failed to secure 350 million PLN in planned external financing, forcing a strategic pivot away from self-publishing toward a work-for-hire model with new contracts like Project Echo for Krafton and Project Delta for Sony.
Debt obligations increased to 61 million PLN due to expanded credit facilities with the Bank of Montreal intended to pre-finance Canadian tax credits.
Management has suspended or restructured self-publishing efforts, including Project Victoria, and is not recommending dividend payments to prioritize financial stabilization.
Despite liquidity pressures, the Group maintains a 'going concern' assumption based on five-year forecasts and the utilization of 'IP Box' tax reliefs across its international operations.
The Group reported a net loss of 175.3 million PLN for 2024, driven by 173 million PLN in non-cash impairment losses related to the cancellation of Project Red and the 155 million PLN write-off of Project Bifrost.
Sales revenue grew by 27% to 190.4 million PLN, primarily supported by work-for-hire development fees from partners including Microsoft, Krafton, and Square Enix.
Cash reserves fell from 124 million PLN to 58.1 million PLN, resulting in a tightened liquidity ratio of 0.57 and a 27% decrease in total assets.
The Group failed to secure 350 million PLN in planned external financing, forcing a strategic pivot away from self-publishing toward a work-for-hire model with new contracts like Project Echo for Krafton and Project Delta for Sony.
Debt obligations increased to 61 million PLN due to expanded credit facilities with the Bank of Montreal intended to pre-finance Canadian tax credits.
Management has suspended or restructured self-publishing efforts, including Project Victoria, and is not recommending dividend payments to prioritize financial stabilization.
Despite liquidity pressures, the Group maintains a 'going concern' assumption based on five-year forecasts and the utilization of 'IP Box' tax reliefs across its international operations.