Green Hell

Financial Results Q1 2025

The financial results for the first quarter of 2025 detail the operational and fiscal performance of PCF Group S.A., a global video game developer.

• PCF Group S.A. reported Q1 2025 revenue of 63.0 million PLN, an increase from 56.9 million PLN in Q1 2024.
• The company recorded a net loss of 3.9 million PLN in Q1 2025, widening from a 0.9 million PLN loss in the same period last year.
• Adjusted EBITDA fell significantly year-over-year, dropping from 11.0 million PLN to 1.7 million PLN.

People Can Fly Q4 2024 Financial Results Presentation

People Can Fly presents a strategic pivot toward cash flow optimization and a refined production focus as of April 2025.

• People Can Fly is exiting the virtual reality market following the release of Project Bison in late 2025, citing the cessation of platform subsidies as the primary driver.
• The company reported a net loss of PLN 175.3 million for fiscal year 2024, driven by significant one-off write-offs for Projects Red and Bifrost and the impairment of its Incuvo subsidiary.
• Annual revenue grew to PLN 190.4 million in 2024, up from PLN 150.1 million in 2023, bolstered by work-for-hire contributions from Project Maverick and Project Echo.

People Can Fly 3Q24 Financial Results

The People Can Fly Group’s financial results for the third quarter of 2024 highlight a period of operational transition and strategic realignment.

• People Can Fly reported a net loss of PLN 33.3 million for the first nine months of 2024, driven by a write-off for Project Red and contract adjustments with Square Enix.
• Revenue for the first nine months of 2024 reached PLN 131.9 million, up from PLN 111.3 million in the same period of 2023, though EBITDA fell to PLN 5.1 million.
• The company is targeting PLN 3.3 billion in total revenue between 2024 and 2028, with an estimated financing requirement of PLN 350 million for 2025–2026.

Financial Results 9M24

PCF Group S.A. presents its financial and operational results for the first nine months of 2024, focusing on the performance of its global development studios and its VR-specialized subsidiary, Incuvo.

• PCF Group reported a net loss of PLN 33.3 million for 9M 2024, widening from a PLN 13.4 million loss in the same period last year.
• Total revenue grew to PLN 131.9 million from PLN 111.3 million, driven by the release of Bulletstorm VR and increased Work-for-Hire activity.
• Adjusted EBITDA dropped to negative PLN 1.7 million, down from a positive PLN 8.5 million in 9M 2023.

Financial Results 1H24

PCF Group S.A. reported its financial results for the first half of 2024, highlighting a period of strategic adjustment and portfolio expansion within the global gaming market.

• PCF Group reported a net loss of PLN 33.3 million and an EBITDA loss of PLN 11.3 million for 1H24, driven by a contract amendment with Square Enix for Project Gemini and a PLN 7.8 million write-off for Project Red.
• Revenue for 1H24 reached PLN 76.3 million, a modest increase from the PLN 68.7 million recorded in 1H23, despite the negative impact of margin reductions in the second quarter.
• The group is shifting its strategic focus toward self-publishing and VR specialization to mitigate the financial volatility inherent in major work-for-hire contract renegotiations.

PCF Group 3M24 Financial Results

The PCF Group 3M24 financial results report outlines the company’s operational performance and financial standing for the first quarter of 2024.

• PCF Group reported 56.9 million PLN in revenue for 3M24, driven by the launch of Bulletstorm VR and progress on the Maverick project.
• EBITDA and adjusted EBITDA grew to 11.0 million PLN, a significant increase from the 3.0 million PLN recorded in 3M 2023.
• The company recorded a net loss of 0.9 million PLN, resulting from increased investment in the publishing team and a more conservative approach to capitalizing new project costs.

Financial Results Q1 2024

PCF Group S.A. reported its financial results for the first quarter of 2024, highlighting a period of significant revenue growth and improved profitability.

• PCF Group achieved a net profit of 11.0 million PLN in Q1 2024, a significant turnaround from the 0.9 million PLN net loss recorded in Q1 2023.
• Quarterly revenue grew to 56.9 million PLN, up from 34.9 million PLN in the prior year, driven by the release of Bulletstorm VR and progress on Project Maverick.
• EBITDA rose to 11.0 million PLN, compared to 3.0 million PLN in Q1 2023, reflecting a disciplined cost approach alongside higher revenue.

PCF Group 2023 Financial Results

The 2023 financial results for PCF Group reflect a challenging fiscal year characterized by a significant decline in profitability, largely driven by the impairment of the Dagger project and increased operational costs.

People Can Fly Financial Results 2023

The 2023 financial results for PCF Group S.A. (People Can Fly) detail a transitional and challenging fiscal year for the Warsaw-based game developer.

• People Can Fly reported a net loss of 75.6 million PLN in 2023, largely driven by a 68.3 million PLN non-cash write-off following the cancellation of Project Dagger.
• Consolidated revenue fell to 150.1 million PLN from 180.3 million PLN in 2022, a decline attributed to the previous year's high comparative base from a terminated Take-Two Interactive contract and the launch of Green Hell VR.
• The company is implementing austerity measures, including office closures and spending freezes, to address liquidity concerns and rising costs associated with a 24% increase in headcount to 756 employees.

People Can Fly 9M23 Financial Results

The financial results for People Can Fly (PCF Group S.A.) for the first nine months of 2023 reflect a period of significant organizational scaling and investment in future production pipelines.

• People Can Fly reported a revenue of 111.3 million PLN for the first nine months of 2023, down from 130.9 million PLN in the same period of 2022.
• Net profit for the first nine months of 2023 reached 42.1 million PLN, while EBITDA and adjusted EBITDA stood at 5.1 million PLN and 8.5 million PLN, respectively.
• The company’s headcount grew by 18% to 722 employees, contributing to a higher cost base and reduced operational profitability compared to the previous year.

Consolidated Report on Results and Other Comprehensive Income: First Half 2022

PCF Group demonstrated significant financial growth and operational expansion during the first half of 2022, reporting a consolidated net profit of 25.48 million PLN, a 17.3% increase over the same period in 2021.

• PCF Group reported a consolidated net profit of 25.48 million PLN for H1 2022, representing a 17.3% increase year-over-year.
• Total sales revenue reached 90.59 million PLN, with the work-for-hire segment contributing over 88% of this income.
• The company transitioned Project Dagger to a self-publishing model funded by internal resources following the conclusion of a development agreement with Take-Two Interactive.

Raport Bieżący Nr 48/2021

PCF Group S.A. has officially expanded its development capabilities through the acquisition of a controlling interest in Incuvo S.A., a Katowice-based studio specializing in virtual reality (VR) game production and porting.

• PCF Group S.A. acquired a 50.01% controlling interest in VR studio Incuvo S.A. on December 13, 2021, by purchasing 7,143,900 shares.
• The initial purchase price for the controlling stake was 19,995,776 PLN, executed via the NewConnect market.
• Incuvo is eligible for an additional performance-based earn-out payment of up to 11,595,725 PLN, contingent on the net profits and Metacritic score of the title Green Hell VR.