Report17 pages
Omówienie Wyników Finansowych: Q2 2021
The presentation outlines PCF Group S.A.’s financial performance for the first half of 2021, emphasizing a significant growth trajectory across revenue, EBITDA, and workforce metrics. Total group revenues reached PLN 52.6 million in H1 2021, up 47 % from PLN 35.3 million in the same period of 2020, reflecting a compound annual growth rate of 34.4 % over 2017‑2020. EBITDA rose to PLN 28.8 million, a 36.5 % increase from PLN 21.1 million in H1 2020, and the adjusted EBITDA figure of PLN 27.6 million represents a 55.6 % jump from the prior year’s PLN 17.7 million, after accounting for IPO issuance costs and warrant amortisation.
Personnel expansion is notable: the group’s headcount grew to 252 employees, a 41.7 % rise, with significant additions in North America and Europe, including new studios in Chicago, New York, and Montreal. The People Can Fly division contributed PLN 21.1 million in revenue, while the Can Fly studio reported an EBITDA of PLN 28.8 million, underscoring its profitability.
Strategic initiatives highlighted include a partnership with Square Enix, confirming no royalty obligations for the Outriders title and progressing an investment agreement involving warrants. The group’s portfolio strategy aims to secure a leading position in new IP development, targeting annual releases of self‑published or publisher‑partnered titles by 2024.
Financial statements show a robust asset base of PLN 95.7 million, with equity at PLN 190.1 million and liabilities of PLN 272.8 million, yielding an equity‑to‑asset ratio of 185 %. Cash reserves increased to PLN 150.3 million, supporting ongoing development and expansion plans.
- PCF Group S.A. reported H1 2021 revenue of PLN 52.6 million, a 47% increase compared to the same period in 2020.
- Adjusted EBITDA rose by 55.6% to PLN 27.6 million in H1 2021, while total EBITDA reached PLN 28.8 million.
- The company expanded its global footprint by increasing headcount by 41.7% to 252 employees and establishing new studios in Chicago, New York, and Montreal.
- The group holds PLN 150.3 million in cash reserves to fund ongoing development and strategic expansion plans.
- The portfolio strategy targets a transition to annual releases of self-published or partner-published titles by 2024.
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PCF Group
Report17 pages
Wyniki Finansowe 1H24: Polska
The presentation outlines PCF Group S.A.’s financial performance for the first half of 2024, focusing on revenue trends, profitability metrics, and portfolio developments. Revenue grew steadily from PLN 180.3 m in 2020 to PLN 171.5 m in the first quarter of 2024, with quarterly figures ranging between PLN 30.2 m and PLN 40.5 m, reflecting a modest year‑over‑year increase of roughly 3–4 %. Net income, however, remained negative throughout the period, with a cumulative loss of PLN 33.3 m in H1 2024 compared to PLN 13.1 m loss in H1 2023, largely attributed to a significant write‑down of the Gemini project and reduced earnings from the Bulletstorm VR title. EBITDA was similarly impacted, with a corrected figure of PLN –11.3 m in Q2 2024 due to revenue adjustments and project‑specific costs.
The group’s portfolio, managed by InCuvO, includes three core VR titles—Green Hell, Green Bulletstorm Bison, and People Can Fly—as well as additional projects such as VRowe. Green Hell VR is slated for release on Meta Quest+ in June 2024, while Bulletstorm Bison’s co‑op mode is targeted for Q4 2024. People Can Fly’s latest version 1.4, featuring a horde mode, is expected in September 2024.
Geographically, the company’s workforce remains concentrated in Warsaw (≈495 employees) with satellite offices in Montreal, New Castle, Dublin, and Katowice. The presentation emphasizes that the data are current as of 30 June 2024 and that future projections are subject to change.
- PCF Group S.A. reported a cumulative net loss of PLN 33.3 million for H1 2024, a significant increase from the PLN 13.1 million loss recorded in H1 2023.
- The company’s Q2 2024 EBITDA was negative at PLN -11.3 million, driven by project-specific costs and revenue adjustments.
- Financial performance was negatively impacted by a major write-down of the Gemini project and lower-than-expected earnings from the Bulletstorm VR title.
- Revenue growth remains modest, with year-over-year increases of approximately 3–4% and quarterly figures fluctuating between PLN 30.2 million and PLN 40.5 million.
- The VR portfolio managed by InCuvO includes upcoming milestones, such as the release of Green Hell VR on Meta Quest+ in June 2024 and the addition of a horde mode to People Can Fly version 1.4 in September 2024.
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PCF Group
Report15 pages
Wyniki Finansowe 3M24
The presentation outlines PCF Group S.A.’s financial performance for the first quarter of 2024, focusing on its gaming and VR portfolio. Revenues rose to PLN 180.3 million in Q1 2024, up from PLN 171.5 million in the same period a year earlier, driven by the launch of “Bulletstorm VR” and ongoing development of the AAA title “Maverick.” Net income for the quarter was a loss of PLN 0.9 million, reflecting higher operating costs associated with new project development and capitalisation of work‑for‑hire initiatives. EBITDA improved to PLN 11.0 million, a 3‑fold increase over Q1 2023, largely due to cost optimisation and the inclusion of amortisation from recent IP acquisitions. The group’s balance sheet shows total assets of PLN 277.6 million at 31 March 2024, up from PLN 159.4 million a year earlier, with equity rising to PLN 427.3 million. Cash and equivalents stood at PLN 112.7 million, indicating a solid liquidity position.
Geographically, the company operates studios in Warsaw, Montreal, Newcastle, Dublin, and Katowice, with a workforce of 756 employees in 2024 versus 763 in 2023. The portfolio includes two self‑published AAA titles and three VR projects, with “People Can Fly” and “Bison” slated for release in 2024–2026. The presentation also highlights ongoing work‑for‑hire projects such as “Green Hell VR” and “Bulletstorm VR,” which are expected to contribute additional revenue streams in the coming quarters. Overall, PCF Group S.A. demonstrates growth in revenue and EBITDA while managing increased costs associated with expanding its IP and development capabilities.
- PCF Group S.A. reported Q1 2024 revenue of PLN 180.3 million, an increase from PLN 171.5 million in Q1 2023, driven by the launch of 'Bulletstorm VR' and development of the 'Maverick' title.
- EBITDA tripled year-over-year to PLN 11.0 million, attributed to cost optimization and the inclusion of amortisation from recent IP acquisitions.
- The company recorded a net loss of PLN 0.9 million for Q1 2024, resulting from elevated operating costs tied to new project development and work-for-hire initiatives.
- Liquidity remains strong with PLN 112.7 million in cash and equivalents, while total assets grew significantly to PLN 277.6 million compared to PLN 159.4 million in the prior year.
- The development pipeline includes two self-published AAA titles and three VR projects, with 'People Can Fly' and 'Bison' scheduled for release between 2024 and 2026.
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PCF Group
Report17 pages
Wyniki Finansowe 1H25: Warszawa
The presentation outlines PCF Group S.A.’s financial performance for the first half of 2025, focusing on revenue trends, profit calculations, and portfolio developments across its global operations. Revenues have shown a gradual decline from 2021 to 2024, with cumulative figures falling from PLN 190.4 m in 2021 to PLN 171.5 m by the end of 2024, and quarterly revenue in Q1‑2025 recorded at PLN 58.5 m. EBITDA has been negatively impacted by lower sales on the Gemini project and a delayed Bulletstorm VR launch, resulting in an adjusted EBITDA loss of PLN 11.3 m for 2024 and a projected loss of PLN 33.3 m in 2025 after accounting for new projects such as Echo and Delta, as well as write‑downs related to the PCF Chicago subsidiary.
The group’s workforce is distributed across two continents, with 534 employees in Warsaw and additional teams in Montreal, Newcastle, Dublin, Katowice, and Rzeszów. Back‑office development is handled by Incuvo Studio Europe and North America, while publishing responsibilities are shared with the QA Gameon division.
Portfolio highlights include the upcoming co‑op release of Green Hell on Meta Quest platforms and a VR shoot‑to‑survive title slated for Q4 2025. The presentation emphasizes that these releases are the last VR titles to be published by PCF Group, signalling a strategic shift. Overall, the data suggest a contraction in revenue and profitability driven by project delays and market adjustments, with future performance hinging on the successful launch of new VR titles and cost management initiatives.
- PCF Group faces significant financial pressure with an adjusted EBITDA loss of PLN 11.3 million in 2024 and a projected loss of PLN 33.3 million for 2025.
- Annual revenue has trended downward from PLN 190.4 million in 2021 to PLN 171.5 million in 2024, with Q1 2025 revenue recorded at PLN 58.5 million.
- Profitability has been negatively impacted by lower sales for the Gemini project, the delayed launch of Bulletstorm VR, and asset write-downs related to the PCF Chicago subsidiary.
- The company is undergoing a strategic pivot, with the upcoming Green Hell Meta Quest release and a Q4 2025 VR title serving as the final VR projects to be published by the group.
- Future financial performance is contingent on the successful execution of new projects, specifically those codenamed Echo and Delta, alongside ongoing cost management initiatives.
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PCF Group
Report19 pages
Wyniki Finansowe: Q3 2025
The presentation outlines PCF Group S.A.’s financial performance and strategic outlook for the third quarter of 2025, covering operations in Poland, Europe, North America and the UK. Revenue for the quarter reached PLN 190.4 million, a slight decline from the previous year’s PLN 180.3 million, driven by lower sales of the AAA title “Lost Rift” and a modest increase in self‑publishing income. Net profit fell to PLN –95.7 million, reflecting significant one‑off costs and amortisation of goodwill and IP assets, particularly from the “Lost Rift” CGU. EBITDA after adjustments was PLN –1.7 million, a deterioration from the prior year’s positive figure, largely due to write‑downs of development assets and licensing expenses.
The group’s balance sheet shows a reduction in total assets from PLN 1,144 million to PLN 1,050 million, with a corresponding decline in equity and an increase in short‑term liabilities. Cash flow remains a priority, with management emphasizing the need to focus on WFH projects that can self‑finance and reduce dependency on external funding.
Strategically, PCF is pursuing new AAA collaborations (e.g., Krafton), expanding its VR portfolio with titles such as “Green Hell” and “Pirates VR,” and securing publishing agreements for the “People Can Fly” IP on Meta Quest platforms. The company plans to streamline costs, maintain client relationships, and accelerate new project pipelines while monitoring cash generation closely.
- PCF Group S.A. reported a net loss of PLN 95.7 million for Q3 2025, driven by significant one-off costs and the amortisation of goodwill and IP assets related to the 'Lost Rift' title.
- Adjusted EBITDA declined to PLN –1.7 million, primarily due to write-downs of development assets and increased licensing expenses.
- Quarterly revenue reached PLN 190.4 million, showing a slight increase from the previous year's PLN 180.3 million, despite lower sales performance from the AAA title 'Lost Rift'.
- The company's total assets decreased from PLN 1,144 million to PLN 1,050 million, accompanied by a reduction in equity and an increase in short-term liabilities.
- Management is shifting focus toward self-financing projects and cost streamlining to reduce dependency on external funding.
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PCF Group
Report86 pages
Management Board Report on the Activities of PCF Group Capital Group and PCF Group S.A.: 2020
SPRAWOZDANIE ZARZADU Z DZIALALNOSCI GRUPY KAPITALOWEJ PCF GROUP SPÓLKA AKCYJNA ORAZ SPOLKI PCF GROUP SPOEKA AKCYJNA (dane w tys. zł, chyba że zaznaczono inaczej) Niniejsze Sprawozdanie z działalności Grupy Kapitałowej PCF Group S.A. i spółki PCF Group S.A. w 2020 r. zostało sporządzone na podstawie § 70 ust. 1 pkt 4, 6, 7 oraz § 71 ust. 1 pkt 4, 6, 7 Rozporządzenia Ministra Finansów z dnia 29.03.2018 r.
- PCF Group's total sales revenue in 2020 reached 103.8 million PLN, a 24% increase from 2019. The "games production for hire" segment accounted for 96% of this revenue (100.0 million PLN), while "copyrights to produced games" (royalties) made up 4% (3.8 million PLN).
- The Triple-A shooter RPG game "Outriders," a key product in the "games production for hire" segment, launched on April 1, 2021, and received a Metascore of 76/100 based on 21 critic reviews for PC. On its launch weekend, it peaked at over 125,000 concurrent players on Steam.
- PCF Group is developing "Project Dagger," a game planned for release by the end of 2024, with a publisher budget of 40-60 million EUR for its production. People Can Fly U.S., LLC acquired the intellectual property rights for Project Dagger on July 20, 2020, for a one-time payment of 500,000 USD.
- The Group faces a significant risk due to high revenue concentration from collaborations with a limited number of publishers, including Square Enix Limited (for Outriders, Project Gemini, Outriders expansion, and Project Dagger) and Take-Two Interactive Software, Inc.
- PCF Group's long-term goals (beyond 24 months) include expanding multiplayer game competencies, acquiring new production teams or studios, or taking over game development entities to create new IPs, with an intent to strengthen the Group with new teams within 18-24 months.
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PCF Group
Report40 pages
Consolidated Interim Financial Report: Q1 2021
GRUPA KAPITAŁOWA PCF GROUP SPÓŁKA AKCYJNA – WYBRANE DANE od 01.01 od 01.01 od 01.01 od 01.01 do 31.03.2021 r. do 31.03.2020 r. do 31.03.2021 r. do 31.03.2020 r.
- Net profit for Q1 2021 was 7,818 thousand PLN, a decrease from 8,683 thousand PLN in Q1 2020. Basic and diluted earnings per share also decreased from 0.32 PLN in Q1 2020 to 0.27 PLN in Q1 2021.
- Sales revenue increased to 30,871 thousand PLN in Q1 2021 from 25,930 thousand PLN in Q1 2020, but gross profit from sales decreased from 11,809 thousand PLN to 10,603 thousand PLN in the same period.
- The company's share capital increased to 591,250.24 PLN by March 31, 2021, from 550,000 PLN at the end of 2020, due to the issuance of 2,062,512 Series B shares.
- The company signed a preliminary agreement with Square Enix Limited on July 31, 2020, for the issuance of subscription warrants (Series A) tied to revenue milestones of 45,000 thousand PLN from agreements with Square Enix Limited, valid until September 30, 2024.
- As of March 31, 2021, Sebastian Wojciechowski holds 50.31% of the company's share capital and voting rights, a decrease from 54.08% at December 31, 2020.
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PCF Group
Report14 pages
Prezentacja wyników finansowych: 9 miesięcy 2022
The presentation outlines PCF Group S.A.’s financial performance for the first nine months of 2022, emphasizing revenue growth, profitability metrics, and balance‑sheet strength. Total group revenues reached PLN 131.8 million, up from PLN 130.9 million in the same period of 2021, while EBITDA climbed to PLN 40.3 million from PLN 26.1 million in 2021, reflecting a significant improvement in operating efficiency. Adjusted EBITDA, accounting for non‑recurring items such as warranty provisions and restructuring costs, stood at PLN 41.3 million, underscoring robust underlying earnings.
Net income for the nine‑month period was PLN 42.1 million, a notable increase from PLN 30.8 million in 2021, driven by higher gross margins and disciplined cost management. The group’s balance sheet remained solid, with total assets of PLN 60.3 million and equity of PLN 54.6 million, while working‑capital items such as receivables and payables were well balanced. Cash reserves of PLN 137.1 million provided liquidity for ongoing development and expansion initiatives.
Geographically, PCF Group operates across multiple regions, with a workforce of 614 employees as of September 30, 2022, spread across North America and Europe. The company’s portfolio includes seven titles in development or publishing stages, with several high‑profile IPs such as “Gemini Dagger” and “Bifrost Victoria” slated for release in 2024. The presentation also highlights strategic partnerships, including a collaboration with Take‑Two Interactive Software and ongoing development outsourcing that generated PLN 44.1 million in revenue during the period.
Overall, the data indicate a healthy growth trajectory for PCF Group S.A., driven by expanding IP pipelines, efficient cost structures, and a strong balance sheet that supports continued investment in game development and market expansion.
- PCF Group S.A. reported a net income of PLN 42.1 million for the first nine months of 2022, a significant increase from PLN 30.8 million in the same period of 2021.
- EBITDA grew to PLN 40.3 million from PLN 26.1 million in 2021, reflecting improved operating efficiency and disciplined cost management.
- The company maintains a strong liquidity position with PLN 137.1 million in cash reserves to support ongoing development and expansion initiatives.
- Development outsourcing remains a key revenue driver, contributing PLN 44.1 million to the total group revenue of PLN 131.8 million.
- The company is actively developing seven titles, including high-profile IPs 'Gemini Dagger' and 'Bifrost Victoria' scheduled for release in 2024.
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PCF Group
Report2 pages
Assessment of Annual Financial Statements and Management Board Report: 2021
The assessment confirms that PCF Group S.A.’s 2021 annual financial statements, both the standalone and consolidated reports, present a reliable picture of the company’s assets, liabilities, equity, income, and cash flows in accordance with International Financial Reporting Standards adopted by the European Union. The audit opinion affirms that the statements are free from material misstatement, comply with applicable accounting legislation and ministerial regulations, and were prepared within the prescribed deadlines. The supervisory board’s review of the management report and corporate governance declaration also concludes that these documents accurately reflect the group’s performance, development, and adherence to governance principles. Methodologically, the evaluation relied on the external auditor’s report, the board’s examination of accounting records and supporting documentation, and a video conference with the auditor to discuss findings. The scope covers PCF Group S.A. and its capital group for the fiscal year ending 31 December 2021, with no geographic or sectoral limitations beyond the company’s operations. The report underscores that all financial disclosures align with statutory requirements, including those concerning non‑EU jurisdictions, and that the company’s governance statements meet regulatory expectations. Overall, the supervisory board endorses the financial and management reports as accurate, complete, and compliant with relevant standards.
- PCF Group S.A.’s 2021 standalone and consolidated financial statements received an unqualified audit opinion, confirming they are free from material misstatement and accurately reflect the company's financial position.
- The financial reporting for the fiscal year ending 31 December 2021 fully complies with International Financial Reporting Standards (IFRS) as adopted by the European Union.
- The supervisory board verified that all financial disclosures, including those pertaining to non-EU jurisdictions, adhere to statutory requirements and ministerial regulations.
- The company’s corporate governance declaration and management report were found to accurately represent the group’s performance, development, and adherence to governance principles.
- The assessment process included a formal review of accounting records, supporting documentation, and direct consultations with the external auditor to ensure procedural integrity.
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PCF Group
Report87 pages
Annual Consolidated Financial Statement: 2021
AL. SOLIDARNOSCI 171 TEL +48 22 887 34 30 Grupa Kapitałowa PCF Group Spółka Akcyjna – wybrane dane w przeliczeniu na EUR PLN EUR od 01.01 do od 01.01 do od 01.01 do od 01.01 do 31.12.2021 r. 31.12.2020 r. 31.12.2021 r. 31.12.2020 r.
- Net cash flow from operating activities significantly increased to 59,254 thousand PLN in 2021, up from 15,762 thousand PLN in 2020.
- The company's profit before tax more than doubled, reaching 64,441 thousand PLN in 2021 compared to 26,658 thousand PLN in 2020.
- Net profit from continuing operations also saw substantial growth, increasing to 61,326 thousand PLN in 2021 from 24,579 thousand PLN in 2020.
- Cash and cash equivalents surged to 137,102 thousand PLN by the end of 2021, a significant rise from 41,302 thousand PLN at the end of 2020.
- Employee benefits expenses increased substantially to 55,884 thousand PLN in 2021, up from 20,311 thousand PLN in 2020.
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PCF Group
Report46 pages
Semi-Annual Report of the Management Board of PCF Group S.A. 2022
AL. SOLIDARNOSCI 171 TEL +48 22 887 34 30 SPÓLKA 2 0 AKCYJNA 2 PÓEROCZNE SPRAWOZDANIE ZARZADU Z DZIAEALNOCI za okres 1.01.2022 – 30.06.2022 r. (dane w tys. zł, chyba że zaznaczono inaczej) Niniejsze półroczne sprawozdanie z działalności Grupy Kapitałowej PCF Group S.A. i spółki PCF Group S.A. za okres 1.01.2022 –30.06.2022 r. zostało sporządzone na podstawie § 68ust. 1 pkt 3 oraz § 69 ust.
- PCF Group's total assets increased by 18% (55.5 million PLN) to 372.2 million PLN as of June 30, 2022, compared to 316.7 million PLN on December 31, 2021.
- The Group ceased generating revenue from Project Dagger production in H1 2022 due to the publisher (Take-Two Interactive Software, Inc.) not entering a new executive agreement; PCF Group is now continuing Project Dagger as a self-published title, classifying its costs as development expenses.
- PCF Group launched the Outriders: Worldslayer DLC on June 28, 2022, under a production-publishing agreement with Square Enix Limited.
- The company increased the share capital of People Can Fly Chicago, LLC by 500,000 USD on June 16, 2022, funded by People Can Fly U.S., LLC, to finance the former's working capital.
- PCF Group is developing a new self-published game, Project Bifrost, using its own intellectual property and funds.
+2
PCF Group
Report49 pages
Skonsolidowany raport kwartalny: Q1 2024
WARSZAWA | 27 MAJA 2024 ROKU (dane w tys. zł, chyba że zaznaczone inaczej) PEOPLE (dane w tys. zł, chyba że zaznaczone inaczej) Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 31.03.2024 r. 31.12.2023 r. 31.03.2024 r. 31.12.2023 r.
- PCF Group S.A. is primarily engaged in the production and publishing of video games, with 100% ownership of its subsidiary, People Can Fly UK Limited.
- The company is actively seeking external publishers for Project Red (currently in pre-production) and collaborating with Microsoft Corporation on Project Maverick.
- PCF Group S.A. resolved the production and publishing agreement for Bulletstorm VR with Incuvo S.A. on January 19, 2024, due to unsatisfactory launch performance, taking over future development and commercialization.
- The management is confident in having sufficient financial resources for at least the next twelve months, based on seeking additional revenue streams like external publishing collaborations (development fees) or capital raises.
- The shareholding structure includes Sebastian Wojciechowski (41.71%), Krafton Inc. (10.00%), Bartosz Kmita (7.18%), Nationale-Nederlanden Otwarty Fundusz Emerytalny (6.59%), Krzysztof Dolaś (5.05%), and Bartosz Biełuszko (5.02%).
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PCF Group
Report90 pages
Consolidated Semi-Annual Report: H1 2023
ZA 0KRES 1.01.2023 - 30.06.2023 Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 30.06.2023 r. 31.12.2022 r. 30.06.2023 r. 31.12.2022 r. Sprawozdanie z sytuacji finansowej Aktywa 481 857 350 804 108 275 74 800 Zobowiązania długoterminowe 33 612 43 418 7 552 9 258 Zobowiązania krótkoterminowe 54 053 ...
- PCF Group S.A. secured a development and publishing agreement with Microsoft Corporation on June 13, 2023, for an AAA game codenamed "Project Maverick," with a budget of $30-50 million, to be fully financed by Microsoft under a work-for-hire model.
- The company is continuing development on "Project Gemini" in collaboration with Square Enix Limited (in production phase) and "Project Dagger" (in pre-production phase), with plans to self-publish "Project Dagger" but open to work-for-hire partnerships.
- PCF Group S.A. issued new shares (Series E and F) increasing its total shares from 29,950,226 at the end of 2022 to 33,429,367 by June 30, 2023.
- Sebastian Wojciechowski's ownership stake in PCF Group S.A. decreased from 49.98% (14,969,480 shares) at the end of 2022 to 44.78% (14,969,480 shares) by June 30, 2023, due to the new share issuances.
- The Group is developing "Project Bifrost" and "Project Victoria" as self-published games using new intellectual property, with Krafton, Inc. holding a right of first negotiation and refusal for "Project Bifrost" if PCF Group considers an alternative publishing model.
+1
PCF Group
Report59 pages
Consolidated Quarterly Report: Q3 2023
(dane w tys. zł, chyba że zaznaczone inaczej) (dane w tys. zł, chyba że zaznaczone inaczej) Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 30.09.2023 r. 31.12.2022 r. 30.09.2023 r. 31.12.2022 r.
- PCF Group S.A. reported a net loss of 13,448 thousand PLN for the period of January 1 to September 30, 2023, a significant decrease from the 42,133 thousand PLN net profit in the same period of 2022.
- Total comprehensive income for PCF Group S.A. also saw a substantial decline, moving from a profit of 51,312 thousand PLN (January 1 - September 30, 2022) to a loss of 11,797 thousand PLN (January 1 - September 30, 2023).
- The company's primary business is the production and publishing of video games, with a strategic goal to achieve at least 3.0 billion PLN in total revenue between 2023 and 2027.
- PCF Group S.A. raised 134,390,087.40 PLN through a public offering of Series F shares, with Square Enix Limited subscribing to 3,342,937 shares, representing 10.00% of the company's share capital.
- Funds from the Series F share offering will be used to increase production teams for games like Project Dagger, Project Bifrost, and Project Victoria.
+2
PCF Group
Report92 pages
Skonsolidowany Raport Półroczny: H1 2024
WARSZAWA | 30 WRZENIA 2024 ROKU PEOPLE ZA 0KRES 01.01.2024 - 30.06.2024 Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 30.06.2024 r. 31.12.2023 r. 30.06.2024 r. 31.12.2023 r.
- PCF Group S.A. reported a net loss of (33,289) for H1 2024, significantly worse than the (13,070) loss in H1 2023. The basic loss per share increased from (0.43) PLN in H1 2023 to (0.93) PLN in H1 2024.
- The company is actively seeking approximately 350 million PLN in new financing for 2025-2026 to maintain its self-publishing operations and continue its strategy of developing and publishing its own games.
- PCF Group S.A. is preparing detailed five-year financial forecasts (2025-2029) based on economic conditions and a pipeline of new games, including scenarios for various risks and mitigation actions.
- The management board has suspended analytical work on a motivational program tied to achieving 1.5 billion PLN in cumulative EBITDA from 2023-2027, pending the outcome of strategic options review and securing new financing.
- The company's strategy, updated on January 31, 2023, indicates that the management board does not anticipate recommending dividend payouts until the company generates revenue, profits, and positive cash flows from its own publishing activities, expected no earlier than for the 2025 financial year.
+2
PCF Group
Report45 pages
Consolidated Quarterly Report: Q1 2025
WARSZAWA | 29 MAJA 2025 ROKU (dane w tys. zł, chyba że zaznaczone inaczej) PEOPLE (dane w tys. zł, chyba że zaznaczone inaczej) Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 31.03.2025 r. 31.12.2024 r. 31.03.2025 r. 31.12.2024 r.
- The company experienced a net loss of 3,855 thousand PLN in Q1 2025, a significant increase from the 864 thousand PLN net loss in Q1 2024.
- Revenue from sales decreased substantially from 56,881 thousand PLN in Q1 2024 to 9,492 thousand PLN in Q1 2025.
- The company is gradually withdrawing from VR game publishing, with the last project, Bison, scheduled for release in Q4 2025.
- Work on Project Victoria, a self-published game, has resumed with an accelerated early access release planned for 2025, supported by an experienced development team primarily in Canada.
- The company began a new collaboration with Sony Interactive Entertainment LLC on March 13, 2025, to produce a prototype for a new video game, Project Delta, with revenue recognition starting in Q1 2025.
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PCF Group
Report55 pages
Skonsolidowany Raport Kwartalny: Q3 2025
Warszawa | 1 GRUDNIA 2025 ROKU PEOPLE ZAKOŃCZONY30 WRZEŚNIA 2025 ROKU (dane w tys. zł, chyba że zaznaczone inaczej) Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 30.09.2025 r. 31.12.2024 r. 30.09.2025 r. 31.12.2024 r.
- PCF Group S.A. reported a net loss of 116,960 thousand PLN for the period of January 1 to September 30, 2025, a significant increase from the previous year's performance.
- The company released its game "Lost Rift" (formerly Project Victoria) on September 25, 2025, in early access on Steam, following multiple demo and playtest phases in June, August, and September 2025.
- PCF Group S.A. is co-developing "Gears of War: E-Day" with The Coalition (part of Microsoft Corporation) under the codename Project Maverick, based on an agreement from June 13, 2023, and publicly announced on January 27, 2025.
- Development work on Project Gemini was halted on June 1, 2025, leading to a reduction of over 60 development team members and a mutual waiver of potential claims with Square Enix Limited related to past cooperation, contingent on delivery and verification of "closing kit" materials.
- Total revenue from sales for the period of January 1 to September 30, 2025, was 131,886 thousand PLN, with 107,020 thousand PLN from game production and 23,668 thousand PLN from publishing fees.
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PCF Group
Report2 pages
Report on the Review of the Condensed Interim Financial Statement: 2025
The report presents the findings of a review conducted by Grant Thornton Polska on the condensed interim financial statements of PCF Group Spółka Akcyjna for the period from 1 January to 30 June 2025. The review was performed in accordance with the Polish Standard for Review Engagements 2410, equivalent to International Standard on Review Engagements, and focused on the company’s compliance with IAS 34 Interim Financial Reporting as adopted by EU regulations. The scope included examination of the balance sheet, income statement, statement of comprehensive income, changes in equity, cash‑flow statement and selected explanatory notes.
Key conclusions indicate that no material misstatement was identified and the interim statements are presented in all significant respects in accordance with IAS 34. The review involved analytical procedures and inquiries of finance and accounting personnel, but did not provide assurance equivalent to an audit. The report highlights specific disclosures in explanatory notes: a valuation test for the cash‑generating unit related to development costs of a new game, noting uncertainty in projected cash flows due to potential deviations in early‑access sales; and an assessment of deferred tax assets amounting to PLN 52,659 thousand, reflecting uncertainty in five‑year tax profit forecasts and the feasibility of the company’s strategy.
The geographic coverage is limited to PCF Group’s operations in Poland, and the time frame covers the first half of 2025. The review methodology relied on management’s internal controls and financial records, with no sampling or audit evidence beyond the scope of a review engagement.
- Grant Thornton Polska concluded that PCF Group’s interim financial statements for the first half of 2025 comply with IAS 34 standards, with no material misstatements identified.
- The review highlighted uncertainty regarding the valuation of a cash-generating unit tied to new game development costs, specifically citing potential volatility in early-access sales projections.
- PCF Group carries deferred tax assets totaling PLN 52,659 thousand, which are subject to risks associated with five-year profit forecasts and the execution of the company’s strategic plan.
- The review was conducted under the Polish Standard for Review Engagements 2410 and involved analytical procedures and management inquiries, though it does not provide the same level of assurance as a full audit.
- The scope of the financial review was limited to the period between 1 January and 30 June 2025 and focused exclusively on PCF Group’s operations within Poland.
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PCF Group
Report1 pages
Raport Bieżący Nr 1/2021: Przesunięcie Daty Premiery Gry Outriders
The report informs stakeholders that Square Enix Limited has postponed the release of its title “Outriders.” The publisher announced that a free demo will be available on 25 February 2021, and the official launch date has been moved from 2 February to 1 April 2021. The demo is intended to provide players with several hours of gameplay, covering both cooperative and single‑player modes across all four character classes, to aid in purchase decisions. The information was received by the board of PCF Group S.A. on 6 January 2021, and the notice is issued under Article 17(1) of the MAR regulation. The scope covers the Polish market and pertains exclusively to the “Outriders” title, with no broader industry implications noted. No survey or statistical methodology is described; the update relies solely on publisher communication. The key outcome is a two‑month delay in launch, accompanied by an early demo release aimed at maintaining consumer interest and supporting sales conversion.
- Square Enix Limited has postponed the official release date of the game 'Outriders' from 2 February 2021 to 1 April 2021.
- A free demo for 'Outriders' will be released on 25 February 2021 to assist consumer purchase decisions.
- The demo will feature several hours of gameplay, supporting both single-player and cooperative modes across all four character classes.
- The board of PCF Group S.A. received official notification of the delay on 6 January 2021.
- This disclosure was issued in compliance with Article 17(1) of the MAR regulation.
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PCF Group
Report1 pages
Raport Bieżący Nr 38/2021: Nieosiągnięcie przez PCF Group S.A. Tantiem ze Sprzedaży Gry „Outriders”
The report, dated 16 August 2021, explains that PCF Group S.A. has not received any royalty payments from Square Enix Limited for the game “Outriders.” According to the production‑and‑publishing agreement signed on 16 February 2016, royalties are payable only after the publisher recovers a specified level of production, distribution and promotion costs from net sales. The agreement also sets a 45‑day payment window following the end of each calendar quarter. That deadline expired on 14 August 2021, and PCF Group’s first working day thereafter yielded no payment. Consequently, the company concludes that the publisher has no obligation to pay royalties for the period covering 1 April 2021 through 30 June 2021. In addition, PCF Group reports that it has not received any sales figures, revenue data or cost information related to “Outriders” from the publisher up to the report’s date. The document serves as a formal notification under Article 17(1) of the MAR regulation, outlining the company’s position on unpaid royalties and lack of transparency from the publisher. No further financial or operational details are provided, and the report focuses solely on the contractual dispute over royalty payments for the specified quarter.
- PCF Group S.A. received no royalty payments from Square Enix Limited for the game 'Outriders' for the period of 1 April 2021 through 30 June 2021.
- The contractual deadline for royalty payments for the second quarter of 2021 expired on 14 August 2021 without any funds being transferred to PCF Group.
- PCF Group concluded that Square Enix has no current obligation to pay royalties, as the publisher has not yet recovered the specified production, distribution, and promotion costs required by the 16 February 2016 agreement.
- As of 16 August 2021, PCF Group has not received any sales figures, revenue data, or cost information from Square Enix regarding the performance of 'Outriders'.
- The lack of royalty payments and financial transparency prompted PCF Group to issue a formal notification under Article 17(1) of the MAR regulation.
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PCF Group