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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.
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.
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.
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.
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.
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.
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.
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.
Aktualizacja strategii PCF Group S.A.
PCF Group S.A. announced on 27 September 2021 that its board adopted an updated development strategy for the company and its capital group. The update builds on a prospectus approved by the Polish Financial Supervision Authority in November 2020 and introduces three key expansion directions. First, the group plans to broaden its game portfolio by adding AA titles that can be produced more quickly and at lower budgets while maintaining quality comparable to Triple‑A releases. Second, it aims to develop AAA and AA games in new genres beyond its current focus on shooters and action titles, incorporating RPG elements. Third, the strategy includes acquiring or partnering with new production teams or companies that operate in these newly targeted segments.
The overarching objective is to position the group as one of the world’s leading independent development studios, with a target of releasing at least one new title annually from 2024 onward under either publisher collaboration or self‑publishing models. The update does not alter the existing strategic goals; it confirms the continued dual model of producing multiple Triple‑A games in partnership with major global publishers while expanding self‑publishing efforts for AAA titles based on existing or newly created intellectual property. The strategy therefore seeks to diversify genre offerings, streamline production pipelines for AA titles, and strengthen the group’s global competitive standing through both external partnerships and internal publishing capabilities.
- PCF Group S.A. aims to release at least one new game title annually starting in 2024.
- The company is expanding its portfolio to include AA-budget titles, which are intended to be produced faster and more cost-effectively than AAA projects while maintaining high quality.
- The group is diversifying its genre focus beyond shooters and action games by incorporating RPG elements into future AAA and AA developments.
- The strategy maintains a dual business model that combines collaborative projects with major global publishers alongside an increased focus on self-publishing AAA titles.
- PCF Group plans to strengthen its market position through the acquisition of or partnerships with new production teams that specialize in these targeted genres.
Current Report No. 24/2023: Signing of a Letter of Intent Regarding a Production Agreement
The report announces that PCF Group S.A., headquartered in Warsaw, entered into a non‑binding Letter of Intent on 17 June 2023 with a prominent U.S. entertainment company to develop a virtual‑reality action/combat video game under the code name “Dolphin.” The intent is to negotiate a production agreement with a publisher or its affiliate, under which PCF will act as a work‑for‑hire developer. The publisher’s total budget for the project is estimated between 16 million and 24 million USD, with intellectual property rights ultimately belonging to the publisher within contractual limits. Development is projected to conclude in 2025, with release planned for current and future leading VR hardware platforms. The report clarifies that signing the Letter of Intent does not guarantee a final production contract, and further details will be disclosed in a separate public update. The scope covers the U.S. entertainment partner and global VR platforms, focusing on action/combat gameplay. No survey or statistical methodology is cited; the information derives from corporate governance announcements and contractual estimates.
- PCF Group S.A. has signed a non-binding Letter of Intent to develop a virtual-reality action/combat game codenamed “Dolphin” for a major U.S. entertainment company.
- The project is structured as a work-for-hire agreement, with the publisher retaining intellectual property rights within contractual limits.
- The estimated production budget for the title is between 16 million and 24 million USD.
- Development is scheduled to conclude in 2025, with a target release across current and future leading VR hardware platforms.
- The Letter of Intent does not guarantee a final production contract, and negotiations for a formal agreement are ongoing.
Wyznaczenie daty premiery gry Bulletstorm VR
The report announces the official release date for the virtual‑reality title “Bulletstorm VR,” previously known by its code name “Thunder.” The announcement, issued by the board of PCF Group S.A. on 22 August 2023, confirms that the game will launch on 14 December 2023. Distribution channels include the META Oculus Store, Sony PlayStation Store, and Steam, ensuring multi‑platform availability across major VR ecosystems. The release decision follows a prior interim report dated 13 December 2021, indicating that the company has maintained a consistent communication cadence regarding its VR portfolio. The document cites Article 17(1) of the MAR Regulation as the legal basis for the disclosure, underscoring compliance with regulatory reporting requirements. No additional data on sales projections, target demographics, or regional rollout specifics are provided; the focus remains strictly on the release date and platform distribution. The concise nature of the communication suggests that the primary objective is to inform stakeholders, regulators, and potential consumers of the finalized launch schedule. The report’s brevity and formal tone reflect standard corporate disclosure practices for product release announcements within the gaming industry.
- Bulletstorm VR (formerly codenamed "Thunder") is scheduled for official release on 14 December 2023.
- The title will be available across three major VR platforms: META Oculus Store, Sony PlayStation Store, and Steam.
- The release announcement was issued by the board of PCF Group S.A. on 22 August 2023.
- This disclosure was filed in accordance with Article 17(1) of the MAR Regulation to ensure regulatory compliance.
- The announcement follows a previous project update provided by the company on 13 December 2021.
Raport Bieżący Nr 56/2023: Przesunięcie Daty Premiery Gry Bulletstorm VR
The report announces a postponement of the release date for the virtual‑reality title “Bulletstorm VR.” Originally slated for 14 December 2023, the launch has been rescheduled to 18 January 2024. The decision was taken by the board of PCF Group S.A., Warsaw, on 17 November 2023, following consultations with the development team at Incuvo S.A. and the company’s publishing staff. The primary rationale for the delay is to grant additional development time, ensuring that the final product meets player expectations and maximizes commercial potential. The announcement is framed within the legal context of Article 17(1) of Regulation MAR, underscoring compliance with regulatory reporting requirements. The scope is limited to the Polish market and pertains specifically to the VR gaming segment, with no broader geographic or temporal coverage indicated. No quantitative data or survey methodology is provided; the communication focuses solely on the administrative decision and its intended impact on product quality and sales prospects.
- The release date for Bulletstorm VR has been rescheduled from 14 December 2023 to 18 January 2024.
- The decision to delay the launch was finalized by the board of PCF Group S.A. on 17 November 2023.
- The postponement follows consultations between PCF Group S.A., the development team at Incuvo S.A., and internal publishing staff.
- The primary objective of the delay is to provide additional development time to ensure the final product meets player expectations and maximizes commercial potential.
- This announcement was issued in compliance with Article 17(1) of the Market Abuse Regulation (MAR) regarding regulatory reporting requirements.