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Raport z przeglądu skróconego śródrocznego sprawozdania finansowego: H1 2024
The review confirms that PCF Group’s condensed half‑year financial statements for the period ending 30 June 2024 were prepared in accordance with International Financial Reporting Standard 34 and the European Commission’s regulatory framework. The audit opinion is limited to a review, not an examination, and therefore does not provide assurance that all material matters would have been identified. No findings were noted that would lead the reviewers to believe the statements are not prepared in accordance with applicable standards.
Key disclosures highlight significant uncertainties surrounding the company’s ability to continue as a going concern. Management has outlined actions to secure additional financing aimed at sustaining its strategy of developing and publishing proprietary games. While management remains optimistic, the review notes that success is not guaranteed.
The company reported intangible assets related to in‑process development work amounting to PLN 239,487 thousand as of 30 June 2024. These assets meet the criteria for capitalization under IAS 38, provided that sufficient financial resources are available to complete development. Management has produced a five‑year cash‑flow forecast that incorporates assumptions about future game development, potential new projects, and the likelihood of securing further funding. The review cautions that this forecast depends on uncertain future events.
The scope of the review covered all financial statements, including balance sheet, income statement, comprehensive income, equity changes, and cash‑flow statement for the first half of 2024. The methodology followed the Polish Standard 2410, equivalent to International Standard on Review Engagements 2410, involving analytical procedures and inquiries of finance and accounting personnel. The review was conducted by Grant Thornton Polska Prosta Spółka Akcyjna, with the key auditor Jan Letkiewicz leading the engagement.
- PCF Group faces significant uncertainty regarding its ability to continue as a going concern, necessitating the acquisition of additional financing to sustain its proprietary game development strategy.
- As of 30 June 2024, the company holds PLN 239,487 thousand in intangible assets related to in-process development work.
- The capitalization of development assets is contingent upon the company securing sufficient financial resources to complete its projects, as required by IAS 38.
- Management has developed a five-year cash-flow forecast based on assumptions regarding future game development and funding, though auditors caution that these projections rely on uncertain future events.
- The condensed H1 2024 financial statements were prepared in accordance with IAS 34 and received a clean review opinion from Grant Thornton Polska, led by auditor Jan Letkiewicz.
Roczne Skonsolidowane Sprawozdanie Finansowe: 2024
ZA ROK 0BROTOWY ZAKONCZONY 31 GRUDNIA 2024 ROKU Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 31.12.2024 r. 31.12.2023 r. 31.12.2024 r. 31.12.2023 r. Sprawozdanie z sytuacji finansowej Aktywa 373 353 513 461 87 375 118 091 Zobowiązania długoterminowe 20 862 32 321 ...
- PCF Group experienced a significant net loss in 2024, reaching -175,306 PLN (-40,729 EUR), a substantial increase from the -75,575 PLN (-16,689 EUR) loss in 2023.
- Operating loss also worsened considerably, from -86,452 PLN (-19,091 EUR) in 2023 to -197,518 PLN (-45,890 EUR) in 2024.
- Despite the losses, sales revenue increased from 150,124 PLN (33,152 EUR) in 2023 to 190,401 PLN (44,236 EUR) in 2024.
- The company's equity decreased significantly from 427,880 PLN (98,408 EUR) in 2023 to 250,769 PLN (58,687 EUR) in 2024.
- PCF Group invested heavily in intangible assets, with expenditures of -123,694 PLN in 2024, including two Unreal Engine licenses valued at 11,330 thousand PLN for game production (Victoria and Bifrost projects).
Półroczne sprawozdanie Zarządu z działalności Grupy Kapitałowej PCF Group S.A.: 1 stycznia 2024 – 30 czerwca 2024
WARSZAWA | 30 WRZENIA 2024 ROKU PEOPLE PÓEROCZNE SPRAWOZDANIE ZARZADU Z DZIAEALNOSCI GRUPY KAPITALOWEJ PCF GROUP S.A. ORAZ SPÓEKI PCF GROUP S.A. ZA 0KRES 01.01.2024 - 30.06.2024 za okres 01.01.2024 – 30.06.2024 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 01.01.2024 – 30.06.2024 r. zostało sporządzone na podstawie § 70 ust. 1 pkt 4, 6, 7 oraz § 71 ust.
- PCF Group S.A. reported a 29% increase in sales revenue, reaching PLN 70.1 million in H1 2024, up from PLN 54.3 million in H1 2023, driven by the release of Bulletstorm VR and revenue from Project Maverick, despite a decrease in revenue from Project Gemini.
- The cost of services sold increased by 134% to PLN 84.4 million in H1 2024 (from PLN 36.0 million in H1 2023), primarily due to increased costs associated with Project Maverick and Bulletstorm VR production.
- PCF Group S.A. terminated two revolving credit agreements with Bank Pekao S.A. totaling PLN 30 million and EUR 4.426 million, effective September 2024, without having utilized any of the credit.
- The company signed a short-term executive agreement on January 30, 2024, with Square Enix Limited to continue development on Project Gemini, following the expiration of the previous agreement, to finalize strategic discussions.
- PCF Group S.A. faces significant revenue concentration risk, with ongoing production and publishing agreements for Project Gemini (Square Enix Limited), Project Maverick (Microsoft Corporation), and Project Echo (Krafton Inc.).
Review Report of the Condensed Interim Consolidated Financial Statement: 2024
The review confirms that the condensed interim consolidated financial statements of PCF Group Spółka Akcyjna, prepared for the period ending 30 June 2024 and presented in accordance with International Financial Reporting Standard 34, appear to have been prepared without material misstatement. The audit was performed under Polish National Standard 2410, equivalent to the International Standard on Review Engagements, and involved inquiry procedures, analytical reviews, and other review activities directed at financial and accounting personnel. The scope of the engagement is limited to a reasonable assurance that no material issues have been identified, and therefore an audit opinion was not expressed.
Key disclosures highlighted in the management’s notes include significant uncertainty regarding the Group’s ability to continue as a going concern. Management has undertaken actions to secure additional financing to support its strategy of developing and publishing proprietary games, though the outcome remains uncertain. The review notes that no modifications were made to the auditor’s conclusions regarding this matter.
Another focus of the notes is the Group’s intangible assets related to work in progress on new games, valued at PLN 165,284 thousand as of 30 June 2024. Management asserts that these assets meet IAS 38 criteria for capitalization, contingent on the availability of sufficient financial resources. A five‑year cash‑flow forecast underpins this valuation, but the auditor cautions that its feasibility depends on future events that are not guaranteed.
The review covers the Polish market, specifically PCF Group’s operations in Warsaw and its consolidated entities. No audit procedures beyond the review scope were performed, and no assurance is provided that all material matters have been disclosed.
- PCF Group faces significant uncertainty regarding its ability to continue as a going concern, with management currently seeking additional financing to sustain its proprietary game development strategy.
- As of 30 June 2024, the Group holds PLN 165,284 thousand in intangible assets related to work-in-progress game projects.
- The valuation of the Group's intangible assets is supported by a five-year cash-flow forecast, though the auditor warns that the feasibility of these projections depends on uncertain future events.
- Management asserts that its capitalized work-in-progress assets meet IAS 38 criteria, provided the company maintains sufficient financial resources to complete development.
- The interim financial statements for the period ending 30 June 2024 were reviewed under Polish National Standard 2410 and appear to be free of material misstatement.
Skonsolidowany raport kwartalny: Q3 2024
WARSZAWA | 26 LISTOPADA 2024 ROKU (dane w tys. zł, chyba że zaznaczone inaczej) PEOPLE ZAKOCZONY 30 WRZENIA 2024 ROKU (dane w tys. zł, chyba że zaznaczone inaczej) Grupa Kapitałowa PCF Group Spółka Akcyjna WYBRANE DANE W PRZELICZENIU NA EUR PLN EUR 30.09.2024 r. 31.12.2023 r. 30.09.2024 r. 31.12.2023 r.
- PCF Group S.A. reported a net loss attributable to shareholders of (33,151) thousand PLN for the nine months ended September 30, 2024, compared to a loss of (15,352) thousand PLN in the same period of 2023.
- Basic and diluted earnings per share (EPS) from continuing operations were (0.93) PLN and (0.91) PLN respectively for the nine months ended September 30, 2024, worsening from (0.43) PLN and (0.42) PLN in the prior year.
- Total revenue from sales for the nine months ended September 30, 2024, reached 131,886 thousand PLN, with 54,890 thousand PLN from Europe and 76,996 thousand PLN from other countries.
- The Group decided to discontinue work on 'Project Dagger' on April 5, 2024, resulting in a 100% write-off of incurred development costs totaling 68,331 thousand PLN in 2023.
- PCF Group S.A. launched 'Bulletstorm VR' on PICO platforms on September 19, 2024, and released a significant update (Update 1.4) for the game on other VR platforms.
Annual Financial Report: PCF Group 2024
ZA ROK OBROTOWY ZAKONCZONY 31 GRUDNIA 2024 ROKU wybrane dane w przeliczeniu na EUR PLN EUR 31.12.2024 r. 31.12.2023 r. 31.12.2024 r. 31.12.2023 r. Sprawozdanie z sytuacji finansowej Aktywa 315 161 502 508 73 756 115 572 Zobowiązania długoterminowe 7 303 12 382 1 709 2 848 Zobowiązania krótkoterminowe ...
- PCF Group experienced a significant net loss of EUR 53,106 in 2024, worsening from a loss of EUR 14,277 in 2023.
- The company's operating loss also substantially increased to EUR 55,351 in 2024 from EUR 18,395 in 2023.
- Despite the losses, sales revenue grew from EUR 26,585 in 2023 to EUR 38,673 in 2024.
- Net cash flow from operating activities increased significantly to EUR 12,146 in 2024 from EUR 4,873 in 2023.
- PCF Group is exposed to currency risk as most costs are in PLN while most revenues are in EUR and USD, though a contract with Square Enix Limited for "Project Gemini" includes provisions against EUR/PLN exchange rate changes.
Annual Report of the Capital Group: PCF Group S.A. 2024
(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 2024 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.A.'s equity decreased by 41% (176.2 million PLN) in 2024 compared to 2023, primarily due to a net loss of 174.4 million PLN.
- Cash and cash equivalents significantly decreased by 53% (65.9 million PLN), from 124.0 million PLN at the end of 2023 to 58.1 million PLN at the end of 2024.
- The launch of "Bulletstorm VR" on Pico platforms occurred on September 19, 2024, but its market reception was poor due to unsatisfactory quality and negative reviews, leading to lower-than-expected revenues.
- PCF Group S.A. entered into a development and publishing agreement with Microsoft Corporation on June 13, 2023, for an AAA game codenamed "Project Maverick."
- The Group faces a high risk of losing highly qualified game development specialists due to strong market demand and a deficit of such professionals, which could negatively impact game quality, release schedules, and financial performance.
Assessment of Annual Financial Statements and the Management Board's Annual Report: 2024
The assessment confirms that PCF Group S.A.’s 2024 annual financial statements, both standalone and consolidated, provide a reliable and transparent depiction of the company’s assets, liabilities, equity, income, and cash flows as of 31 December 2024. The statements comply with International Financial Reporting Standards (IFRS) and related European Union regulations, and are based on properly maintained accounting records. The independent auditor’s opinion affirms the statements’ accuracy, consistency with applicable laws and statutes, and adherence to IFRS. 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 financial position without material misstatement. The board’s evaluation covers all statutory requirements under Polish accounting law, confirming that the reports meet legal and regulatory standards. The assessment was conducted by the supervisory board following a review of the auditor’s reports, management disclosures, and a videoconference with the lead auditor. Signatories from the supervisory board, including the chairperson and five members, formally endorse the findings on 29 April 2025. The document therefore serves as a formal confirmation that PCF Group S.A.’s 2024 financial reporting is complete, compliant, and trustworthy for stakeholders.
- PCF Group S.A.’s 2024 standalone and consolidated financial statements are confirmed as accurate, transparent, and compliant with International Financial Reporting Standards (IFRS).
- The independent auditor verified that the financial statements, as of 31 December 2024, provide a reliable depiction of the company’s assets, liabilities, equity, income, and cash flows.
- The supervisory board formally endorsed the 2024 financial reporting and management disclosures on 29 April 2025.
- The management report and corporate governance declaration were found to accurately reflect the group’s performance, development, and financial position without material misstatement.
- The assessment confirms full adherence to Polish accounting law and all relevant European Union regulatory requirements.
Sprawozdanie Niezależnego Biegłego Rewidenta z Badania Rocznego Skonsolidowanego Sprawozdania Finansowego: 2024
Sprawozdanie Grant ThorntonPolskaP.S.A. ul. Abpa Antoniego Baraniaka 88 E niezależnego 61-131 Poznań biegłego rewidenta T +48 61 62 51 100 Dla Akcjonariuszy PCF Group Spółka Akcyjna Sprawozdanie z badania rocznego skonsolidowanego sprawozdania finansowego Przeprowadziliśmy badanie rocznego skonsolidowanego sprawozdania finansowego Grupy Kapitałowej (Grupa Kapitałowa), w której jednostką dominującą jest PCF Group Spółka Akcyjna (Spółka Dominująca) z siedzibą w Warszawie...
- Grant Thornton Polska P.S.A. conducted an audit of the annual consolidated financial statements for PCF Group Spółka Akcyjna for the fiscal year ending December 31, 2024.
- The audit was performed in accordance with Polish auditing standards, including the Act on Statutory Auditors, National Auditing Standards (KSB), and EU Regulation 537/2014.
- Key audit matters included assets and liabilities from customer contracts/sales revenue, which amounted to PLN 9,580 thousand and PLN 5,808 thousand respectively, with sales revenue for 2024 totaling PLN 190,401 thousand.
- Another key audit matter was the impairment of goodwill, which involved assessing financial forecasts of subsidiaries and the methodology of valuation models based on discounted cash flows.
- The auditors noted an emphasis of matter regarding the uncertainty of deferred tax assets totaling PLN 52,917 thousand, as disclosed in note 8, due to uncertainties in tax result forecasts for 2025-2029 and the inability to implement the Group's strategy in its current form.
Sprawozdanie z badania rocznego sprawozdania finansowego: 2024
The audit report confirms that PCF Group Spółka Akcyjna’s 2024 financial statements, prepared under International Financial Reporting Standards and European regulatory requirements, present a true and fair view of the company’s financial position as of 31 December 2024. The audited figures show total assets of PLN 42,225 thousand and equity of PLN 18,893 thousand after a write‑down for investments in subsidiaries. Revenue from contracts with customers reached PLN 166,457 thousand, while assets and liabilities related to such contracts were valued at PLN 9,580 thousand and PLN 5,808 thousand respectively. The audit identified key areas of significant judgment: valuation of contract assets and liabilities, impairment testing for investments in dependent entities, and capitalization of development costs for new games. In each case, the auditor performed substantive procedures including policy reviews, contract analysis, and discounted cash flow calculations to obtain sufficient evidence. The report also highlights uncertainty surrounding deferred tax assets of PLN 52,659 thousand due to projected future tax outcomes. Management’s responsibility for ongoing operations and internal controls is affirmed, with no material misstatement detected in the accompanying activity report or corporate governance statement. The audit was conducted in accordance with Polish and EU auditing standards, with the auditor maintaining independence throughout. Overall, the report delivers a clean opinion on the financial statements and related disclosures for the 2024 reporting period.
- PCF Group S.A. received a clean audit opinion for 2024, confirming its financial statements fairly represent the company's position under IFRS and EU standards.
- The company generated PLN 166,457 thousand in revenue from contracts with customers during the 2024 reporting period.
- As of December 31, 2024, PCF Group reported total assets of PLN 42,225 thousand and equity of PLN 18,893 thousand, the latter reflecting a write-down for investments in subsidiaries.
- The auditor identified significant uncertainty regarding the recoverability of deferred tax assets valued at PLN 52,659 thousand, which depend on future tax outcomes.
- Contract-related assets and liabilities were valued at PLN 9,580 thousand and PLN 5,808 thousand, respectively, as of the end of 2024.
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.