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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.
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.
Independent Auditor's Report: Annual Financial Statement 2020
The audit opinion confirms that PCF Group’s 2020 financial statements present a true and fair view of the company’s assets, liabilities, equity, income, expenses, and cash flows as of 31 December 2020. The statements comply with International Financial Reporting Standards, IFRS, and related EU regulations, and are based on properly maintained accounting records. The auditor’s responsibility was carried out under Polish auditing law, the International Standards on Auditing (ISA), and the EU Regulation 537/2014. Independence was maintained in accordance with IESBA ethics, and the audit team performed sufficient procedures to obtain reasonable assurance that no material misstatement exists due to error or fraud.
Key audit focus areas included the valuation of contract‑based receivables and obligations, where complex, frequently modified agreements required significant judgment. The auditor evaluated the company’s revenue recognition policies under IFRS 15, assessed estimates of variable consideration such as bonuses and warranties, and reviewed the allocation of transaction prices to identified performance obligations. These matters were disclosed in Notes 3 and 18 of the financial statements.
The audit also covered other information, including the annual report and corporate governance statement. The auditor expressed an unqualified opinion on these disclosures, finding them prepared in accordance with applicable laws and consistent with the financial statements. No material misstatements were identified, and no prohibited non‑audit services were rendered during the engagement.
- PCF Group received an unqualified audit opinion for its 2020 financial statements, confirming they present a true and fair view in compliance with IFRS and EU regulations.
- The audit confirmed that PCF Group’s financial records are accurate and free from material misstatements resulting from error or fraud as of 31 December 2020.
- Auditors focused specifically on the valuation of contract-based receivables and obligations, which involved complex, frequently modified agreements requiring significant management judgment.
- Revenue recognition policies were evaluated under IFRS 15, with specific scrutiny applied to the allocation of transaction prices and estimates for variable considerations like bonuses and warranties.
- The company’s annual report and corporate governance statement were found to be consistent with the financial statements and prepared in accordance with applicable legal requirements.
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.
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.
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.
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.
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.
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%).
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.