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PCF Group (PCF) investor relations material
PCF Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
1H 2025 saw a strategic shift toward work-for-hire (WFH) projects, scaling back self-publishing and phasing out VR game publishing, with organizational restructuring completed in September 2025.
Early access launch of "Lost Rift" (Victoria) in September 2025 was technically smooth but underperformed in sales and player count.
Major projects included Maverick (Microsoft), Echo and Zulu (Krafton), and Delta (Sony).
New WFH projects are being evaluated, with a target to sign one new project by year-end.
Project Gemini and Project Bifrost were discontinued due to lack of publisher commitment and funding.
Financial highlights
1H 2025 revenue: PLN 76.3m, down from PLN 115.3m in 1H 2024; work-for-hire revenue rose to PLN 110.3m, self-publishing revenue dropped to PLN 4.2m.
1H 2025 EBITDA: PLN 2.9m (adjusted), net loss: PLN 21.3m, operating loss reduced to PLN 19.7m.
Equity capital decreased to PLN 221.3m as of 30.06.2025, mainly due to net loss.
Cash, cash equivalents & bonds: PLN 58.1m as of 30.06.2025, but fell to PLN 11.2m by period end.
Net cash outflows from operating, investing, and financing activities totaled PLN 46.4m.
Outlook and guidance
Organizational regrouping and cost optimization completed; effects expected in Q4 2025 results.
Additional financing of PLN 20m was secured post-period via a Series H share issue.
Focus on cash flow, cost control, and lean structure; investments in new projects only after positive cash flow is achieved.
Management expects sufficient resources to meet obligations for at least 12 months, with a focus on expanding work-for-hire contracts and AAA game development.
"Lost Rift" must become self-financing; VR project targeted to break even.
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