PCF Group (PCF) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was PLN 45.6m (45,566k PLN), down 28% from PLN 63.0m (62,992k PLN) in Q1 2025, reflecting the absence of the Gemini project and the launch of the Florence project.

• Net loss for Q1 2026 was PLN -23.3m (23,288k PLN), impacted by a full write-off of Game On goodwill.

• Operating loss increased to PLN -20.9m from PLN -4.3m in Q1 2025.

• The company continues to focus on work-for-hire (WFH) projects and self-publishing, with four active WFH projects and ongoing optimization of the Lost Rift title.

• Acquisition of Cooldown Games (CDG) to strengthen publishing capabilities and create a global publishing vertical.

Financial highlights

• Q1 2026 revenue: PLN 45.6m, down from PLN 63.0m in Q1 2025.

• Q1 2026 EBITDA: PLN -3.9m; adjusted EBITDA: PLN -23.3m.

• Net profit for Q1 2026: PLN -23.3m, compared to PLN 8.4m in Q1 2025.

• Gross margin for Q1 2026 was 30.2%, up from 15.1% in Q1 2025.

• Cash, cash equivalents, and bonds at March 31, 2026: PLN 54.8m; cash and equivalents at period end were 16,815k PLN, down from 22,610k PLN at year-end 2025.

Outlook and guidance

• Continued focus on cash flow management, prioritizing investments, and cost optimization.

• Ongoing business development to expand WFH project pipeline and maintain publisher relationships.

• Further optimization of Lost Rift operations and leveraging CDG for third-party publishing.