PCF Group (PCF) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was PLN 45,566 thousand, down from PLN 62,992 thousand in Q1 2025, reflecting the absence of the Gemini project and the launch of the Florence project.

• Net loss for Q1 2026 was PLN 23,288 thousand, impacted by a full write-off of Game On goodwill.

• Significant impairment loss of PLN 24,929 thousand recognized on goodwill allocated to Game On.

• Operating cash flow turned positive at PLN 9,463 thousand, compared to negative PLN 5,264 thousand a year earlier.

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

Financial highlights

• Q1 2026 revenue: PLN 45,566 thousand, down from PLN 62,992 thousand in Q1 2025.

• Q1 2026 EBITDA: PLN -3,900 thousand; adjusted EBITDA: PLN -23,300 thousand.

• Gross profit increased to PLN 13,727 thousand from PLN 9,492 thousand year-over-year.

• Cash, cash equivalents, and bonds at March 31, 2026: PLN 54,800 thousand.

• Equity capital at March 31, 2026: PLN 117,941 thousand.

Outlook and guidance

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

• Ongoing business development to expand work-for-hire project pipeline.

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