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PCF Group (PCF) investor relations material
PCF Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for the nine months ended 30 September 2025 increased to PLN 152.1 million from PLN 131.9 million year-over-year, driven by new projects Delta and Zulu, and higher contribution from Project Echo, while Project Gemini revenues remained stable.
The Group posted a net loss of PLN 117.0 million, compared to a net profit of PLN 33.3 million in 9M 2024, mainly due to major write-offs, including Lost Rift CGU, PCF Chicago goodwill, UE license, and partial receivables from Square Enix.
Major negative impacts included the discontinuation of Project Gemini and Project Bifrost, impairment losses on intangible assets, and lower-than-expected sales of Lost Rift.
The Group shifted strategy to focus on work-for-hire contracts, reducing self-publishing activities and phasing out VR game publishing.
Financial highlights
9M 2025 revenue: PLN 152.1m, up from PLN 131.9m in 9M 2024, a 15% increase year-over-year.
9M 2025 net loss: PLN 117.0m, compared to a net profit of PLN 33.3m in 9M 2024.
9M 2025 adjusted EBITDA: PLN 6.0m, flat year-over-year.
Operating loss increased to PLN 116.5m from PLN 32.0m year-over-year.
Cash and cash equivalents decreased to PLN 35.1m from PLN 58.1m at year-end 2024.
Outlook and guidance
Focus remains on cash flow discipline, cost control, and lean structure, with investments in new projects contingent on generating positive cash flow.
The Group will continue to expand work-for-hire contracts and development of its own games.
New business development ongoing, with a target to sign one new work-for-hire project in 2025.
Lost Rift to be supported by a smaller team in 2026, aiming for self-financing.
Performance in upcoming quarters will be influenced by ongoing work-for-hire projects and currency risk.
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