PCF Group (PCF) Q2 2025 earnings summary

Executive summary

• 1H 2025 featured a strategic shift toward work-for-hire projects, reduced self-publishing, and the phasing out of VR game publishing, with organizational restructuring and significant headcount reductions completed in September 2025.

• Early access launch of "Lost Rift" (Victoria) in September 2025 was technically smooth but underperformed in sales and player count.

• New work-for-hire projects are being evaluated, with a target to sign one new project by year-end.

Financial highlights

• 1H 2025 revenue: PLN 76.3m, down from PLN 115.3m in 1H 2024, with net loss: PLN 21.3m.

• EBITDA: PLN 2.9m (adjusted); operating loss: PLN 19.7m; net loss improved from PLN 33.3m year-over-year.

• Equity capital decreased to PLN 221.3m as of 30.06.2025, mainly due to net loss.

• Cash and cash equivalents at period end: PLN 11.2m (down from PLN 58.1m at start of period).

• Total assets: PLN 327.0m (down from PLN 373.4m at 31 Dec 2024).

Outlook and guidance

• Organizational regrouping and cost optimization completed; effects expected in Q4 2025 results.

• Focus on cash flow, cost control, and lean structure; investments in new projects only after positive cash flow is achieved.

• Management expects improved liquidity following a post-period share issue raising PLN 20m.

• Early access launch of "Lost Rift" in September 2025 expected to impact future results.