PCF Group (PCF) Q3 2025 earnings summary

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.