Incuvo S.A. – Q3 2025 Financial and Operational Overview

Date: November 13, 2025
Headquarters: Katowice, Poland
Industry: Virtual Reality (VR) game development

1. Financial Summary

Incuvo S.A. reported a net loss of PLN 1.33 million for the first three quarters of 2025, compared to a PLN 0.6 million loss in the same period of 2024. The company continues to face financial pressure as it restructures its operations and adjusts to a smaller project pipeline.

Revenue (Jan–Sep 2025): PLN 10.47 million, down from PLN 11.59 million YoY.
Operating expenses: PLN 13.28 million (vs. PLN 13.93 million in 2024).
Operating loss: PLN 1.78 million.
Net loss (Q3 2025): PLN 721,000, mainly due to lower-than-expected project volume.
Total assets: PLN 13.17 million (down from PLN 18.72 million a year earlier).
Equity: PLN 10.07 million, a decline from PLN 13.34 million YoY.
Cash position: PLN 3.44 million at quarter-end.

The reduction in assets is mainly due to amortization of development costs related to Green Hell VR and office equipment.

2. Operational Context

The company’s activities in Q3 2025 focused on completing and delivering ongoing VR projects while optimizing costs and restructuring its workforce. Incuvo has significantly reduced its developer headcount and continues to align operating costs with reduced revenue levels.

Management emphasized that the company is in a transformation phase — seeking to maintain innovation and competitiveness while designing a new business strategy for 2026 and beyond.

Positive operating cash flow of PLN 53,000 in Q3 marks a small but encouraging sign of stabilization, mainly driven by changes in working capital.

3. Key Projects

Green Hell VR

Cumulative sales: 526,000 copies across Meta Quest, Steam, Pico, PS VR2, and HTC platforms.
Latest update: The Animal Husbandry (September 2025), adding animal breeding, new tools, and visual/audio improvements.
Still performing strongly on the Meta Store bestseller list.
Recently launched on Samsung Galaxy XR, signaling Incuvo’s expansion toward next-gen XR hardware.

Tracked: Shoot to Survive (Project Bison)

Developed for People Can Fly Group (PCF) as a work-for-hire project.
Launch date: November 13, 2025 (Meta Quest 3 / 3S).
The project followed its timeline and passed Meta’s certification process.
Incuvo may receive additional royalties based on the game’s commercial success.

Pirates VR: Jolly Roger

Conversion project for Split Light Studio, with Incuvo acting as developer and publisher.
Release planned for Q4 2025, with profit-sharing through royalties.

Incuvo is also prototyping two smaller-scale original VR titles, now planned for early 2026 instead of late 2025, to align with optimal release windows and production quality targets.

4. Shareholding and Employment

Major shareholder: PCF Group S.A. – 62.1% ownership.
Total shares outstanding: 14.3 million.
Average employment (Q3 2025): 11 full-time employees + 48 contractors.

5. Outlook

From January 2026, Incuvo aims to operate in a leaner organizational model, focusing on efficiency and select high-quality projects. The management expects this restructuring to improve profitability and cash discipline.

The VR gaming sector remains volatile, but opportunities in Meta Quest 3/3S and emerging XR platforms (like Galaxy XR) may offer new growth paths. Continued collaboration with PCF Group provides stability and access to large-scale projects.

Key indicators to watch:

Revenue from Tracked: Shoot to Survive in Q4 2025–Q1 2026
New partnerships in 2026
Performance of Green Hell VR on new platforms
Cost structure improvements and sustained cash flow

6. Conclusion

Incuvo’s Q3 2025 results show a company in strategic transition — reducing costs, finishing major contracts, and preparing for a leaner, more adaptable model in 2026. While short-term profitability remains challenged, the studio’s partnership network, strong IP track record (Green Hell VR), and early entry into new VR/XR ecosystems position it well for future recovery and growth.

Check company page on gamedevinvestor.com Incuvo