A Panorama Factory project is actually a collection of files. The project consists of a single file with the .pfp extension (Panorama Factory Project). This file contains recipes for creating computed images from a set of imported images, but doesn’t actually contain any image data. The image data are stored in separate .tiff,.bmp or .pfi files.

The .bmp files contain Windows device independent bitmap images with 24 bits per pixel (8 bits each for red, green and blue). The .tiff files contain TIFF (Tagged Image File Format) files with 45 bits per pixel (15 bits for each color).  The .pfi files contain Panorama Factory image files with 24 bits per pixel (8 bits each for red, green and blue), 36 bits per pixel (12 bits each for red, green and blue) or 45 bits per pixel (15 bits for each color).

Since the image recipes are stored in the .pfp file, if you delete the computed image files (intentionally or by accident) you can recreate your project as long as you do not delete the imported image files.