Major board game publisher CMON reported losses of around $7 million in the first half of 2025, but a new annual report shows total losses of $19.9 million. Despite this, CMON’s directors say the publisher “should be able to continue as a going concern” – and even intends to resume crowdfunding in the second half of 2026.
CMON saw its revenue decrease by 73.5% in 2026. Overall, it says “the loss for the financial year was primarily driven by a significant decline in revenue, impairment losses on property, plant and equipment, right-of-use assets and intangible assets, and a loss on disposal of intellectual properties and related assets as part of the Group’s strategic portfolio restructuring”.
CMON’s financial struggles are long-running and well-documented. The company saw losses of $3 million in 2024, and it’s taken many steps to address its fiscal troubles since.
Major IPs like Zombicide and Cthulhu: Death May Die were sold, as were struggling crowdfunders that CMON originally acquired from controversial publisher Mythic Games. These may have resulted in a loss, but they were apparently necessary to “reduce future cost burden”. Layoffs occurred, and the company paused work on new crowdfunders – though it vowed to fulfil its many outstanding crowdfunded projects.
CMON did, however, manage to drum up $1.2 million of fresh investment through a February 2026 share sale. The majority of this would reportedly be used for game development.
CMON’s latest filing on the Hong Kong stock exchange mentions the share sale as one of the factors that leads its directors to believe the company can continue operating for the foreseeable. Other factors include the recent sale of its Singapore office, “restructuring initiatives”, fulfilment of contract liabilities (which mostly concern its undelivered crowdfunding games), and “financial support from some directors”.
The company’s strategy for survival is to focus on fulfilling its existing crowdfunding promises in the short-term, with a plan to crowdfund “new titles from current game lines” in the second half of 2026. It also plans to grow distribution in Asia, as its American and European markets have declined due to “ongoing trade uncertainty and weak consumer demand”. CMON will also apparently operate with a “reduced headcount” and from a “debt-free position”.
While CMON seems optimistic about its future, an independent auditor reports “a material uncertainty which may cast significant doubt about the Group’s ability to continue as a going concern”. To put it plainly, there’s still some doubt about whether CMON can avoid liquidation.
You can see the full report in the Hong Kong stock exchange filing. Or, if you’d like to talk about the best board games with fellow fans, join us in the Wargamer Discord.
