Board game publisher CMON issued a new profit warning to the Hong Kong Stock Exchange on August 21, stating that the company will see an estimated equity loss of between six and eight million US dollars in the first half of 2025. The warning comes after the publisher saw $3 million in losses in 2024, which CMON attributed to "the decrease in sales as rising costs of living in key markets affected our customers' ability to buy games".
2025 has already been a turbulent year for CMON, which is best known for major IPs like Zombicide, Blood Rage, and Cthulhu: Death May Die. The company's shares were frozen on the Hong Kong Stock Exchange in April, as it was late in submitting its 2024 annual report due to apparent staffing issues in the finance department.
Another profit warning from March 2025 let the world know early that CMON was expecting around $2 million in losses for 2024. The annual report was finally released in May, but by this time, CMON had paused all future game development and laid off staff, citing global conditions and US tariffs as key factors. Zombicide, as well as several other major IPs, have also been sold to competitors by CMON in recent months.
The company was first hit by million-dollar losses in 2020 thanks to the global pandemic, but it had initially recovered in the three years following. Now, as BoardGameWire reports, 2025's expected losses are triple the value of CMON's profits from the previous decade.
CMON currently has 10 crowdfunded campaigns that it continues to work on, as well as eight new board games on pre-order that it's still committed to delivering. In its most recent profit warning, the company clarifies that the exact value of the losses could alter after a full audit, and the full financial results for the past six months will be available by August 31.
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