CMON is Suffering from a ‘Prolonged Structural Downturn’

CMON has warned that its core business is facing a “prolonged structural downturn” and is still burning through cash despite a drastic restructuring that saw the crowdfunding giant halve its workforce, sell off major IPs like Zombicide and Blood Rage, and pause new campaigns.

The warning comes as the company looks to raise up to $17.5 million through a rights issue after existing shareholders took up less than 8% of the new shares offered. The publisher reported a loss of just over $2 million for the first half of this year—a big improvement from the nearly $7 million loss in the same period last year—but its cash reserves have dwindled to around $368,000 as of early August, enough to cover less than a month of operating expenses.

CMON is still working to deliver eight crowdfunded games that raised more than $14 million from backers, including DC Super Heroes United and DCeased, both now scheduled for Q1 2027 after multiple delays. The company hasn’t completed a crowdfunding fulfillment since mid-2025.

The publisher plans to use 40% of the new capital for day-to-day operations, 20% for debt repayment, 25% for market expansion, and 15% for potential acquisitions as part of a push into digital gaming—though it stressed that physical tabletop games will remain its core business. That digital pivot comes weeks after CMON terminated a planned $2.1 million investment in an NFT game maker.

Revenue from North America has collapsed from over $8.6 million in H1 2021 to just $642,000 in H1 2026, with Europe seeing a similar drop. Asia is now CMON’s largest market, generating about 55% of total revenue.

The final result of the rights issue is due to be announced on September 15.