CMON has warned that its core business is suffering a “prolonged structural downturn” and is still consuming more cash than it generates, despite a drastic restructuring which has seen the board game crowdfunding major halve its workforce, sell off some of its biggest game IPs and halt new crowdfunding campaigns.

The warning comes amid an extraordinary period of upheaval for one of tabletop gaming’s biggest crowdfunding publishers, which suffered losses of almost $23m across 2024 and 2025 and is still working to deliver a string of heavily-delayed campaigns that raised more than $14m from backers.

CMON has spent the past 18 months attempting to stabilise its finances by cutting staff and other costs, selling high-profile IP including Zombicide, Blood Rage and Cthulhu: Death May Die, divesting its Singapore office and raising fresh money from investors.

Those efforts have now dramatically reduced its losses, CMON’s newly-released H1 financial report shows – with the company reporting a loss of just over $2m for the first half of this year, compared to almost $7m for the same period in 2025.

CMON’s revenue also rose more than 7% year-on-year in H1, up to $3.68m from $3.43m in the first six months of 2025, while its selling and distribution expenses more than halved from $1.83m to $859,000, and its general and administrative expenses fell from $4.37m to $2.37m.

But that improvement has failed to make the underlying business self-sustaining. CMON’s cash reserves, which stood at $3.9m at the end of 2022, had fallen to $2.1m by the end of 2024, and slipped again to just over $900,000 by June 2025.

CMON revealed last month that it had about $368,000 in bank and cash balances as of August 4, which it described as enough to cover less than a month of its daily operating expenses.

Crowdfunding Commitments

Despite the sharp reduction in its losses, CMON’s balance sheet remained under pressure at the end of June – with $7.34m more in short-term liabilities than short-term assets, up from $6.89m at the end of 2025.

A significant part of CMON’s liabilities relates to eight crowdfunded games whose campaigns raised $14m from backers, but which the company has yet to deliver.

They include DC Super Heroes United, which raised more than $4.4m, and DCeased, which brought in over $2.5m. Both of those campaigns were initially due to be delivered last year, but fulfillment has been pushed back several times since and both are now scheduled for the first quarter of 2027.

CMON has not completed fulfillment of a crowdfunding project since Zombicide: White Death in mid-2025, but has managed to deliver pre-orders for Cthulhu: Dark Providence, Marvel United: Witching Hour and Dune: Desert War in the first half of this year.

Four other pre-order titles: Assassin’s Creed Role Playing Game, The Adventurers, The Dead Keep and Super Fantasy Brawl Reborn, all remain undelivered, although the first of those is currently slated for completion in Q3.

Funding Push

CMON said in its H1 report that the liabilities position had caused the company’s directors to give “careful consideration to the future liquidity and performance of the group and its available sources of financing in assessing whether the group will have sufficient financial resources to continue as a going concern”.

Those directors believe CMON will be able to continue operating – but central to that assessment is a major share sale designed to raise up to HK$150.5m – about $19m.

CMON first announced the rights issue fundraise in June, proposing to offer existing shareholders the opportunity to buy three new shares for every share they already owned in an attempt to raise the capital.

The plan was approved by shareholders in late July and the formal offer opened in mid-August – but existing shareholders took up just 7.76% of the new shares offered to them by the August deadline.

That leaves CMON looking to raise more than $17.5m from other investors through the rights issue – a figure approaching 2.5-times the valuation of the entire company implied by its last share sale in February this year.

CMON said it plans to use 40% of the money raised to fund its day-to-day operations for roughly the next year, including staff costs, royalties, shipping and distribution, professional fees and other administrative and operating expenses.

Another 20% is earmarked for repaying debts and other outstanding liabilities, including $2.46m owed to a CMON director and $385,000 of unsecured advances from employees, as well as outstanding production, shipping, royalty and other operating costs.

CMON has earmarked 25% for expansion in existing and new markets, including strengthening the company’s presence in Europe through marketing and potential attendance at events including Spiel Essen and Cannes, as well as targeting growth in Japan and the Philippines.

Digital Ambitions

The company added that it plans to put 15% of the new capital towards potential acquisitions as part of a push into digital gaming, although said it had not yet identified any targets.

CMON said it intends to look for between one and three businesses, primarily in Asia-Pacific, valued at between about $1.3m and $2.5m each, which could help it develop digital adaptations of its existing games, companion apps and other digitally-enabled features.

The publisher stressed that it intends to retain physical tabletop games as its core business, with the digital push designed to complement rather than replace them.

That announcement comes just a few weeks after CMON terminated its planned $2.1m investment in NFT video game maker Blissful Link, an investment it had previously said formed part of a digital shift necessary to remain “relevant” in the games industry and expand its revenue stream.

That plan had included transitioning the company’s titles such as Massive Darkness and Super Fantasy Brawl Reborn into “high-quality digital assets” – with CMON saying the group would “continue to supplement this digital transformation as physical games would still offer a ‘screen break’ for individuals as well as foster direct face to face interaction”.

The proposed investment would have valued Blissful Link at more than $95m. Blissful Link made a loss of about $197,000 in 2024, on revenues of just over $408,000, and had net liabilities of about $889,000, according to unaudited figures provided by CMON in April. It did not include finances for 2025.

CMON said in the rights issue offer, “Under prevailing high-interest lending conditions, traditional bank borrowings and debt financing carry heavy interest and securing such financing would severely strain the group’s remaining liquidity.

“Accordingly, equity financing via the rights Issue is the most viable strategic path to recapitalize the group’s capital base without increasing debt distress.”

The directors’ assessment that CMON can remain a going concern also takes into account continued financial support from some of its directors, progress fulfilling its outstanding contract liabilities and further restructuring aimed at reducing cash outflows.

Revenue Collapse

CMON’s latest figures also reveal the scale of the collapse in its North American and European revenues over the past five years, transforming the geographical make-up of what remains of its business.

North America alone generated more than $8.6m for CMON in the first half of 2021, making up 57% of its roughly $15.1m H1 revenue. By the first half of this year, however, revenue from North and South America combined had fallen to just $642,000.

Europe has undergone a similarly dramatic contraction, with revenue from the region falling from about $4.5m in the first half of 2021 to just $982,000 in the latest six-month period.

Asia has consequently become CMON’s largest market by a considerable margin, generating more than $2m in the first half of this year and accounting for about 55% of its total revenue, compared with less than 10% in the same period of 2021.

That reversal has not been driven by Asian growth, however. CMON generated $3.22m from Asia in the first half of 2022, marking a roughly 37% decline since – but a far more resilient performance than the steep falls recorded in North America and Europe over the same period.

The publisher said in its H1 2026 report, “The group intends to continue developing its distribution and market presence in Asia while supporting its established markets in Europe.

“The group will also continue to monitor trade and tariff conditions affecting the US market, and maintain a prudent approach to allocate resources to markets and projects.”

CMON said in March this year that it intended to resume crowdfunding in the second half of 2026, but its latest interim results stop short of repeating that commitment, saying instead that new titles will be developed and launched selectively depending on market conditions, available financial resources and project readiness.

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

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“Nobody, and I mean NOBODY, trusts two random dentists to make a fantastic board game.”

That was the problem facing Nick Murray and Kyle Spackman, two friends who fell down the board game rabbit hole while at dental school together, when they decided to launch publisher Bitewing Games in 2020.

Bitewing’s efforts to reach out to designers ultimately provided what might have seemed an ambitious solution to that credibility problem: work with one of the biggest names in board games, prolific German designer Reiner Knizia.

Knizia and his team presented the fledgling publisher with seven prototypes to choose from, three of which became its first publishing project: the Criminal Capers Collection.

It proved the start of a defining relationship. Bitewing has since published 16 Knizia games across more than five years, building a particular reputation for digging through the legendary German designer’s enormous back catalogue for overlooked titles it believes can be successfully reworked for today’s market.

Those successes have included Zoo Vadis, Cascadero, Cascadito, Iliad, Ichor, Silos, Ego and Orbit – with Bitewing’s campaigns featuring Knizia titles among games from other designers having raised more than $2.2m between them.

But after a run of six Knizia releases last year, Murray believes Bitewing has now found “most, if not all” of the hidden gems that suit the company’s catalogue – and is increasingly looking towards video games as another route to finding potentially long-lasting hits.

He told BoardGameWire, “There was a period of time where Bitewing was finding some phenomenal hidden gems in Knizia’s catalogue and inspiration struck for how to evolve them, and we were fortunate that Reiner was up for revisiting them with our development goals in mind. That all culminated in a truly wild run of 2024 and 2025 Knizia releases… an explosion that I don’t expect we’ll ever see again.

“Of course we are still finding a few here and there like Gold Country, Eureka, and Escar-GO, but after playing over 200 different Knizia games (and researching hundreds more) I’ve increasingly felt that we’ve found most (if not all) of the hidden gems that are a great fit for Bitewing.

“The other thing worth noting about re-implementing older games is that you are immediately fighting an uphill battle. You see it from gamers, critics, localization partners, and retailers, especially those who have been in the industry for enough years – if a game is perceived as “old”, even it is entirely new to them and dramatically updated, they lose interest.

“Even when we go to great lengths to show how the original designer has improved the gameplay and the art team has enhanced the presentation, helping a game evolve into something even more special and exciting (at least in my opinion), it’s sometimes not enough for certain folks.

“Entirely new games have a huge psychological advantage over reprints, rethemes, and reimplementations – unless that old game is considered a major classic like Ra or Cyclades.”

Successful Roll

Bitewing’s push into video game-inspired titles began with Balatro-inspired Rolling Deep, whose Kickstarter campaign alongside Eureka raised more than $700,000 this summer – more than double the revenue of any of Bitewing’s previous 12 crowdfunding projects.

The publisher is now pushing further into video games with adaptations of two established indie releases – most notably acclaimed 2019 puzzle game Baba Is You, which picked up a string of major industry awards on its release and has sold hundreds of thousands of copies through digital PC distribution platform Steam alone.

Launching alongside it is Party House, one of the breakout games from highly regarded 2024 retro videogame collection UFO 50. Its creator Jon Perry is also designing Bitewing’s tabletop adaptation, adding to a board game CV that already includes Air, Land & Sea, Spots and multiple award–winning 2025 release Hot Streak – Murray’s favourite board game of last year.

The shift forms part of a significant new phase for Bitewing, which also saw Murray step away from dentistry this year to work on the publisher full-time – making the commercial success and longevity of the games it chooses increasingly important.

Murray told BoardGameWire, “The most deliberate change we are making is shifting our focus from many small passion projects to more carefully selected heavy hitters. Especially now that I’ve stepped away from dentistry this year to go full-time on Bitewing, I want to make games that have the best potential to last more than one or two print runs.

“My family’s livelihood depends on me making smart decisions with the projects we take on. So we’re not only trying to reach new audiences (like the solo gaming community with our Table For One Series, Rolling Deep and Eureka), but we’re also trying to find and create the very best experiences in each genre.”

Murray told BoardGameWire that despite his long interest in video games – he says he has owned every major Nintendo console and handheld since the NES was released in the mid-1980s – making board game adaptations of digital titles “wasn’t really something we were actively seeking”.

He said, “Obtaining licensing rights for established IPs is a rather intimidating challenge. Plus that’s only half the battle – having a great IP to slap onto a game box doesn’t automatically make it a great board game. But we were lucky enough to have a huge opportunity land in our laps, and we’ve fully embraced it.

“The two projects that have really blown the doors open for us have been Rolling Deep and Baba Is You: The Board Game, which are both designed by Peter C Hayward. So if anyone deserves the credit for being a catalyst to Bitewing’s strategic evolution, it’s Peter.

“As a huge fan of Balatro and Baba Is You, and a very capable board game designer, Peter set out to pay homage to Balatro with a dice-crafting roguelike adventure and adapt Baba Is You to a 2-player strategy game, in collaboration with the developer of Baba Is You. When Peter pitched these designs to us, I was hooked. I’m already a huge fan of Balatro and Baba Is You, so those were an easy sell for me.

“With Rolling Deep, I realized that this was also a perfect opportunity to use a watercolor rubber hose animation style for the game – reinvigorated by Cuphead, which I’m also a huge fan of. So the first artist I reached out to was Caitlin Russell [the background artist of Cuphead], and we were extremely fortunate to have her join the project.

“From my perspective, we’re simply doing what we’ve always done… which is pouring all of our passion and excitement as fans of these types of games into the biggest opportunities we can find.

“Of course, despite Reiner Knizia being perhaps the world’s biggest board game designer, even he is eclipsed by so much of the video game industry. So I’m not blind to the fact that titles like Rolling Deep, Baba Is You, and Party House have a much bigger reach straight from day one.

“The longer I’m in the board games industry, the more I realize just how important it is to stand out. With over 5,000 new games releasing each year, it’s no wonder that so many great games are easily overlooked or quickly forgotten.

“While many publishers like Bitewing are fortunate to be sustained by an amazing fanbase, we’re all hunting for that next huge hit. Having one or more ‘evergreen’ titles in your catalogue allows for so much more security and growth.”

Finding Hits

Murray added that Rolling Deep’s success especially had affected how he thinks about selecting future releases.

He told BoardGameWire, “Rolling Deep has proven to me that for designers and publishers, you are much better off starting with something that is popular or widely loved and building a game or product on that.

“That doesn’t necessarily mean that it has to be an established IP or a direct homage to a specific game (like Balatro). Many huge hits have taken one or more popular ingredients and presented them in a thrilling new way: Dune Imperium combines deck building with worker placement (two very popular mechanisms). Magical Athlete takes wacky player asymmetry (another popular board game mechanism) and maximizes it in a highly approachable racing game. Wingspan takes bird watching (an immensely popular hobby) and turns it into the ultimate game for bird fans.

“In the case of Rolling Deep, the concept was ridiculously easy to get folks excited about with just one sentence: A Balatro-style roguelike solo adventure featuring dice crafting and artwork inspired by Cuphead.

“To me, Rolling Deep and other hits like the ones mentioned above have become the gold standard for how marketable we want all of our games to be.”

Murray hopes to continue that success with Party House and Baba Is You, which are due to launch together on Kickstarter on September 15 – and the campaign is already showing signs of reaching well beyond Bitewing’s existing board game audience.

He told BoardGameWire at the end of August that pre-launch follower numbers were tracking alongside Rolling Deep, while trailers for the two games had generated unusually high viewing figures.

The Baba Is You board game trailer alone has generated more than 240,000 combined views across Bitewing Games’ and Baba Is You video game creator Hempuli’s YouTube channels – far more than any of the publisher’s previous game trailers or videos.

That contrasts with Murray’s experience of the games’ reveal at Gen Con, where he said few of the board game media attending had played either original video game.

He told BoardGameWire, “My expectation is that we’ll see a huge percentage of our backers for this project be from the video game community rather than the board game community. And I’ll be thrilled if our adaptations help any of those people fall in love with board games.

“I firmly believe that board games are for everyone! Anyone who says otherwise just hasn’t found the right game for them (yet).”

But Murray added that attracting an audience from outside the traditional board game market also puts greater importance on getting the adaptations themselves right – preserving what people like about the original games without attempting to reproduce them wholesale on the tabletop.

He said, “I think a lot of adaptations make the mistake of trying to perfectly simulate or mimic the experience of the IP they are based on.

“Instead of embracing the strengths and mitigating the weaknesses of our tabletop medium, they try to cram a square peg into a round hole. Or they take the opposite approach and merely slap a popular brand on a board or card game without much meaningful connection between the two.

“Of course there are many phenomenal exceptions – see Slay the Spire, Mechs vs Minions, and Wilmot’s Warehouse, to name a few.

“With anything IP related, my goal is to wow both the fans and the creators of that IP. The adaptation should preserve the spirit of that IP, but it should also fully embrace and respect its form as a tabletop game.

“And it should stand on its own as an incredible board game experience, even for people who have zero familiarity with the IP.”

Murray added that he hopes Baba Is You, Party House, and Rolling Deep are enough to “get the ball rolling” for other video game adaptations.

The push into videogames does not mean Bitewing is moving away from Knizia, however, with Murray saying its long partnership with the designer “will continue” – adding that the company’s wider slate is also expanding through work with designers including David Thompson, Trevor Benjamin, Brett J. Gilbert, Kasper Lapp and Perry.

Murray said, “Folks will always regard Bitewing and Knizia as close partners, and we’re proud of it! But I’m always seeking opportunities to work with my favorite creators.”

The Kickstarter for Party House and Baba Is You is set to launch on September 15.

The post After making its name with Knizia, Bitewing Games is looking to video games for its next big hits first appeared on .

The success of CMYK’s Hot Streak has had the intended effect. I know, because while I was at Gen Con 2026 I saw a few more betting-style party games than I had in recent years, with Underdog Games’ Dino Racer leading the way at this year’s show.

Taco Cat Games—the company formerly known as Dolphin Hat Games, before leaning into the company’s most popular title, Taco Cat Goat Cheese Pizza—is swerving left in a world where everyone else is turning right. Here’s what I mean: Taco Cat Games has been making fast, fun card games for a decade, with titles like Moose Match Mayhem! and Gimme That! leading the way with games that feature zero board and dozens of cards, dice, pencils, and yelling. But with their new release, Go! Go! Go Kart, I had a somewhat shocking conversation with Taco Cat’s CEO, Dave Campbell.

“Yeah, it’s a board game,” he told me when he handed over a review copy. “Let me know what you think; we’re really excited about it.”

After a few plays at home—including a four-player game with my two kids and one of their friends, along with the standard plays with my kids and the wife—I’m ready to see why Dave is so excited. Go! Go! Go Kart mostly avoids…

The post Go! Go! Go Kart Game Review appeared first on Meeple Mountain.

I don’t know what to make of Pond. Not as a board game — it isn’t that hard to get a handle on — but rather as an artifact of hyperreality, a signifier that has sprung into Pinocchio-like boyhood, a cardboard link to another game entirely.

Which, yeah, is to say that it calls to mind Root. It isn’t even that close, gameplay-wise. But when you put something on the table and three people blurt out “Is this that new Root expansion?” / “Wait, those aren’t the Root frogs” / “Huh, it even has four letters in the title,” just one part shy of a Barbershop quartet, reality begins to feel negotiable.

Picture this. Up to four factions of adorable wetland creatures have decided to duke it out for control of their local pond network. Each faction is asymmetric, with its own adorable superpower to attend to its adorable visual motif. For the most part, they are staffed with frogs. Just frogs: the infantry for this final war, the grist for this cuisses de grenouille.

There are also long frogs. Pardon me. Long fwooogs. That should tell you something about Pond’s sense of humor. If “long fwooog” strikes you as substantially cuter than “long frog,” this might be the game for you. At any rate, long fwooogs are the battlefield commanders who send their fellow frog-kind hopping into battle. They can be injured, in the sense that sustaining damage will result in points for your rivals, but never killed the way a lesser frog might be removed from the board. One imagines them the gentlemen officers of this particular campaign. Stiff upper lips when asked to call upon others to make the final sacrifice, quavering backs and sickbed sweats when it’s time to charge over the top. Which is perhaps why long fwooogs do not take part in battle directly.

As for the map, it’s arranged as concentric ponds that radiate from the center. Each pond is identical, but lily pads may be built to increase one’s scoring value. Movement tends to be rapid. In part because the map is rather compact, but also because factions can accomplish quite a bit on a turn. The art, as you might expect, is downright adorable. I don’t mean that in a belittling sense; some of the cards made me laugh out loud, in particular the “Biblically Accurate Frog,” with its seraph’s spokes of eyes and wings.

As for cards, there are heaps of the things. In a thankful departure from Root, Pond presents itself as a deck-building game. Everyone begins with a deck of ten cards, built from a combination of generic offerings (“Frog with a Knife” and “Frog with a Net”) and faction-specific troops that give each player their own dose of asymmetry without front-loading too many rules. Banana Frogs are slippery — they generate movement but also return to the top of your deck — while Wizard Frogs teleport around, Pumpkin Frogs produce lots of food, and Cowboy Frogs like to wrassle.

This is probably where Pond shines the brightest, not least because its card effects are all over the place. You might draft Jimmy the Bee into your deck to draw a card for every single lily pad under your control — potentially doubling the total action economy of your turn but also planting a target on all those lily pads. Or the Anarchy Frog, perfect for dumping all your stagnant frogs into a single pond and then lighting them on fire for a bunch of points. Swole Frog turns self-damaging battle results into offense-only attacks; Sneaky Frog deploys into any pond, even those you can’t normally reach; Cactus Frog pops a couple of attackers at the instant of their aggression. The whole thing feels wild and untamed. One might even say it doesn’t feel properly developed. All the better.

Of course, there aren’t infinite effects to tinker with. Indeed, one of the main limitations of the underlying system is that everything seems to revolve around four or five verbs — deploy, move, attack, build, hibernate — but within that rubric, there’s an impressive range of expression here. Some cards feel like outright showstoppers. As far as I’m concerned, that’s a great way to get the table to actually pay attention to the card market.

It helps, too, that card-winnowing is built right into the foundation. Whenever you shuffle your deck, you’re required to “hibernate” a frog, removing it from circulation while still preserving its point value. There are other ways to hibernate cards, too. They’re almost always desirable thanks to hero frogs.

What are hero frogs? Glad you asked. These are permanent upgrades that sit atop one, two, or three hibernated cards. That’s where the Biblically Accurate Frog comes in. Also the Unicorn Frog, the Leprechaun Frog, the Investor Frog, and so many more. To a one, these guys are valuable. First of all, you don’t need to shuffle them into your deck. Their ability is always there, ready to teleport a dead frog into your opponent’s swamp cooler.

At a more fundamental level, hibernation and heroes are a wonderful method for further defining all that factional asymmetry. Once again, almost no overhead required. This is probably where Pond deposits itself furthest from Root’s woodland. Where that game put all its chips on front-end asymmetry, requiring a tremendous initial investment before anybody could play — or at least play well — here the asymmetry is gentle at first, then slightly less gentle. It never becomes not gentle. Just more differentiated, with little perks that spring from the cards you’ve chosen to hibernate, draft, and deputize to hero status.

Which brings us, inadvertently, back to Root.

I’ve seen some people call Pond a starter Root. My Little Root. Root for Babies. (Okay, not that one.) That isn’t too far off in the sense that its adorable artwork belies a confrontational race to score a certain number of points. But the games are surprisingly distinct in their underlying approach. They’re both volume-measuring tools with froggy eyes sharpied onto the side. But one is a funnel that runs from wide to narrow while the other is a bit more of a graduated cylinder. Despite some superficial resemblance, they move their liquids toward different purposes. A gulp versus a sip.

Those purposes, meanwhile, reach different conclusions. Root has been around for eight years. That’s a long time in this hyper-speed hobby of ours. Long enough to spawn imitators, some more flattering than others. Pond, in some senses, feels like a game that can only exist because Root existed first. But it carves out an identity that feels… still similar to Root, but not overly so. Not so close that it starts to feel like a ripoff. Just another perspective on similar themes. Root but easier to learn. Root with a first teach that doesn’t feel like reading a syllabus. Root that ends with a bang rather than a last little trickle of crafting points. Root without the near-infinite imaginary space.

(Root without Foucault? Yes. But Root as Baudrillard, as the signifier and signified getting mixed together until we can’t tell the difference. Root as the meme that has escaped containment. If it could ever be contained to begin with.)

This leaves Pond in an interesting place. There’s a spot for a lighter adorable woodland creature kingmaking asymmetrical game. Maybe not the biggest spot or the most lasting one. But it would be false to pretend that Pond hasn’t exerted some charm. I’ve enjoyed spending a few sessions with its Biblically Accurate Frogs and Frogs with Two Knives and, sure, even the Long Fwooogs, cloying as they seem. I don’t imagine I’ll keep coming back, but my romps through these wetlands have been enjoyable all the same.

 

A complimentary copy of Pond was provided by the designer/publisher.

(If what I’m doing at Space-Biff! is valuable to you in some way, please consider dropping by my Patreon campaign or Ko-fi. Right now, supporters can read the next installment in my series Talking About Games, this time tackling the topic of what makes a good list! Naturally, the piece includes a list.)