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Board game crowdfunding major CMON says it is exploring further IP sales and licensing opportunities in its ongoing push to fulfil over $14m of undelivered campaigns, as it continues its attempt to recover from massive losses racked up over the past two years.

The publisher – one of the most successful board game crowdfunders of all time with over $110m raised – posted losses of nearly $7m for the first half of last year and another $3m across 2024, figures which dwarf the overall $4.2m profit it had managed to make over the previous nine years combined.

The company has been scrambling to stem the losses since the start of last year, laying off staff and halting new game development and campaign launches in March, and selling off a string of its IPs -including Blood Rage, Rising Sun and its most famous and profitable title, Zombicide – in the summer.

It followed that by selling the IP for former Mythic Games titles Anastyr and Hel: The Last Saga to Don’t Panic Games in September, and parting with the lucrative Cthulhu: Death May Die IP to Asmodee a month later – the latter a series which has raised almost $10m from backers to date.

CMON has now announced more IP sales could be on the way alongside making an apology for the delays to its outstanding crowdfunds – some of which are now running almost two years beyond initial delivery estimates.

The company’s remaining significant IP includes the Massive Darkness series, with the most recent instalment, Massive Darkness: Dungeons of Shadowreach, completing a $2.85m crowdfund on Gamefound early last year – a figure which rose to more than $3.7m including late pledges.

That was CMON’s final crowdfunding campaign before it put all future game development and crowdfunding plans on hold a month later, citing the rising unpredictability of the US tariffs situation.

CMON’s new announcement said its priority remains to deliver all of its unfulfilled crowdfunding campaigns, saying that it is also undertaking ‘batch delivery’ of games to allow retail sales to help fund the manufacturing of remaining products in the line.

The eight undelivered campaigns include DC Super Heroes United, which raised more than $4.4m, and DCeased, which brought in over $2.5m. Both campaigns were initially due to be delivered last year.

Game	Amount raised	Number of backers	Fundraise completed	Initial delivery estimate	Latest delivery estimate (as of January 21, 2026)
Mordred	$669,976	5,687	July 2023	August 2024	Q2 2026
Masters of the Universe: The Board Game – Clash for Eternia	$719,664	4,182	January 2024	November 2024	Q3 2026
DCeased	$2,564,789	12,787	December 2023	April 2025	Q4 2026
DC Super Heroes United	$4,478,989	14,040	August 2024	August 2025	Q4 2026
God of War	$832,945	4,388	May 2024	June 2025	Q4 2026
Massive Darkness: Dungeons of Shadowreach	$2,854,553	9,842	February 2025	March 2026	Q2 2027
A Song of Ice & Fire: Tactics	$1,886,509	6,406	February 2024	February 2025	Q3 2027
Degenesis: Clan Wars	$339,742	1,232	June 2024	July 2025	n/a
Total Dollars	$14,347,167

CMON said, “We want to be absolutely clear: we are not asking backers for additional money for manufacturing. The responsibility to fulfill these campaigns rests entirely with us.”

The status of one outstanding crowdfunding campaign – Degenesis: Clan Wars – remains in limbo after CMON cancelled the project last July, claiming German design studio SixMoreVodka had terminated its contract with the publisher.

SMV founder Marko Djurdjevic told BoardGameWire at the time that his company disagreed with CMON’s account “in the strongest possible terms”, adding that it was not informed about the publisher’s announcement in advance and “certainly did not expect this attempt to shift the blame for the project’s failure onto our plate”.

The latest CMON announcement does not mention whether the publisher will ask any of its campaign backers for extra contributions to cover shipping costs or further volatility in US tariffs.

Last October the publisher added extra charges for backers of its Marvel United: Witching Hour and Cthulhu: Dark Providence pre-orders, asking them to pay an extra $0.69 and $2.30 respectively to cover tariff costs it said it “cannot absorb given our current financial position”.

CMON also has five undelivered pre-order campaigns on its books, including Dune Desert War and the Assassin’s Creed Role Playing Game.

Communication Frustration

The company’s new announcement its first significant update for its campaign backers since the start of October last year, and only its third since summer 2025 – a situation which has drawn ire from many backers frustrated with what they see as poor communication from the publisher.

CMON acknowledged in its October 2025 update that “rumors and panic” had been spreading given its lack of communication to crowdfunding backers, which it said had “resulted in us experiencing the highest number of refund requests in CMON’s history”.

It said, “This has created a vicious cycle: The slower fulfillment is, the more refund requests we receive. The more refunds we process, the fewer resources we have to accelerate fulfillment.

“With more resources funnelled into refunds over fulfillment, fulfillment slows down even further. This cycle has snowballed and grown into one of the toughest challenges we have ever faced.”

CMON added last October that the staffing cuts it made earlier in the year had pushed its remaining team “to its limits”.

It said, “With a fraction of employees remaining, every day has been a balancing act between managing production, logistics, customer service, and financial obligations. We have been overwhelmed by the sheer volume of day-to-day tasks.”

CMON’s other attempts to bolster its bottom line over the past year have included selling off the global headquarters it bought in Singapore in 2017 to claw back about $2.4m – although that total is still a drop in the ocean for a business which saw its revenue slump by more than $12m in the first half of this year.

The company has also suffered two failed attempts to bring in new shareholders to provide much-needed working capital.

It began 2025 with two new shareholders due to invest about $1.39m into the business by picking up a combined 16.66% stake in the company – but those shareholders ultimately failed to hand over the money for their stakes, and the arrangement was scrapped.

Two months ago a push to bring in at least six new shareholders also fell through, with CMON only saying that the conditions for the share sale had “not been fully satisfied”.

The Hong Kong-listed company had hoped to sell more than 360 million newly-created shares in a process which would have valued the company at just over $5m, with the money raised going towards developing new games, marketing and events, and general working capital.

CMON said at the time that it believed the lapsed agreement would have “no material adverse impact on the business” and added that it would continue to seek fundraising opportunities, although it did not provide specific details.

More details about CMON’s current financial situation are set to be unveiled by the end of March, with the publisher required by Hong Kong stock exchange rules to submit its annual results by that date.

Last year CMON missed the stock exchange deadline for publishing its financial results, blaming an understaffed finance department – a situation which saw its shares suspended from trading for several weeks.

The company announced last July that rather than focusing on large scale, miniatures heavy crowdfunding campaigns, it had pivoted to releasing several small-box games direct to retail, which it showed off at the Spiel Essen game fair last October.

Those titles include Collect!, Peanuts Talent Show, Fairy Perfume, Rocket Punch and Yokai Carnival.

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