Financially-troubled board game publisher CMON says it plans to relaunch its halted crowdfunding operations later this year, after seeing its annual losses soar to almost $20m in 2025.

CMON pulled the plug on crowdfunding launches and new game development 12 months ago, citing the economic uncertainty created by US tariff hikes – which at the time had reached 145% for China, where the vast majority of hobby board games are manufactured.

But a month later it emerged that CMON’s financial problems had been growing long before the tariffs, with the company announcing it had slumped to a loss of more than $3m in 2024 due to falling sales for its crowdfunding campaigns.

That loss was almost double CMON’s total profits from the prior three years – but the figure is dwarfed by the $19.9m annual loss the company just announced in its 2025 financial results.

CMON’s $23m losses across 2024 and 2025 are now almost 5.5-times larger than its profits from the preceding nine years combined – and have led an independent auditor hired by the company to question whether it has the resources to stay in business for the foreseeable future.

An extract of a report from auditor Zhonghui Anda shared by CMON, which is set to appear in the company’s 2025 annual report next month, considered the publisher’s $19.9m annual loss, its net liabilities of more than $3.5m and contract liabilities of over $7.5m, saying, “These conditions indicate a material uncertainty which may cast significant doubt about the Group’s ability to continue as a going concern.”

CMON’s directors have a different view, however, saying in the 2025 financial report that the company “should be able to continue as a going concern” thanks to a trio of factors.

They include financial support from some of the directors “sufficient to finance CMON’s working capital requirements”, the roughly $2.4m proceeds from selling its Singapore office that it received in January, and the roughly $1.25m gross proceeds from a successful share sale last month.

CMON’s hefty liabilities are largely due to its eight undelivered crowdfunding campaigns, which are not recognised as revenue on the company’s books until they are fulfilled to backers.

They 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, but are now expected to be delivered in Q4 of 2026, according to CMON’s latest estimates.

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

The company said that delivering crowdfunding projects in 2024 contributed about $20m in revenue – a figure which had sunk to just $200,000 last year according to its latest financial report.

CMON said the 2025 losses were driven by a “significant decline in revenue”, which fell more than 73% to $9.9m last year, compared to the $37.3m total from 2024.

It also cited impairment losses on property, plant and equipment, right of-use assets and intangible assets, and a loss it made disposing intellectual properties and related assets as part of its “strategic portfolio restructuring”.

Those IP sales included parting with its most famous and profitable title Zombicide – which has raised more than $40m on Kickstarter since its 2012 launch – to Asmodee, as well as Blood Rage, Rising Sun and Ankh to Tycoon Games.

It followed those 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 said all those sales combined amounted to about $5.1m, but added that it actually made an overall $2.4m loss on disposal of intellectual properties and related assets across 2025.

It also made a $5.7m loss due to undertaking an impairment assessment on some of its property, plant and equipment, right-of-use assets and intangible assets “with finite useful lives”.

CMON said in the financial report, “These actions, while negatively impacting short-term results, were undertaken to strengthen the Group’s operational focus and reduce future cost burden.”

The company’s remaining significant IP includes the Massive Darkness series, with the most recent installment, 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 campaign was CMON’s last before it scrapped its future crowdfunding plans two months later. The company has pivoted in the interim to releasing several small-box games direct to retail, including Collect!, Peanuts Talent Show, Fairy Perfume, Rocket Punch and Yokai Carnival.

Discussing its current strategy in the report, the company said, “In light of the continued uncertainty in the global market, particularly the instability arising from US import tariffs on certain products since the first half of 2025, the Group has taken decisive steps to restructure its operations and strengthen its financial position.

“Our current strategy is to:

• 1) reduce exposure to large-scale crowd-funding launches in the near term, focusing on fulfilment of games already committed to backers, with plans to resume crowdfunding activities in the second half of 2026 with new titles from current game lines;
  
• 2) grow distribution in Asia as a primary strategic market;
  
• 3) maintain a streamlined operational structure with reduced headcount and a smaller office footprint in line with the Group’s current scale of operations; and
  
• 4) maintain a debt-free position following the full repayment of bank borrowings, significantly reducing the Group’s financial liabilities and improving its financial resilience.

“We remain committed to becoming a quality developer and publisher of tabletop games and believe the strategic refocus toward Asia and selective game development will position the Group more sustainably for the future.”

CMON said it had reduced its revenue exposure to the US to about 21.4% of its total across 2025, compared to around 42% for the previous year, through what it described as a “deliberate strategic pivot toward Asia”.

The report showed CMON’s combined North and South America revenue fell more than 86% last year to about $2.1m, from around $15.7m in 2024.

European revenue also fell more than 81% year-on-year, from about $12.7m to around $2.4m. Asia revenue fell too, but much less sharply, down about 33% in 2025 from $8m to around $5.3m.

CMON said in the report, “Notwithstanding this reduced exposure, tariff-related uncertainties may continue to affect future export sales, revenue and gross margin performance in the US market.

“The Group intends to maintain its current reduced focus on the US market until the trade environment stabilises and market conditions improve.”

CMON also revealed the scale of its staffing cuts in the latest report, with headcount falling from 81 at the start of 2025 to just 41 at the beginning of this year.

The report said total staff costs had fallen in that time from about $4m to around $2.8m, including pay for its directors and their pension fund contributions, but it did not provide a breakdown of those numbers.

The post CMON eyes crowdfunding return after annual losses spiral to almost $20m first appeared on .

Board game crowdfunding major CMON has continued its battle to recover from heavy losses by selling Sheriff of Nottingham to Asmodee – its third IP sale to the company in the past eight months.

The bluffing and set collection game will become part of the Z-Man Games studio, a spokesperson for Asmodee told BoardGameWire, joining titles including Pandemic, Citadels and Love Letter.

CMON bought Sheriff of Nottingham from Brazilian publisher Galapagos Jogos in 2016 following the success of the English version of the game, published by Arcane Wonders two years earlier as the first game in the Dice Tower Essentials line – games Dice Tower founder Tom Vasel “personally loves and believes should be an essential part of any gamer’s collection”.

The latest deal comes eight months after Asmodee kicked off its reignited strategy of buying up smaller board game publishers, distributors and IPs by acquiring CMON’s flagship IP Zombicide, a series which had raised more than $40m on Kickstarter since its 2012 launch.

Asmodee followed that up last October by acquiring another profitable crowdfunded series, Cthulhu: Death May Die, from CMON, as part of the latter’s ongoing drive to combat the huge losses the business had chalked up in the past couple of years.

CMON posted losses of nearly $7m in the first half of 2025 and another $3m across 2024 – figures which dwarf the overall $4.2m profit it managed to make over the previous nine years combined.

In April last year CMON laid off staff and halted new game development and campaign launches, and in addition to the Asmodee sales has parted with IP including Blood Rage, Rising Sun and former Mythic Games titles Anastyr and Hel: The Last Saga.

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

Since then the company has scored a financial win by picking up new capital for game development through a successful share sale, which valued the business at more than $7.5m.

More details on the effectiveness of CMON’s fight to stem its losses should become clear by the end of next month, with the publisher required by Hong Kong stock exchange rules to submit its annual results by that date.

Asmodee’s reignited acquisitions strategy, meanwhile, has so far been limited to the three IP purchases from CMON – a far cry from the explosive growth the company undertook after being bought by private equity firm Eurazeo in 2014.

Its previous buying spree saw it acquire more than 40 companies and IPs, including over 20 game studios such as Days of Wonder, Fantasy Flight Games, Lookout Games, Catan Studio and Z-Man Games.

Asmodee CEO Thomas Koegler was asked during the company’s quarterly results presentation yesterday whether the company was ready to make “more meaningful” acquisitions rather than small bolt-on deals.

He said, “Without being specific, the activity in the pipeline is in accordance with our plan. The smaller acquisitions are faster. IP acquisitions and asset deals are faster to execute. I’m satisfied.”

He added in response to a later question about Asmodee’s acquisition plans, “Our M&A engine is nicely running up. I will not comment on specific ongoing projects, but as I did say, I’m satisfied with what we have in the workings.

“What we’re looking for, as you asked, is in priority studios and intellectual properties, because we already have a very strong distribution reach. And then maybe to complement some distribution reach here and there, depending on the strategic advantages this would provide us in specific territories.

“But again, I think the priority is on IPs and creative capabilities, which is what we have been delivering up until now.”

Speaking on the Sheriff of Nottingham acquisitions, an Asmodee spokesperson told BoardGameWire, “Sheriff of Nottingham is a well-established evergreen card game centered on bluffing, negotiation, and high player interaction.

“We believe this game will be complementing and strengthening our existing portfolio within our social playtype, a category that is growing.”

The post Asmodee continues acquisition of CMON titles with Sheriff of Nottingham purchase first appeared on .