Crowdfunding Board Game Giant CMON Games Claims They Could Lose $2 Million for 2024

CMON’s board issued a profit warning to the Hong Kong Stock Exchange earlier this week. It estimates its losses for 2024 at between $1.4m and $2.1m, with the final, audited total expected by the end of this month. $2 Million is a large number. Several factors have contributed to CMON Games claiming a loss for 2024. We’ll give a quick rundown on what led CMON in this direction.

A Quick History

CMON Games quickly bounced back from the pandemic. It suffered a 17.5% revenue drop to $25.1m in 2020 because of the pandemic. In 2022, CMON reached $45.3m and almost duplicated that success the next year due to multimillion-dollar Kickstarter campaigns for its long-running Zombicide series and games based on huge IPs such as Marvel and DC Comics.

Last September, CMON’s mid-year revenue had fallen for the first time since the pandemic, to just over $15.9m with slumping wholesale earnings putting a dent into the company’s H1 results. CMON’s wholesale revenue sank 39% to $5.9m in H1 2024 compared to the same period in 2023, while revenue from its crowdfunding campaigns fell by about 9.7% to just over $9.9m.

What CMON Claims Caused this Loss

CMON Games says the biggest contributing factor to this loss is the rising cost of living, which is eating into its revenue from tabletop game sales. They believe people aren’t buying as many board games because the cost of living has increased. Cost of living can and does play a role in reduced board game sales. But this can’t be the only factor.

CMON Switches from Kickstarter to Gamefound

CMON switched its crowdfunding strategy in February 2024 when it ended 12 years of running campaigns on Kickstarter. They chose to sign an exclusivity deal with Kickstarter’s crowdfunding competitor Gamefound. CMON had raised more than $108 Million in total on Kickstarter.

CMON’s first year on Gamefound began slowly. Large campaigns like DC Super Heroes United and Cthulu: Death May Die, Forbidden Reaches helped push CMON closer to the money they raised on Kickstarter the previous year.

At the mid-point of the year, the 2024 losses would almost wipe out CMON’s $1.8m profits across the previous three years combined, marking the first time the company suffered a loss since the pandemic.

Personal aside: I backed one of CMON’s projects on Gamefound and followed several others. The company had issues navigating Gamefound’s backend. There were growing pains but the year ended better than it could have. Different consumers use Gamefound and Kickstarter. Switching crowdfunding providers could contribute to a dip in sales. Gamefound also offers what equates to layaway, so certain Kickstarter marketing tactics CMON Games has cultivated over 12 years may not work as well on Gamefound.

CMON Bought IPs Last Year

CMON made two significant acquisitions last year. They bought Japon Brand, the Japanese board game collective that published Love Letter and Machi Koro and picked up the intellectual property rights to a pair of stalled Kickstarter projects from Mythic Games in January 2024.

The two games from Mythic Games, Hel and Anastyr, raised a combined $3.2 Million on Kickstarter. Per CMON Games, both games require extensive playtesting and editing to reach their standards for print. CMON Games plans to ship Hel and Anastyr to Kickstarter backers if the customers who originally backed the game are still interested. This created another issue with CMON Games switching from Kickstarter to Gamefound. Original backers of Hel and Anastyr haven’t received a single update since CMON Games acquired the rights to produce these games because CMON no longer uses Kickstarter.

Tariffs on Board Games

Geekly mentioned a month ago that tariffs on Chinese goods have complicated board game production. We belong to several board game groups and know several publishers. Many board game publishers have cited up to $2000 for a crowdfunded board game making $100,000. CMON deals in crowdfunding projects in the millions of dollars, and the company has at least seven completed campaigns that it will fulfill by the end of 2025. The company could lose at least $500,000 in tariffs alone.

CMON Agreed to Sell IPs

CMON started 2025 by agreeing to sell some of its intellectual properties in a $12 Million deal, with two new shareholders investing around $1.39 Million into the business by picking up a combined 16.66% stake in the company. CMON had entered a non-binding agreement to sell the unspecified IPs last August, but terminated the arrangement last month after CMON and the unnamed buyer failed to agree to terms.

CMON also revealed last week that the new shareholders had failed to hand over the money for their stakes and said it was seeking legal advice on how to cancel the process. CMON added at the time that it was now seeking other fundraising means to increase its general working capital in order to enlarge its capital base, increase the overall liquidity of its shares, and strengthen the company’s financial position.

Final Thoughts

Regardless of which factors affected their sales the most, CMON Games finds itself in a tight spot. One of board gaming’s dominant companies (especially post-pandemic) is struggling. But CMON has taken steps to get on the right track.

In January this year, CMON hired the CEO of tabletop gaming YouTube channel Man vs Meeple as its new global director of marketing. David Waybright will work full-time on promoting upcoming crowdfunding and retail releases from CMON while continuing to run Man vs Meeple, which specializes in previewing upcoming crowdfunded games. Fingers are crossed that CMON Games recovers.

Split Fiction Video Game Sells 2 Million Copies Its First Week

Split Fiction is the follow-up to Hazelight’s critically acclaimed It Takes Two (2021). It sold 2 million copies during its first week. Split Fiction was first announced at the 2024 Game Awards by studio chief Josef Fares, but began development immediately after Hazelight released It Takes Two. Like its predecessor, Split Fiction features dual protagonists who must work together, either locally (couch co-op) or online.

Split Fiction’s protagonists are named after Fares’ real-life daughters. Written by director and Hazelight studio chief Josef Fares and Sebastian Johansson, Split Fiction blends fantasy and science fiction, following a pair of authors trapped in the worlds they wrote. Split Fiction features unique gameplay mechanics involving split-screen combat, platforming challenges, and differing abilities for each character.

Steam’s Spring Sale Takes Up to 75% Off Your Favorite Games

Spring starts early, thanks to Valve. Steam begins its annual Spring Sale, and while most of the games featured in this sale aren’t new, there are some classics you may consider purchasing if you don’t already own a copy.

You can pick up a copy of Square Enix’s Chrono Trigger in honor of the SNES RPG’s 30th anniversary. Cyberpunk 2077 is down to $42.76 (almost $40 off), which includes the expansion Phantom Liberty that significantly improves the gameplay. The 2016 Doom reboot is going for $1.99. I may have my eye on some deck-builder games. Slay the Spire is $6.24, while Inscryption is going for $7.99. Both of these games offer great mechanisms and blend in roguelike elements.

Steam’s Spring Sale ends March 20th so be sure to check out the store before then.

Wasteland Degenerates Launches on Kickstarter

Tabletop Role-Playing Game Wasteland Degenerates launched on Kickstarter this week and was funded within hours. Wasteland Degenerates takes inspiration from the MÖRK BORG and CY_Borg systems. It features easy-to-roll-up characters, and dice rolls that can take out a character in seconds. If you want to explore the wastes, finding treasure from trash, and fight gnarly mutants, Wasteland Degenerates has you covered. While Wasteland Degenerates is based on, and compatible with, the award-winning MÖRK BORG and CY_Borg systems, it does not require any other books to play. You can learn more about this project on its Kickstarter page.

Modiphius Announces New Star Trek Adventures Sourcebook

Take your Star Trek Adventures 2nd Edition RPG to the next level with the upcoming Technical Manual. Modiphius Entertainment announced that the new sourcebook will be released in June 2025.

This 129-page full-color hardcover book covers gear from across the Star Trek universe. The Technical Manual will cover details on Starfleet, Klingon, Romulan, Orion, and more technology. Add just about any piece of tech from the Star Trek universe, from universal translators to tricorders. The manual also details medical technology and the engineering elements of transporters.

The Star Trek Adventures 2nd Edition Technical Manual will retail for $46.23. You can order your copy of the base game and the Technical Manual by following this link.

Steamforged Games Announces Helldivers II: The Board Game

Steamforged Games has a history of bringing several video game properties to the tabletop game space, and they continue by announcing a board game adaptation of the hit sci-fi shooter Helldivers II. Manning squads armed with pistols, machine guns, and flamethrowers, players protect Super Earth against alien threats. You’ll complete high-risk missions, navigate battlefields, and overcome enemy swarms.

The crowdfunding campaign will launch on Gamefound on April 8, 2025.

That’s all the geek news we have for this week. Thank you for reading, and wherever you are, I hope you’re having a great day.