CMON has warned that its core business is facing a “prolonged structural recession” and continues to burn more cash than it generates. The board game publisher is undergoing a restructuring that has halved its workforce, led to the sale of well-known properties and halted new crowdfunding campaigns.The company posted losses of nearly US$ 23 million across 2024 and 2025, while it is still working to deliver eight crowdfunded games that raised more than US$ 14 million from backers. Those projects include DC Super Heroes United and DCeased, whose campaigns raised more than US$ 4.4 million and US$ 2.5 million, respectively. Both were originally expected in 2025 and are now scheduled for delivery in the first quarter of 2027.The first-half financial report shows a sharp reduction in losses. The loss fell from almost US$ 7 million in the same period of 2025 to just over US$ 2 million. Revenue rose more than 7%, from US$ 3.43 million to US$ 3.68 million, while selling and distribution expenses dropped from US$ 1.83 million to US$ 859,000. General and administrative expenses also declined, from US$ 4.37 million to US$ 2.37 million.Despite the improvement, the business is still not self-sustaining. On August 4, CMON said it had about US$ 368,000 in cash and bank balances, enough to cover less than one month of daily operating expenses. At the end of June, its current liabilities exceeded its current assets by US$ 7.34 million.The company is trying to raise up to HK$ 150.5 million, approximately US$ 19 million, through a share offering. As existing shareholders took up only 7.76% of the new shares available, CMON is seeking to raise more than US$ 17.5 million from other investors.
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