CMON's financial situation has gone from bad to worse. The publisher behind Zombicide (the cooperative zombie survival game that built CMON's reputation) has posted annual losses of nearly $20 million for 2025, more than six times its 2024 losses of roughly $3 million. Across 2024 and 2025 combined, CMON's losses now total around $23 million, roughly 5.5 times the company's total profits from the preceding nine years.
The numbers have prompted CMON's auditors to flag going concern risks in the 2025 financial report, questioning whether the company can continue operating. In plain terms, that means auditors couldn't confirm the business has enough runway to operate for the next twelve months. CMON's directors insist the publisher "should be able to continue as a going concern," pointing to financial support from directors, $2.4 million from selling their Singapore office, and $1.25 million from a recent share sale.
Much of the trouble stems from eight undelivered crowdfunding campaigns sitting on CMON's books as liabilities rather than revenue. DC Super Heroes United, a cooperative miniatures game that raised over $4.4 million, and DCeased ($2.5 million) are now expected to ship in Q4 2026.
To stay afloat, CMON has been selling off its biggest franchises. Asmodee acquired Zombicide and Cthulhu: Death May Die in 2025. Tabletop Tycoon picked up Blood Rage (Eric Lang's area-control Viking brawler), Rising Sun, and Ankh: Gods of Egypt. Don't Panic Games bought Hel: The Last Saga and Anastyr.
CMON says it plans to resume crowdfunding in the second half of 2026, while pivoting toward Asian distribution markets.
If you're a backer waiting on a CMON project, the games are still coming. Whether the company itself survives long enough to launch new ones is the bigger question.
Sources: Board Game Wire | Board Game Wire - Asmodee acquires Zombicide