CMON Buys Time, Not Stability

CMON has spent the last two years trying to outrun its own momentum. The company that once defined big‑box, big‑plastic crowdfunding is now better known for delayed campaigns, missing financial reports, and a steady sell‑off of the games that made its name.

On paper, the latest announcement looks like a turning point. CMON has secured new investment, brought fresh shareholders into the business, and put a higher number on its own valuation. In the headlines, that reads as recovery.

Look a little closer, though, and the picture is less reassuring. The raise is small, the timing is tight, and it comes after a run of decisions that only make sense for a company under real pressure. This isn’t a comeback story. It’s a snapshot of a publisher still trying to work out how to survive.

Part 1: A Sea of Troubles

CMON’s difficulties didn’t arrive suddenly. They’ve been building across two full financial years, and the pattern is now impossible to ignore. The company has posted heavy losses that wipe out nearly a decade of accumulated profit, and those losses have collided with an operational model that was already stretched thin. Staff cuts, halted development, and missed reporting deadlines point to an organisation running with too few people and too many obligations.

The crowdfunding backlog is the most visible symptom. Eight campaigns remain undelivered, alongside five pre‑order projects, with some now approaching two years past their original estimates. These aren’t small boxes or low‑risk titles; they’re multi‑million‑dollar miniature‑heavy productions that require cash, manufacturing capacity, and logistics support CMON no longer seems to have in reserve.

At the same time, the company has been selling off the IPs that once defined its identity. Zombicide, Blood Rage, Rising Sun, Cthulhu: Death May Die, and others have all been moved on. These were reliable earners with established fanbases, and losing them narrows CMON’s future catalogue to a fraction of what it once was.

The pivot to small‑box retail games underlines the shift. It’s a cheaper, faster model, but it’s also a sign that the company can no longer sustain the large‑scale campaigns that built its reputation. Taken together, the financial losses, the backlog, the asset sales, and the operational strain form a single, coherent picture: CMON is a company trying to stabilise after its core business model stopped working.

Part 2: The Latest News

CMON has announced that it has secured new capital through a fresh share sale, bringing six additional shareholders into the company and valuing the business at just over $7.5 million. The raise brings in HK$9.4 million, a little over $1.2 million, with more than half of that earmarked for new game development. According to the company’s stock exchange filing, the money will fund prototype work, content development, and artwork creation, while a further HK$2.35 million is set aside for marketing and events, including trade fair appearances.

The announcement follows two failed attempts last year to attract new investors, attempts made in the shadow of heavy financial losses. CMON reported nearly $7 million lost in the first half of 2025 and a further $3 million across 2024, figures that far exceed the total profit the company generated over the previous nine years. Alongside the capital raise, CMON has confirmed that further IP sales remain a possibility, following the recent disposal of several of its most recognisable titles.

The company is also approaching a regulatory deadline. Its annual results are due by the end of next month, after missing the same deadline last year because its finance department was too understaffed to complete the reporting on time. For now, the share sale offers a short-term injection of cash and a slightly expanded shareholder base, arriving at a moment when CMON is under pressure to demonstrate stability.

Part 3: Why This Might Not Be Good News

Taken in isolation, a successful capital raise looks like a positive development. In context, it’s harder to read it that way. The amount raised is modest for a company with CMON’s scale of commitments, and it arrives after two failed attempts to attract investment. It’s enough to fund short‑term development work, but not enough to resolve the backlog of undelivered campaigns or rebuild the internal capacity the company has lost over the past two years.

The valuation uplift also needs caution. A higher number on paper doesn’t necessarily reflect renewed confidence in the business; it reflects the terms agreed with six new shareholders willing to take a position at this moment. That’s not the same as a market‑wide signal of recovery, especially when the company has already sold off many of the IPs that once underpinned its long‑term value.

There’s also the question of priorities. Most of the new money is being directed toward developing future products rather than completing the projects already owed to backers. With multiple campaigns running close to two years late, that choice will be difficult for some supporters to accept. It suggests a company that needs new releases to generate future revenue, even if that means pushing existing obligations further down the queue.

Finally, the timing is hard to ignore. The raise lands just ahead of CMON’s annual reporting deadline, a deadline the company missed last year due to an understaffed finance department. Securing fresh capital now may help stabilise the balance sheet before those results are published, but it doesn’t resolve the underlying issues that led to the missed deadline in the first place.

Seen together, these factors point to a company buying time rather than turning a corner. The raise keeps CMON moving, but it doesn’t yet change the trajectory.

Parting Thoughts

The new investment doesn’t resolve the issues laid out earlier. CMON is still carrying heavy losses, still working through a long backlog of overdue campaigns, and still rebuilding after selling off the IPs that once defined its catalogue. The share sale adds a small amount of breathing room, but it doesn’t address the structural weaknesses that pushed the company into this position.

That’s why the latest announcement is harder to read as good news. It arrives in the middle of a long‑running struggle, not at the end of one, and it sits alongside decisions that only make sense for a business under pressure. CMON now has a little more capital and a few more shareholders, but the fundamentals remain unchanged: the company must deliver the projects it owes, stabilise its finances, and find a sustainable scale for whatever comes next.

The real measure of progress will come with the annual results due next month. Those filings will show whether this raise marks the start of a recovery or simply another temporary fix. For now, the story remains the same: a publisher trying to stay upright while the consequences of the past two years continue to unfold.