CMON faces a storm: hitting rock bottom to bounce back stronger?

For several months now, the A Song Of Ice And Fire community has been buzzing with concern. On forums and social media, discussions revolve around the same topic: the future of the game. Between reprint delays, expansions impossible to find in stores, and CMON’s recent announcements about license transfers, many players fear that their favorite wargame might be in danger.

Who is CMON?

CMON was founded in 2001 in Hong Kong as a community website entirely dedicated to miniature painting and discussion around the hobby.

Enthusiasts would post their creations and the community would rate them, making the site a showcase for modeling at a time when such platforms were still rare.

Gradually, CMON evolved from a simple showcase to a distributor of miniatures and hobby products, before taking a decisive step by becoming a game publisher.

In the early 2010s, CMON became one of the pioneers of crowdfunding. In 2011, the Kickstarter campaign for Zombicide was a huge success and established a business model the publisher would replicate for many years: offering spectacular, miniature-rich games funded through massive campaigns where the “all-in” approach attracted collectors and gamers alike.

Other successes followed, such as Arcadia Quest, The Others, and Blood Rage in 2015, solidifying CMON’s reputation as a major player in modern board gaming.

During the second half of the 2010s, CMON experienced what many consider its golden age. Kickstarter campaigns regularly reached several million dollars and became events in their own right.

In 2018, the publisher reached a new milestone with ASOIAF, developed in partnership with Dark Sword Miniatures under the official license of George R. R. Martin’s universe.

Unlike most of its cooperative or narrative board game productions, CMON here offered a true competitive wargame.

CMON’s financial situation

Let’s pull out our calculators and take a look at the company’s books. In recent months (and years), CMON has faced significant financial turbulence, revealing a clear slowdown in performance after several years of expansion and stable results.

In 2024, the company’s revenue reached around $37.35 million, compared to $45 million in 2023 — a drop of nearly 17%.

This decline in revenue came with a net loss of about $3.05 million, whereas the previous year had ended with a net profit of roughly $756,000.

As early as March 2025, CMON had already issued a profit warning, forecasting losses between $1.4 and $2.1 million for the 2024 fiscal year. The final report showed an even less favorable situation than initially expected.

The first half of 2025 only worsened the trend, with revenues of just $3.4 million and projected losses between $6 and $8 million.

CMON’s cash reserves have also decreased, from roughly $3.9 million at the end of 2022 to $3.1 million at the end of 2023, and even less by the end of 2024. Although overall debt is slightly down, it remains significant — around $4 million.

These figures show a rapid deterioration in CMON’s financial health, as the company must now deal with declining sales, high production costs, and major delivery commitments, all while trying to stabilize its cash flow and limit losses in the coming years.

Time to tighten the belt!

To address this challenging financial situation, CMON has implemented several measures to stabilize the company and ensure business continuity.

First, the publisher chose to temporarily suspend the development of new games and crowdfunding campaigns, in order to focus its resources on ongoing projects and reduce the risks associated with high production costs.

This also includes reducing the number of Kickstarter or Gamefound campaigns, favoring tighter control over projects and better logistical planning.

At the same time, CMON made internal adjustments to cut expenses. The company eliminated certain positions to reduce salary costs and allocate resources more efficiently to its most strategic projects.

It also sought to optimize its production and distribution chain by relocating part of the miniature and game box manufacturing closer to key markets, in order to limit costs linked to customs fees and international shipping, which represented a significant share of expenses.

CMON also decided to sell some licenses considered less strategic or too costly to maintain. Iconic titles such as Zombicide, Blood Rage, and Rising Sun were transferred to other publishers or partner companies. This move helps generate liquidity and allows CMON to focus on its most profitable franchises while ensuring quality follow-up for remaining titles.

ASOIAF: no need to panic!

Despite the financial difficulties the publisher is going through, ASOIAF remains a top-priority license. The game continues to receive active support with regular updates, faction rebalancing, and the release of new units and expansions.

Unlike other licenses that have been sold or put on hold, ASOIAF continues to benefit from development resources and logistical support, ensuring the game’s continuity and the gradual availability of new releases.

Developer Michael Shinall has been particularly active on the game’s Facebook page since this summer, regularly sharing new visuals for the Stark and Bolton decks.

A full game overhaul like in 2021, or perhaps a Season 07? Hard to say — but the dev seems particularly dedicated.

The community is also in full swing, with many tournaments taking place worldwide according to ASOIAF STATS.

Notably, on November 15–16, 2025, the largest ASOIAF tournament will take place in Poland: “REALMS OF BATTLE EUROPE 2025.”

A total of 220 spots will be available, with live streaming coverage. CMON and the key figures of our favorite game are once again going all out to deliver a major event.

France is also well represented, with the National Tournament taking place this October in Angers, offering 120 spots.

So, while CMON may not be at its best and nothing official has been announced, several consistent signs should reassure us about the wargame’s future.

After all, the players are here and motivated — isn’t that what really matters?