You may have heard about CMON’s chaos.
In 2024 they lost about $3 million. Right after, the company announced layoffs and paused new campaigns. For any hobbyist, this is huge news. CMON publishes lore-rich games like the A Song of Ice and Fire miniatures game, and fans worry about what’s next.
Production Delays and Availability
One big issue is production and fulfillment. Unfortunately, many stores report ASOIAF expansions are often sold out or listed on “Backorder”. For example, new faction boxes that were due in early 2025 still show up as backordered at retailers. Meanwhile CMON’s web status updates confirm the delays. Even other CMON titles are affected. Zombicide: White Death did reach hobby shops in early 2025, but it hasn’t been delivered to backers yet. In fact, CMON admits several of its crowdfunded games now have estimated delivery dates as late as 2026. This means backers should brace for long waits.
On top of that, CMON’s upcoming new titles have slipped. For instance the new ASOIAF skirmish game (Tactics) was originally set for early 2025, but insiders now expect it in late 2025. Basically, almost every project is behind schedule. The company cites global trade issues and factory slowdowns for this lag. As a result, even core ASOIAF boxed sets are trickling out slowly. In short, if you’re waiting on ASOIAF or other CMON KS rewards, don’t expect everything to arrive on time.
Financial Troubles and Debt
On the financial side, things look rough. CMON’s 2024 results show revenue slid to ~$37.4M (down from $45M in 2023), and they lost $3.05M that year. In contrast, 2023 had a small profit (~$0.8M). Management blamed this slump on weaker crowdfunding sales and customers tightening wallets. In other words, rising living costs ate into boardgame budgets.
CMON isn’t drowning in red ink yet, but it’s strained. Their latest report shows about $4.0M in bank debt as of end-2024, down from $5.8M a year earlier. Nearly $3.0M of that is short-term borrowing, and long-term debt is only about $1.0M. Still, their gearing ratio (liabilities/assets) is about 48%, so almost half the company’s assets are financed by debt. That’s relatively high for a game publisher.
Additionally, planned fundraising has fallen through. In early 2025 CMON tried to issue new shares to raise cash, but investors delayed payment. By April they canceled those “Subscription Shares” and cut their total share count accordingly. The board then openly stated they must find other ways to boost working capital. In short, CMON lost a hoped-for cash injection and now must rely on bank loans and revenue. All of this means budget is tight.
Public Updates and Official Statements
CMON has communicated directly with the community about the crunch. On April 24, 2025 they posted an official update saying they will “focus on our current commitments… and prioritize the timely delivery of existing projects”. Effective immediately, they are “pausing all future game development and new crowdfunding campaigns until trade conditions have stabilized”. In plain English, that means no new KS launches for now – just finishing what’s already on the table.
The press release was candid about the fallout. CMON admitted the pause “involves extremely difficult staffing decisions” and is cutting creative jobs. This matches news from industry outlets: CMON confirmed layoffs across multiple teams. They’re tightening belts to get their backed games out. We also saw official filings – CMON’s delayed 2024 annual results prompted a HK stock trading suspension effective April 1, 2025. So shareholders have been warned: missing deadlines and losses triggered real consequences. The takeaway is that management is being blunt: they’re in a storm and are scrambling to stay afloat.
One quirky detail: analyst reports pointed out that CMON could lose on the order of $500k from U.S. tariffs on its current campaign backlog. That extra cost may have gone mostly into profit – but if tariffs continue, future game prices could quietly rise for customers.
What This Means for Players and Collectors
So where does this leave tabletop fans? First, expect further delays and uncertainty. CMON has promised to get its previously announced games out, but timelines have slipped. If you backed ASOIAF or related games, plan to wait maybe into 2025–26 for shipments. The core ASOIAF sets have shipped already, but expansions are scarce and will probably dribble out a few at a time. The new Tactics skirmish game is still in the pipeline, but don’t be surprised if it shifts toward late 2025.
On the bright side, CMON’s focus is now on delivering those commitments. They are not abandoning existing backers – they explicitly said they want to fulfill current projects before anything new. That’s a good sign if you’ve been waiting on a pledge. However, be patient and keep expectations in check. Many customers have already seen “better-late-than-never” as CMON’s norm.
For collectors, there are some silver linings. Tariff issues might drive CMON to favor European (or Asian) print runs, so those regions may see games sooner. Also, if CMON must keep development lean, they’ll likely focus on expanding big IPs they already own (like ASOIAF, Zombicide, Marvel/DC). This means more content for those lines, albeit slower. On the flip side, niche new titles might be shelved indefinitely.
As fans, what can we expect? Realistically, more updates and official news coming. CMON will probably drip-feed fulfillment status updates on their site and social media. If you plan to buy or back ASOIAF or other CMON games, stay connected to official channels (and be ready for shipping delays). We might also see cover-ups (better-designed mailings, increased pre-order caps, etc.) to manage demand without angering the community further.
All told, this isn’t the end of CMON yet – but it’s a rough patch. The company still has cash on hand and best-selling IPs, so hopefully they can stabilize. For now, gamers and collectors should steel themselves: keep following official updates, maybe supplement your stash with other games in the meantime, and remember that CMON’s games are traditionally pushed out late but eventually do arrive.
Summary and Looking Ahead
In summary, CMON is wrestling with production bottlenecks and a tighter balance sheet, especially due to tariffs and a weak crowdfunding market. They lost money in 2024 and had to cut staff. However, they’ve pledged to honor backer commitments and only stop the pipeline of new projects temporarily. Players who love lore-driven games like A Song of Ice and Fire should take these delays in stride, adjusting expectations but trusting CMON’s word that fulfillment is still a priority.
Ultimately, keep your eye on CMON’s news – they’ve promised to resume new releases once conditions improve. Meanwhile, the hobby community is watching closely, hoping that this BoardGame Kickstarter-era giant weathers the storm. At least now we have clarity: no new titles soon, but existing games will (eventually) come. So raise a mead to better days ahead, practice those King’s Landing battle plans, and stay tuned for the next CMON update.
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