Astralis has revealed the extent of its financial difficulties in its newly published draft consolidated financial statement for 2024, available on astralis.gg/investor. The Danish esports organisation cited the end of major franchise leagues and continued poor Counter-Strike performance as the main factors behind a net loss of over DKK 31.3 million (~$4.8m) before interest, taxes, depreciation, and amortization (EBITDA) for the year.
The document confirms that the closures of the BLAST Premier and ESL Pro League franchises — following Valve’s decision in 2023 to restructure the Counter-Strike 2 (CS2) competitive landscape — significantly contributed to the downturn. Astralis, which held slots in both leagues, received its final franchise payments in early 2025. With no further income from these sources, the organisation’s revenue has suffered.
On top of this, Astralis’ Counter-Strike team, once a dominant force on the global stage, failed to deliver improved results in 2024. The team’s poor sporting performance heavily impacted sponsorships and commercial partnerships, with the Counter-Strike division reporting an EBITDA loss of DKK 19.3 million (~$2,98m) for the year.
The statement confirms previous reporting by Dust2.dk that Astralis is seeking new investment. The organisation is exploring three paths: a merger, issuing new shares, or a partial or full sale of assets. Astralis notes that the full proceeds from the sale of its League of Legends European Championship (LEC) slot will not be received until late 2025 and 2026, further complicating short-term liquidity. Interestingly, in its report on 2023 finances, Astralis pointed at this sale as a driving factor for that year’s “record breaking” result.
The organisation has already shut down non-core divisions, including Astralis Women at the end of 2024 and Astralis Talent in April 2025, as part of efforts to consolidate and stabilise its business. Management acknowledges that without securing new capital, there is “significant doubt” about Astralis’ ability to continue operations.
Although the company expects to maintain sufficient liquidity, it does not rule out the possibility of ceasing operations of its historic Counter-Strike division if funding efforts fall short, as suggested by journalist Richard Lewis in his coverage of the report.
