Astralis Unhappy with Financial Performance in H1 2023

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Astralis Unhappy with Financial Performance in H1 2023

Astralis are showing signs of resurgence on the server, but their financial struggles are still evident

The mid-year financial report for Astralis has been recently released, shedding light on what seems to be a challenging period for the organization, particularly when it comes to revenue. In a year-on-year assessment, Astralis has observed a substantial dip in revenue, marking a decline of almost 28 percent from DKK 44.8 million to DKK 32.3 million for the initial half of this year, reports. 

Astralis Unhappy with Financial Performance in H1 2023

Credit: Astralis

Astralis Finances: How Severe Is The Problem?

Concentrating on the Counter-Strike sector within the organization, the net revenue for Astralis CS has experienced a significant drop of DKK 13.2 million, settling at DKK 15.1 million. This indicates a potential link between the team's inability to qualify for Major events and the underwhelming financial results.

In their message to shareholders, Astralis emphasized the significant impact the organization’s failed Paris Major qualification campaign had both on its finances and prestige. Furthermore, Astralis CEO Anders Hørsholt expressed dissatisfaction with the unfavorable financial results reflected in the mid-year accounts, as underscored in an accompanying press release.

“We are not satisfied with the result for the first half of 2023, which is primarily due to a lack of performance. at the competitive level. While not having the same effect on our EBITDA, the lack of results had a significant negative effect on our revenue in the first half of 2023,” Hørsholt said. 

“However, we are starting to see the results of our organizational changes around our team: Our first team in Counter-Strike has shown significant improvements in performance and results and has entered the top 10 in the world rankings again.”

Even in the face of financial hurdles, Astralis remains optimistic. Their press release outlines their projections for 2023, targeting a turnover ranging from DKK 82 to 87 million and an operating profit between -1 and 4 million DKK.

Astralis Unhappy with Financial Performance in H1 2023
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