Astralis reduce financial loss by 58% to $2m in first half of 2021

Astralis gla1veTwitter: Astralis

Danish esports organization Astralis have revealed their financial performance for the first half of 2021, including a total of loss of $2m across the six months.

With their famed Counter-Strike side and partnered teams in Riot Games’ LEC, ESL Pro League, and the BLAST circuit, Astralis are a prominent organization in global esports.

Despite their overall prominence and previous record-breaking streaks in CS:GO, their financial report for the first half of 2021 explains that they’re still in the red.

Astralis have reported total revenue of $6.24m (DKK 39.2m) for 2021 thus far, which is a whopping 92% increase on what they generated for the same period in 2020.

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Astralis LECMichal Konkol/Riot Games
Astralis just finished seventh in the LEC Summer Split.

Their EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the period was -$588,881.27 (DKK -3.7m), with a reported net loss of $2.01m (DK 12.65m).

As was the case in 2020, the majority of their revenue came from their Counter-Strike. League of Legends was the second most fruitful game for them, with FIFA coming in last. Astralis Nexus, their new facility, opened on June 19 and generated $15,917.95 (DKK 0.1m).

Their star CS player Nicolai ‘dev1ce’ Reedtz left in April to join Ninjas in Pyjamas as part of a reported $1m deal, and recently Andreas ‘Xyp9x’ Højsleth revealed to Dexerto that his future at the org was “up in the air.”

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The Danish org posted “satisfactory” financials in 2020, resulting in a $8.5m loss for the year. They generated $8.26m in revenue; 66% from sponsorship, 27% from prize money and league revenue, 3% from merchandise, 2% from royalties, and the remaining 2% from “other revenue.”

“Reduced effects of the pandemic will gradually improve our business opportunities in key business areas, however, we do not expect significant effects in the coming six months,” said Astralis CEO Anders Hørsholt. “Still, we expect to continue the positive development and we maintain our expectations for the result for the full year.”