The publication of Astralis A/S's financial report for the year ending December 31, 2024 confirms a particularly difficult year for one of the historic players in European esports. Between a sharp drop in revenue, poor sporting performance, and extensive restructuring, the only significant bright spot comes from the
gradual sale of its slot in the
League of Legends EMEA Championship (LEC).
Collapse in revenue and massive operating losses
Astralis' consolidated revenue fell from €9.69 million in 2023 to €4.4 million, a 54% drop. This sharp decline was the result of the cessation of
League of Legends-related activities at the end of 2023, which led to the end of League revenue. Not to mention the poor performance of the
Counter-Strike team in 2023 (ranked 3rd in the world in August 2022 and 25th in May 2023,
according to Valve's official ranking), which weakened revenues from sponsors, competitions, and commercial operations for the 2024 season.
The group's EBITDA stood at -€4.19 million, a striking contrast to the previous year, when the profitability indicator was exceptionally positive (€19.7 million in 2023). A year marked by a unique event: the sale of the LEC slot.
Revenues distribution 2024.
The sale of the LEC slot, a strategic restructuring
In 2023, Astralis began the process of selling its franchise rights in the LEC to Karmine Corp. This transaction was structured around the creation of a dedicated entity: AK-Game SAS, based in France. The slot was valued at €26 million.
In October 2023, the initial deal established that 66.67% of the shares would be sold to Karmine Corp SAS for €17.3 million. An initial payment of approximately €4.4 million validated the transaction and launched a four-year payment plan. In October 2024 and February 2025, the terms of the contract were revised by mutual agreement:
- Change in asset ownership to 51% (-15.67%) for Karmine Corp
- Acquisition of stake in Karmine Corp and reduction in cash receivable for the second maturity date
- The 49% stake remains held by Astralis, with a put option in 2030.
The transaction allows Karmine Corp to ease the financial pressure associated with the purchase of the LEC slot, while offering Astralis a minority stake estimated at around 5% of the French club's capital. At the same time, Astralis retains 49% of its subsidiary AK-Game SAS, which holds the LEC asset, and a new payment structure for the remaining tranches is planned for 2025. The remaining shares of Astralis may be resold in the future at a fixed price adjusted for inflation. As the transaction currently stands, Astralis expects to receive approximately €5.7 million to be paid by the end of 2026.
Cash flow constraints and uncertainties regarding business continuity
The Danish entity posted a net loss of €5.8 million in 2024 and had virtually no cash flow at the end of the year. The report highlights that most of the payments related to the LEC sale will not be received until the end of 2025 and the end of 2026, putting the company's liquidity under severe strain.
Notably, Astralis reports having receivables of approximately €3 million after the accounting close, attributable to the 2025 balance sheet.
As part of a rationalization process, Astralis has closed several of its divisions. In addition to closing its League of Legends section, the Danish club also dismissed two Counter-Strike rosters: the women's team, Astralis Women, at the end of 2024, and the academic team, Astralis Talent, in April 2025. The organization also sold two companies: the Danish production and broadcasting company PIXEL.TV and the media company BlackBox Media.
2026: Astralis to be sold and shut down?
Astralis' strategy is clear: a total refocus on the main Counter-Strike team, despite a performance deemed “disappointing” on the competitive scene in 2024, which saw the team drop to 26th place in the world rankings. The departures of the Head of Performance and the Sports Director in the first half of 2025 confirm this repositioning.
However, according to information from the media outlet Dust2.dk, the four-time world champion organization is currently exploring the sale of its brand, intellectual property (IP) rights, and CS division. The sale price is said to be between €2 million and €3 million. Astralis' departure from the Counter-Strike scene would be, to say the least, a major event on the competitive scene. Although the team has not won a major trophy, it has gradually recovered to climb back up to 12th place in the world rankings in August 2025
Header Photo Credit: Astralis
