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, Dust2.dk reports.

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.

The most decorated organisation in CS:GO history, Astralis won't attend the 19th and final Major in Paris 😔 pic.twitter.com/Q761PkZnJv

— HLTV.org (@HLTVorg) April 13, 2023

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.