Heroic reported significant financial losses in its annual report

In March of this year, it was reported that Heroic and its organization were in need of investment to sustain their operations. As stated in a shareholder notice, the required capital amounted to 80 million Norwegian kroner ($7.5 million USD).

However, after the publication of Heroic's financial report for 2022, it became known that the company behind the successful CS:GO team suffered huge losses of 153 million Norwegian kroner, equivalent to $14.3 million USD.

Heroic AS, a subsidiary of Heroic Group, also reported losses of 65 million Norwegian kroner ($6 million USD), leading to a total loss of over $20.3 million USD. Additionally, the report shows that both companies have a short-term debt of 50 million Norwegian kroner ($4.7 million USD) that needs to be paid by the end of this year.

An independent report by auditing company Crowe highlights significant uncertainty regarding the future operations of Heroic Group and indicates that the companies will require investment to maintain their viability.