Astralis Group Reports Net Loss and Slight Revenue Increase in a COVID-Biased 2020

Publicly-traded Danish esports company Astralis Group reported its annual financial results for 2020. The company reported a loss of kr14.5M DKK ($2.3M USD) in losses before interest, taxes, depreciation, and amortization, compared to a gross loss of kr22.7M ($3.6M) in 2019*.

Total revenue increased from kr48.6M ($7.8M) in 2019 to kr51.5M ($8.3M) in 2020. The company said that this was in line with its guidelines of kr48-52M ($7.7-8.3M).

Astralis Group reported that its LEC franchise generated kr8M ($1.3M), its Counter-Strike: Global Offensive team generated kr37.1M ($5.95M), and its FIFA team brought in kr1.5M ($240K).

Astralis Group CEO Anders Hørsholt said in a release that the results were “satisfactory” given the limitations put in place by a global pandemic, adding that it delayed the company’s growth plans “by 9-12 months.” He also noted that media rights deals for these teams “over-performed,” but were still underappreciated due to the pandemic.   

For 2021, the company set its net revenues targets in the range between kr70M ($11.2M) – kr80M ($12.8M), and a gross profit somewhere in the neighborhood of -kr5M ($802K) and -kr10M ($1.6M).

The Esports Observer will take a deeper dive into Astralis’ 2020 financial results later this week.

Note: The Esports Observer used the exchange rate in effect as of Mar. 15 at a rate of 0.16041 DKK to 1 USD for currency conversions in this article.

*Astralis Group was founded on July 31, 2019, and the group acquired Astralis and Origen on Aug. 14, 2019. While the current company was only approximately 4.5 months in business during 2019, the comparative figures cover the full year 2019 using the financial information of the previous Astralis business entity.

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