G2 Esports Announces a Net Profit of €3.1M for 2024
Image Credit: G2 Esports
The 2024 accounts of the G2 Esports holding company confirm the €3.1M profit. With the Solana cash-out now digested, the club is approaching a pivotal moment: defying the loss forecasts for 2025 and a potential financing round of €5–10M expected for June 2026. A review of the 2024 year-end results of the G2 Esports Holding.
2024 in Brief: A Confirmed Profit and a Declining Core Business
Unsurprisingly, the 2024 fiscal year closed in the black thanks to the sale of Solana tokens completed at the beginning of the year (€16.1M in disposal proceeds, €12.8M in capital gains). Profit came in at €3.1M.
However, excluding this exceptional transaction, the core business suffered:
Revenue: €16.5M, down sharply (−€8.6M vs 2023)
Sponsorship: €6.8M, cut in half (€14.5M in 2023), dragged down by the end of the Solana (€4.5M) and CSGO ROLL (€1.5M) contracts
Personnel costs: €11.2M (−€1.2M), for an average headcount of 109 employees (92 administrative staff, 17 players)
Other operating expenses: €6.2M (−€0.3M), thanks to savings on overhead and marketing
Cash position: €4.7M at year-end (+€2.6M), boosted by the Solana proceeds
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Image Credit: RFT.GG
While nearly all existing sponsorship contracts were renewed, G2 admits that new partner acquisition fell short of its standards: the budget cuts made by major brands in 2022–2023 limited price increases at renewal time and lengthened signing timelines. Sponsorship, which accounted for more than 50% of revenue in 2023, now represents only 30 to 50% — while remaining the backbone of the business model.
On the balance sheet side, the total stands at €39.6M, driven by the development of the American subsidiary G2 USA Inc. and G2 LOL. The Call of Duty League slot was booked at approximately €1M based on an internal valuation (the slot itself, future revenues, contracts, etc.), and the G2 LOL subsidiary (managing League of Legends-related activities) was absorbed by the holding company on January 1, 2025.
Image Credit: RFT.GG
2025–2026: Putting the Initial Forecasts into Perspective
At the time of the 2024 closing, the 2025 forecasts projected revenue of €21.8M combined with a loss of €4.9M. However, these forecasts at the time did not factor in the sales of Monesy (announced at $2.5M) and NiKo (announced at ~$1M) to Falcons, which have certainly reduced the projected loss.
Asked by L'Équipe about 2025 profitability, CEO Alban Dechelotte described the year as "not far" from being profitable, explained by the reinvestment of the proceeds received.
For 2026, management anticipated €23–25M in revenue with a loss of €3–4M:
Sponsorship: €8–10M
Esports revenue: €12–13M (digital fan items, tournament winnings, league participation rights)
The remainder will come from player transfers, merchandising, and the in-house agency "62"
Since the 2024 year-end closing and the forecasts established at that time, G2 has announced numerous signings for 2026 — notably Winamax and McDonald's — which should, once again, notably rebalance the current fiscal year.
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If needed, G2 announced a financing round of €5–10M planned for the middle of the year. Discussions were at an advanced stage — letter of intent signed, due diligence in its final phase — with a closing hoped for in June 2026. If the deal goes through, the capital raised will be added to existing shareholders' equity (€38.2M in capital and reserves, from the 2017, 2018, 2019, and 2024 rounds), with the company otherwise carrying accumulated losses (retained deficit) of €23.3M.
Diversification: "62", G2 FC, and New Leagues
To reduce its dependence on sponsorship and the esports business cycle, G2 is activating several levers:
The media house "62". Launched in early 2025, this in-house content production and commercialization agency generates continuously growing revenue, driven by campaigns with PUBG Mobile and Ubisoft, among others.
Gamified traditional sports. G2 is betting on the convergence between digital entertainment and physical sport, illustrated by the Kings League. The first concrete step came in 2025 with the creation of G2 FC, the club's football team, competing in the Kings League in Germany.
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New leagues and international expansion. Via G2 USA, which holds the VCT Americas and Call of Duty League slots, opening up new inventory for sponsors and additional revenue paid by publishers (tournament winnings, digital merchandising, participation payments).
Identified Risks, a Sector Still Under Pressure
The current economic climate weighs heavily on the outlook for a club of G2's size. It erodes sponsors' marketing budgets, shifts guaranteed publisher payments toward performance-based compensation, and increases overall financial uncertainty.
In response, management highlights long-term sponsorship contracts, a flexible cost structure, stricter workforce planning, and investment in talent development. It also notes that it is relatively dependent on the sporting performance of its teams under the new publisher payment models.
After selling their Solana tokens, G2 improved its 2025 financial forecasts thanks to the sale of star CS players and is locking in new sponsors for 2026 to defy the loss projections.
