Pages

Showing posts with label cig. Show all posts
Showing posts with label cig. Show all posts

Monday, September 7, 2026

Chris Roberts Needs A New Ortwin Freyermuth

I've covered Cloud Imperium Games and Star Citizen for quite a few years now. Out of all the figures who have left the company in the past 5 years or so the one I miss most is CIG co-founder and former legal consul Ortwin Freyermuth. The long time entertainment lawyer first worked with Chris Roberts on what I consider Roberts' most successful moving, Lord of War. That 19-year partnership ended when Freyermuth sold off his share of CIG back in the summer of 2024. Freyermuth wore a lot of hats at CIG and, in my eyes at least, some stability and a check on Roberts' worst impulses outside of game development. After reading the latest Letter from the Chairman, I think Roberts needs to find a new Ortwin Freyermuth.

I realize Roberts had to address the 800 pound gorilla in the room: the game engine. After the embarrassing stream of the Siege of Orison run-through with 4 CIG employees one could naturally wonder how an engine designed for FPS games could operate so poorly. But the subject did bring back memories of the CryTek lawsuit.

The basis for the CryTek lawsuit was CIG switching to Lumberyard and CIG creating a second game based on CryEngine 3 (Squadron 42) without a license. As late as January 2020 CIG argued in court that Squadron 42 and Star Citizen were one game as they were accessed from the same launcher. But in February 2020 the two sides came to an agreement, still largely under an NDA, bringing the lawsuit to a close with prejudice, meaning CryTek cannot sue again.

But the following paragraph from the latest Letter from the Chairman had me wondering if Roberts had violated the NDA.

In 2020 we came to agreement with Crytek that gave us a perpetual license for the branch of CryEngine we were on for all our current and future games, giving us full control over the use of Star Engine going forward, which you can appreciate is important due to the investments we have made into our technology.

Then the word "gave" induced a flashback to The Princess Bride.

I've covered CIG long enough to remember this passage from the 2020 financial analysis published on CIG's corporate website.

Capex spend in 2020 was significantly up on 2019, which in part was driven by the headcount increase, but in the year we also purchased a perpetual worldwide license for use of the CryEngine, which provides us greater flexibility in how we develop and deploy the engine within our existing and planned future business.

Perhaps if Roberts had someone like Freyermuth to run the letter against the wording wouldn't have come close to raising any red flags. Just on the face of it, Crytek didn't give CIG anything. CIG had to purchase a second license.

The section of the letter, however, that really raised eyebrows was the claim of when development on Squadron 42 began.

At CitizenCon 2024 we announced we would ship in 2026. Our plan was to release in Q4 around IAE. But much like the rest of the industry there is no way I want to launch my spiritual successor to Wing Commander, a game that has had twelve years of blood, sweat and tears invested into it (we started Squadron 42 development in 2014 as 2013 was opening studios, hiring people and getting the Hangar module out for Star Citizen) launching into the attention buzz saw of GTA6. While GTA6 isn’t launching on PC this November, pretty much all outlets and most content creators will be all over it, not leaving a lot of room for other coverage. [emphasis mine]

Is it true that development of the single player campaign really didn't begin until 2014? Or did Roberts really just make something up to avoid people thinking that Squadron 42 took longer to develop than Duke Nukem Forever

I ask because the date matters. The original Kickstarter campaign gave an estimated date of release of November 2014. In my opinion, not starting development on the single player campaign until 2014 meant Roberts knew that November 2014 date was made up out of thin air and not possible to achieve.

So what should I believe? That Roberts is lying now in order to avoid embarrassment? Or that the original release date was thrown out there in order to entice people to give him money because 2 years doesn't sound that far off? What's the difference if the second case is true? About $35 million, the amount collected from the launch of the Kickstarter to the end of 2013. Without that, does CIG wind up selling $1 billion in digital assets and last 14 years?

Of course, if Roberts had a trusted advisor or lawyer he could run statements past maybe he could avoid making stupid statements that raise more issues than they put to bed. But as long as Roberts continues to make statements in an effort to avoid short term embarrassment, perhaps the staff at CIG should do their best to keep Roberts away from the public. I don't see another Ortwin Freyermuth coming along anytime soon.

Tuesday, September 1, 2026

Cloud Imperium Cash Shop Records $8.5 Million In Sales In August 2026

In August, for just the second time in 2026 and the third time since the beginning of 2025, Cloud Imperium Games' cash shop experienced a year-over-year drop in revenue. Last month's $8.5 million in sales was an 8.2% decline compared to the $9.3 million brought into CIG's coffers in August 2025. For the year cash shop revenue as measured on the CCU Game dashboard is up 28.1% compared to the first 8 months of 2025, coming in at $111.7 million.


The $1040.9 million ($1.04 billion) displayed on the Roberts Space Industries funding page at the end of May was not a comprehensive accounting for all of CIG's revenue since the project's Kickstarter in October 2012. Overall, the company has recorded $1,196.0 million ($1.2 billion) in confirmed revenue (the funding page & the 2024 financial report).

  • Sales/Pledges: $1040.9 million ($1.04 billion) (through 31 August 2026)
  • Other cash shop revenue: $2.7 million (through 31 December 2024)
  • Subscriptions: $46.8 million (through 31 December 2024)
  • All other sources: $105.6 million (through 31 December 2024)

In addition, the company has received a total of $68.25 million in outside investment. According to the 2023 financial report, $4.8 million of the amount was returned to investors in 2020 and another $3.1 million in 2023-2024. Including the outside investment money, the total amount raised by CIG to create Squadron 42 and Star Citizen is $1,264.2 million ($1.26 billion), or $1.256.4 million ($1.26 billion) when excluding the returned funds. An additional $12.6 million in loans issued in March 2025 and due for repayment on 31 December 2027 are not included in the total.


The new account creation number dropped again in August. Compared to August 2025, last month's 48,175 accounts created represented a 19.6% decline. But as I said last month, the numbers are skewed due to the implementation of a new recruitment system in July 2025. The numbers aren't that bad this year because the numbers weren't that great last year.

The delay of Squadron 42. The big news in August was the delay of the release of Squadron 42 from 2026 to the second quarter of 2027. Chris Roberts, as expected, said the delay was to avoid Grand Theft Auto VI from sucking all the attention of the gaming press and content creators. Vocal critics have poo-poo'd the idea, stating that GTA 6 is a console game, Squadron 42 is a PC game, and the games are in different genres.

I go with Roberts' explanation, but only because I think CIG is still in financial difficulty. Back in December 2018 CIG recruited the Calders' first investment of $46 million in order to run a marketing campaign centered on Squadron 42. That money has long been spent, going into the general fund to make sure the company had the cash reserves to keep operating. But with CIG spending $34.5 million more than it brought in during 2023-2024 even that margin ran thin, requiring additional outside funding in Q1 2025.

Honestly, if CIG is going to spend money advertising the game, the company will have to do so using funds from the IAE sale in November, which is one reason for the delay. The other reason is a big part of the advertising campaign will consist of using earned media. Lacking the funds for a major advertising campaign, CIG will rely on the gaming press and content creators to spread the word about SQ42. And if they are busy with the biggest game to hit the market in years, that strategy will fail. Thus, pushing the game to Q2 2027.

Thursday, August 27, 2026

Squadron 42 To Release In Q2 2027

Today Cloud Imperium Games announced its upcoming single player game Squadron 42 would release in the second quarter of 2027. The timing of the announcement left me scratching my head as Rockstar's big trailer release for Grand Theft Auto VI definitely will dominate the news cycle. Almost as if CIG did not want to draw a lot of attention outside the Star Citizen player base.


The announcement was made in a Letter from the Chairman with no mention on the CIG corporate website
At CitizenCon 2024 we announced we would ship in 2026. Our plan was to release in Q4 around IAE. But much like the rest of the industry there is no way I want to launch my spiritual successor to Wing Commander, a game that has had twelve years of blood, sweat and tears invested into it (we started Squadron 42 development in 2014 as 2013 was opening studios, hiring people and getting the Hangar module out for Star Citizen) launching into the attention buzz saw of GTA6. While GTA6 isn’t launching on PC this November, pretty much all outlets and most content creators will be all over it, not leaving a lot of room for other coverage.

We have taken a look at the release windows at the start of 2027, and decided that Q2 provides a better time for Squadron 42 to release.

We are allowing a small number of original backers and long-time Star Citizen content creators an opportunity to play Squadron 42 this October 9th and 10th. We’ll be making further announcements about our release plans during this time and a specific release date shortly afterwards.

I know a lot of you will be disappointed to not be playing Squadron 42 at the end of this year, but it is the best thing for the project as it is truly something special and so needs to the opportunity to have the focus of the wider gaming world.
I realize Cloud Imperium has missed several delivery dates over the years, but this time I think a Q2 2027 release window is solid. CIG has a £10 million loan due at the end of 2027 to one of the shareholders (most likely Keith Calder's Indus Management LTD). Indus owns 22.4% of the outstanding shares in Cloud Imperium. Chris Roberts may want to ensure the loan is paid back in cash instead of additional equity in CIG. If I'm correct in the assumption Indus provided the loan, not paying the loan off in cash could wind up with Keith Calder's company owning an over 25% stake in CIG.

Roberts may also be feeling pressure from the Calders' in relation to the infamous "put option". Keith Calder in particular probably wants to maximize revenue during the put options final period of 2026-2028 and waiting until the second half of the period to release Squadron 42 would probably make the Calders unhappy. Also, a release in the first half of 2027 would ensure most of the revenue for the game would fall within 2027. A big enough hit would make the shareholders a very large amount of money.

Tuesday, August 25, 2026

GamesCom 2026 Preview For MMORPGs

Thursday begins one of the biggest events on the video game calendar: GamesCom 2026. Running from 26-30 August, Gamescom 2026 is the world’s largest public video game trade fair and consumer convention, held at the Koelnmesse in Cologne, Germany. The festivities kick off with Opening Night Live on August 25. 

The key pillars of the event are:

  • Consumer Entertainment Area (Halls 6–10): The central public show floor where hundreds of global publishers and indie studios host hands-on demo stations, esports stages, themed photo installations, and live stage presentations.  
  • Opening Night Live (ONL): The main global broadcast event featuring world-premiere trailers, gameplay reveals, hardware demonstrations, and publisher keynote announcements.  
  • Business Area (gamescom biz / Halls 2–4): A dedicated B2B trade hub for developers, publishers, investors, media, and technology partners conducting meetings, pitch sessions, and distribution deals.  
  • Gamescom Dev (devcom): The co-located game developer conference focusing on game engineering, art, narrative design, game economy balancing, and production pipelines.  
  • Community & Culture: Dedicated thematic zones across the Koelnmesse complex, including the Indie Area (Home of Indies), Retro Gaming, Cosplay Village, and the Gamescom Event Arena for live music and esports competitions.

The opening event will be streamed on both YouTube and Twitch. The times broken down by time zone are as follows:

  • Pre-Show (30 minutes): 1:30 PM EDT / 12:30 PM CDT / 10:30 AM PDT / 7:30 PM CEST 
  • Main Showcase (approx. 2 hours): 2:00 PM EDT / 1:00 PM CDT / 11:00 AM PDT / 8:00 PM CEST  

As The Nosy Gamer concentrates on MMORPGs I'll pick out some points of interest I want to know about. Those issues stretch from previews of upcoming games to events with a business or financial impact on some of the stories I commonly cover. 

Three major games will have a presence on the show floor with demos:

  • Final Fantasy XIV (Square Enix – Hall 8): Square Enix features hands-on stations for the upcoming Nintendo Switch 2 edition, dedicated community photo ops (such as the Air-wheeler and Dancing Green installations), and an official in-person community Fan Gathering at the booth.
  • Dune: Awakening (Funcom / Level Infinite – Hall 6): Funcom has public hands-on stations showcasing the open-world survival MMO, featuring the first public hands-on playtest for its upcoming console edition.  
  • Aion 2 (NCSoft): Headlining NCSoft’s showcase, the upcoming MMORPG is featured during Gamescom Opening Night Live ahead of its Early Access launch.

In addition, NCSoft will be present in the B2B/business area for industry and partner meetings about Guild Wars 3 while NetEase will feature new reveals and Closed Beta information for Sea of Remnants during Gamescom broadcasts.

Square Enix will have a major presence at GamesCom beyond just Final Fantasy XIV.

  • Show Floor Booth (Hall 8 | A-21): Square Enix is hosting a large consumer area featuring hands-on stations and community activities.  
    • Playable Titles: FINAL FANTASY XIV (including the new Nintendo Switch 2 edition), Final Fantasy VII Remake, Final Fantasy VII Rebirth, Final Fantasy X/X-2 HD Remaster, and Dragon Quest VII Reimagined
    • Photo Spots & Activities: Themed photo ops for Final Fantasy VII Revelation, FFXIV (Air-wheeler and Dancing Green activities), FFX/X-2, and Dragon Quest's 40th Anniversary. 
    • Official Merchandise Store: A dedicated retail area selling Square Enix merchandise and apparel. 
  • Showcase Presentations: Square Enix is featured during Gamescom Opening Night Live, with director Naoki Hamaguchi appearing to present a new look at Final Fantasy VII Revelation.  
  • Community Events: Square Enix is hosting an official FFXIV Fan Gathering directly at their booth on the evening of Thursday, August 27. 

Another company from East Asia, Pearl Abyss, will also have a major presence at GamesCom. Investors should pay close attention as the news coming out of Cologne will probably lead to a spike in PA share prices next week. At least, the C-Suite probably hopes so.

  • Consumer Show Floor (Hall 09.1 | Stand B020–C029): Pearl Abyss partnered with Samsung Electronics to host a large interactive exhibit.  
    • Playable Demos: Visitors can play hands-on demos of Crimson Desert running on Samsung's latest display hardware, including the 32-inch Odyssey G8 6K gaming monitor.  
    • Stage & Community Events: The booth features live developer presentations, cosplay appearances, and exclusive merchandise giveaways.  
  • Gamescom Awards 2026: Crimson Desert is nominated in two major award categories: Best PC Game and Most Epic.  
  • Gamescom Dev (Developer Conference): Pearl Abyss technical leads hosted two deep-dive sessions exploring the technology behind Crimson Desert:  
    • "How We Filled the Vast Continent of Pywel" (world-building workflows, procedural pipelines, and environmental storytelling).  
    • "Scaling Open World Creation in Crimson Desert with an In-House Engine" (technical architecture and rendering systems of the proprietary BlackSpace Engine).  

Some of the other companies I follow do not have a big presence at GamesCom. Fenris Creations studio leadership and production staff (including EVE Online Executive Producer Snorri Árnason) are registered and participating in GamesCom biz and the co-located developer events for industry meetings and networking. But that's about it.

Cloud Imperium Games will have no official presence at GamesCom. The studio's next major event will occur in Manchester in October involving Squadron 42. Players may decide to hold a Bar Citizen, but that is about all that may occur.

Saturday, August 1, 2026

Cloud Imperium Cash Shop Records $8.1 Million In Sales In July 2026

Cloud Imperium Games received good financial news from its online cash shop to begin the second half of 2026. According to the CCU Game dashboard, revenue from the cash shop grew year-over-year by 25.3% up to $8.1 million in July. Last month beat the previous highest cash shop revenue total in July of  $6.5 million recorded in 2025. Through the first 7 months of 2026 Cloud Imperium sold virtual goods and services, along with some physical goods, worth $103.2 million dollars. Just for comparison, Pearl Abyss sold off CCP Games (now Fenris Creations) for $120 million in cash and assets in May.



The $1032.3 million ($1.03 billion) displayed on the Roberts Space Industries funding page at the end of May was not a comprehensive accounting for all of CIG's revenue since the project's Kickstarter in October 2012. Overall, the company has recorded $1,187.4 million ($1.19 billion) in confirmed revenue (the funding page & the 2024 financial report).
  • Sales/Pledges: $1032.3 million ($1.03 billion) (through 31 July 2026)
  • Other cash shop revenue: $2.7 million (through 31 December 2024)
  • Subscriptions: $46.8 million (through 31 December 2024)
  • All other sources: $105.6 million (through 31 December 2024)
In addition, the company has received a total of $68.25 million in outside investment. According to the 2023 financial report, $4.8 million of the amount was returned to investors in 2020 and another $3.1 million in 2023-2024. Including the outside investment money, the total amount raised by CIG to create Squadron 42 and Star Citizen is $1,255.6 million ($1.26 billion), or $1.247.8 million ($1.25 billion) when excluding the returned funds. An additional $12.6 million in loans issued in March 2025 and due for repayment on 31 December 2027 are not included in the total.


In the latest example that revenue and new account creation are unrelated, the number of accounts created in July 2026 was down 26.1% compared to July 2025. I think the main reason is simple. In July 2025 CIG debuted a new referral system and saw a big jump in account creation. I think last month was a return to the norm.

What to watch for: With the big Squadron 42 event 10 weeks away I don't expect any big news in August. Instead, look to see if sales exceed $10 million. If so, then July will be the last month with sub-$10 million sales for quite some time. The only negative I can see is if CIG begins a big money push. Then something definitely is going wrong.

Wednesday, July 22, 2026

More Leadership Departures At Cloud Imperium Games

Just a quick post about Cloud Imperium Games. With the company's online cash shop reaching $100 million so far in 2026 I wasn't too concerned about any further shakeups amongst the company's leadership. That is, until I received an automated email from Reddit informing me of a post about two more people removed from the company's about page sometime over the past two months.

The first individual missing, in alphabetical order, is Claire Buffet. A 15 year veteran of Turbulent, Buffet became the Vice President of Operations in April 2025. With the reorganization of Cloud Imperium and the shift of the workforce outside the U.S. I thought Buffet was a great person to place in charge of North America.

The other individual is more noteworthy considering some of the server problems I've heard have afflicted the Persistent Universe over the past couple of patches. Mike Jones was listed as the Vice President of Corporate & Publishing Technology at CIG. Publishing doesn't mean selling copies of Squadron 42. Jones' position provides single-point accountability for all non-game-engine IT operations and technology management across the entire company. If Jones really is gone, that helps explain why Benoit Beausejour, CIG's Chief Technology Officer, was up all night as server issues were addressed on occasion.

I did check LinkedIn and social media and I don't see an indication the two are gone from the company. But that About page on the corporate website is getting rather sparse. Apart from Tony Zurovec who apparently is left on the page as a matter of respect, the leadership section is now down to 9 people including Chris Roberts.

Wednesday, July 1, 2026

Cloud Imperium Games Cash Shop Records $67.7 Million In Sales In Q2 2026

We are only at the halfway point of 2026 and I've already run out of superlatives to describe the revenue performance of Cloud Imperium Game's online cash shop. According to the CCU Game dashboard, in June the company sold $11.8 million in goods, mostly in the form or virtual space ships, an increase of 29.1% over the total in June 2025. 

The year-over-year comparison was even more impressive when looking at the total for the second quarter. The $67.7 million in cash shop revenue for the past three months was a 47.4% increase over that recorded in Q2 2025. For the first half of 2026, the company raked in $95.1 million. Not bad for a video game studio which has yet to commercially launch a game.


Cash shop sales up 52.9% over the average from 2022-2025

The $1024.3 million ($1.02 billion) displayed on the Roberts Space Industries funding page at the end of May was not a comprehensive accounting for all of CIG's revenue since the project's Kickstarter in October 2012. Overall, the company has recorded $1,179.4 million ($1.18 billion) in confirmed revenue (the funding page & the 2024 financial report).
  • Sales/Pledges: $1024.3 million ($1.02 billion) (through 30 June 2026)
  • Other cash shop revenue: $2.7 million (through 31 December 2024)
  • Subscriptions: $46.8 million (through 31 December 2024)
  • All other sources: $105.6 million (through 31 December 2024)

Q2 cash shop sales up 75.5% compared to the previous 3-year average


In addition, the company has received a total of $68.25 million in outside investment. According to the 2023 financial report, $4.8 million of the amount was returned to investors in 2020 and another $3.1 million in 2023-2024. Including the outside investment money, the total amount raised by CIG to create Squadron 42 and Star Citizen is $1,247.6 million ($1.25 billion), or $1.239.8 million ($1.24 billion) when excluding the returned funds. An additional $12.6 million in loans issued in March 2025 and due for repayment on 31 December 2027 are not included in the total.

New account creation still grew by 12.7%

The new user account generation may come as a surprise to those who followed Star Citizen in June. Despite all the complaints about server performance introduced with patch 4.8, new user account generation still increased by 12.7% year-over-year up to 38,060 accounts. Not only is new account creation not related to sales, apparently the statistic is not an indication of game stability either.

The 2024 Financial Report: CIG finally got around to posting the combined financial report for the company's worldwide business on 7 June. With that I was able to update some of the financial categories in the monthly summary of known revenue. In total, an additional $30.3 million in revenue is added to my running monthly tally. The total known revenue collected outside the cash shop comes out to $155.1 million from 2012 to 2024, the same amount the cash shop earned in 2025.

The 2024 financial report also showed spending hit a plateau in 2023-2024. CIG spent $163.1 million in 2023 and $160.9 million in 2024. If the company managed to maintain that spending, then CIG spends approximately $13.5 million per month. If CIG was able to keep spending increases at the level of inflation in the UK, we can expect spending in 2026 to wind up at the $14.5 million per month range.

Monday, June 22, 2026

Squadron 42 Release Announcement In October?

Over the weekend I heard about Cloud Imperium Games sending out invitations to a private event in Manchester on the weekend of 9-11 October. One of the major Star Citizen content creators, BoredGamer, released a video explaining the situation. Since he is going to the event, I'm going to consider that confirmation of the original Reddit post.

According to the Reddit post, a curated guest list of European, US, and Australian content creators, specialized gaming media, and a select handful of long-term original backers received invitations. Instead of showing off stage demos and heavily polished vertical slices, CIG plans to give attendees exclusive, hands on gameplay at the event. CIG also plans to make the core development team available for face-to-face interactions as well as present an unrestricted look at the current state of the single-player campaign.

I have to put in my two cents. I know that people on Reddit were excited because the invitation included "Launches 2026", but unless I hear about CIG obtaining a publisher in the People's Republic of China, I don't see the game launching this year. Especially since Grand Theft Auto VI is still on track to release on 19 November 2026 with pre-orders beginning on Thursday.

Instead, I see the event as a kickoff to marketing the game to people outside the Star Citizen community. My big prediction is the announcement that CIG will sell the game on Steam and that players can begin pre-ordering Squadron 42 at that time on both Steam and the traditional RSI website. Since I am assuming a Steam launch, CIG would need to follow Steam's policies. These policies include having a "Coming Soon" page up for a minimum of two weeks before buyers can press they buy button. Steam also requires a build review to ensure the game boots up properly and doesn't contain malicious files.

These Steam requirements explicitly details that Valve requires 3-5 business days to review the store page and a separate 5 business days to review the actual game build. I really don't see CIG setting things up ahead of time and stepping on their big announcement. CIG probably will also want to avoid the launch of GTA VI so I imagine a launch window of June or July 2027 would work well in also meeting all of Valve's requirements to list the game on Steam.

Pushing the release back until the summer of 2027 would also give CIG to set up relationships in the People's Republic. CIG is not a company like Fenris Creations. FC set up a physical presence in Shanghai in 2005 and began operating EVE Online in the country during the summer of 2006. Not only does CIG need a Chinese partner to sell the game in China, but an influential one like TenCent or NetEase is almost a must for a billion dollar game like Squadron 42

The timeline from obtaining a Chinese publisher to publishing the game could take 6-9 months in a best case scenario. If CIG uses the event in Manchester to secure a Chinese publisher with a feature-complete build, delaying the global launch of Squadron 42 to the summer of 2027 isn't just a move to avoid competing with GTA VI. Those 9-10 months is practically the minimum amount of time legally and operationally required to get a game approved by China's National Press and Publication Administration.

So will CIG release Squadron 42 at the special event in Manchester in October. I highly doubt it. But will the event act as the springboard for the effort to market Cloud Imperium's first game. All signs point to yes.

Thursday, June 11, 2026

Turning To Gemini For Blog Ideas - June 11, 2026

Back when Pearl Abyss purchased CCP Games (now Fenris Creations) I started to play Black Desert Online just to see what the new company was like. In that same tradition I decided to try the products of a big contributor to Fenris buying its freedom from the overlords in Anyang. That's right, I ditched Copilot for the suite of products offered by Google DeepMind.

My daily brief for 11 June 2026

I'm paying for the Pro version which is cheaper than a monthly subscription to EVE Online. And, quite frankly, what Kakao Games was trying to extract from my real world wallet to play Black Desert Online back in 2018-2019. With the plan comes something called the daily brief.

Today's daily brief was pretty interesting. The first point leads to diving deeper into the recently released financial information from Cloud Imperium Games. The unusual adjustments mentioned involve CIG's general consul going back nearly 10 years to change some information that was correct at the time to what is correct now. At the time of the posting Chris Roberts owned over 75% of Cloud Imperium's shares, a status he kept for 4-5 years until he needed the money to continue funding the Star Citizen project. Roberts now owns approximately 70% of the shares, but I'm pretty sure changing the status to 55%-75% back in 2016 wasn't required.

The second point about playing the Cradle of War expansion is a little out of date. A bug exists in the tutorial in which one cannot add a skill to the queue using the tutorial interface. The solution was to get to the actual skill queue and click on the plus button in that location.

This is known as spaceship porn

As for the Sacrilege. Gemini might be a change behind when trying to fit the Amar heavy assault cruiser. But thanks to going through everything with the AI I realized I was only 1 skill and 14 days away from having all skills trained to Mastery V. That's right, my little shopping spree in Hek was spurred on, at least in part, by an AI. A review of the AI fit is still to come.

Welcoming my newest pilot in EVE

The final point concerns working with Google Flow. Apparently working with characters from two different games may have some inherent problems. But a more basic one may involve getting a sci-fi setting right. The picture above is nice for a contemporary scene but for something 20,000 years in the future? I could borrow from FFXIV's newest regions but I'd like to come up with something a little more original.

My character with Y'shtola in FFXIV

Making everything more anime means the contrasts between the two games' art styles don't show up as much. Besides, I have some ideas for artwork on the blog for specific subjects.

One thing I didn't get a reminder to do is update the python code I use to keep track of the global PLEX market in EVE. But I don't need to do that right away so I can wait for the 4-day weekend I'm taking in a couple of weeks to dig into code again. I'm sure that as soon as I start working on that project again I'll start getting reminders from Gemini in my daily briefing report.

Tuesday, June 9, 2026

Cloud Imperium Games Posted A $14.3 Million Loss In 2024

Less than a week after announcing having reached $1 billion in community funding, Cloud Imperium Games posted its worldwide accounting report for the year 2024. For the year, the developer of the upcoming games Squadron 42 and Star Citizen recorded $146.6 million in corporate income while spending $160.9 million, including just under $8 million in capital expenses and investments. Overall, CIG recorded a $14.3 million EBITDA loss when including CAPEX costs.

Financial positions from 2012-2024

The 2024 financial accounting finally confirms some things that up until now were just speculation. Poor performance in the form of recording losses of $34.5 million and payments of $3.1 million to minority investors in 2023-2024 is now very likely to explain the leadership shakeup at Cloud Imperium at the end of 2024 and beginning of 2025. The cumulative net position of -$28.2 million is proof that digital ship and vehicle sales were not enough to fund the development of Squadron 42 and Star Citizen alone.

Perhaps more importantly is the information that CIG needs to keep approximately $40-$45 million cash on hand to ensure uninterrupted operation. At the end of 2024 the company was down to only $27.1 million on hand which equaled 2 months of spending in 2024. CIG began the process of restoring its financial position by selling $5 million in shares in January 2025 to Keith Calder's Indus Management Ltd. In March the company borrowed £10 million ($12.6 million) from an existing shareholder, who I believe was Indus Management. In addition to seeking investment from outside sources, the financial issues probably put pressure on the marketing department to sell more virtual goods.

Income from the 2024 financial accounting

Having had my say let's hear from Cloud Imperium's Chief Financial Officer Simon Elms about income.
Total income grew by 3% to $147M reflecting the ongoing loyalty and engagement of our community. Pledges and counter income fell slightly by 3% to $116M – reflecting a year of fewer headline releases for much of the year as we concentrated on the significant technical features needed for the future of Star Citizen – the results of which we only delivered in the final quarter of 2024. However, subscriptions rose by 14% to $7.3M and other income (incentives, partnerships and credits) increased by a very significant 34% to $23M. The latter reflects the growing scale and value of our international development operations and the corresponding incentive and partnership income they generate, bolstered further by the third-party income arising from Turbulent’s existing external clients.
The other income category proved critical in 2024, accounting for the entire growth in the company's income in 2024. Turbulent, purchased in 2023, still required $1.2 million in 2024, but more than made up for the cash outflow by bringing in revenue from non-game development sources. 

Turbulent no longer counts as a contractor

Other income grew strongly by $5.9M (35%) to $23.0M. This reflects the maturing of our international development operations, with UK development credits and related incentive income continuing to grow, as well as expanding partnership and hardware/software vendor income. This income line was further bolstered by a full year of Turbulent income including their local incentives and their existing web service business. This other income represents an increasingly important and diversified income stream, for the Group.

One significant fact I need to highlight is the actual reduction in spending by CIG in 2024. From 2020-2023 spending rose by over 100%, from $80.9 million to $163.1 million over the course of 3 years. Let's return to the CFO for an overview on the company's spending.
2024 was the year in which the cost rationalisation implicit in our 2023 strategic decisions began to crystallise. Total trading costs fell by $3.1M (2%) to $152.9M, a modest reduction in absolute terms but one that masks some significant and deliberate shifts in cost composition.

The dominant structural feature of the 2024 cost base is the sharp fall in contracted game development costs, which fell by $7.0M (56%) to $5.5M as the Turbulent team, fully integrated into the group from the second half of 2023, replaced what had previously been externally contracted development services. This was always the intended outcome of the Turbulent acquisition and represents a significant return on that investment.

Salary and overhead costs in the Rest of World segment continued to grow as Manchester consolidated its position as the hub of our development operations, but the rate of growth moderated compared to prior years. US costs across all categories either held flat or reduced, reflecting the ongoing transfer of development activity out of the United States and the consolidation of publishing activities out of Los Angeles and into Austin.
One of the surprising facts is that labor costs increased even while headcount decreased.

Labor costs continue to increase

Total employee headcount fell 5% in 2024, from 1085 down to 1031. Perhaps surprisingly, the number of developers fell by 4% down to 695. But the number of employees in the publishing ops, community events, and marketing departments rose by 24% up to 258. For those unfamiliar with gaming categories, publishing usually includes those tasked with keeping the servers physically running. I should also add that finding and keeping talented server and network techs is a lot more expensive that finding code monkeys. At least at the businesses I've worked at.

I do want to look at two paragraphs at the end of the report that might have some long time observers shaking their heads. Cloud Imperium has not had a great record in containing costs, instead choosing to acquire as much money as possible.
The improvement in the annual loss from ($20.2M) in 2023 to ($14.3M) in 2024 reflects the operational improvements achieved through cost rationalisation, partly offset by continued investment in our Rest of World capability. The pre-capex position improved more dramatically still, from ($13.1M) to ($6.3M), as capex remained broadly stable. The release of Star Citizen Alpha 4.0 in the fourth quarter of 2024 was a watershed moment for the project. The addition of the Pyro system and the initial phase of Server Meshing — technology first demonstrated at CitizenCon 2023 in Los Angeles — delivered on commitments made to our community and demonstrated the tangible return on the significant investment made over preceding years. As the Chairman noted in his 2024 letter, this is not merely the next iterative patch but a fundamental architectural advance: for the first time, the game runs across a mesh of servers covering the entire playable universe, with server boundaries invisible to players.
I have heard too many stories of broken promises and missed deadlines over the years. Even more recently I've seen the financial reserves slip to dangerous levels. I think in both 2025 and 2026 we've seen Cloud Imperium lean into the marketing department's ability to attract money from the player base. Then again, even with the spending restraint shown in 2024, Cloud Imperium needs to increase funding as I don't see the company able to actually reduce spending. If those in charge can just hold the line on spending perhaps the financial situation will stabilize.

I'll conclude with Mr. Elms' conclusion the the financial accounting posted on Monday.
Looking to 2025, we expect to maintain the cost discipline established in 2024 while continuing to invest in the capabilities and infrastructure needed to deliver Squadron 42 and advance Star Citizen toward 1.0. The investments made in 2023 and 2024 created the foundation for parallel progress on both titles, while also improving the player experience in Star Citizen. That progress has already contributed to stronger player growth and engagement, helping deliver our best top-line performance to date in 2025. Our next priority is to build on this momentum while working to balance the business through to the release of these two highly anticipated games.
How much of those final words are valid and how much is a fantasy I'll leave up to you.

Monday, June 1, 2026

Cloud Imperium Games Cash Shop Records $44.6 Million In Sales In May 2026

Cloud Imperium Games' online cash shop for Star Citizen recorded the incredible amount of $44.6 million in sales revenue in the month of May according to the CCU Game Dashboard.

Setting another all-time sales record

Last month's total was 54.6% greater than the total of $28.8 million recorded in May 2025. CIG's online cash shop also broke the all-time single month sales record of $31.9 million set in November 2025.  For the year so far, cash shop sales for the first five months of 2026 reached $83.3 million, a year-over-year increase of 33.8%.

The all-time sales record was shattered in May

The $1012.5 million ($1.01 billion) displayed on the Roberts Space Industries funding page at the end of May was not a comprehensive accounting for all of CIG's revenue since the project's Kickstarter in October 2012. Overall, the company has recorded $1,136.9 million ($1.14 billion) in confirmed revenue (the funding page & the 2023 financial report).
  • Sales/Pledges: $1012.5 million ($1.01 billion) (through 31 May 2026)
  • Other cash shop revenue: $2.3 million (through 31 December 2023)
  • Subscriptions: $39.5 million (through 31 December 2023)
  • All other sources: $82.6 million (through 31 December 2023)
In addition, the company has received a total of $68.25 million in outside investment. According to the 2023 financial report, $4.8 million of the amount was returned to investors in 2020 and another $1.9 million in 2023. Including the outside investment money, the total amount raised by CIG to create Squadron 42 and Star Citizen is $1,205.2 million ($1.21 billion), or $1.198.4 million ($1.20 billion) when excluding the returned funds. An additional $12.6 million in loans issued in March 2025 and due for repayment on 31 December 2027 are not included in the total.

The number of new accounts created declined YoY

May was another month which showed that new account creation in Star Citizen has no relation to the amount of sales recorded by CIG's online cash shop. While cash shop revenue increased year-over-year by 54.6%, new account creation YoY declined by 5.3%. The record sales was a result of the sale of a $5,000 concept ship to established whales (those who had purchased a minimum of $1000 in the past), not new players picking up the game for the first time.

Below are just some sales records I saw occur in May, mostly taken from the CCU Game Dashboard.

Most sales in a single hour: May 24, 2026, 1600-1700 UTC - $6.6 million.
Most sales in a single day: The top 3 days occurred last month.
  • $9.58 million - 24 May
  • $3.80 million - 25 May
  • $3.56 million - 20 May
Most sales in a single month: $44.6 million
Most sales in a single sales event: DefenceCon 2026 - $34.9 million. The event beat out last year's IAE by $54,000.

Also, May's $44.6 million in sales exceeded the company's annual totals from 2012-2018.

What to watch for: Was the unleashing of the $5,000 Odin concept ship a sign that Squadron 42 will not release in 2026? We'll get a chance to tell this week with the Summer Game Fest on 5 June. Rumors have swirled around the event, so perhaps the public will finally receive an answer, one way or the other. The absence of news makes the delay of Squadron 42 until 2027 a more likely event.

Of course we are still waiting for CIG to publish the financial report for 2024 on its corporate web site. I wonder just how bad the news was for CIG to still not release the report a year-and-a-half later.

Finally, is there any progress on infrastructure improvements? I have to believe that the more people play Star Citizen, the higher the server costs. Unlike an established game like EVE Online where per player costs decrease the more people play, I believe CIG's server costs increase in a linear fashion the more people play. Those increased publishing costs eat away at other cost saving measures the company implemented.

Sunday, May 24, 2026

Cloud Imperium Jumps The Shark To Reach $1 Billion In Sales

Today is a record setting day for Star Citizen and Cloud Imperium Games. CIG is releasing the last concept ship for sale, the Odin. A battlecruiser that was the $17 million stretch goal, the massive ship with a crew from 33-65 ran for $5,000. My understanding is the ship quickly sold out.

$6.6 million sold in a single hour

During the hour in which the ship was released for sale, the store's display counter showed $6.6 million in sales. The hour broke the previous full day sales record of $3.56 million set during this DefenceCon event 4 days previously. The monthly sales record of $31.9 million set in November 2025 was surpassed with 7 days remaining. The sales event runs through May 27 so $35 million is probably within reach.

Today also saw two milestones reached. For the year the sales total reached $70 million, already exceeding the $62.3 million in sales revenue generated in the first five months of 2025. By the end of DefenceCon the sales total will exceed the $71.4 million brought in for the first half of 2025.

And, of course, the total sales total for the online cash shop reached $1 billion during that fateful hour.

Just from the amount of sales, I would guess at least 1,000 of the $5,000 ships were sold. I'm not sure where the ships will gather as currently server shards can only handle 700 players. With the crew size, only 10-15 of the ships can enter the same system at one time if fully crewed. 

I'm thinking about how to compare the situation to EVE Online. The relative power and size of the ship compared to the game reminds me of a titan. Now, imagine if the developers sold 1,000 titans in pre-alpha. And these titans cannot be permanently destroyed. Instead of needing to wait weeks to replace a lost ship due to the real life construction time, CIG will ensure the losing player receives a new ship in days instead of weeks.

I think I can safely say CIG jumped the shark with this ship sale. This is ridiculous.

Friday, May 1, 2026

Cloud Imperium Games Cash Shop Revenue Up 42.4% In April 2026

The powerhouse marketing team at Cloud Imperium Games started off the second quarter of 2026 strong, setting a new record for cash shop sales in the month of April. Revenue increased by 42.4% compared to April 2025, reaching nearly $11.3 million last month. For the year so far, cash shop sales for the first four months of 2026 reached $38.7 million, a year-over-year increase of 15.8%

The $967.8 million displayed on the Roberts Space Industries funding page at the end of March was not a comprehensive accounting for all of CIG's revenue since the project's Kickstarter in October 2012. Overall, the company has recorded $1,092.2 million ($1.09 billion) in confirmed revenue (the funding page & the 2023 financial report).

  • Sales/Pledges: $967.8 million (through 30 April 2026)
  • Other cash shop revenue: $2.3 million (through 31 December 2023)
  • Subscriptions: $39.5 million (through 31 December 2023)
  • All other sources: $82.6 million (through 31 December 2023)

In addition, the company has received a total of $68.25 million in outside investment. According to the 2023 financial report, $4.8 million of the amount was returned to investors in 2020 and another $1.9 million in 2023. Including the outside investment money, the total amount raised by CIG to create Squadron 42 and Star Citizen is $1.160.5 million ($1.16 billion), or $1.153.8 million ($1.15 billion) when excluding the returned funds. An additional $12.6 million in loans issued in March 2025 and due for repayment on 31 December 2027 are not included in the total.


With marketing activity advertising Squadron 42 picking up I'd wager a lot of people want to see the amount of accounts created each month grow. In April, the amount grew by 62.9% year-over-year up to 90,115. The big YoY increases should end in a couple of months but until then new account creation will run wild. Through the first four months of 2026 new account creation is up 96.7%

What to watch for in May: The cash shop will probably experience a new monthly sales record next month. The traditional May sale, Invictus, is being replaced by one sponsored by Drake. If the sale brings in over 10% in increased sales the record of $31,938,644 set in November 2025 will fall.

Also, will CIG announce a publishing partner for China? Without one, Squadron 42 cannot launch in the People's Republic.

Finally, will CIG publish its 2024 global financial report? The 2023 report was released on 2 May 2025. As of the time I finish this post CIG still has not published anything.

Tuesday, April 28, 2026

Brian Chambers, Vice President of Game Development, Departs Cloud Imperium Games

Here's a personnel move I did not expect to happen over at Cloud Imperium Games.  Brian Chambers, the Vice President of Game Development, has stepped away from the company.

I'm not really sure how to view the departure of Chambers from CIG.  Chambers was one of a group of former Crytek developers who left the company to work for CIG. He founded the Frankfurt office of Foundry 42, the studio that primarily worked on Squadron 42 back in 2015. From the Star Citizen Wiki, Chambers became primarily focused on Squadron 42 in 2019.

I don't know if this is good news for the release of Squadron 42 or bad. Is the game far enough along in development that such a critical leader in the company can leave without issues arising? Rumors have it we might find out sometime in May.


Wednesday, April 1, 2026

Cloud Imperium Games' Cash Shop Revenue Down 3.8% YoY In March 2026

The powerful money-making machine known as Cloud Imperium Games hit a slight bump in the road in March. The company's online cash shop saw year-over-year sales fall 3.8% down to $9.7 million in the final month of the first quarter of 2026. Still, for the quarter sales were up 7.5% over the same period in 2025 with revenue of $27.4 million. The figure was a record amount for the company for Q1 of any year.


The $956.6 million displayed on the Roberts Space Industries funding page at the end of March was not a comprehensive accounting for all of CIG's revenue since the project's Kickstarter in October 2012. Overall, the company has recorded $1,081.0 million ($1.08 billion) in confirmed revenue (the funding page & the 2023 financial report).

  1. Sales/Pledges: $956.6 million (through 28 February 2026)
  2. Other cash shop revenue: $2.3 million (through 31 December 2023)
  3. Subscriptions: $39.5 million (through 31 December 2023)
  4. All other sources: $82.6 million (through 31 December 2023)

In addition, the company has received a total of $68.25 million in outside investment. According to the 2023 financial report, $4.8 million of the amount was returned to investors in 2020 and another $1.9 million in 2023. Including the outside investment money, the total amount raised by CIG to create Squadron 42 and Star Citizen is $1.149.2 million ($1.15 billion), or $1.142.6 million ($1.14 billion) when excluding the returned funds. An additional $12.6 million in loans issued in March 2025 and due for repayment on 31 December 2027 are not included in the total.

For those keeping track of new user account creation, year-over-year the number increased 97.1%, from 25,946 in March 2025 to 51,129 in March 2026. For the first quarter of 2026, the YoY amount increased by 118.5%. I don't know enough to know if the majority of the accounts were legitimately new people drawn to Star Citizen or if CIG held a sale with major benefits that would lead existing players to create new accounts.

What to watch for: We finished the first 3 months of 2026 without CIG publishing its financial report for 2024. That report would give some indication as to how well the company did in 2025. In 2023 CIG spent $162 million, which is more than the $155 million the cash shop recorded last year. Newer data on company expenditures would help put 2025's record cash shop sales in better perspective. Knowing the burn rate would also help put 2026's record Q1 cash shop sales into perspective as well.

Another item to look for is news about the release of CIG's upcoming single-player game Squadron 42. If the game is going to have a simultaneous global launch, the company needs to announce a publisher for the People's Republic of China in the next few months. We also need to hear news about the game "going gold". That is, the code is in its final state for release.

Finally, we need to watch the cash shop revenue. If sales in the upcoming quarter match those of Q2 2025, the world will see the counter on the cash shop hit $1 billion near the end of June.

Sunday, March 1, 2026

Cloud Imperium Games Sales Surge 21.8% In February 2026

For those wondering if the shutdown of Intrepid Studios and Ashes of Creation would negatively affect Cloud Imperium Games, never fear. The developer of the upcoming games Squadron 42 and Star Citizen recorded record cash shop revenue for the month of February of nearly $9.4 million. The monthly total is a year-over-year increase of 21.8% compared to last year's record total of $7.7 million. For the year, the Cloud Imperium cash shop has raked in $17.8 million, an increase of 14.9% over the first two months of 2025. The lifetime revenue for the CIG online cash shop since November 2012 to the end of February 2026 was $946.9 million.


The $946.9 million displayed on the Roberts Space Industries funding page at the end of January was not a comprehensive accounting for all of CIG's revenue since the project's Kickstarter in October 2012. Overall, the company has recorded $1,071.3 million ($1.07 billion) in confirmed revenue (the funding page & the 2023 financial report).

  • Sales/Pledges: $946.9 million (through 28 February 2026)
  • Other cash shop revenue: $2.3 million (through 31 December 2023)
  • Subscriptions: $39.5 million (through 31 December 2023)
  • All other sources: $82.6 million (through 31 December 2023)

In addition, the company has received a total of $68.25 million in outside investment. According to the 2023 financial report, $4.8 million of the amount was returned to investors in 2020 and another $1.9 million in 2023. Including the outside investment money, the total amount raised by CIG to create Squadron 42 and Star Citizen is $1.139.6 million ($1.14 billion), or $1.132.8 million ($1.13 billion) when excluding the returned funds. An additional $12.6 million in loans issued in March 2025 and due for repayment on 31 December 2027 are not included in the total.

  

New user accounts: While the number of new accounts generated does not have a relationship to money spent in the cash shop, many existing Star Citizen players find comfort in the statistic. Those players have a lot to celebrate as year-over-year new account creation in February rose 200.7% to 78,364. For the year, players have created 136,787 accounts, a 127.7% increase over the 60,062 created in the first two months of 2025.

What to watch for: We head into the month of March with CIG not publishing its financial report for 2024. That report would give some indication as to how well the company did in 2025. In 2023 CIG spent $162 million, which is more than the $155 million the cash shop recorded last year. Newer data on company expenditures would help put 2025's record cash shop sales in better perspective.

The other piece of news to look for is a release date for Squadron 42. I figure CIG will give 6 months advance notice on the release of the game. If a date is not published in March then assume the earliest the game will come out is in November or December.

Sunday, February 1, 2026

Cloud Imperium January 2026 Sales Revenue Up 8.1% Year-Over-Year

Year 2 of the new leadership team's reign over Cloud Imperium Games began on a solid note, recording an 8.1% year-over-year increase in cash shop sales. Last month set another record for January with $8.4 million in sales according to the CCU Game Dashboard. While not explosive growth like January 2025's 44.2% YoY growth in cash shop revenue, the growth is in-line with my expectations of a 10% growth in sales in 2026 if sales of Squadron 42 are not included in the cash shop total.


As a note for 2026 I will continue the practice of adding the previous year and the 3-year average in the monthly sales chart. I like the three year average because I feel it gives a longer-term historical perspective. I have the feeling the metric will make CIG's marketing department look good in 2026. For January, sales were 20.6% over average sales in January for 2023-2025.

The $937.6 million displayed on the Roberts Space Industries funding page at the end of January was not a comprehensive accounting for all of CIG's revenue since the project's Kickstarter in October 2012. Overall, the company has recorded $1,061.9 million ($1.06 billion) in confirmed revenue (the funding page & the 2023 financial report).

  • Sales/Pledges: $937.5 million (through 31 January 2026)
  • Other cash shop revenue: $2.3 million (through 31 December 2023)
  • Subscriptions: $39.5 million (through 31 December 2023)
  • All other sources: $82.6 million (through 31 December 2023)
In addition, the company has received a total of $68.25 million in outside investment. According to the 2023 financial report, $4.8 million of the amount was returned to investors in 2020 and another $1.9 million in 2023. Including the outside investment money, the total amount raised by CIG to create Squadron 42 and Star Citizen is $1.130.1 million ($1.13 billion), or $1.123.4 million ($1.12 billion) when excluding the returned funds. An additional $12.6 million in loans issued in March 2025 and due for repayment on 31 December 2027 are not included in the total.

I realize that including data from 2023 in an article covering the first month of 2026 isn't great, but Cloud Imperium has a history of not providing financial data in a timely manner, even to governments. For example, CIG has failed to submit its financial accounts to UK Companies House by the 30 September deadline in 5 of the last 6 years. Stale data is just a fact of life when observing CIG.


New user accounts - For those interested in the number of new accounts created, January was the 8th month in a row the number of new accounts rose year-over-year. The streak began one month before the implementation of the new referral system in July 2025. 

In January new user account creation increased by 71.8%, to 58,423, compared to January 2025's 34,005 accounts. The major change in the monthly charts in 2026 is the removal of an attempt to project the number of accounts created in a month. Between the effectiveness of the new referral system and the expected release of Squadron 42 sometime in 2026 I couldn't come up with a way to model the result.

What to look for - I see three things observers should be on the lookout for that might affect the numbers.

1. Fallout from the shutdown of Ashes of Creation. Tomorrow Intrepid Studios shuts down operations, thereby killing the game, such as it was. Will any of the fallout from AoC's collapse splash onto Cloud Imperium Games and Star Citizen? Theoretically no, but if Squadron 42 does not launch this year, expect the cries of "Scam Citizen" to echo even louder than in the past.

2. Publication of 2024's financial report. Cloud Imperium is in a bit of a Catch-22 situation. Don't release the report in February and get accused of hiding bad news. Not a good look following the collapse of Intrepid Studios. But due to Cloud Imperium's practice of greatly delaying financial news, a release now would probably be bad as the company is expected to have lost millions of dollars in 2024.

3. The new patch release cycle. The constant release of new content last year helped retain interest and increased spending to new heights. Will the new bi-monthly (every other month) release schedule slow down interest? I believe February is the first month without a scheduled patch release in quite awhile. Will  year-over-year revenue decrease?