No Changes To Cloud Imperium Ownership In 2026

On Wednesday Cloud Imperium's confirmation statement was posted by UK Companies House. For the first time since 2022 the company was able to file the form without updates. From my perspective, not needing to update any information is a good thing.

But what exactly does a confirmation confirm? UK Companies House provides a nice page about confirmation statements.

• Registered office address and single alternative inspection location (SAIL), if applicable.
• Officers: Names, dates of birth, service addresses, and residential details of directors and company secretaries.
• Persons with Significant Control (PSC): Individuals or legal entities holding more than 25% of shares or voting rights, or who otherwise exercise control.
• Principal business activities: Standard Industrial Classification (SIC) codes describing what the business does.
• Share capital and shareholder information: Total number of shares issued, aggregate nominal value, currency, and a list of shareholders (including changes in shareholdings since the last statement).
• Registered email address: A valid contact email for Companies House correspondence (introduced under the Economic Crime and Corporate Transparency Act).
• Lawful purpose statement: A formal confirmation that the company's intended future activities are lawful.

In 2023 Cloud Imperium needed to provide an update to the shareholder information. In October 2022 the company conducted a 10:1 share split which was recorded the following year. In July 2023 the company allocated 30,120 shares to the founders of Turbulent in association of the Turbulent acquisition.

In 2024 the retirement of CIG co-founder Ortwin Freyermuth resulted in wholesale changes to ownership. The Calders' ownership stake in CIG rose to 23.1%, with Keith Calder's Indus Management holding 20.7% of the company's shares.

In 2025 Indus Management purchased 247,520 shares of CIG for $5 million, pushing the Calder's combined ownership of the company up to 23% and Keith Calder's shares accounting for 22.4%. According to the UK Companies House information on confirmation statements, Keith Calder's name will have to appear if Indus Management reaches 25% of the shares. The additional £10 million loan presumably also from Indus does not need to be disclosed in confirmation statements.

But as of last week the Calders combined and individual stakes don't reach the level of requiring such disclosure to the UK government. Of course, we do have the example of 2022's stock split that was performed a month into the next year's disclosure window. But as of now everything looks relatively stable financially.

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.

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.

A Tempest In Star Citizen's Teacup

A couple of weeks ago the Cloud Imperium Games' marketing department dropped the ball and conducted a walk-through of a new version of the Siege of Orison. The nearly two hour stream went rather poorly.

The AI generated summary gives a decent description of the stream.

Jared Huckabee hosts a session with the Star Citizen development team to showcase the redesigned Siege of Orison mission. Using an internal build, the crew demonstrates the intended gameplay flow, group dynamics, and technical goals for this updated encounter.

This is what Huckabee had to say at the beginning of the stream...

Uh, what I was going to say, oh yes, so uh, as we announced earlier this week, we are playing Siege of Orison. There's been a lot of conversation about whether we're going to be playing live on the servers or on a private build and whatnot. We recognize the current state of the PTU. Let's just say that. It's why Siege of Orison was originally scheduled for 4.9 uh, last month. It's been delayed a whole month. It still needs time to cook. 

Uh basically we know we see the reports we play it ourselves we hear you what not. Uh playing today on the PTU doesn't really do what we wanted to do today. So we will be playing on an internal build. This is the game as it's designed to work uh as the wonderful engineers of the project work to harden the brand new instancing system which is the current source of the various performance issues that you're experiencing with Siege of Orison.

The nearly two hour stream went rather poorly, attracting a lot of attention from people outside the usual Star Citizen community. I think the first major YouTube creator to notice the stream was Kira. If one wants to hear about sketchy video games, Kira is a much watch.

Kira took the time to type out his own description.

Star Citizen is going super well. They're likely to reach 1.1 billion dollars of public crowdfunding by the end of 2026, their live version of the game has massive netcode problems and they decided to run an unscritped live gameplay demo of a mission on a private server dev build...The result was one of the most cringe, self destructive events of the game's history.

Kira's video caught the attention of Charlie White (not to be confused with The Space Pope Charles White who retired from NASA's Jet Propulsion Laboratory (JPL)). From the videos I've watched, Charlie represents the common person with little knowledge of Star Citizen. 

Also known as MoistCr1TiKaL, his rather critical take shook many in the Star Citizen community because of his 18+ million subscribers. AI added onto White's short description of "This is the greatest Star Citizen stream of All Time."

penguinz0 analyzes a recent promotional live stream for Star Citizen that showcased severe technical instability. The broadcast featured uncomfortable interactions between developers as they attempted to demonstrate mission gameplay, highlighting ongoing concerns regarding the project's long-term development status and its unconventional crowdfunding model.

Next up is a segment from Phillip DeFranco's daily news show. 

If the Star Citizen community didn't appreciate Cr1TiKaL's take on the stream, then they probably hated DeFranco's description of the stream as a "sadomasochistic humiliation kink ritual". His comment about "Never mind GTA 6, GTA 5 hadn't been released yet" to reference the project's age certainly addressed a defense used by many Star Citizen white knights to justify the development costs and time of Star Citizen so far.

Finally I want to bring up a video by ObsidianAnt.  The YouTube creator with over 330,000 subscribers usually concentrates on sci-fi video games that feature spaceships.

ObsidianAnt actually points out some of the things in his video that have bugged me about Star Citizen. His description of his video I think points out, if not an issue, then the irony of the current situation.

The dream space game has been something people have chased for decades. Star Citizen is at the front of the pack for trying to achieve that dream.  However a recent livestream ended in disaster, going viral to millions of people, and not even showing any space content.

But despite the controversy, does anyone in the general public really care? Grand Theft Auto 6 is set to release in less than 3 months. Take-Two has suffered GTA 6 leaks for 6 days in a row. With initial sales data starting to make its way public, the studio has sold 4.38 million units for $429 million in preorders. Analysts are estimating preorders could reach 20-25 million units, bringing in up to $2 billion in revenue. One of the biggest video game stories of 2026 & 2027 will be GTA 6.

So that begs the question. Is anyone really going to care about Star Citizen, a game that will launch sometime in 2032 if things go right? Squadron 42? Sure. That may launch in the next 6 months. But 6 months is a huge difference from 6 years. Unless SQ42 is a disaster Star Citizen still has a long time to cook.

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.

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.

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.

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.

Star Citizen's Odin: When Is Enough Enough?

Cloud Imperium Games is experiencing record-setting cash shop revenue this month based on the sale of a concept ship, the Odin-class battlecruiser. Huge ships like the Odin are ideal content for when the Star Citizen developers finally put in base building and player-owned space stations. One of the things promised to players at CitizenCon a couple of years ago was the ability to build the big powerful ships that only exist in the lore. But did the current sale go too far into spawning this one class of ships into the game?

Based on the first day of sales, I thought CIG had sold 3,000 Odins combined between fresh money and store credits. BoredGamer, a YouTuber who has covered Star Citizen for a decade, thinks the final number is more around 6,000 ships. That's an awful lot of ships, especially since they won't be available for another 2-3 years.

The question I have is: did CIG sell so many ships that players will have little to no need to build their own? The ship has a crew requirement of 33-65 players to fly well. Will Star Citizen have enough players to crew all the ships without feeling the need to build their own?

As a comparison, EVE Online reached its historical peak concurrent usage on 5 May 2013 with 65,303 accounts logged in. If everyone logged into the game at that time were to magically transfer to Star Citizen and crew Odins, they could only crew between 1004 and 1978 ships. A player on BoredGamer's Discord server took the comparison an extra step. He compared the staffing requirements of the Odin to the United States Navy. According to Wikipedia, the Navy has 344,600 active and 57,500 reserve members. To crew the fleet of Odins sold over the last few days the US would need to dip into the reserves as to fully crew 6000 Odins requires 390,000 players.

Even if one assumes between 1 in 4 and 1 in 6 active players is logged in at any one time, Star Citizen has probably reached the limit of Odins the game can support. I imagine recruiting Odin owners instead of building them will become the preferred way of organizations obtaining the powerful ships. Good for those rich enough in real life to afford an Odin, but probably not so good for those just entering the game.

In the meantime those Odin owners will fly around the 'verse in their loaner ships, the Idris-P. But I really think CIG jumped the shark by spawning so many of the powerful ships, especially since the only way they can be removed from the game is the owner to stop playing and logging in.

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.

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.

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.

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.

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?

Cloud Imperium Financial Report For 2024 Still Not Published

When the subject of who's more annoying comes up, Star Citizen white knights vs Star Citizen haters, the haters win, hands down. In fact, one of the wonderful things about using Copilot is I don't have to look at the Star Citizens Refunds sub-reddit anymore. The Star Citizens Refunds sub-reddit makes the EVE Online sub-reddit look like the official forums for Hello Kitty Online.

But the white knights often are pretty annoying, especially when the subject of Cloud Imperium's finances comes up. I can't really blame them too much, though. Cloud Imperium has a pretty deceptive way of releasing its financial information to make the company look healthier than is the case.

First, the figure most people know about is the counter for cash shop revenue. Updated multiple times an hour, CIG provides a total of money raised through the officially named Pledge Store. A lot of players, haters, and drive-by gaming journalists assume the counter represents 100% of CIG's revenue since 2012. That assumption is incorrect as CIG's 2023 financial report shows that cash shop sales only accounted for 84% of revenue through the company's first 12 years of existence. In fairness, CIG to my knowledge has never said the counter represents total revenue. People just make the assumption, which is why I used the word "deceptive" earlier.

The second part is the financial report Cloud Imperium posts on its official corporate website. Those reports show all revenue plus all expenses for a year. But as those reports are posted no sooner than 50 weeks after the end of the year, the financial data is a little stale. Below is an example of how I reported on Cloud Imperium's revenue through the end of 2025.

The $929.1 million displayed on the Roberts Space Industries funding page at the end of December was not a comprehensive accounting for all of CIG's revenue since the project's Kickstarter in October 2012. Overall, the company has recorded $1.053 billion in confirmed revenue (the funding page & the 2023 financial report).

• Sales/Pledges: $929.1 million (through 31 December 2025)
• 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)

Notice all the references to 2023? That's because, unlike the reports for 2018-2021, the reports for the last 3 years were published after the start of the new year. Well, assuming CIG publishes a financial report for 2024.

History of posted CIG financial reports

A look at the history of the publication dates and profit and loss numbers don't really explain why the last few years were published after December 31st. Blaming the $20.1 million loss experienced in 2023 for that year's report coming out 5 months late isn't consistent with both 2018 & 2019's reports coming out in December. Combined, CIG lost $17 million in those two years.

If the contents of the reports isn't causing the delays, the problem is structural in nature. I've come up with three reasons the 2024 financial report still is not published.

1. The absence of Ortwin Freyermuth. While Roberts' long-time business associate and CIG co-founder Ortwin Freyermuth resigned from the board in June 2024, I think the company still feels the effects of his departure. The pair went back to Roberts' ownership of Ascendant Pictures and the production of Lord of War in 2005. I always had the impression Freyermuth kept things as organized as he could. But after 19 years of dealing with Roberts, he deserved to retire.

2. Issues with the audit. While CIG actually submitted their 2024 financial report to UK Companies House on time for the first time in six years, the audit did find a major irregularity. The entire agreement concerning the put option for the Calders was once again flagged by PriceWaterhouseCooper. While most likely causing a significant delay publishing the 2022 account, I'm not sure about the effects on the 2023 report. We'll just have to read the report when posted on CIG's website.

3. The acquisition of Turbulent. Yes, in the year 2026 I am still writing about the acquisition of Turbulent. I'm really interested to see how the financial report handles the situation. Not only because the sale will show up in the CAPEX section. Turbulent was still working on non-CIG projects. Will the company count the funds and employees working on those outside projects in the total? Or will those expenses be excluded in the report. The issues Turbulent brought are the most complex I've seen CIG involved with. Yes, even more complex than the Calders' put option.

Having completed the post I know I'm going to hear from the white knights. I will definitely be labeled as a hater who just doesn't understand what Chris Roberts is trying to accomplish. But all I want to do is finish up on the year 2024 and put that year's story to bed. Preferably before CCP Games accounts for 2025 become available in May.

Chris Roberts' Continuity Error In His Letter From The Chairman 2025

Chris Roberts, the co-founder and CEO of Cloud Imperium Games, really liked making movies. Before starting work on the Star Citizen project, Roberts produced movies such as The Lord of War, Lucky Number Slevin, and The Punisher. Since he's familiar with the concept, I think he should appoint a continuity supervisor for his Letters from the Chairman, because I think I found an error in this year's entry in the series.

Roberts really talked up some statistics from 2025.

We had record-setting engagement this year, with more than 64 million hours played in Star Citizen (up from 48 million in 2024). You set new records in peak concurrency and unique daily users, and we saw huge increases in every metric, including 40-60% increases in average daily users and average peak concurrency. We also saw huge improvements in server stability with 57% fewer player disconnections per 1 million player hours compared to 2024.

Impressive numbers unless one is suspicious. Or nosy. Seeing the statistics I wondered if Roberts always included statistics like these, I started reading some of the older letters. Needless to say, I found a continuity error in the 2024 Letter from the Chairman.

Over one million of you have played 32 million hours in the game this year, and our ranks have swelled by almost half a million Citizens. 

Now I was totally distracted from the narrative Roberts was trying to sell; that of a rapidly growing game. But if the number of hours played actually doubled, no wonder so many content creators were proclaiming that so many new players had taken up Star Citizen. 

I found I had accidently stepped into a rabbit hole and started trying to track down the way out. The 2023 letter didn't have hours played but did state the year had the highest ever. The 2022 letter, however, had a solid number, 46 million hours played.

The above is why I say Roberts needs a continuity supervisor. A drop from 46 million hours in 2022 down to 32 million hours makes sense since the number of new accounts created per year dropped by 44.3% from 2022 to 2024. Then the huge increase from 2024 to 2025 also makes sense considering the rapid rise in new accounts created (46.2%). In fact, using 32 million hours fits perfectly with the message of lots of renewed interest plus better server performance leading to a doubling of hours played.

So where did the 48 million hours played come from in the 2025 letter? Did Roberts just make a number out of thin air? In my eyes that seems the case. A careless and sloppy mistake. Another reason why those who support the development of Star Citizen tend to want Roberts to be heard rarely, if at all.

Cloud Imperium Games Records $155.1 Million In Cash Shop Sales For 2025

According to the player-run CCU Game funding dashboard, Cloud Imperium Games has earned $929.1 million in sales through its cash shop at Roberts Space Industries from October 2012 through the end of last year. For 2025, the company recorded $155.1 million, a 33% increase from 2024's total of $116.7 million.

The $929.1 million displayed on the Roberts Space Industries funding page at the end of December was not a comprehensive accounting for all of CIG's revenue since the project's Kickstarter in October 2012. Overall, the company has recorded $1.053 billion in confirmed revenue (the funding page & the 2023 financial report).

• Sales/Pledges: $929.1 million (through 31 December 2025)
• 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 $1.122 billion, or $1.115 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 streak is over - December marked the first time in 12 months cash shop sales did not experience increased year-over year (YoY) sales. CIG "only" brought in $14.7 million in sales in December, the second-highest total in the company's history. The highest was the $18.7 million in sales in December 2024, resulting in a YoY decline of 21.2%. The longest streak of YoY sales increases occurred for 13 months, from September 2021 through September 2022.

A major reason for the decrease was the calendar shifting one day of the Intergalactic Aerospace Expo (IAE), Star Citizen's biggest cash shop event, from December to November. The other reason is that a ship sale that occurred in the middle of December 2024 was not repeated in 2025. Instead, less popular (and less expensive) items were sold instead.

Record 4th quarter sales - Despite the lower YoY December sales, the 4th quarter of 2025 set a record with the largest turnover in the company's history. The $58.6 million in cash shop sales was $7.1 million greater than the previous record of $51.5 million set in Q4 2023.

Record sales events - A major driver of revenue in the fourth quarter was the IAE. In 2025 the event brought in $34.8 million over 14 days, an increase of $10.6 million over sales in 2024 and $10.3 million over 2023. May's Invictus event, traditionally CIG's second largest sales event, brought in $24.2 million in 2025, a $4.9 million increase over 2024. The year-over-year increase in sales during those two events accounted for slightly over 40% of the increased cash shop sales in 2025.

New account creation bounces back - After two years of declines, new user account creation increased by 46.6% in 2025, up to almost 710,000. 

December was typical of new user creation since the institution of a new recruitment program 6 months ago. The 84,288 new accounts created in December represented a 83.5% increase over the number created in December 2024.

A lot of players (and content creators) are looking at the increase in new account creation as a major surge in interest in Star Citizen. The total number in the fourth quarter fuels the argument. The 265,264

accounts created in the last three months of 2025 was a 91.9% increase over the same period in 2024.

What to watch for - CIG's 2025 growth in cash shop sales promises to put the company back into profitability after 2023's loss of $20 million and assumed losses in 2024. Hopefully the 2024 financial report appears on the Cloud Imperium website in the next week or two so we can see other important information such as subscription revenue, other types of revenue as well as overall spending. Cloud Imperium has a history of spending more that the company brings. We won't know all the information about 2025 until CIG releases its annual financial report in December 2026 or January 2027. The 2024 report is the first bit of information the public will receive on how the company truly performed financially in 2025.