Copenhagen Flames posts $6,351 profit in 2021
Danish esports organization Copenhagen Flames has posted its financial results for 2021.
Brass tacks: The results cover January 1 to December 31, 2021.
- Gross profit of $1.38M (10.18M DKK) with staff costs of $1.39M (10.24M DKK).
- The organization states that its revenue increased by 283% year-on-year and it expects this to continue to grow in 2022.
- Its income for the year totaled $21,068 (154,933 DKK) and expenses reached $6,705 (49,309 DKK), producing an overall profit of $6,351 (46,718 DKK) when taking the previous $8010 (58,906 DKK) loss into account.
- Moving forward, the organization shared concerns for its future as it's reliant on its largest creditor to provide the capital necessary to proceed. Management expects a loss of 1-2M DKK for 2022 as the business invests in new areas.
Recommended reading → How esports organizations performed financially in 2021
The company: It's the only esports organization to release financial results for 2021 that are positive.
- Copenhagen Flames competes in Counter-Strike: Global Offensive and Fortnite and holds sponsorships with Elgiganten, Razer, OMEN by HP, and Red Bull, among other companies.
- The organization clarified in its annual report that, like most esports outfits, a heavy portion of its revenue comes from sponsorships. It cites competitive success as producing opportunities it didn't have prior.
- "With the publication of our first positive annual report we have reached another major milestone," said Copenhagen Flames CEO Steffen Thomsen. "And not least proven to the rest of the world of esports that you can deliver top results in a healthy and sustainable way."