The 2025 annual report of Astralis CS ApS has been published, and its content is far from unproblematic.
Astralis CS ApS recorded a loss of 19 million Danish kroner (approximately 19.92 million yuan) and ended the year with negative net assets.
The auditors emphasized that there is significant uncertainty regarding the company's ability to continue as a going concern, as Astralis relies on capital injections and new loans that have not yet been secured.
Meanwhile, the company has recorded an impairment of over 3.3 million Danish kroner (approximately 3.46 million Chinese yuan) on player contracts, and the auditors also noted that incorrect VAT returns had previously been filed, which could expose management to liability.
Management noted that restructuring costs following the 2025 ownership change were higher than expected, with a series of one-off costs further weighing on performance.
However, significant improvement has occurred since then. Measures to turn around the financial situation have been initiated, and work to raise new capital for Q3 2026 is underway.
Condition is better than in previous years
The current situation of Astralis CS ApS is better than at the time of the previous annual report. According to the management report, the company obtained new liquidity from EIFO in April 2026 and expects a capital raise in the third quarter, which management believes will secure operations.
The previously incorrect VAT returns have been corrected, and management also wrote that 2025 was characterized by one-off costs that will not recur in the future.
However, this does not mean that economic conditions are already strong, only that the financial lifeline missing from the 2025 accounts is now falling into place, or has partially arrived.
Personnel costs have decreased, with headcount reduced from 18 to 11. Laying off seven people suggests Astralis has presumably completed their restructuring.
Although economic conditions remain weak and auditors continue to point to going-concern uncertainty, the company is no longer in as urgent a danger zone as it was at the end of 2025.
Going concern means a company is expected to remain in operation for at least the next 12 months.
Jonas Gundersen is the co-founder of Fusion Esport Group 1 ApS, and together with the company's CEO Jakob Lund Kristensen, he took over the shares of Astralis Management ApS, which holds 100% of Astralis CS ApS.
Therefore, this annual report marks the "commemoration" of the first anniversary of the new management taking office.