HEROIC has revealed insights into its financial performance last year, claiming profitability for the first time.
According to a post on HEROIC’s LinkedIn account, the esports organisation achieved ‘record-high’ revenue and earnings before interest, taxes, depreciation and amortisation (EBITDA).
HEROIC named high sponsorship income, ambitious agency work and revenue generated through player transfers as the main drivers of its financial success. Whilst HEROIC has celebrated its success, exact financial figures have not been revealed.
Last year, the organisation secured partnerships sportswear brand Joma and blockchain and cryptocurrency platform Polkadot. Following a multi-year deal with esports online crypto betting platform Thunderpick, the two companies launched the ‘Path to Pros’ Counter-Strike 2 tournament in June 2024.
“We’re incredibly proud of last year’s success, and very excited for our success to continue into 2025 through delivering excellent value to partners, producing top content and achieving competitive excellence,” shared HEROIC via LinkedIn.
The post also highlighted the esports organisation’s competitive successes in 2024, including a runner-up finish at the Fortnite Global Championship as well as third place at the Esports World Cup.
Moreover, HEROIC reached a notable achievement in its first year of competing in Dota 2 with its victory during the $1m (~£789,000) PGL Wallachia Season 2.
HEROIC’s Impressive Turnaround
Interestingly, HEROIC’s profitability claims come after the company experienced major financial struggles throughout 2023.
In March 2023, the organisation raised a NOK 10m (~£780,000) funding round to cover its day-to-day expenses and ensure HEROIC’s roster could continue competing.
However, HEROIC announced that it needed at least NOK 80m (~£6.2m) through 2025, with NOK 10m needed before the summer of 2023. In May of the same year, the publicly traded company accepted a cash offer from Krow Bidco AS to acquire all outstanding shares at NOK 2.0 (~£0.15) per share.
Founded in 2016, Norwegian esports organisation HEROIC competes in VALORANT, PUBG Mobile, Fortnite and Dota 2. The company is primarily known for its Counter-Strike 2 roster, which recently qualified for the Intel Extreme Masters (IEM) Dallas in May.
HEROIC is not the only esports organisation reporting impressive financial records this year. Last month, French organisation Karmine Corp claimed profitability for the second year in a row.