Heroic lost $14.3 million in 2022
Danish organization Heroic published an annual financial account for 2022, in which the company reported a $14.3 million loss, according to Pley.gg, which analyzed the club's documents via the NOTC trading support system.
At the end of March, Heroic held several shareholder meetings to raise additional funds to support operations. After two unsuccessful attempts, the organization still managed to find a way out of the crisis and raise the necessary finances for further functioning.
The club has now shared a financial account, which reflects an acute shortage of cash. In addition, Heroic AS, a sister company to Heroic Group, presented a loss of $6 million.
According to the report, the organization more than doubled its salary cost in 2022. Also, Heroic require an additional cash injection to continue existing.
The Danish esports scene is going through hard times. In just the past month, Tricked and Copenhagen Flames have both gone bankrupt, announcing the closure.