Game Discussions Star Citizen Discussion Thread v12
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Hang on a minute...isn't that Trump's reciprocal tarrifs board?
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Shock, in poll, players want devs to do more faster, now here is Carl with the weather.
Hang on a minute...isn't that Trump's reciprocal tarrifs board?
Nah, it wasn't generated with ChatGPT.
I'm sorry, Trish, the weather is currently being refactored. Back to you.
It probably did. But those only work if they can sell it and they have their own figures on how good sales have been for the last few years.
Let's find out...
Financials are up
---
EDIT:
First thing that jumps out...
TLDR:
Costs up 57%
Net loss of £8.4m (vs net gain of £8.3m in 2022)
All of this just for UK, so potentially doubled for global operations. Does include the Turb acquisition as a one-off cost.
---
TLDRTTLDR:
Those statues don't come cheap
Financials are up
---
EDIT:
First thing that jumps out...
Reported revenue:
2023: £47.9m
2022: £44.6m
Other operating income (tax credits etc)
2023: £11.8m
2022: £6.9m
Costs:
2023: £67.7m
2022: £43.2m
Net:
2023: (£8.4m) [loss]
2022: £8.3m
Reported revenue change:
7%
Other operating income change:
58%
Costs change:
57%
Net change:
-200%
2023: £47.9m
2022: £44.6m
Other operating income (tax credits etc)
2023: £11.8m
2022: £6.9m
Costs:
2023: £67.7m
2022: £43.2m
Net:
2023: (£8.4m) [loss]
2022: £8.3m
Reported revenue change:
7%
Other operating income change:
58%
Costs change:
57%
Net change:
-200%
TLDR:
Costs up 57%
Net loss of £8.4m (vs net gain of £8.3m in 2022)
All of this just for UK, so potentially doubled for global operations. Does include the Turb acquisition as a one-off cost.
---
TLDRTTLDR:
Those statues don't come cheap
Attachments
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Some fun ones dug up by guys deeper into the honey pot 
An existing shareholder has loaned them £10m. Payable Dec 31st 2027:
(So whoever it was nabbed those Q1 shares got them as a freebie and gave CIG the $10m loan in return?)
The Calder's have a new put option for 2027. Now pegged to 'within 30 days of the financial statements being delivered' instead of 'Q1'
(IE the FY2025 accounts are supposed to drop Dec 31st 2027 etc. The other minority holder seems to have had their put option brought forward from 2028 to 2027 as well?)
The auditors have a £5m cap on liabilities for this audit.
(Pretty sure this is new)
The Qualified Opinion is back...
The auditors fear shenanigans...
(PwC actually included this last year too but we missed it. Possibly relates to the tracker? Or even CIG's financials blog itself?)
An existing shareholder has loaned them £10m. Payable Dec 31st 2027:
(So whoever it was nabbed those Q1 shares got them as a freebie and gave CIG the $10m loan in return?)
The Calder's have a new put option for 2027. Now pegged to 'within 30 days of the financial statements being delivered' instead of 'Q1'
(IE the FY2025 accounts are supposed to drop Dec 31st 2027 etc. The other minority holder seems to have had their put option brought forward from 2028 to 2027 as well?)
The auditors have a £5m cap on liabilities for this audit.
(Pretty sure this is new)
The Qualified Opinion is back...
The auditors fear shenanigans...
(PwC actually included this last year too but we missed it. Possibly relates to the tracker? Or even CIG's financials blog itself?)
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And that was years ago. Still don't how this this successful project needs loans.
The loan bit at least seems to be recent. If I'm understanding the 'On 03 March 2025, the group has drawn down £10 million under a loan facility'.bit right anyway. (Although I don't understand why it'd be in the 2023 accounts, unless it was tied to required shareholder declarations etc. Also I don't understand accountancy
)
The Calder's have a new put option for 2027. Now pegged to 'within 30 days of the financial statements being delivered' instead of 'Q1'
The sentence ends unexpectedly.
For 1,599,900 shares their first put rights are exercisable ...
(2027 and 2030) and for all 1,877,400 shares.
What for all?
Infatrade's option was in Q1 2028 and now 31 Dec 2027.
tbf, that reads like boilerplate to me. The auditors must evaluate where the directors could cheat if they were to cheat.
The "resolution dated 29 July 2024" was not filed with Companies House.
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It seems they've got a £10m liability to return their offices to their original state on termination of the lease...
(Reckon they'll just stick a Vanduul behind the coffee counter and run
That's it - they're really in trouble!
It's not clear whether the existing shareholders are one and the same or not. In January, they sold shares for 5 million, then loaned another 10 million in March.
Could be because of the "directors are confident funds won't run dry for at least 12 months from the date of approval of the statements" bit.
A new company name. Turbulent France, Lyon. Dissolved in April 2024.
https://annonces-legales.lefigaro.fr/annonces-legales/turbulent-france-dissolution/
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Best year of funding in 2024 but they still needed a 10m loan in 2025... that's quite interesting.
Let's go over to Spectrum and see their response to the financial report...
robertsspaceindustries.com
Ah, main take so far, nothing to worry about, all good. No mention of taking a loan at all. Little engagement so far.
Next thread...
Ah, no other thread discussing the released report. Its almost like they don't care about the financials. One would think they might be considering that they need money to deliver the game.
There is this thread asking about them before it went live:
robertsspaceindustries.com
And this response:
Why should someone be entitled to demand a late financial report from a company you helped build with your money, that has spent the last 13 years failing to deliver on what was sold? Hmm... i can't imagine.
Of course, it got shut down by Nightrider... i expect the other thread will go the same way once people start bringing up uncomfortable points.
Let's go over to Spectrum and see their response to the financial report...
UK Group Summary Accounts 2023 - Star Citizen Spectrum
For your perusal. Expect the blog update any day now....
robertsspaceindustries.com
Ah, main take so far, nothing to worry about, all good. No mention of taking a loan at all. Little engagement so far.
Next thread...
Ah, no other thread discussing the released report. Its almost like they don't care about the financials. One would think they might be considering that they need money to deliver the game.
There is this thread asking about them before it went live:
Financials for 2023 when? - Star Citizen Spectrum
It has been 15 months since the financials for 2022 were published. When can we expect the financials for 2023, much less 2024? With the closure of the LA studio and ending in person citizencon...
robertsspaceindustries.com
And this response:
Why should someone be entitled to demand a late financial report from a company you helped build with your money, that has spent the last 13 years failing to deliver on what was sold? Hmm... i can't imagine.
Of course, it got shut down by Nightrider... i expect the other thread will go the same way once people start bringing up uncomfortable points.
Some interesting bits and piece in the GuardFreq hot take:
Source: https://www.twitch.tv/videos/2424282884?t=00h33m35s
- Tony ponders whether CR is the source for the loan. (Having taken out a loan on his own assets). He doesn't see the Calders / Turbulent / Infatrade as likely candidates.
- The Turb guys got 2 mil each up front in the buyout, and then £0.5m a year for a few years up to mid 2025. They took 'cash now' as their payback. (Which is sensible . But doesn't speak to huge confidence in the project.)
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This is interesting. Looks like salaries doubled between 2022 and 2023. Wow.
He makes the point there should be a shareholder report about the shares. Its a good point, CIG delaying it? Are they allowed to delay it?
Retention & turnover problem. They were losing critical people too fast.
Also, how much of that is in company shares?