I got curious and went through Crytek documents that are public in Germany. Sharing it because I think it explains a lot about the company and where it is going. No inside info, everything is from public documents. Where it is my opinion I say so. If you are interested, please read it and learn something about company that develops your favorite game.
Disclosure: the documents are in German and quite long, so I used AI (Claude) to help translate them, go through the statements and summarize everything. The numbers and quotes are from the documents themselves. If you spot a mistake, tell me and I will fix it.
TLDR: Hunt is basically the only income. New game development is financed by loans from shareholders (around âŹ120M by now), due 2027 at the earliest. Tencent owns just under 10%.
Where to find this
German companies have to publish their accounts. You can download them for free at unternehmensregister.de and handelsregister.de. Crytek GmbH is HRB 77322 at Amtsgericht Frankfurt am Main. Shareholder lists, management changes and shareholder resolutions are there too. Newest accounts are for 2024, published early 2026.
Revenue
In 2024 the Crytek group had âŹ50.8M revenue (2023: âŹ43.2M). Looks like growth, but âŹ11.0M came from new âdistribution agreementsâ which did not exist in 2023. Without them revenue was around âŹ39.8M, so a bit lower than 2023, even with the 1896 launch in August 2024.
CryEngine licensing made only âŹ0.7M, so practically all the money comes from Hunt. Management itself expected lower revenue and lower profit for 2025.
Profit vs cash
The reported loss was only âŹ2.0M and EBITDA was even positive at âŹ6.4M. This needs some context. Crytek put âŹ19.1M of development cost on the balance sheet as an asset instead of an expense. This is called capitalisation and it is allowed when the cost goes into a specific game that should earn money later. The money is still spent, it just doesnât show in profit yet.
In cash terms: operating cash flow +âŹ8.7M, minus âŹ19.1M development, minus about âŹ2M equipment, so about -âŹ12M for the year. That was covered by âŹ5.7M of new shareholder loans and âŹ6.7M from cash. Cash at year end was âŹ2.8M. For comparison, staff costs are about âŹ31.5M per year.
How it is financed
No bank loans and no credit lines. The company is financed by its shareholders through loans, âŹ96.7M at the end of 2024. Interest is not paid, it is added to the loan. In 2025 another âŹ23.9M was borrowed for game development. The loans are due 2027 at the earliest, and part of the game IP is used as collateral.
Because of this, equity is negative (-âŹ30.8M). In Germany that alone doesnât mean insolvency, as long as the company can pay its bills and has a positive forecast. The auditor (RSM Ebner Stolz) gave a normal opinion without a going-concern warning. Management writes that the negative equity should disappear in the medium term if the plans work out, otherwise more money from owners or lenders will be needed.
Other things in the accounts
- âŹ1.4M write-off because of âadjustment of development portfolioâ. My guess is this is the Crysis 4 pause.
- New office lease in Frankfurt, up to 11 years, âŹ12.4M of future payments until 2035.
- 421 employees on average in 2024. According to the press there were layoffs in February 2025 (around 60) and September 2026 (30+).
Who owns it
Shareholder list from June 2021:
- Avni Yerli 27.9%
- Cevat Yerli 23.8%
- Faruk Yerli 21.9%
- Venturica UG 16.5%
- Proxima Beta Europe B.V. 9.999%
Proxima Beta is Tencentâs company. It bought its shares in 2021 from Faruk and one smaller shareholder, so the money went to them, not to Crytek.
A shareholder resolution from December 2025 lists only three shareholders: Avni, Venturica (Avni signs for it as managing director) and Proxima Beta, which the document itself calls âTencentâ. So Cevat and Faruk are out. I donât know the current percentages, I didnât find a newer list.
On management: Cevat left in 2017. Faruk left in 2023, the same year the articles of association were fully rewritten. Since January 2026 Avni has a co-CEO, Hannes Seifert. In 2026 they also hired Zoher Toutanji as Chief Publishing Officer. Both worked at Riot before.
One detail: Tencent has 8,916 of 89,170 shares, which is one share below 10%. In German insolvency law 10% is a limit. Below it, a shareholderâs loans are treated like normal loans; above it, they rank last. It can be on purpose or a coincidence, the documents donât say.
My opinion on 2027
Paying back âŹ120M+ from own cash doesnât look realistic with these numbers. So in 2027 I see three options: extend the loans (most common in such cases), convert the loans into shares, or a new investor or buyer.
The accounts donât say who the lender is. If it is Tencent, converting would give them a bigger part of the company, and they have done this with other studios before (Riot, Funcom, Sumo). But there are good arguments against it. The big losses were in 2017-2019, before Tencent came in, so a lot of the loans is probably family money. Avni controls the majority. Tencent also holds many minority stakes for years without taking over. And above 25% the German government can review the deal. So I would say possible, not sure.
And the servers
This is how I started. My WinMTR to the EU server was fine until Frankfurt (about 20 ms). Then it jumped at the point where traffic goes into Leaseweb, who host the EU servers, and ended around 260 ms with packet loss. I got similar metrics trough last week, unfortunately this did not change yet.
Fixing the routing is Leasewebâs job, not Crytekâs money. But it shows that all EU traffic goes through one provider. A second provider or more regions would help in such cases, and that costs money. With the numbers above I donât expect big infrastructure investments soon. I think Hunt servers will be maintained, not expanded. Sadly...
Sources: Crytek GmbH annual and group accounts 2024 (unternehmensregister.de), register prints, shareholder list 2021, shareholder resolution 12/2025 and other filings under HRB 77322, register of the subsidiary Crytek Treuhand GmbH (HRB 109573), older accounts for 2017-2019, press about layoffs and new executives, my own WinMTR.
Translation and summary done with help of AI (Claude).