Firebyte Games, a company listed on the AeRO market in the wave of IPOs in 2021, is facing bankruptcy proceedings, after BRK Financial Group requested the opening of the proceedings at the Cluj Specialized Court, as a creditor. The file was registered on February 19, 2026, at the commercial section, with the object «opening the procedure at the request of the creditor», and is currently in the substantive stage. Up to this moment, no court hearings are scheduled and there are no appeals. The bankruptcy request comes in a fragile financial context, reflected both in the stock market evolution and in the most recent financial results of the company. Firebyte Games currently has a capitalization of approximately 1.2 million lei, and the shares have decreased by approximately 30% recently and by approximately 70% in the last year. In the first half of 2025, the company reported total revenues of 42,553 lei, down 45% compared to the same period in 2024, as it failed to obtain any new contracts. The turnover stood at 42,016 lei, minus 41% year on year. Total expenses were reduced by 20%, up to 696,708 lei, but not enough to return the activity to profit. Firebyte Games ended S1 2025 with a net loss of 654,155 lei, slightly lower than the loss of 791,890 lei in S1 2024. At the operational level, EBITDA remained negative, minus 85,497 lei, although it represents a significant improvement compared to the minus 517,351 lei recorded in the first half of 2024, against the background of the drastic reduction in expenses with personnel and other operational costs. At the same time, depreciation expenses and value adjustments increased strongly, to 566,636 lei, reflecting the pressure of asset depreciation. The balance sheet shows an accelerated contraction of the size of the company. On June 30, 2025, total assets amounted to 1.8 million lei, down 28% compared to the end of 2024, due to the decrease in fixed assets and the reduction of receivables. Equity decreased to 0.94 million lei, minus 41% compared to the end of last year, as a result of the accumulated losses. Total debts stood at 0.86 million lei, slightly below the level from the beginning of the year. The company operates mainly in Romania, but is oriented towards the mature markets of Europe and the United States, exposure that amplified the impact of the deterioration of the global macroeconomic context. The management indicates as the main factors the steep decrease in publishing opportunities, the change in trends in the gaming industry – from hyper-casual games to more complex titles -, the restriction of external collaborations in IT and the decline of the blockchain and Web3 segment. In S1 2025, Firebyte Games failed to capitalize on its portfolio of «Age of Battles» and «Rogue Blast» games, despite promotional efforts. In parallel, the company went through internal tensions, after the General Meeting of Shareholders rejected the income and expenditure budget and the investment plan for 2025, and in September the sole administrator announced his resignation, effective from October. The shareholding structure shows that individuals own about 49.5% of the company, BRK Financial Group about 37%, and SAI Broker almost 10.8%.
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