Crypto shooter "Shrapnel" developer Neon Machine has been exposed to be in financial crisis

Neon Machine, the developer of the crypto shooter Shrapnel, is facing serious financial difficulties. As of now, the company has spent nearly $86.90 million in working capital, and its 2024 revenue reached $21.70 million, but high operating costs of about $33 million have kept it unprofitable, resulting in a net loss of $11.40 million.
According to sources, Neon Machine, which consumes as much as $2 million to $3.50 million a month, is currently in a state of cash exhaustion, with a large amount of outstanding debt and millions of dollars owed to external suppliers. Neon Machine's new round of financing originally scheduled to be completed in early 2025 also failed to materialize. Previously, the company completed a $20 million Series A round of financing in October 2023, led by Polychain Capital.