Pearl Abyss Iceland ehf. filed its 2025 consolidated financial statements with the Icelandic company registry. KPMG signed the audit. The numbers confirm more than anyone in the community has noticed.
On April 21, 2026 — nine days before the MBO announcement — Kyung-man Kim signed the Board of Directors endorsement for Pearl Abyss Iceland ehf.’s consolidated financial statements. The signature block says Seoul. The auditor’s report says Reykjavik. KPMG ehf. issued an unmodified opinion.
The filing is public. It’s on skatturinn.is, the Icelandic national registry. Company number 660218-1570. Click “Gögn úr ársreikningaskrá.” Thirty-five pages, all in USD, IFRS-compliant.
I’ve read every page. Here’s what you need to know.
I. The top line: EVE is growing
Game revenue: $65.3 million. Up from $60.2 million. An 8% year-over-year increase driven almost entirely by subscriptions and in-game sales, which grew from $55.0 million to $60.8 million.
The Board of Directors says it in print: “EVE Online maintained strong player engagement throughout the year and delivered its strongest revenue performance in several years.”
North America accounts for $36.5 million. Europe $18.8 million. Asia dropped from $9.3 million to $7.4 million — likely reflecting the Galaxy Conquest royalty structure shift from Pearl Abyss’s Shanghai studio.
Gross margin is 89.8%. For context, most game studios would kill for 60%.
II. The loss is deliberate
Operating loss: $29.0 million, up from $22.2 million. Net loss: $28.8 million, up from $19.4 million.
The spending:
| Category | 2025 | 2024 | Change |
|---|---|---|---|
| R&D | $47.5M | $45.3M | +5% |
| Marketing | $17.9M | $13.4M | +34% |
| Publishing | $4.4M | $3.9M | +13% |
| G&A | $22.2M | $21.4M | +4% |
| Total opex | $92.1M | $83.9M | +10% |
Revenue grew 8%. Spending grew 10%. The gap widened on purpose.
The board says this directly: the losses are “the continuation of the Group’s deliberate and increased fully funded investment in multiple active development projects — including EVE Frontier, EVE Vanguard, and the Carbon open-source platform — which are scheduled to enter key release phases from mid-2026 onwards.”
Carbon is named in the audited financials for the first time. Mid-2026 is months away.
III. $57.8 million in token warrants
This is the number that matters.
Note 16 breaks out deferred revenue — money CCP has already collected but not yet recognized as revenue because the performance obligations haven’t been satisfied:
| Category | Current | Non-current | Total |
|---|---|---|---|
| Subscriptions | $5.3M | — | $5.3M |
| In-game purchases | $6.6M | — | $6.6M |
| Exclusivity right | — | $2.7M | $2.7M |
| Token warrants | — | $57.8M | $57.8M |
| Total | $11.9M | $60.4M | $72.3M |
In the previous thesis, I cited $37.5 million in token warrants from the 2022-2023 period. That was the number available at the time. The 2025 filing updates it: $57.8 million. A $20.3 million increase in a single year.
Note 20 tells you where the increase came from: “During the year, the Group acquired USD 669,594 of Right-of-use assets under a lease contract and received other intangible assets of USD 20,250,000 in return for the sales of token warrants which are not reflected in the Statement of Cash Flows.”
Read that again. CCP received $20.25 million in intangible assets — not cash — in exchange for token warrants. A non-cash swap. Tokens for the right to receive future tokens.
The timing matches the October 2025 announcement of CCP’s strategic collaboration with Mysten Labs and the Sui network. CCP migrated EVE Frontier from Ethereum to Sui and announced partnership infrastructure. The consideration appears to have been Sui tokens.
There’s also a new line that didn’t exist in 2024: “Exclusivity right,” $2.7 million, non-current. Someone paid for exclusive access to something. The filing doesn’t say what. It wasn’t there before.
The accounting policy (Note 3.18.1) specifies that these warrants “cannot be settled net in cash or another financial instrument” and are “purchased and held for the purpose of the receipt or delivery of the token.” IFRS 9 is not applied. The warrants are carried at the value CCP received on day one, not marked to market. The $57.8 million is what people paid for them, not what they might be worth now.
IV. The $15 million advance
New money arrived in 2026.
Note 14: “In 2026, the Group received an advance of $15 million (the ‘Advance’). The Advance is repayable quarterly, commencing upon commercial release of EVE Frontier, with no fixed maturity date.”
This is not from Pearl Abyss. The note separates it from the PA intercompany loan. It’s listed as “Advance from the 3rd party.” Someone outside the corporate family put $15 million on the table, and the repayment trigger is Frontier’s commercial release.
A portion of the advance was allocated to deferred revenue — meaning CCP has performance obligations attached to it. This isn’t a loan in the conventional sense. It’s capital tied to Frontier shipping.
The advance is carried at $12.7 million on the balance sheet (amortized cost, with the discount recognized as finance cost and the performance-obligation slice pushed to deferred revenue). It sits in non-current borrowings — CCP and the lender both expect Frontier’s commercial release is more than twelve months away from the December 2025 balance sheet date.
V. Angelice Prime: the foundation you don’t own
Note 3.3 contains one of the more interesting disclosures in the filing:
“Angelice Prime Foundation is a subsidiary of the Group even though the Group doesn’t have any ownership interest and voting rights in Angelice Prime Foundation. Management assessed whether or not the Group has control over Angelice Prime Foundation based on whether the Group has the practical ability to direct the relevant activities of Angelice Prime Foundation unilaterally. Management concluded that contractual arrangements give the Group power to direct the relevant activities of Angelice Prime Foundation and therefore the Group has control over Angelice Prime Foundation.”
CCP controls Angelice Prime. CCP does not own Angelice Prime. The control comes through contracts, not equity.
The subsidiary list (Note 19) shows what sits under the foundation:
| Entity | Ownership | Activity |
|---|---|---|
| Angelice Prime Foundation | — | Software development |
| Angelice Prime Corp. | — | Software development |
| Concord SSC Ltd. | — | Software sales |
“Concord” is the name of the NPC police force in EVE Online. CCP named their token-ecosystem sales entity after it. Subtle.
This is standard token-issuance architecture. A foundation — typically domiciled in a jurisdiction with clear foundation law — issues the tokens. The game company controls the foundation through contractual arrangements but maintains legal separation. It’s the same structure used by Ethereum Foundation, Solana Foundation, and Sui Foundation. CCP built theirs and it is consolidated into the audited financials with KPMG’s sign-off.
VI. CCP has a blockchain segment
Note 10, in the context of goodwill impairment testing, contains this:
“The Group’s operations are organized into two segments: (i) the development and servicing of the EVE brand, and (ii) blockchain-related activities, which primarily involve securing funding from external investors and utilizing such funding to develop blockchain technologies and games.”
In KPMG-audited financial statements filed with the Icelandic government, CCP describes its own blockchain segment as an operation that “primarily involves securing funding from external investors.”
The blockchain arm is a fundraising engine. That’s not my characterization. That’s theirs.
VII. The $50 million due in October
Pearl Abyss lent CCP $50 million in October 2023. Fixed rate, 4.6%, twelve-month interest period, principal due October 2026.
At December 31, 2025, the loan is classified as a current liability — due within twelve months. CCP owes Pearl Abyss $52.9 million total when you add the $2.9 million in related-party payables.
The MBO was announced April 30, 2026, for approximately $120 million. The $50 million intercompany loan has to be settled as part of the deal. It’s reasonable to assume the $100 million cash component covers it — and that whatever remains after the loan payoff, transaction costs, and working capital adjustments is the actual equity check Hilmar and his backers had to write.
VIII. Updated capital structure
The previous thesis cited approximately $167 million in platform-thesis-aligned capital. The 2025 filing updates the picture:
| Source | Amount | Nature |
|---|---|---|
| a16z-led equity round (2023) | $40M | Equity |
| Token warrants (2022-2025) | $57.8M | Forward commitment to receive utility tokens |
| Angelice Prime Foundation | ~$40M | VIE-structured capital |
| Pearl Abyss token retention (2026) | $20M | SAFT-equivalent from the seller |
| Third-party advance (2026) | $15M | Tied to Frontier commercial release |
| Exclusivity right (2025) | $2.7M | Unknown counterparty |
| NEA Series C (2015) | $30M | Legacy equity |
| Total | ~$205M |
The number moved from $167 million to roughly $205 million. That’s $38 million in new platform-thesis capital in a single reporting year. Against annual game revenue of $65.3 million.
CCP is now carrying more capital committed to the platform thesis than three years of game revenue.
IX. The other details
Employee tokens. Note 3.18.2 describes an employee token incentive plan. Employees get options to purchase tokens that vest over a service period. Chinese employees get a cash-equivalent bonus instead. Tokens are part of the compensation structure.
Crypto holdings. Note 3.18.3: “The Group holds other crypto assets (such as Ethereum and etc.) for various business purposes.” Carried as intangible assets under IAS 38, cost model with impairment testing. CCP holds ETH on its balance sheet.
Tax losses. CCP has $97.4 million in unused carry-forward tax losses. $78.1 million expire between 2028 and 2035. $18.9 million never expire. Whoever owns this company post-MBO inherits a substantial tax shield.
Headcount. 384 employees at year-end, down from 412. But total salary cost rose from $48.6 million to $52.4 million. Higher per-capita compensation. CCP is paying fewer people more money.
Government grants. $4.3 million in Icelandic government grants, down from $6.6 million. No unfulfilled conditions.
Auditor switch. KPMG ehf. is new. The 2024 statements were audited by a different firm. CCP brought in a Big Four auditor ahead of the MBO.
Two expansions shipped. EVE Online: Legion (May 2025) and EVE Online: Catalyst (November 2025). The board describes these as “continuous narrative events and systemic improvements designed to strengthen the player-driven economy and large-scale conflict.” The game is not being neglected while the platform thesis advances.
X. What this confirms
The previous thesis was built on public disclosures, corporate registries, interviews, and the KOSDAQ filing. It was directional. The 2025 audited financials put numbers under every claim:
1. “CCP has raised substantial capital for the platform thesis.” Confirmed. $57.8 million in token warrants alone, $205 million total. In audited, KPMG-signed financials.
2. “A foundation entity exists to issue tokens.” Confirmed. Angelice Prime Foundation, consolidated but not owned, with a sales subsidiary named after EVE’s in-game police force.
3. “The blockchain effort is not a side project.” Confirmed. CCP describes it as a separate operational segment in their own CGU analysis.
4. “New capital continues to flow in.” Confirmed. $20.25 million non-cash token warrant swap, $15 million advance tied to Frontier’s launch, $2.7 million exclusivity right. All new in this reporting period.
5. “EVE Online is healthy.” Confirmed. Strongest revenue in several years. 8% growth. Two major expansions shipped.
Nothing in this filing contradicts the thesis. Several disclosures strengthen it beyond what I expected when I wrote v3.
XI. What’s next
Fanfest is May 14-16. Five days from today.
Three predictions are on the table. The first one that can resolve is Prediction 2: Fanfest includes explicit platform-unification language and/or the $EVE tokenomics release. Hilmar speaks as an independent owner for the first time. The whitepaper still says “tokenomics will be released in a separate document.”
The financials show what CCP built. Fanfest will show what Hilmar intends to do with it.
I’ll score the predictions live.
This is the fourth entry in the CCP platform thesis series. The original (v1) is here. The MBO analysis (v3) is here. The source filing is available at skatturinn.is, company 660218-1570.
Written by u/gun_reuser.