BLAST, the Danish esports tournament organizer formerly known as RFRSH, just did something it hasn’t managed in years: make money. The company reported €114.6 million in global revenue for fiscal year 2025, a 39.5% jump from the €82.1 million it posted in 2024, and turned an annual net profit of €411,000.

That profit number is razor-thin, a 0.36% margin. But context matters. BLAST had been hemorrhaging cash, stacking up roughly €20.4 million in cumulative losses from 2022 through 2024.

The numbers behind the turnaround

Look at the revenue trajectory and the growth curve tells a clear story. In 2021, BLAST pulled in €13.4 million. By 2022, that had more than doubled to €31.6 million. Then €72.5 million in 2023, €82.1 million in 2024, and now €114.6 million in 2025. That’s roughly an 8.5x increase over four years.

Operating profit hit €3.0 million for the year. The gap between the two suggests non-operating costs ate into what was otherwise a reasonably healthy operational performance.

According to the company’s reporting, roughly 81% of the revenue increase came from diversified sources, including sponsorships and partnerships.

North America was the star of the show, contributing €48.8 million to the top line. That makes it BLAST’s single largest regional market. The company has established new headquarters in Brooklyn, New York, to anchor its growth stateside.

Asia also showed meaningful momentum, with revenue from the region climbing to €21.4 million in 2025.

From burning cash to building a business

BLAST’s history reads like a lot of esports companies from the mid-2010s wave: big ambitions, significant venture backing, and a tacit agreement that profitability could wait. The company rebranded from RFRSH as it pivoted from team ownership toward tournament organization.

The loss streak from 2022 to 2024, totaling around €20.4 million, reflected the cost of building infrastructure, expanding into new markets, and competing for broadcast and sponsorship deals.

What this means for investors watching esports

BLAST’s 2026 outlook calls for 11-16% revenue growth alongside EBITDA of €8-13 million. That’s a notable deceleration from the 39.5% top-line growth in 2025, but the EBITDA target suggests the company is now prioritizing margin expansion over raw growth.

At €48.8 million, the US market already accounts for roughly 43% of BLAST’s total revenue. A 2026 revenue target of 11-16% growth means BLAST needs to push past roughly €127-133 million.