Sentinels: growth holds, losses narrow in 2025

Revenue still climbing but break-even out of reach, and ballooning debt: Sentinels unveils a two-sided 2025 report. CEO Rob Moore weighs in.

Decoding the numbers

Sentinels posted $6.44 million in revenue in 2025, up +11%. A more modest showing than in 2024, when revenues nearly doubled from the $2.93 million booked in 2023.

The slowdown is largely a base effect: 2024 had been lifted by the VALORANT team's win at the VCT Masters Madrid, which generated exceptional revenues (prize pool, digital goods share, sponsorship visibility).

The operating loss, on the other hand, narrowed by a third, dropping from $6.09 million in 2024 to $3.91 million in 2025. In an earlier report, Rob Moore had been guiding toward "gains [growing] by 30% in 2025, with a decrease of our spending between 10 and 15%". The verdict: revenue growth came in roughly 20 points below the target, but cost-cutting landed on plan at -12%.

Management attributes the cost improvement to three factors:

• Tight control of general and administrative (G&A) expenses, which fell from $11.02 million to $9.66 million.
• Exiting unprofitable games.
• A broadly favorable trend on player costs.

Despite this improving discipline, Sentinels has been running an accumulated deficit of roughly $26 million since 2022.

Against this backdrop, JAG Future Ventures, a 23.3% shareholder in Sentinels, doubled down on its financial backing in 2025 through a new loan commitment of $3.95 million, bringing total debt to $12 million. A signal of confidence from a reference investor betting on the organization's operational turnaround.

"We believe we should be able to continue to improve both top and bottom line results going forward as we expand our competitive lineups." — Rob Moore, CEO of Sentinels

Where does the money come from?

The main growth drivers flagged by management are the following:

• Sponsorship, which nearly doubled over the year — the direct outcome of deals with Razer, Red Bull, Zowie and SanDisk.
• The share of digital revenue paid out by publishers, on the rise.
• Merchandising, extended by the co-branded hardware strategy launched in 2023 with the Starforge Sentinels PC.
• Tournament winnings and league payments, still a meaningful piece — even if 2025 didn't reproduce the Madrid run.

Moore also stresses the community dimension of the strategy. In 2026, the organization claims the highest average social media engagement rate (YouTube included) among North American organizations.

"Now that we have built a strong network of engaged fans, our goal is to continue to bring these fans merchandise and sponsor opportunities to connect more deeply to the brand." — Rob Moore

The move into the LCS in early 2026 confirms that direction. The team finished 3rd at the inaugural tournament, earning a ticket to the first America's Cup in São Paulo, before winning the qualifier for July's Esports World Cup.

"Our primary goal continues to be to identify games with the biggest fan bases that support the ability for the top organizations to benefit from competitive success mutually." — Rob Moore

What's at stake

Sentinels is on a clear operational improvement track: revenues are growing, losses are shrinking, the LCS move opens new commercial avenues, and the partner roster keeps expanding. The revenue mix is also becoming less dependent on one-off sporting outcomes.

But the clock is ticking. With $209,000 in cash as of December 31, 2025 and an operating cash burn of $4.63 million on the year — adding to the $22.1 million already accumulated since 2022 — the next critical step is financial.

In an earlier report, Moore had announced the company would reach profitability by the end of fiscal year 2026.

On that front, Sentinels can count on a committed shareholder: JAG Future Ventures, ready to keep writing checks to back the project over the long haul. A stance that gives the team room to build without the pressure of repaying on short notice. Beyond JAG, top-tier partners are now committing to multi-year collaborations — another sign of confidence in the project.