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.
