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Wednesday, 27 May 2026

Month End Update - April 2026

I made profits of 4bn in April 2026, from this i made an accounting payment of 11bn to Omega my 7 accounts and then Asset Safety came along a dealt me a slammer.  More on this in another post but the bottom line is 105 billion of items into Asset Safety cost me 28 billion in total (18 billion write down + 10 billion fee).

Therefore, my wealth fell by 35bn to 2.475 trillion isk.

I was away for half the month and only focused on a series of taking an alpha account to Omega rather than the normal trading during this time.  That would have cost me 15-25 billion in profits.

But, that all said, this is proving to be a quiet market.

I have been giving away my wealth since July 2023 and so far have given away 538bn isk in that time vs the 1.8 trillion isk i have made over that time.  So arguably i have 1.2 trillion to give away still!

Total Sell Orders decreased from 2.6 billion to 2.4 trillion.  Buy Orders are now minerals for my manifesting business and are 10 billion.  Therefore, i have 2.4 trillion of Orders on the market.


2026 Aims


My isk making aims are to stick to the core business of Regional Trading but also to expand into Manufacturing and Market Seeding.  And also give Low Sec / Null Sec a shot in trading - without soiling my pants.

The market seeding took a hit with one of the locations in Drone Lands getting hit more below.

Manufacturing is more sporadic - more below.

My non-isk making aims are to see if my Alliance joins someone else's and to continue to give away my isk.  (it makes me incredibly sad to think that one day many many years ago i logged off from World of Warcraft as normal with my character in the Auction House with several million gold and then to never log on again - i should have given it away over time).

And then Eve related - i did Fanfest and hope to attend a London Meetup.

The overriding point here is that this is a game.  I can't take my trillions with me into real life.  So lets have fun and bring enjoyment to the game for all.


Omega / "accounting payments"

In June 2025 i took part in the Omega sale and spent 143 billion isk to buy 12 months Omega on all my 7 accounts.  That 143 billion isk counts to me as an asset in my wealth and i will reduce it by 12 billion each month to wind it down to zero when the Omega runs out.

Therefore, each month i will have this "accounting payment" of 12 billion isk.

More details in the section "Seven Omega Accounts to pay for" below.


Distribution Policy

My plan going forwards is to have 100 billion isk spare in my wallet, on top of isk in my manufacturing operation, for opportunities that come up and therefore i will distribute every surplus 50 billion - i.e. when i get to 100 billion isk in my wallet (on top of the isk in my manufacturing operations) i will distribute 50 billion.

I have increased the amount of ISK i want to carry in order to take advantage of any Market Seeding opportunities that come along.

I find there is no longer a "purpose" to watching my wealth rise like there was on the road to my first trillion.


Distributions

These days, the aim is to distribute my profits to the Oz Tank Show or other ventures that generate content in Eve Online.  Watching the numbers go up was great in the first trillion but lacks purpose onwards.

So far i have given 538bn to Eve shows:

260bn isk to the Oz Tank Show

142.5bn to The Oz Show

50bn to the twitch show TheOneAndOnlySidar


20bn to the podcast Declarations of War to sponsor it.

13.2bn to the Nth_Dimensional Twitch show

1.6bn to the Raff_About_It Twitch show


The Oz Tank Show started in July 2023 and i have generated profits of 1.8 trillion in the July 2023 - April2026 period (after Omega costs) and distributed 538 billion.

So that leaves 1.2 trillion isk to distribute to some venture(s).


Seven Omega Accounts to pay for

I took advantage of the 20% plex discount and added another 12 months on all my accounts in June 2025.

In June i spent 143 billion isk buying 12 months of Omega for 7 accounts and another 12 months for one of those accounts because i was too far into a bottle of red to be paying attention (1 of these accounts is a manufacturing account which was an old account going back to 2012 that has been in alpha since around 2016).

My seven Omega accounts will come off Omega from July 2026 to September 2026 with one account going to October 2027.

Rather than being complicated and staggering the depreciation of this asset and figuring out how the extra 12 months will work - I will account for this in the normal way by saying from this July 2025 onwards 1/12 of the 143 billion will be recognised as a cost each month = 143/12 = 12 billion isk and the asset held in wealth will therefore reduce by 12 billion isk each month.

For the accountants amongst you that will mean come July 2026 i will have a number of free months of Omega to come including one account Omega all the way to October 2027!

If i did what i used to do which was to buy 3 months of Omega i would be spending 7x6.2x1200/3 = 17 billion isk a month.  So the 20% discount and 12 month purchase was a good deal.


The basic numbers for April

In April i had sales of 176bn isk vs March of 219bn.  So a fall of 20% and way below the average of 325bn.  But i was away for half the time.

But still a very slow month and i am hearing the same story from other market participants and i can see it in the Monthly Economic Report that shows lower Transaction Fees.

This comes to average daily sales of 5.9bn isk.  In other words, each evening i expect to see across all my accounts an additional 5.9bn isk (less transaction taxes) sitting on the characters to be reinvested back into the markets.

The good news is that i sense competition is lessening.  I have a much lower number of orders to update each day.  Therefore, margins are starting to recover.

Item profits were 28bn isk which is a margin of 16% (28/176).  So back below the 25% target.

Taxes and Courier fees came to 24bn isk.  Within this, the broker relisting fees came to 3.4% of sales vs the spike of 8.0% in September and the more normal range of 2.9%.  This reflects the lessening of competition and good news that we are back in the normal range.

That takes the Trading Profits to 4bn isk and so a trading margin of 2.3% (4/176).  A very poor show.

And then from this 4bn profits i pay the 12bn Omega and then the Asset Safety costs of 28 billion meant my wealth fell by 36 billion.

That was how 176 billion isk of sales became 36 billion isk decrease in wealth.


My Sales Strategy within my Regional Trading Business

Regional Trading is about 89% of my Eve Online business.  Other Revenue streams are growing faster but Regional Trading remains my bread and butter.

I redesigned how i operate each evening now that i use the Eve Excel Addin fully within my business.

It takes 10 minutes to go through my trading locations to work out what needs to be bought from Jita to be sold and also what Sell Orders need to be updated.

It takes 10 minutes to buy the items from Jita and set up courier contracts and adjust all the noted Sell Orders.

And then 5 minutes to put the couriered items up for Sale when they arrive later.

What used to take 45 minutes now takes 20-25 minutes.

And then once a weak i do a deeper dive into each trading location to see what new items i can sell.  That can take a full 20 minutes.


My overall strategy remains to Buy from Sell Orders in Jita to sell in the trading hubs in other Regions.

Within Regional Trading I don't sell consumable items such as ammunition given they tend to be high volume and very competitive.  That includes ships.

I rarely sell items used as components in manufacturing because the end buyer tends to be cost conscious (and armed with spreadsheets) and able to manufacture the items themselves if market prices are too high.

I sell items that are in low supply and sell very slowly.  These items tend to have very low competition - sellers want to get cash quickly and so don't bother in these items.  If i put an item on the market and it sells in 15 days that is fine with me.

These items also tend to be price insensitive - players will buy the item almost whatever the price.  The Buyer is much more interested in getting the item to use now rather than setting off to Jita to get it cheaper.

I sell items that are typically bought to kit a ship as a player progresses or has to replace a destroyed ship / pod.

Each month i sell 10-20% of what i had to sell at the start of the month.

I have a rule that the minimum profits have to be 100m isk.  It is no use me buying items for 5m to sell them for 15m.  The profitability may be great but that won't move the dials.  That said, it is surprising how many items i can buy for 120m from Jita Sell Orders and sell for 220m in the other trading hubs.  At that isk level, players re-equipping don't care about spending an additional 100m isk to save time.

And in the secondary trading hubs Amarr / Dodixie / Rens / Hek buyers will not travel even one jump to buy a cheaper item.  For example, i can post an item for sale in the main Rens Trading up for 300m, and even if one jump away the same item is for sale for 250m the item in the main Trading Hub will still be the item sold.

Therefore, i mostly sell Implants, Blueprints, ship equipment and some structure modules.


Manufacturing

The Oz Show had a great interview with Sir SmashAlot where he talked about his manufacturing activities to the tune of making over 1 trillion profits per month!

And the author of the blog I wanna be a Trillionaire, so frickin' bad... has moved into manufacturing and is making a good job of it.

And going back a few years there was a great youtube series Building my Industrial Empire (who is now back).

Early days, i am making some profits and will update this blog as i go.  So far i have experimented with small items like missiles and ammo but also larger ships such as Orcas.

Ideally, i want to create a process that i can scale.  Not there yet.


Seeding a player owned station

I am in the process of helping seed the Kihtaled - PleniMart station in Kihtaled.  I now have three characters seeding items for sale which includes one which is dedicated to manufacturing.  This is all low value items like ammunition, drones, rigs etc.


And the character behind it all Thanak is recording his ventures on on youtube which i have discussed elsewhere in this blog, most recently here and here.

This may be impacting my margins given it is mainly low value items like ammo, drones, rigs etc.  I am not sure.

It is going well.  More players are coming to the Region and the well stocked station i suspect is helping this along.

I had also started seeding a station Tor2ga in Out Passage in UAJ5-K.  That got smashed.  Everything now in Asset Safety.  105 billion of Sell Orders.  That 105 billion before the markup was 88 billion and given price declines over the lost few months that is now worth 66 billion.

In total, around 15% of revenues came from the seeded markets in April vs 7% in Marrch, 13% in February, 12% in January and 6% in December.  So seems to be mostly over 10%.


Planetary Interaction

I had restarted this but then stopped.

It is not worth the effort in High Sec.  So, on my "to do" list is to move it to low sec but, as you would suspect, i don't have the courage to fly into low sec - so i am thinking about how to do this.


Research

For now, i have stopped trying to make this work.


Station Trading

Wounding down to nil.


Alpha Accounts

I have 1 Alpha account with a character in Venal left.  All the others were upgraded to Omega last summer to start Skill Farming.


Old Accounts

This is my third outing in Eve Online.  I still have the characters of the prior two attempts and i have resurrected them all.  One account is Omega and does manufacturing the rest remain as Alpha for now.

This month i decided to combine them all into one Alliance, the Merchanting Industry Finance Philanthropy Alliance.


Plex

I had 18,300 Plex at the end of July 2025 and spent all of that buying 12 months of Omega across all my Omega accounts (and another 12 months on one account because i was too far into a bottle of red wine to notice).  So i have around 260 Plex left.

Thinking about whether or not to rebuild - for now i won't.  CCP seem to be taking actions to make this less lucrative so for now i will hold off.


Items in hanger for sale

There are a number of items that i sell that can only be sourced from Regions outside of The Forge (the home of Jita).

To make my life easier, i buy them from their home bases and have them couriered to Jita to be stored ready to be couriered to their final sale destination.  Makes life a lot easier for the cost of one transport leg.

Also, given i was skill farming i hada number of Skill Extractors and Large Skill Injectors sitting in hangers waiting to be used / sold - these are being sold down over time.

In addition, i have 105 billion of Sell Orders up in Drone Lands that ended up in Asset Safety.  That 105 billion before the markup was 88 billion and given price declines over the lost few months that is now worth 66 billion.

In all, some 307bn isk of items in Hangers.


Buy Orders

Buy Orders have varied over time and peaked in August at around 128bn.  I pulled out of station trading.

Therefore, the Buy Orders now reflect my manufacturing business and its requirement for minerals.  So far, the Buy Orders mostly satisfy the demands of the Manufacturing business.


ISK

I have 185bn spare ISK kicking around.

For the last 12 months the average ISK in wallets has been over 100bn compared to around 50bn before this.

The reason for his is purely real life being busy and so not having the time to make sure everything is invested.

I have seeded the player owned station in Khanid.  Perhaps more to go but most of it has been done.  And another location i think to happen in December.

I am also seeding a player owned station deep in low sec though i also think i have reached my level here also.

I now have a new distribution policy where i will distribute all blocks of 50 billion isk above 100 billion + manufacturing isk in my wallet.


Current Wealth

Current wealth is 2.475 trillion ISK made up from:
  • Plex held as an investment 2bn ISK
  • Items in hanger for sale 307bn ISK
  • Items in hanger for use in business 11bn ISK
  • Omega brought forward 24bn ISK
  • Buy orders on the market 10bn ISK
  • items for sale 2.42 trillion ISK
  • less a 20% provision 484bn ISK
  • ISK in wallet 185bn ISK

When i add up my wealth, I don't count assets I use in the course of my business such as ships, fittings etc nor do I add back any expenses such as skills purchased etc.  The wealth I disclose is made up of items that are ISK or are in the process of being converted to ISK or are used to generate isk that can be readily resold back onto the market.  Any ships or skills or fittings etc i buy are counted as expenses in that month.  The only exception to this rule is Blueprint Originals i use for manufacturing.  They are held at cost.

* I take a 20% provision against the items I am selling.  Eve calculates wealth by adding up the value of the sell orders hence it is possible to increase your wealth by buying an item for 100m ISK and putting a sell order for 120m ISK (in this case your wealth would increase by 20m ISK).  For me, I want my wealth to be calculated at cost.  I know that the value of my sell orders will likely fall over time as I update my orders downwards as competition reduces their prices before my items are sold.  Hence the 20% provision is my best guess as to what the maximum reduction I would need to make to my sell orders as a whole before they are sold.  In an ideal world I would value my sell orders at the value which I bought the items for.

Alpha Market Trading - 3.3 billion of wealth including 400 Plex

01 April 2026

The background to this series: i aiming to use Regional Trading between Jita and Dodixie to take an alpha account to Omega status.

My wealth is 3.3 billion including 400 Plex.  I only have 100 to go to get Omega

This is day 52 of this project.


Should i buy that final 100 Plex now?

I happen to have 724 million cash and the 100 Plex would cost me 460 million.  But that would leave me with 915 million invested on the market and 264 million cash.  So not really a great starting position for my first month of Omega.

Hence, tonight i will reinvest this 724 million back into the market and then see what things all look like tomorrow.

Tonight is Wednesday, i am hoping to be Omega by the weekend.  That will allow me to demonstrate it is sustainable.


Current Wealth.

If i only look at ISK + Market Orders + Items in Inventory that are to be sold (so ignore my catalyst, ammo etc), then my worth is 3.3 billion which is made up from

ISK 0.7bn
Plex 1.8bn (=400 Plex)
Inventory 0m
Sell Orders 0.9bn
Provision 0.2bn

I have always taken a 20% provision against my Sell Orders which reflects the Transaction Tax that will be paid when the items sell + the cost of reducing the price to keep it competitive if required + the eventual reduced price when sold.  In reality, i rarely end up needing this provision.  But lets keep things conservative and understand that the only ISK is ISK.  Everything else is an approximation until sold.

Tuesday, 26 May 2026

Alpha Market Trading - 2.9 billion wealth including 250 plex

26 March 2026

The background to this series: i aiming to use Regional Trading between Jita and Dodixie to take an alpha account to Omega status.

My wealth is 2.9 billion, but more importantly i now own 250 plex.

This is day 48 of this project.


I am now on Phase 2 - maintaining my wealth on the market whilst buying Plex with the aim of buying one month of Omega.

I need to get to 500 Plex to buy one month of Omega.  I am buying 50 to 100 per day as my sales come through.  I reinvest half the proceeds back into my business and half into Plex.



Range of Items sold

No real change.

I am now happy to go to a maximum of 300 million purchase price in Jita.  But also happy to be as low as 100k.

Right now, the most valuable item i have for sale is a Torrent for 342 million and the lowest is a missile blueprint for 2.98 million.

The Ships are doing well.  But so are the 3 million missile Blueprints.


Sell Orders now in Dodixie

Each character has a maximum of 17 order slots = 17 x 5 = 85 slots in total.

I am now using all 5 Trading Characters in Dodixie.

Right now i am using 63 slots, so 22 spare slots.







Comes to a total of 1.8 billion isk as Sell Orders.  I think this is a good level to hold it at and so the daily sales generate enough cash to buy 50 Plex (=250 million isk) and then reinvest the rest back into the market.


Current Wealth.

If i only look at ISK + Market Orders + Items in Inventory that are to be sold (so ignore my catalyst, ammo etc), then my worth is 2.9 billion which is made up from

ISK 260m
Plex 1146m (=250 Plex)
Inventory 0m
Sell Orders 1847m
Provision 369m

I have always taken a 20% provision against my Sell Orders which reflects the Transaction Tax that will be paid when the items sell + the cost of reducing the price to keep it competitive if required + the eventual reduced price when sold.  In reality, i rarely end up needing this provision.  But lets keep things conservative and understand that the only ISK is ISK.  Everything else is an approximation until sold.

Sunday, 24 May 2026

Alpha Market Trading - 2.4 billion wealth

22 March 2026

The background to this series: i aiming to use Regional Trading between Jita and Dodixie to take an alpha account to Omega status.

My wealth is 2.4 billion, this weekend was a good weekend.

This is day 44 of this project.

And that is phase 1 of the project done.  My wealth is now enough to cover an Omega but i now need to convert the wealth into isk to buy the Plex to convert into the Omega.

Therefore, Phase 2 will be about keeping my wealth around this level but building up Plex also.


Range of Items sold

I am now happy to go to a maximum of 300 million purchase price in Jita.  But also happy to be as low as 100k.

Right now, the most valuable item i have for sale is a Torrent for 342 million and the lowest is a missile blueprint for 2.98 million.

The Ships are doing well.  But so are the 3 million missile Blueprints.

The biggest battle is keeping a list of ideas of items to sell.


Sell Orders now in Dodixie

Each character has a maximum of 17 order slots = 17 x 5 = 85 slots in total.

I am now using all 5 Trading Characters in Dodixie.

Right now i am using 80 slots, so 5 spare slots.







Comes to a total of 2.7 billion isk as Sell Orders.


Current Wealth.

If i only look at ISK + Market Orders + Items in Inventory that are to be sold (so ignore my catalyst, ammo etc), then my worth is 2.4 billion which is made up from

ISK 195m
Inventory 0m
Sell Orders 2741m
Provision 548m

I have always taken a 20% provision against my Sell Orders which reflects the Transaction Tax that will be paid when the items sell + the cost of reducing the price to keep it competitive if required + the eventual reduced price when sold.  In reality, i rarely end up needing this provision.  But lets keep things conservative and understand that the only ISK is ISK.  Everything else is an approximation until sold.

Friday, 22 May 2026

Alpha Market Trading - 2.1 billion of wealth

21 March 2026

The background to this series: i aiming to use Regional Trading between Jita and Dodixie to take an alpha account to Omega status.

My wealth is 2.1 billion, the weekend is always good

This is day 42 of this project.



Range of Items sold

I am now happy to go to a maximum of 300 million purchase price in Jita.  But also happy to be as low as 100k.

Right now, the most valuable item i have for sale is a Torrent for 342 million and the lowest is a missile blueprint for 2.98 million.

The Ships are doing well.  But so are the 3 million missile Blueprints.

The biggest battle is keeping a list of ideas of items to sell.


Sell Orders now in Dodixie

Each character has a maximum of 17 order slots = 17 x 5 = 85 slots in total.

Right now i am using 54 slots, so 31 spare slots.








Comes to a total of 2.1 billion isk as Sell Orders.


Current Wealth.

If i only look at ISK + Market Orders + Items in Inventory that are to be sold (so ignore my catalyst, ammo etc), then my worth is 2.1 billion which is made up from

ISK 56m
Inventory 0m
Courier Contract incoming 336m
Sell Orders 2109m
Provision 422m

I have always taken a 20% provision against my Sell Orders which reflects the Transaction Tax that will be paid when the items sell + the cost of reducing the price to keep it competitive if required + the eventual reduced price when sold.  In reality, i rarely end up needing this provision.  But lets keep things conservative and understand that the only ISK is ISK.  Everything else is an approximation until sold.

Sunday, 17 May 2026

Alpha Market Trading - 1.7 billion wealth

20 March 2026

The background to this series: i aiming to use Regional Trading between Jita and Dodixie to take an alpha account to Omega status.

My wealth is 1.7 billion, so back on a rising trend.

This is day 41 of this project.


Changes to strategy appear to be working

I made two changes to my strategy.  Refinements really.

1) Be really careful to avoid higher competition.  That is really working now.  I am avoiding any item that has more competition than items that sell per day.  I.e. if 1 of an item sells per day then i will make sure there is only one other active competitor.  An "active" competitor is someone who is updating their prices daily.

2) Go back to selling low value but very high margin items.  Therefore, i have added two more characters on my second alpha account.  Not yet needed them but i soon will.


Range of Items sold

I am now happy to go to a maximum of 250 million purchase price in Jita.  But also happy to be as low as 100k.

Right now, the most valuable item i have for sale is a Torrent for 342 million and the lowest is a missile blueprint for 2.98 million.

Ships are becoming a nice earner.  Lets see how they go but so far they have very high margins and low competition.


Sell Orders now in Dodixie

Each character has a maximum of 17 order slots = 17 x 5 = 85 slots in total.

Right now i am using 42 slots, so 43 spare slots.








Comes to a total of 1.9 billion isk as Sell Orders.


Current Wealth.

If i only look at ISK + Market Orders + Items in Inventory that are to be sold (so ignore my catalyst, ammo etc), then my worth is 1.7 billion which is made up from

ISK 200m
Inventory 0m
Sell Orders 1933m
Provision 367m

I have always taken a 20% provision against my Sell Orders which reflects the Transaction Tax that will be paid when the items sell + the cost of reducing the price to keep it competitive if required + the eventual reduced price when sold.  In reality, i rarely end up needing this provision.  But lets keep things conservative and understand that the only ISK is ISK.  Everything else is an approximation until sold.

Friday, 15 May 2026

Alpha Market Trading - 1.5 billion wealth

17 March 2026


The background to this series: i aiming to use Regional Trading between Jita and Dodixie to take an alpha account to Omega status.

My wealth is 1.5 billion, so back on a rising trend.

This is day 38 of this project.


Changes to strategy appear to be working

I made two changes to my strategy.  Refinements really.

1) Be really careful to avoid higher competition.  That is really working now.  I am avoiding any item that has more competition than items that sell per day.  I.e. if 1 of an item sells per day then i will make sure there is only one other active competitor.  An "active" competitor is someone who is updating their prices daily.

2) Go back to selling low value but very high margin items.  Therefore, i have added two more characters on my second alpha account.  Not yet needed them but i soon will.


Range of Items sold

I am now happy to go to a maximum of 200 million purchase price in Jita.  But also happy to be as low as 100k.

Right now, the most valuable item i have for sale is a Prorator for 179,900,000 and the lowest is a missile blueprint for 2,976,000.

These missile Blueprints are great earners.  Very low competition and very high margins.  I can buy them from Sell Orders in Jita for 600k and sell them in Dodixie for 2.9 million.  It may be small beer to me now but i pays the broker fees for updating Sell Orders.

More recently, i am finding that Ships are good high value sellers.  Low competition.  Couriers are easily found to transport them.



Sell Orders now in Dodixie

Each character has a maximum of 17 order slots = 17 x 5 = 85 slots in total.

Right now i am using 42 slots, so 43 spare slots.







Comes to a total of 1.8 billion isk as Sell Orders.


Current Wealth.

If i only look at ISK + Market Orders + Items in Inventory that are to be sold (so ignore my catalyst, ammo etc), then my worth is 1.5 billion which is made up from

ISK 53m
Inventory 0m
Sell Orders 1831m
Provision 366m

I have always taken a 20% provision against my Sell Orders which reflects the Transaction Tax that will be paid when the items sell + the cost of reducing the price to keep it competitive if required + the eventual reduced price when sold.  In reality, i rarely end up needing this provision.  But lets keep things conservative and understand that the only ISK is ISK.  Everything else is an approximation until sold.

Wednesday, 13 May 2026

Alpha Market Trading - 1.2 billion and a change of strategy

14 March 2026


The background to this series: i aiming to use Regional Trading between Jita and Dodixie to take an alpha account to Omega status.

My wealth is 1.2 billion, no change in 5 days.

This is day 35 of this project.


Changes to strategy

The problem is not sales, it is the cost of updating orders combined with higher competition for values over 40 million which depletes the profits very quickly.

Therefore, i am making two adjustments to my strategy.

1) Be really careful to avoid higher competition.  That sounds obvious but is more important given the Broker Fee costs.  That will reduce the range of items i can sell.

2) Go back to selling low value but very high margin items.  Therefore, i have added to more characters to my second account to be placed in Dodixie.  That will mean 5 characters in Dodixie each with 17 order slots = 85 available slots in total.

It will take me a while to trade out of the higher competition items but at least i feel we are moving in the right direction.


2 New Characters

Lord Uxbridge: he the was commander of the cavalry at the Battle of Waterloo, and second in command of the Army.

Sergeant Charles Ewart: he was the soldier that captured the French Eagle.


Sell Orders now in Dodixie

Each character has a maximum of 17 order slots = 17 x 3 = 51 slots in total.

Right now i am using 46 slots, so 5 spare slots.







Comes to a total of 1.4 billion isk as Sell Orders.


Current Wealth.

If i only look at ISK + Market Orders + Items in Inventory that are to be sold (so ignore my catalyst, ammo etc), then my worth is 1.2 billion which is made up from

ISK 8m
Inventory 0m
Sell Orders 1428m
Provision 286m

I have always taken a 20% provision against my Sell Orders which reflects the Transaction Tax that will be paid when the items sell + the cost of reducing the price to keep it competitive if required + the eventual reduced price when sold.  In reality, i rarely end up needing this provision.  But lets keep things conservative and understand that the only ISK is ISK.  Everything else is an approximation until sold.

Saturday, 9 May 2026

Review of the 2025 Pearl Abyss Iceland Report & Accounts

The Pearl Abyss Iceland and CCP Report & Accounts for the year to December 2025 came out on 8 May 2026.


You can access the Pearl Abyss Iceland 2025 Report & Accounts here and also I have a page on this blog that hosts all the Pearl Abyss Iceland from 2019 / CCP from 2013 to 2018 here.   They can also all be found and downloaded for free from the Iceland Company Register.


Lets first be clear as to what we are looking at in this post

. . . . . . or skip this section if you are happy to go with the flow rather than being taken through a crash course in Companies vs Subsidiaries vs Group Accounting.  Personally, I love it.

In the Icelandic Company Register system there are 3 sets of Accounts that are of interest.

the Accounts for the company CCP.

the Accounts for the company Pearl Abyss Iceland.

the Consolidated Financial statements of Pearl Abyss Iceland Group.


Quick lesson on Group vs Company, (or Consolidated Financial Statements vs Company Accounts).

The company CCP is based in Iceland and sells the game Eve Online globally as well as develops and markets the game.  It also owns other companies based such as CCP North America, CCP Games UK Ltd, CCP Platform ehf and CCP Ad Astra ehf.

The Accounts for the company CCP will only have the revenues and costs of the company CCP.  The profits and losses of these companies it owns will be included in one summary line - i.e. if CCP Games UK makes sales they will not be included in the CCP sales.  So we wont get the full picture and indeed the company Accounts of CCP.  And this will be further clouded by any sales CCP makes to these companies which is meaningless to us.

We want to look at the combined revenues and costs of CCP, not just the Icelandic entity (though it is the most important).  i.e. we want to add up all the sales of CCP and all the companies it owns to get the total sales number and we want to eliminate any intercompany trading it does (sales from CCP UK to CCP Iceland need to be eliminated given that is just one part of the business making sales to another).

Pearl Abyss Iceland owns CCP in Iceland since it bought it back in 2019.

Again, the Accounts of Pearl Abyss Iceland will only have the revenues and costs of Pearl Abyss Iceland and a summary line showing the profits of CCP.

However, the Consolidated Financial Statements of Pearl Abyss Iceland has the combined revenues and combined costs of Pearl Abyss Iceland and all the companies its owns (so CCP and all the companies that CCP owns).  It also eliminates any revenues and costs between the companies it owns (I.e any cross border charges).  This is what we are after.

One slight wrinkle, Pearl Abyss Iceland also owns Pearl Abyss Iceland Investment and so its revenues and costs will also be included in the Consolidated Financial Statements.

Therefore, from here on in we are reviewing the Consolidated Financial Statements of Pearl Abyss Iceland.

From here on in we will call the Consolidated Financial Statements of Pearl Abyss Iceland as CCP.


Bottom line Loss of CCP (again)

There overall loss was $28.8m which compares to a loss of $19.4m in 2024, a loss of $18.8m in 2023, a loss of $19.0m in 2022 (and then we also had the $50m impairment write off), a loss of $7.9m in 2021, a loss of $1.3m in 2020 but a $13.6m profit in 2019 and then a small $0.7m loss in 2018 after being bought by Pearl Abyss.

The total losses since being bought by Pearl Abyss in 2018 are $132m = $82m trading losses + $50m impairment write off.

I greatly suspect this was not the plan when Pearl Abyss bought CCP in 2018 for $226m (there was also an earnout of $200m but the targets were never met so it was never paid).

To date, the total cost of CCP to Pearl Abyss has been $226 + $82 = $308m.

CCP was sold back to management for $120m.  So an overall loss to Pearl Abyss of $188m.

Net Debt is now $51m and the $50m Pearl Abyss loan is due for repayment in October.

CCP needs an injection of cash, in my view.


$28.8m loss in 2025

Management say that "This is 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. These investments, while impacting short-term profitability, are central to the Group’s strategy and position the Group for strategic and sustainable growth in the years ahead."

So, a lot rides on 2026 because, to me, CCP looks right up against the wire.


Summary
  • Revenues were up 8% to $65.3m ($60m)
  • Game revenues were up an impressive 11% to $61m and higher than lockdown 2020 levels but not yet the all time high in 2013 of $72m
  • North America and Europe grew, Asia in decline even when striping out Tencent decline
  • Not sure how much of the 11% rise in game revenues is due to more ingame sales vs more players
  • Europe is declining as a % of Revenues
  • Costs rose 10% in 2025 - so faster than Revenues due to Market Costs
  • Salaries are a steady 45% of total operating costs
  • It is the pension / employee tax costs that brings it up to 57%
  • The overall loss was $28.8m vs $19.4m in 2024
  • Balance Sheet messier this year and Cash Flows messier
  • Rising Tokens on the Balance Sheet
  • The Value of Plex in the game (and i guess MCT) has gone up by almost 51% in 2025 despite all the efforts to reduce the hoarding
  • Net Debt is now $51m in 2025, up from $37m and the $50m Pearl Abyss loan is due in October.
  • They can either raise cash by selling these tokens again or get cash from partnerships or new investors etc
  • But, CCP needs new money or a very rapid return to profitability


Profit & Loss Account

Revenues rose 8% to $65.3m vs $60.2m in 2024 (which was up 8% vs $56.0m in 2023).

Gross profits rose 6.5% to $58.7m vs $55.1m in 2024 (which was up 6.4% vs $51.8m in 2023).

Hence the Gross Profit Margin fell again to 89.8% vs 91.5% in 2024 and 92.5% in 2023.

I suspect this is because the level of Royalties and licenses fell - more on that below.

Total Operating Costs were $92.1m, a rise of 10% vs 2024 which rose 6% vs 2023.  The main driver here was Marketing costs.

Government Grants added $4.4m to income in 2025 vs $6.7m in 2024.

Therefore the Operating Loss came in at $29.0m vs $22.2m in 2024 and vs $21.2m in 2023.

And then interest costs, currency movements and taxes take the overall loss to $28.8m in 2025 vs a loss of $19.4m in 2024 vs a loss of $18.8m in 2023.



Revenues
 
Revenues rose 8% to $65.3m.

That is exactly what we expected quarterly updates Pearl Abyss were giving us.  In Korean Won revenues rose 13% but the Korean Won fell 5% vs the US dollar.


The revenues from subscription and in-game sales rose an impressive 11% to $60.8m on top of the 13% rise in 2024.

Though there was no subscription price change during the year, CCP has been increasing the amount of ingame sales so we can't say that player numbers rose 11%.  In fact, we don't really know the split in revenues between player numbers rising vs ingame sales rising.

The peak revenues were $72m in 2013 but CCP is above the pandemic lockdown 2020 peak of $55m.  That is to be congratulated.

This is the third year in a row of rising revenues for what is a game over 20 years old.

The decline in Royalties and licenses from $7.0m in 2023 to $5.1m in 2204 and now $4.1m in 2025 (and this was $10m back in 2021) is i suspect down to lower NetEase revenues in China being replaced by direct sales into China.  That seems to be backed up by this note:



Revenues from North America and Europe keep rising vs declining in Asia (i am guessing that is China driving the decline in Asia).  If we strip out the decline in Licences then we are still seeing a decline in revenues from Asia.


North America continues to grow as a percentage of revenues.

North America used to be 30% bigger than Europe, now it is more than double the size of Europe.  Perhaps currency plays a small part.

I am not sure what Revenues from sale of goods are (Fanfest items?) but they are deminimus now anyway.



Gross Profit

The cost of actually running the game (as opposed to creating new code, marketing et al) is very low at around $7m in 2025, $5m in 2024 and $4m in 2023.

I suspect there is no cost attached to Royalties and licences there of the $7m cost is associated with the $61m game revenues which suggests the Eve Online is a 90% Gross Profit Margin business.

That said, this cost of running the game has gone up faster than revenues and therefore the Gross Profit Margin has slipped below 90%.  Not sure why that is.


Operating Expenses

CCP now expense all their development costs (historical costs are still being held on the Balance Sheet and reduced over time).  This is a much cleaner way to account for these costs.

It would not be unrealistic for CCP to hold the costs of developing new games on the Balance Sheet and wait for the Revenues to be generated before realising those costs through the Profit & Loss Account - but this relies on these new games being successful and therefore profitable.




Costs have risen everywhere, as they did in 2024.  And in 2025 costs rose 10%, so faster than revenues.

Marketing rose a massive 34% - CCP launched "Founder Access" for Eve Frontier + launched EVE Vanguard: Operation Nemesis + major updates to EVE Online (including the Revenant expansion and the Legion update).  I am guessing these were the drivers.

General and administration rose 4% which feels like inflation.  That all said, General and administration is 34% of revenues which seems high.


In these businesses the biggest cost is people, so we need to look at the above at the same time as looking at employee costs.  Much of the above lines of Operating Expenses will be people costs.



First thing to note is that the average number of employees fell by 4% to 385.

I have done some analysis which is interesting on all this:




The top rows are all data from current and historic Reports and Accounts.

Obviously i have to bring my politics into this some where - look at the bottom line.  This is the additional costs CCP must bear when they hire someone.  As well as an employees salary they also contribute to their pension funds and pay Employer Staff Taxes (in the UK this is called Employer National Insurance).  in 2025 for CCP this was 27% and was as low as 25% in 2020.  Hiring people has plenty of additional costs!

But, the main point of doing this was to observe that Salaries + these related costs as a % of total operating costs has generally been 55-59% and having been hovering around 58% has fallen to 57%.  Salaries only as a % of total operating costs has been a remarkably steady 45%.

It looks like the average salary at CCP was $93k before jumping to $017k in 2025 (hard to compare to prior years without knowing the mix changes in developers vs general staff vs marketing staff et al).  But it would suggest the people that left the company in 2025 were lower paid vs average.

And Revenue per employee is $170k today.  It needs to be around $240k for CCP to be making some profits.  In other words, a 40% higher number.


Other Income

There is $4m of Other Income in each year which is Government Grants.


Finance Costs

The Group had a $50m bank loan from Pearl Abyss itself in Korea (it used to be a bank loan but it was converted to a parent company loan in 2023).  Pearl Abyss charges 4.6% interest on this loan.  This loan is due for repayment in October 2026.


In 2025, 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.


Foreign Currency


OK, we can't ignore this.  CCP i suspect has most of it costs in Icelandic Krona, great British Pounds and that Euro muck.  But only 28% of its Revenues are in GBP and Euros.

Lets for a moment assume the Asian currencies follow the USD - then we can say that 72% of the Revenues of this business are USD related vs lets say 90% of costs being non-USD related.

But . . . . the fact that we have a positive FX move suggests that this relates to the $50m loan that is Korean Won and therefore a weaker Korean Won is a positive move for profits.


Tax

Given the business makes a loss, in Accounting the loss is reduced by a tax rebate (in actual cash flows tax is still paid given this is a global business making sales across the world – somewhere there will be profits to tax).  This accounting rebate was $1.9m in 2025 vs $4.4m 2024.


Underlying operating loss

Add all that up and the underlying operating loss of the business rose from $19.4m to $28.8m.



Balance Sheet

The Balance Sheet is a bit messier this year with Tokens issued again and more debt.



Non-current Assets are being depreciated as expected.

Within Intangible assets a cool $20.3m was added, which seems to be "in return for the sales of token warrants".  That takes total "Token Warrant" sales to $57.8m.

The $20m issued in 2025 is not counted as a sale in the Profit & Loss Account and this time did not deliver any cash to CCP.  Perhaps it will do in the future.

$37.5m has been received in cash in 2022 and 2023, where has this next $20m was not.

And $5.0m of Intangibles was sold - not sure what was sold but $5m of cash was received.

Deferred Tax Assets are rising which is a function of the company generating loses and so having a "tax income" in the Profit & Loss Account.  That is not a cash item, no money is reclaimed from the Icelandic State.  Instead the "tax income" sits on the Balance Sheet as an asset and will be reduced down when the company starts making profits.

Current Assets look ok.





Non-current liabilities has a couple of points to note.

The leases are effectively a capitalisation of the annual rents they pay for their buildings - looks ok.

The $50m borrowing is from Pearl Abyss, interest charged at 4.6%.  That is due in October 2026 and so moves from Non-Current Liabilities to Current Liabilities - and CCP need to get this refinanced in the next few months!

Also, it looks like CCP did not pay the interest on the loan to Pearl Abyss but instead added the interest payment to the total debt.




The $60.4m deferred revenues are proceeds from the sale of Token Warrants.  $10m was received in 2022 and $27.5m in 2023 + non cash sales of $20m in 2025 + a new $2.7m "Exclusivity Right" - and i have no idea what this "Exclusivity Right" is!

It may relate to this

"In October 2025, the Group announced a strategic collaboration with Mysten Labs and the Sui network to support the technological platform underlying EVE Frontier. This partnership provides scalable infrastructure for programmable ingame systems and digital assets, supporting the development of a broader ecosystem of tools and services around the EVE Frontier platform."

Mysten Labs is some sort of Web3 business with a16z as an investor.



For the Token Assets, the notes in the Accounts spells it all out - CCP is developing a blockchain-based network and planning to issue crypto tokens on the network upon completion of the development:





Current Liabilities all look ok but lets look at the deferred income here because this gives us an idea of the amount of Omega / Plex in the game.




The $5.3m of Subscriptions is Omega that has been bought but not yet used.  It will convert to Revenues as it is used.  Accounting rules don't allow it to be recognised as Revenues before all this.

This is a large rise of 51% vs 2024 which suggests players were buying longer term Omega and/or more players in the game.rage.

The In-game purchases not yet consumer i believe is Plex and i guess any real money purchases other than Omega that are not yet used.  This was higher at the end of 2025 vs 2024 by 22% and higher in 2024 vs 2023.  As this Plex etc is used up it will be converted into Revenues.

But, again, suggests players are hoarding Plex.


Cashflows

Profits are one thing but cash is real.

Cash is a bit messy this year.  in 2024 a loss fo $19.4m resulted in $19.4m less cash.  But in 2025 a loss of $28.8m resulted in $1.2m more cash.

$12m came in from the "Advance" + $5m came in from the sale of Intangibles (not sure what it was) + $3m came in from higher deferred revenues + $3m from the "Exclusivity Right" + $2m came in from debtors paying CCP quicker (probably tax credits) + $2m from not paying the interest on the Pearl Abyss loan


Net Debt

However, we can't get away from this - CCP is building up debt.



Net debt has risen from $37.4m to $51.3m, and that would have been higher had we not seen the $5m came in from the sale of Intangibles (not sure what it was) +  $3m from the "Exclusivity Right" + $2m came in from debtors paying CCP quicker (probably tax credits) + $3m came in from higher deferred revenues.

In other words, CCP either needs to be profitable very quickly or needs anoher cash injection.


CEO Salary?

I am not here to speculate on someone’s remuneration so I will just put the item below with a few lines of text.



So, $1.0m was paid to the Directors.  I don’t think the Korean Board members will be taking any pay.  So this is the CEO and whoever else is not Korean on the Board.