The encryption shooting game Shrapnel's developer Neon Machine is facing a financial crisis.

According to a report by Blockworks on April 6th, the encryption shooting game “Shrapnel” (, temporarily translated into Chinese as: 弹片), is facing serious financial difficulties. The developer, Neon Machine, has consumed nearly $86.9 million in operating funds. Although there is an expected revenue of $21.7 million in 2024, a net loss of $11.4 million is projected due to operating costs of $33 million.

The company is currently burning $2-3.5 million each month, cash has run out, and it owes millions of dollars to external suppliers. The planned new round of financing at the beginning of 2025 has failed to materialize. The company has undergone at least three rounds of layoffs, with the number of employees reduced from nearly a hundred to just over a dozen, and the Seattle headquarters was closed at the end of March.

Despite its concerning financial situation, Neon Machine still claims to be “in the strongest state ever” and plans to globally launch “Shrapnel” by the end of 2025, but insiders have expressed skepticism about this.

It is worth noting that Lingjing · People’s Game Laboratory has reached a preliminary cooperation intention with the creative team of “Shrapnel” regarding the minting and issuance of game digital assets in the Chinese market.