Clover Games filed for bankruptcy with the court on the 9th and announced the termination of its game services. The 2025 audit report, released on the 13th, revealed the specific figures behind the severe financial collapse that made the company's bankruptcy inevitable.

Clover Games CEO Yoon Sung-guk had attempted to overcome the liquidity crisis by investing over ₩3 billion of his own money over the past three years, but was ultimately unable to prevent the depletion of funds. Consequently, the company's games—'Lord of Heroes,' 'HeavenHells,' and 'Ayakashi Rise'—will permanently shut down their servers on May 9 at 11:00 PM. To minimize user impact, in-app purchases were completely blocked on the 6th.

According to the audit report disclosed on the 13th, the external auditor, Donghyun Accounting Corporation, issued a 'disclaimer of opinion' on Clover Games' 2025 financial statements. The primary reason for the disclaimer was 'uncertainty regarding the going concern assumption.'

The company's financial state was already beyond recovery. As of December 31, 2025, total assets stood at a mere ₩5.17 billion, while total liabilities reached ₩52.66 billion. Total equity was negative ₩47.48 billion, indicating a severe state of complete capital impairment. It was also confirmed that current liabilities exceeded current assets by ₩26.89 billion, meaning the company had lost even its short-term solvency.

Profitability indicators also deteriorated significantly. Operating revenue in 2025 was ₩7.54 billion, nearly halving from ₩13.03 billion in 2024. Conversely, operating expenses in 2025 rose to ₩18.76 billion, up from ₩17.8 billion the previous year.

As a result, the company incurred an operating loss of ₩11.22 billion and a net loss of ₩12.31 billion for the year. Cash flow from operating activities also recorded a negative ₩10.19 billion, demonstrating that the company's internal liquidity had been completely exhausted.

The qualitative deterioration of the financial structure is also evident. Of the company's total debt, ₩20.02 billion consists of redeemable convertible preference shares (RCPS) liabilities, and ₩16.34 billion consists of related derivative liabilities, showing that accumulated external investments have returned as a massive burden to be repaid.

The external auditor noted that the company's survival depended on the market success of a new title released in February 2026. However, the auditor stated that it could not obtain sufficient appropriate audit evidence to adjust the related assets and liabilities. Ultimately, it appears the company entered final bankruptcy proceedings after even its last hope, the new title, failed to provide a clear breakthrough.