Poor Mad Catz. The company, which was already struggling, pinned all its hopes on a publishing partnership with Rock Band 4 developer Harmonix, only to be left dead in the water due to unsold inventory.
The company today posted a $11.6 million loss in their fiscal year, down from a $4.7 million profit from last year. The reason for the epic loss, was according to “Rock Band 4-related challenges”.
Mad Catz also revealed that it will have to sell off $8.3 million of Rock Band 4 inventory by September 6, which many are saying could the end of a license arrangement with Harmonix and won’t be able to sell their stock after this time.
CFO David McKeon is however remaining pretty positive despite this, saying in the report that they hope to come back with a “significant” restructuring program that will allow them to save $6 to $7 million annually, and is “confident” things will be better.
Meanwhile, Harmonix has recently announced a brand new partnership with Fender that’s set to last for around 20 years, and are teasing a brand new guitar peripheral for Rock Band 4.