THQ has told investors it can give "no assurances" it can grow net sales in its latest SEC filing.
The form 10-K highlights many of the difficulties the publisher is currently facing, and warns that despite the recent attempts to restructure and refocus the business, it may continue to lose money.
"We have incurred operating losses during the last five fiscal years. We have restructured our business operations in order to adjust our cost structure to better align with our expected future business; however, we may continue to incur losses in the future."
"There can be no assurance that we will be able to grow our net sales in future years."
Some of the changes listed, such as the refocussing on core products, mean there is greater pressure than ever on THQ's remaining franchises.
"We will depend on a smaller number of franchises and titles for a significant portion of our net sales in the future. Due to this dependence on a limited number of franchises, the failure to achieve anticipated results by one or more products based on these franchises may significantly impact our business and financial results."
Other potential difficulties that are highlighted include holding onto talent, the announcement of next-gen consoles (which can slow sales of current consoles and games) and the growth of the pre-owned market.
It also reveals the extent of the publishers reliance on US retailers like Best Buy, COKeM, GameStop, Target, and Walmart, which in aggregate made up 43% of THQ's consolidated gross sales for fiscal 2012.