It’s a great movie, the best movie yet to come out under the Dungeons and Dragons name. However:

The film made $93 million domestically, which is not good compared to the $150 million budget. Luckily, its worldwide total was $208.2 million, but with marketing costs, it is likely the film did not break even.

https://movieweb.com/dungeons-and-dragons-sequel-unlikely/

It’s often difficult to identify why a film didn’t perform well, but fan anger over the licensing changes likely contributed, e.g. see: https://screenrant.com/dungeons-dragons-honor-among-thieves-box-office-bomb-reason/

The movie could have been a huge hit instead of just maybe breaking even. Trying to rip off the core fans right before it came out was a dumb idea.