Motorsport Games Inc Stock Price, News & Analysis

Motorsport Games Inc. (NASDAQ: MSGM) announced that CEO Dmitry Kozko and Mike Vorhaus of Vorhaus Advisors will participate in the Let’s DEW Lunch webinar on May 26, 2021, at 3:00 PM ET. The webinar, focused on 'The Business of Games', will feature a moderated interview and audience Q&A. Let’s DEW Lunch is a free daily streaming show discussing the entertainment and gaming industries. Motorsport Games is known for developing and publishing officially licensed racing games for series such as NASCAR and the 24 Hours of Le Mans.

Motorsport Games, Inc. (NASDAQ: MSGM) reported Q1 2021 financial results, revealing revenue of $2.5 million, down from $3.2 million in Q1 2020. Gross profit declined to $1.7 million, although gross profit margin improved to 68%. The net loss widened to ($14.1 million) compared to ($0.2 million) in the prior year. The company announced the anticipated launch of its new flagship game, NASCAR NXT, in Q3 2021 and made strategic acquisitions to enhance its market position. Key personnel, including Gérard Neveu, were added to strengthen industry relationships.

Motorsport Games (NASDAQ: MSGM) recently won the prestigious Sports Technology Award for 'Best Use of Esports by a Sports Brand' for its successful event, the 24 Hours of Le Mans Virtual. This event, a collaboration with ACO and FIA WEC, showcased 200 drivers from 37 countries and achieved record TV and digital viewership exceeding 60 million. The award highlights the event's groundbreaking technological achievements and its recognition amidst competitors like Formula 1 and the Deutsche Football League. This accolade adds to the company's previous awards, emphasizing its impact in the esports domain.

Motorsport Games (NASDAQ: MSGM) has completed the acquisition of Studio 397, a leading developer of the rFactor 2 racing simulation platform. This acquisition, finalized in April 2021, enhances Motorsport Games' product portfolio and development capabilities. Studio 397 will continue to operate under its name and contribute to various Motorsport Games projects, including the NASCAR reboot and titles based on prestigious racing licenses such as the British Touring Car Championship. The acquisition is expected to positively impact Motorsport Games' esports offerings.

Motorsport Games (NASDAQ: MSGM) will report its first-quarter financial results for 2021 on May 17, 2021, after market close. A conference call and webcast will occur at 5:00 p.m. ET the same day to discuss the results. Investors can access the call through the IR website and view highlights via an investor video. Motorsport Games specializes in developing and publishing video games for major motorsport series including NASCAR and the 24 Hours of Le Mans, along with providing esports competitions.

Motorsport Games (NASDAQ: MSGM) has announced the Ultimate Summer Showdown, a four-event esports series for NASCAR Heat 5, starting on April 30, 2021 and culminating with the finale on July 22, 2021. BenQ is named the official gaming monitor provider for the event. Players can qualify online, and the top 24 from each platform will compete in live-streamed finals. The event aims to enhance the racing community's engagement following the success of the Winter Heat Series.

Motorsport Games (NASDAQ: MSGM) has successfully completed its acquisition of 704Games Company, facilitating complete control over its NASCAR licensed video games. This merger involves 704Games LLC and is expected to enhance financial reporting and strategic advantages. Although the acquisition won't impact earnings per share in the current year, it is anticipated to become accretive starting in 2022. CEO Dmitry Kozko emphasizes the acquisition's value in developing genre-defining experiences for fans.

Motorsport Games (NASDAQ: MSGM), a leading racing game developer, will participate in a fireside chat on April 20, 2021, hosted by Mike Hickey from The Benchmark Company. This event aims to discuss the company’s role in the racing organization and esports ecosystem.

Motorsport Games develops officially licensed video games for renowned motorsports, including NASCAR and Le Mans. It is recognized as an award-winning esports partner for various racing championships, including FIA World Rallycross and the eNASCAR Heat Pro League.

Motorsport Games has appointed Gérard Neveu as Motorsports Advisor to enhance connections with the motorsport industry. Neveu, former CEO of the FIA World Endurance Championship, previously staged the largest virtual racing event, the 24 Hours of Le Mans Virtual, attracting 14.2 million viewers. His role will focus on fostering projects in esports and ensuring authenticity. Motorsport Games is expanding with acquisitions of KartKraft and plans for rFactor2, aiming to solidify its position in the virtual racing space.