Motorsport Games Inc Stock Price, News & Analysis

Motorsport Games (NASDAQ: MSGM) reported a 54% decline in Q4 2022 revenue, totaling $3.8 million, down from $8.2 million year-over-year. Despite a net loss of $4.8 million (improved from $7 million last year), gross profit margin rose to 60.6%. For the full year 2022, revenue decreased by 31.5% to $10.3 million. The company’s cash reserves stand at approximately $6.5 million, raising concerns over its liquidity for the remainder of 2023. Motorsport Games aims to cut 20% of overhead costs and expects total annualized cost reductions of $4 million by year-end 2023.

Motorsport Games (NASDAQ: MSGM) will announce its financial results for Q4 2022 and the full fiscal year on March 24, 2023, after market close. The company, known for developing and publishing racing games, will hold a conference call at 5:00 p.m. ET to discuss these results. Motorsport Games is an established player in the esports ecosystem, providing official motorsport racing series video games globally. They hold licenses for major racing events including NASCAR and INDYCAR and aim to enhance fan engagement through innovative gaming and esports.

Motorsport Games (NASDAQ: MSGM) announced the successful completion of the Le Mans Virtual Series, which ran from September 2022 to January 2023. The series achieved a cumulative audience reach of over 8.5 million across TV, OTT, and digital platforms. Key highlights include 36 million social media impressions, 10 million video views, and participation from drivers representing 41 countries. Despite some technical issues during the finale, the event saw an impressive turnout of 45 cars and a prize pool of $250,000. The series reflects the growing popularity of endurance sim racing, with plans for an official Le Mans Esports game at the end of this year.