Motorsport Games Inc Stock Price, News & Analysis

Motorsport Games (NASDAQ:MSGM) announced a 2022 Restructuring Program aimed at generating approximately $4 million in annualized cost reductions by the end of 2023. The company received a $3 million cash advance from its majority stockholder, Motorsport Network, to enhance its capital structure. Additionally, a 1-for-10 reverse stock split is planned to regain compliance with NASDAQ’s listing standards. The restructuring is expected to improve operational efficiency, reduce overhead costs by around 20%, and enhance profitability.

Motorsport Games (NASDAQ: MSGM) has revealed the entry list for the 2022-23 Le Mans Virtual Series, featuring 40 full-season teams, an increase of 25% from last year. This year's competition includes renowned brands such as Alpine, Aston Martin, BMW, Ferrari, Mercedes-AMG, and Porsche. The Series will kick off on September 17, 2022, with five races culminating in the prestigious 24 Hours of Le Mans Virtual on January 14-15, 2023, and offers a total prize fund of $250,000.

Motorsport Games has announced the launch of NASCAR Rivals, an officially licensed video game for the Nintendo Switch. Set to release on October 14, 2022, pre-orders begin on August 24, 2022, priced at $49.99. The game features various modes, including ‘Race Now’, ‘Career Mode’, and ‘Challenges’, enhancing player engagement. New multiplayer options allow local and online racing against friends. The game aims to offer an authentic NASCAR experience, combining portability and customizable features for a comprehensive racing adventure.

Motorsport Games Inc. (NASDAQ: MSGM) reported Q2 2022 earnings with revenues of $2.0 million, down 10% from $2.2 million in Q2 2021. The net loss increased to $7.5 million compared to $6.0 million a year earlier, attributed to rising operational costs and lower gaming sales. However, esports revenue grew by $0.1 million, driven by the successful 24 Hours of Le Mans esports event. The company anticipates negative cash flow for the foreseeable future and is exploring additional financing options to support its product development and liquidity needs.

Motorsport Games (NASDAQ: MSGM) announces the launch of the BTCC rFactor 2 Hot Lap Challenge. Fans can participate at four upcoming British Touring Car Championship (BTCC) events, aiming to achieve the best hot lap time to win signed merchandise. The challenge supports the development of the official BTCC game scheduled for release in 2024. Attendees at race weekends can experience BTCC content through simulators and provide feedback for future game enhancements. The events will take place on August 13-14, August 27-28, September 24-25, and October 8-9, 2022.

Motorsport Games (NASDAQ: MSGM) announced its participation in the Cannacord Genuity 42nd Annual Growth Conference on August 11, 2022. CEO Dmitry Kozko will present at 2:00 p.m. ET. The presentation will be accessible via a live webcast on the company's Investor Relations site, with a replay available for one year. Motorsport Games is known for developing and publishing racing video games and esports for renowned racing series, including NASCAR and INDYCAR. The company emphasizes engaging gaming experiences combined with competitive esports.

Motorsport Games (NASDAQ: MSGM) will report its Q2 financial results on August 10, 2022, after market close. A conference call and webcast will follow at 5:00 p.m. ET for discussion of the results. Motorsport Games, a leading racing game developer and esports ecosystem provider, holds licenses for major racing series like NASCAR and INDYCAR and delivers dynamic gaming experiences across multiple platforms. For further details, visit their investor relations webpage.

Motorsport Games (NASDAQ: MSGM) announced that two of its popular games, NASCAR 21: Ignition and KartKraft, are now available on GeForce NOW, NVIDIA's cloud gaming service. This launch allows gamers to experience these titles on various devices, including certain Samsung TVs, without needing a console. CEO Dmitry Kozko emphasized the company's goal to enhance accessibility in gaming. The addition marks KartKraft's debut on a platform other than PC, broadening its audience reach.

Motorsport Games announced the return of the Le Mans Virtual Series this September, featuring a $250,000 prize fund and flexible regulations for pro drivers. The five-round series will take place online, culminating in the 24 Hours of Le Mans Virtual. Last year's series attracted over 81 million viewers, showcasing elite drivers and teams. New to this year's calendar is the 8 Hours of Bahrain on September 17, 2022, alongside iconic racetracks like Monza and Spa. The series aims to blend real and simulated racing, engaging a younger audience.