Motorsport Games Inc Stock Price, News & Analysis

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.

Motorsport Games (NASDAQ: MSGM) has announced an update on their promotional plan concerning the upcoming British Touring Car Championship (BTCC) official game, set for release in 2024. The company is enhancing development efforts to improve the user experience and product differentiation within the racing games market. Fans will have opportunities to engage with the game through activations and tech demos during selected BTCC events in 2022 and early 2023, providing feedback to the developers. Further content and competitions will roll out via the rFactor 2 platform.

Motorsport Games (NASDAQ: MSGM) will participate in the H.C. Wainwright Global Investment Conference on May 24, 2022. CEO Dmitry Kozko is scheduled to present at 10:00 a.m. ET. Interested individuals can access a live webcast of the presentation via the Motorsport Games Investor Relations site, with a replay available for a year. The company, a leading developer and publisher of racing games, offers titles based on various official motorsport series, including NASCAR and INDYCAR. More information can be found on their official website.

Motorsport Games reported Q1 2022 revenues of $3.3 million, a 34% increase from Q1 2021's $2.5 million. Key achievements included the launch of the KartKraft racing simulation and a successful 24 Hours of Le Mans Virtual esports event, attracting over 81 million fans. Despite revenue growth, the company faced a net loss of $16 million due to a $9.3 million non-cash write-down of goodwill and intangible assets. The company is exploring funding options to address liquidity needs as it anticipates ongoing negative cash flows.