Lower sales and marketing, development and cost of revenue expenses in the fourth quarter of 2022 contributed to the reduction in net loss, partially offset by a reduction in revenue, when compared to the same period in the prior year.Īdjusted EBITDA loss (1) for the fourth quarter of 2022 was $3.5 million, compared to an Adjusted EBITDA loss (1) of $5.4 million for the same period in the prior year. ![]() Net loss for the fourth quarter of 2022 was $4.8 million, or $4.17 per share, compared to a net loss of $7 million, or $6.16 per share, for the same period in the prior year, an improvement of $2.2 million, or $1.99 per share. Gross profit was $2.3 million compared to $3.3 million for the same period in the prior year, a decrease of $1 million, while gross profit margin improved to 60.6% from 40.5%. Revenue for the fourth quarter of 2022 was $3.8 million compared to $8.2 million for the same period in the prior year, a reduction of $4.4 million, or 54%. The lead up to the 24 Hours of Le Mans Virtual, the first 4 rounds were: 8 hours of Bahrain (Sep 17, 2022), 4 Hours of Monza (Oct 8, 2022), 6 Hours of SPA (Nov 5, 2022) and 500 Miles of Sebring (Dec 3, 2022).įinancial Results for the Three Months Ended December 31, 2022 and the Automobile Club de l’Ouest (ACO), returned for more of the elite, endurance esports competition which has attracted world motor racing champions, captured global attention, and received plaudits from teams, drivers and fans alike. Updates to the title, available for free, will be seen across Race Now, Online Multiplayer and the Paint Booth and are available for download for Sony PlayStation 4 and 5, Xbox One, Series S and X and PC through the Steam store.ĭelivered the first 4 of 5 Rounds of the 2022-23 Le Mans Virtual Series: The 2022-23 Le Mans Virtual Series, a joint venture between Motorsport Games Inc. ![]() Released 2022 Season Expansion Update for NASCAR 21: Ignition: On October 6, 2022, the Company officially launched the 2022 Season Expansion Update for NASCAR 21: Ignition 2022 to reflect the 2022 NASCAR Cup Series season. The game’s variety of race modes provide players the ability to race and compete in different ways, emphasizing rivalry across the sport itself and among teams in the NASCAR Cup Series, drivers and the players, both locally and via multiplayer. NASCAR Rivals brings the excitement of the NASCAR Cup Series regular season and playoffs to fans on the go with the Nintendo Switch’s easy, built-in mobility. Released NASCAR Rivals on Nintendo Switch: NASCAR Rivals, the official video game for the 2022 NASCAR Cup Series Season, released on October 14, 2022. Four new tracks and two new cars, including one more BTCC car, were made available in the Steam Store. ![]() RFactor 2 Quarterly Content Update Released: In November 2022, the Company released updates to rFactor 2 that brought new cars and tracks to the rFactor platform marking the first time the Thruxton, Croft and Bahrain circuits have been laser-scanned into a commercial SIM racing product. I am especially excited to welcome Jason Potter as our new CFO.” Additionally, we completed our 1-for-10 reverse stock split in November and brought three new independent directors to our board helping us to regain full compliance with the NASDAQ listing requirements in January 2023. Kozko added, “Our recent capital raise transactions, as well as our debt exchange with our majority shareholder, provide a much-needed improvement on the balance sheet. However, when we ultimately release these games, we believe that they will be worth the wait.” Our commitment extends to having new high-quality standards for future releases, which will require more time and resources to complete. As we continue to strive towards making the thrill of motorsports accessible to everyone, we have made progress in our 2022 product release schedule and remain committed to the development of our future INDYCAR, NASCAR, Le Mans and BTCC gaming experiences. The Company has also posted a 2022 Year End Review video and Q4 ‘22 and fiscal year-end earnings slides highlighting key milestones that occurred in the period, which are accessible on the Company’s investor relations website.ĭmitry Kozko, Chief Executive Officer of Motorsport Games, commented, “In the face of numerous challenges, including the ongoing war in Ukraine and operational hurdles, I am inspired by the incredible resilience and determination of our team at Motorsport Games. ![]() (NASDAQ: MSGM) (“Motorsport Games” or the “Company”) today reported financial results for its fourth quarter and fiscal year ended December 31, 2022.
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