Motorsport Games Q3 net loss $8.5M; warns cash insufficient for remainder of 2022

Motorsport Games Inc.

2023-Q3 EPS reported -$26.61 revenue$6,553,918

Revenue $1.2M, down 43% YoY from $2.1M; net loss $8.5M vs $6.7M loss a year ago.
Adjusted EBITDA loss $6.5M, up from $5.5M loss in Q3 2021.
Cash and equivalents only $1.8M as of Oct 31, 2022; company needs additional funding to continue operations.
Completed 1-for-10 reverse stock split on Nov 10 to regain NASDAQ compliance; restructuring targets $4M annual savings by end 2023.
Nine-month net loss $32M includes $9.4M goodwill and intangible asset impairment.

item 1.01 item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Motorsport Games Inc. reported its third quarter ended September 30, 2022 results: revenue $1.2 million, net income $8.5 million.

Period: its third quarter ended September 30, 2022
Revenue: $1.2 million
Net income: $8.5 million
Result: reported results

Exact text from the filing

Revenues for Q3 2022 were $1.2 million, as compared to $2.1 million for Q3 2021.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Motorsport Games Inc. reported the nine months ended September 30, 2022 results: revenue $6.6 million, net income $32 million.

Period: the nine months ended September 30, 2022
Revenue: $6.6 million
Net income: $32 million
Result: reported results

Exact text from the filing

Revenues were $6.6 million and $6.9 million for the nine months ended September 30, 2022 (“Q3 YTD 2022”) and 2021 (“Q3 YTD 2021”), respectively, a decrease of $0.3 million, or 4%, as compared to the prior period.

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Source: SEC EDGAR

accession 0001493152-22-032916

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