Motorsport Games reports 2022 revenue down 31.5%; warns cash insufficient to fund 2023 ops

Motorsport Games Inc.

Revenue for FY2022 $10.3M, down 31.5% YoY; Q4 revenue $3.8M, down 54% YoY.
Net loss FY2022 $36.8M ($30.73/share) vs $33.7M in 2021; Adj EBITDA loss $21.2M vs $17.4M.
Cash and equivalents $6.5M as of March 22, 2023; company says insufficient to fund 2023 operations.
Esports segment revenue up 46.1% YoY to $1.2M; restructuring savings target $4M annualized by end 2023.

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 the twelve months ended December 31, 2022 results: revenue $10.3 million, net income $36.8 million, EPS $30.73 per share.

Period: the twelve months ended December 31, 2022
Revenue: $10.3 million
Net income: $36.8 million
EPS: $30.73 per share
Result: reported results

Exact text from the filing

Revenue for the full year 2022 was $10.3 million compared to $15.1 million for the same period in the prior year, a reduction of $4.8 million, or 31.5%.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Motorsport Games Inc. reported the three months ended December 31, 2022 results: revenue $3.8 million, net income $4.8 million, EPS $4.17 per share.

Period: the three months ended December 31, 2022
Revenue: $3.8 million
Net income: $4.8 million
EPS: $4.17 per share
Result: reported results

Exact text from the filing

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%.

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Source: SEC EDGAR

accession 0001493152-23-008879

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