{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-23-016398","form_type":"8-K","ticker":"MSGM","cik":"0001821175","company_name":"Motorsport Games Inc.","filed_at":"2023-05-11T23:59:59+00:00","discovered_at":"2026-05-14T18:03:40.864286+00:00","generated_at":"2026-06-15T04:39:10.161394+00:00","sec_items":["2.02","7.01","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Motorsport Games Q1 net loss $5.3M; revenue down 48% YoY; warns cash insufficient for 2023","bullets":["Net loss of $5.3M ($2.33/share) vs $16.0M ($12.97/share) in Q1 2022; Adjusted EBITDA loss $4.3M vs $5.6M.","Revenue fell 48% to $1.7M from $3.3M, driven by lower digital and physical sales.","Cash and equivalents $5.8M at Mar 31, 2023; further down to $4.9M at Apr 30, 2023.","Company states it lacks sufficient cash to fund operations for remainder of 2023 and will need additional financing.","Raised $11.3M in registered direct offerings in Feb 2023; completed debt-for-equity exchanges with Motorsport Network."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-23-016398","json":"https://secwatch.observer/filing/0001493152-23-016398.json","markdown":"https://secwatch.observer/filing/0001493152-23-016398.md","text":"https://secwatch.observer/filing/0001493152-23-016398.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1821175/000149315223016398/0001493152-23-016398-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1821175/000149315223016398/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-15T04:39:10.161394+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"8282805ab24750a79afefb12a2d2e60e8f2dc2f0","claim":"Motorsport Games Inc. reported first fiscal quarter ended March 31, 2023 results: revenue $1.7 million, net income $5.3 million, EPS $2.33 per share.","evidence_excerpt":"The Company reported a net loss for the first quarter of 2023 (“2023”) of $5.3 million, or $2.33 per share, compared to a net loss of $16.0 million, or $12.97, for the first quarter of 2022 (“2022”). The Company also reported an Adjusted EBITDA loss for 2023 of $4.3 million, compared to an Adjusted EBITDA loss of $5.6 million for the same period in the prior year. The Company benefited from no impairment losses in 2023, compared to $9.3 million of impairment losses in 2022, with the remaining $1.4 million reduction in net loss primarily due to reduced external marketing spend and lower payroll costs in 2023 when compared to 2022, as a result of the actions taken under the Company’s previously announced 2022 Restructuring Program. Revenue for 2023 was $1.7 million compared to $3.3 million for the same period in the prior year, a reduction of $1.6 million, or 48%. The Company experienced less favorable pricing and lower volume of digital sales in its existing product portfolio, as well a","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1821175/000149315223016398/0001493152-23-016398-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"first fiscal quarter ended March 31, 2023"},{"label":"Revenue","value":"$1.7 million"},{"label":"Net income","value":"$5.3 million"},{"label":"EPS","value":"$2.33 per share"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}