---
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"
generated_at: "2026-06-15T04:39:10.161394+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Motorsport Games Q1 net loss $5.3M; revenue down 48% YoY; warns cash insufficient for 2023

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-016398
- JSON: https://secwatch.observer/filing/0001493152-23-016398.json
- Plain text: https://secwatch.observer/filing/0001493152-23-016398.txt

## Key facts
- Earnings Releases
  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.
  - Period: first fiscal quarter ended March 31, 2023
  - Revenue: $1.7 million
  - Net income: $5.3 million
  - EPS: $2.33 per share
  - Result: reported results
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1821175/000149315223016398/0001493152-23-016398-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.