Motorsport Games Q3 net loss $3.5M; cash burn warning, NASCAR license sale

Motorsport Games Inc.

2023-Q3 EPS reported -$6.60 revenue$5,162,356

Net loss $3.5M ($1.28/share) vs $8.5M prior year; revenue $1.7M up 38.5% YoY.
Adjusted EBITDA loss $2.4M improved from $6.5M loss YoY on cost cuts.
Cash $1.2M at Sep 30; increased to $3.2M after Oct 31 from NASCAR license sale.
Company says insufficient cash for next year; exploring equity/debt, asset sales, restructuring.
Le Mans Ultimate set for Feb 20, 2024; sold NASCAR license, closed Australian studio, suspended INDYCAR game.

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 0.95

Motorsport Games Inc. reported its third fiscal quarter ended September 30, 2023 results: revenue $ 1,693,871, net income $ (3,534,132 ), EPS $(1.28) per share.

Period: its third fiscal quarter ended September 30, 2023
Revenue: $ 1,693,871
Net income: $ (3,534,132 )
EPS: $(1.28) per share
Result: reported results

Exact text from the filing

by $4.6 million, driven in part by actions taken by the Company as part of its previously announced 2022 Restructuring Program. In addition, revenue for 2023 was $1.7 million compared to $1.2 million for 2022, a $0.5 million, or 38.5%, improvement that positively impacted net loss. The increase in revenue was primarily driven by the release of the

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Source: SEC EDGAR

accession 0001493152-23-039744

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