Motorsport Games reports Q4 net income on NASCAR license gain but warns cash insufficient for 2024

Motorsport Games Inc.

2024-Q1 EPS reported -$0.60 revenue$3,029,036

Q4 2023 revenue $1.7M, down 53.7% YoY; net income $2.7M vs loss $4.8M due to $3.0M gain on NASCAR license sale.
Full-year revenue $6.9M (-33.1% YoY); net loss $14.3M improved from $36.8M loss in 2022.
Cash $1.7M at Dec 31, 2023; $1.3M at Mar 29, 2024; company states insufficient for 2024 operations, exploring funding.
Le Mans Ultimate early access launched Feb 2024 with positive reception and initial sales above internal forecasts.
Adjusted EBITDA loss for full year $8.9M vs $21.2M prior year; restructuring savings of $6.7M achieved.

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 fourth quarter of 2023 results: revenue $1.7 million, net income $2.7 million, or $1.35 per share, EPS $1.35 per share.

Period: fourth quarter of 2023
Revenue: $1.7 million
Net income: $2.7 million, or $1.35 per share
EPS: $1.35 per share
Result: reported results

Exact text from the filing

Revenue for the fourth quarter of 2023 was $1.7 million compared to $3.8 million for the same period in the prior year, a reduction of $2.1 million, or 53.7%.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Motorsport Games Inc. reported fiscal year ended December 31, 2023 results: revenue $6.9 million, net income $14.3 million, or $5.06 per share, EPS $5.06 per share.

Period: fiscal year ended December 31, 2023
Revenue: $6.9 million
Net income: $14.3 million, or $5.06 per share
EPS: $5.06 per share
Result: reported results

Exact text from the filing

- Stock-based compensation 81,242 (105,792 ) Adjusted EBITDA $ 482,875 $ (3,180,057 ) Financial Results for the Year Ended December 31, 2023 Revenue for the full year 2023 was $6.9 million compared to $10.3 million for the prior year period, a reduction of $3.4 million, or 33.1%. Gaming segment revenues were $6.6 million for the full year 2023, compared to $9.1

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Source: SEC EDGAR

accession 0001493152-24-012363

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