Motorsport Games Q1 revenue $3.0M, net loss narrows to $1.7M; warns cash insufficient for next 12 months

Motorsport Games Inc.

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

Revenue of $3.0M (up 75.2% YoY); gross margin 78.0% vs 27.8% in prior year.
Net loss of $1.7M ($0.60 per share) vs $5.3M ($2.33) in Q1 2023; adjusted EBITDA loss $0.4M.
Launched 'Le Mans Ultimate' Early Access selling ~79,000 units in Q1; BTCC settlement reached.
Cash of $1.3M as of April 30; company says insufficient to fund operations over next year.
Exploring additional funding, asset sales, and cost reductions; no assurances of success.

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 0.85

Motorsport Games Inc. reported first quarter ended March 31, 2024 results: revenue $3.0 million, net income $1.7 million, EPS $0.60 per share.

Period: first quarter ended March 31, 2024
Revenue: $3.0 million
Net income: $1.7 million
EPS: $0.60 per share
Result: reported results

Exact text from the filing

● Launched Le Mans Ultimate in Early Access on PC to recognizably positive user ratings on Steam with approximately 79,000 units sold in Q1 2024. ● Revenue increased to $3.0 million in Q1 2024, up by $1.3 million compared to Q1 2023, with a gross profit margin of 78.0% compared to 27.8% in the prior year period. ● Net loss decreased to $1.7 million in Q1

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Source: SEC EDGAR

accession 0001493152-24-018092

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