Welcome to our dedicated page for Motorsport Games news (Ticker: MSGM), a resource for investors and traders seeking the latest updates and insights on Motorsport Games stock.
Motorsport Games Inc. (NASDAQ: MSGM) is a leading developer, publisher, and esports ecosystem provider for official motorsport racing series. Headquartered in Miami, Florida, the company was founded in 2018 and has since combined engaging video games with exciting esports competitions and content for racing fans and gamers worldwide.
The core business of Motorsport Games Inc. revolves around the development and publishing of interactive racing video games. It holds licensing agreements for iconic motorsport racing series such as NASCAR and the British Touring Car Championship (BTCC). The company is also an esteemed esports partner for NASCAR, 24 Hours of Le Mans, Formula E, BTCC, and the FIA World Rallycross Championship, among others.
The company's business segments include the development and publishing of video games, entertainment content, and services, and the organization and facilitation of esports tournaments. Motorsport Games Inc. recently announced new features and updates for its flagship game, Le Mans Ultimate, introducing a Radar feature, Replay Suite, and improved race starts. They also plan to release additional 2024 content including new cars and circuits throughout the next 12 months.
In the esports sector, the company recently resolved a licensing dispute with BTCC and signed a new non-exclusive license agreement to reinstate BTCC content in the acclaimed rFactor 2 racing simulation. Moreover, they launched a new platform, RaceControl.gg, in collaboration with Coach Dave Academy, to enhance player engagement with their games.
Despite facing some financial challenges, Motorsport Games continues to focus on expanding its product portfolio and improving its existing offerings. The company remains committed to providing an authentic racing experience for its users and has plans to further innovate and enhance its gaming and esports platforms.
Recent financial results and updates, including strategic plans and partnerships, are available on the company’s investor relations website and through various media channels.
Motorsport Games (NASDAQ: MSGM) reported Q3 2024 financial results showing improvement in key metrics. Revenue increased 6.4% to $1.8 million, with gross profit rising to $1.1 million and margin expanding to 60.2%. The company achieved net income of $0.01 million compared to a $3.6 million loss in Q3 2023. Notable developments include the release of new DLC for Le Mans Ultimate and implementation of innovative game features. However, with cash reserves at $0.8 million as of September 30, 2024, the company indicates it needs additional funding to continue operations and is exploring strategic alternatives including potential equity/debt financing and asset sales.
Motorsport Games (NASDAQ: MSGM) has scheduled its Q3 2024 financial results announcement for Thursday, November 14, 2024, after market close. The company will host a conference call and webcast at 5:00 p.m. ET on the same day. Investors can access the webcast through the company's investor relations website, where it will remain available for 12 months. Alternatively, participants can join via phone using the Conference ID 'MOTOR' by dialing 1-800-579-2543 or 1-785-424-1789.
Motorsport Games Inc. (NASDAQ: MSGM) has announced that its Board of Directors has authorized management to consider strategic alternatives to maximize shareholder value, including a potential sale or merger of the Company. The company is also seeking funding to bring Le Mans Ultimate to PlayStation and Xbox consoles.
MSGM has undergone a restructuring, including headcount reductions in the US and UK, to reduce cash expenditure and improve efficiency. CEO Stephen Hood stated that these changes position the company to become more agile, focused, and efficient.
The company highlights recent successes, including the launch of Le Mans Ultimate, its role in F1 Arcade, and plans for a new innovative title. Hood mentioned growing inquiries from interested parties regarding strategic transactions, reflecting positive response to the company's turnaround efforts.
Motorsport Games (NASDAQ: MSGM) has released the September Update for Le Mans Ultimate, the official game of the FIA World Endurance Championship. The update includes:
- A new co-op mode allowing players to race with friends
- A save feature for longer races
- Quality of life improvements
- The release of 2024 Pack 2 DLC, featuring two new Hypercars and the Circuit of the Americas
- Updated 2024 LMP2 and Hypercar liveries for all users
The DLC pack is priced at £9.99 / €11.99 / $12.99, with a Season Pass available for £39.99 / €46.99 / $48.99. The game's Early Access pricing will end on October 1, 2024, with the base game price increasing to £28.99 / €34.99 / $37.99 thereafter.
Motorsport Games (NASDAQ: MSGM), a leading racing game developer and esports ecosystem provider, has announced its participation in the upcoming H.C. Wainwright 26th Annual Global Investment Conference. The event will take place from September 9-11, 2024, at the Lotte New York Palace Hotel in New York City.
CEO and President Stephen Hood will deliver a virtual presentation at the conference. Interested parties can access a replay of the webcast through the investor section of Motorsport Games' website. Additionally, Chief Financial Officer Stanley Beckley will be available for one-on-one meetings during the event. Investors wishing to schedule meetings with either Mr. Hood or Mr. Beckley can do so by emailing investors@motorsportgames.com.
Motorsport Games Inc. (NASDAQ: MSGM) reported financial results for Q2 2024. Key highlights include:
- Net income of $2.4 million, compared to a net loss of $8.2 million in Q2 2023
- Revenue increased 8.2% to $1.9 million
- Gross profit margin improved to 59.0% from 50.2%
- Released paid DLC for Le Mans Ultimate in July 2024
- Settled with INDYCAR , reducing liabilities by $2.9 million
- Raised $1 million through a Registered Direct Offering in July
The company faces liquidity challenges and is exploring additional funding options, cost reductions, and strategic alternatives to sustain operations. Cash and cash equivalents stood at $1.3 million as of July 31, 2024.
Motorsport Games (NASDAQ: MSGM), a developer and publisher of racing games and esports ecosystem provider, has announced it will release its Q2 2024 financial results on Friday, August 9, 2024, after market close. The company will host a conference call and webcast at 5:00 p.m. ET on the same day to discuss the results. Investors can access the webcast through the company's investor relations website, where it will remain available for 12 months. Alternatively, participants can join the call by dialing 1-800-717-1738 or 1-646-307-1865.
Motorsport Games (NASDAQ: MSGM) has announced a $1 million registered direct offering priced at-the-market under Nasdaq rules. The company will sell and issue 460,830 shares of Class A common stock (or pre-funded warrants) at $2.17 per share. In a concurrent private placement, MSGM will issue unregistered Series A and B warrants to purchase up to 460,830 shares each. The offering is expected to close around July 29, 2024. H.C. Wainwright & Co. is the exclusive placement agent. Motorsport Games plans to use the net proceeds for working capital and general corporate purposes. The offering is made under a shelf registration statement filed with the SEC on February 1, 2022.
Motorsport Games (NASDAQ: MSGM) has released the first Downloadable Content (DLC) Pack for 'Le Mans Ultimate', the official game of the FIA World Endurance Championship. The '2024 Pack 1' includes the Imola Circuit, Lamborghini SC63 LMDH, and 2024 Peugeot 9X8 LMH. Priced at £9.99 / €11.99 / $12.99, it's available on Steam.
This pack is part of a 2024 Season Pass, which will include four new Hypercars, four circuits, and seven GT3 cars across four DLC releases. Motorsport Games also offers free updates, including the recently released BMW M Hybrid V8 Hypercar and two upcoming GT3 cars. The base game, featuring 2023 FIA World Endurance Championship content, is available at an introductory price of £24.99/€29.99/$32.99.
Motorsport Games (NASDAQ: MSGM) revealed its preliminary financial results for Q2 2024. The company expects net income between $1.6M and $1.8M, a significant improvement from a net loss of $8.2M in the same period last year. Key factors include a $2.5M gain from a Settlement and Licensing Agreement with INDYCAR , a $0.6M gain from another agreement with BARC (TOCA) , and a $250K gain from the sale of non-core assets. Operational net loss is forecasted between $1.2M and $1.4M, down from $8.6M last year. Revenues for the first half of 2024 are expected to be between $4.7M and $4.9M, up from $3.5M in the prior year.
CEO Stephen Hood highlighted cost reduction, operational streamlining, and shareholder value enhancement as key strategies driving these results. However, these figures are preliminary and unaudited, subject to completion of financial closing procedures.
FAQ
What is the current stock price of Motorsport Games (MSGM)?
What is the market cap of Motorsport Games (MSGM)?
What does Motorsport Games Inc. do?
Where is Motorsport Games Inc. headquartered?
What are some of the iconic racing series Motorsport Games Inc. holds licenses for?
What recent updates have been made to the Le Mans Ultimate game?
What is RaceControl.gg?
What recent partnership did Motorsport Games Inc. sign with BTCC?
How does Motorsport Games Inc. distribute its revenue?
What are Motorsport Games Inc.'s future plans?
Where can I find more information about Motorsport Games Inc.'s financial results?
Who is Motorsport Games Inc.'s partner for RaceControl.gg?
