Motorsport Games Inc. Announces Business Updates and Preliminary 2024 Results
Motorsport Games (NASDAQ: MSGM) has announced its preliminary 2024 results and business updates. The company expects Q4 2024 revenues between $1.8-2.1 million and full-year revenues of $8.5-8.8 million, showing growth from 2023's $6.9 million. December saw strong performance driven by new content for Le Mans Ultimate, which has exceeded 100,000 unit sales.
The company launched a new subscription service on its RaceControl platform, performing above internal forecasts. Operating expenses are expected to decrease significantly to $11.1-11.5 million for 2024, compared to $22.7 million in 2023. Net loss is projected at $2.6-3.0 million for 2024, an improvement from the $14.3 million loss in 2023.
Management is actively exploring strategic alternatives, including potential sale or merger opportunities, and seeking funding to expand Le Mans Ultimate to PlayStation and Xbox platforms.
Motorsport Games (NASDAQ: MSGM) ha annunciato i suoi risultati preliminari per il 2024 e aggiornamenti aziendali. L'azienda prevede che i ricavi del Q4 2024 si attestino tra $1.8-2.1 milioni e i ricavi totali dell'anno siano tra $8.5-8.8 milioni, evidenziando una crescita rispetto ai $6.9 milioni del 2023. Dicembre ha visto una forte performance grazie ai nuovi contenuti per Le Mans Ultimate, che ha superato le 100.000 vendite unità.
L'azienda ha lanciato un nuovo servizio di abbonamento sulla sua piattaforma RaceControl, performance superiore alle previsioni interne. Si prevede che le spese operative diminuiscano significativamente a $11.1-11.5 milioni per il 2024, rispetto ai $22.7 milioni del 2023. La perdita netta è prevista a $2.6-3.0 milioni per il 2024, un miglioramento rispetto alla perdita di $14.3 milioni nel 2023.
La direzione sta attivamente esplorando alternative strategiche, comprese le potenziali opportunità di vendita o fusione, e sta cercando finanziamenti per espandere Le Mans Ultimate sulle piattaforme PlayStation e Xbox.
Motorsport Games (NASDAQ: MSGM) ha anunciado sus resultados preliminares para 2024 y actualizaciones comerciales. La compañía espera que los ingresos del Q4 2024 se sitúen entre $1.8-2.1 millones y los ingresos totales del año sean de $8.5-8.8 millones, mostrando un crecimiento respecto a los $6.9 millones de 2023. Diciembre presentó un rendimiento sólido impulsado por nuevo contenido para Le Mans Ultimate, que ha superado las 100,000 unidades vendidas.
La compañía lanzó un nuevo servicio de suscripción en su plataforma RaceControl, superando las previsiones internas. Se espera que los gastos operativos disminuyan significativamente a $11.1-11.5 millones para 2024, en comparación con los $22.7 millones en 2023. Se proyecta una pérdida neta de $2.6-3.0 millones para 2024, una mejora respecto a la pérdida de $14.3 millones en 2023.
La dirección está explorando activamente alternativas estratégicas, incluidas posibles oportunidades de venta o fusión, y buscando fondos para expandir Le Mans Ultimate a las plataformas de PlayStation y Xbox.
모터스포츠 게임즈 (NASDAQ: MSGM)가 2024년의 예비 결과와 사업 업데이트를 발표했습니다. 회사는 2024년 4분기 수익이 $1.8-2.1백만에 이를 것으로 예상하며, 연간 총 수익은 $8.5-8.8백만으로, 2023년의 $6.9백만에 비해 성장할 것으로 보입니다. 12월에는 르망 얼티밋의 새로운 콘텐츠가 출시되어 강력한 성과를 거두었으며, 판매가 100,000장 이상을 초과했습니다.
회사는 RaceControl 플랫폼에서 새로운 구독 서비스를 출시했으며, 내부 예측을 초과 달성했습니다. 운영 비용은 2024년에는 $11.1-11.5백만으로 크게 감소할 것으로 예상되며, 이는 2023년의 $22.7백만에 비해 감소입니다. 2024년의 순손실은 $2.6-3.0백만으로 예상되며, 2023년의 $14.3백만 손실에 비해 개선된 수치입니다.
경영진은 잠재적인 매각 또는 합병 기회를 포함하여 전략적 대안을 적극적으로 탐색하고 있으며, 르망 얼티밋을 PlayStation 및 Xbox 플랫폼으로 확장하기 위해 자금을 찾고 있습니다.
Motorsport Games (NASDAQ: MSGM) a annoncé ses résultats préliminaires pour 2024 et des mises à jour commerciales. La société prévoit des revenus au Q4 2024 compris entre $1.8-2.1 millions et des revenus annuels totaux d'environ $8.5-8.8 millions, marquant une croissance par rapport aux $6.9 millions de 2023. Décembre a connu une forte performance, soutenue par du nouveau contenu pour Le Mans Ultimate, qui a dépassé les 100 000 ventes unitaires.
La société a lancé un nouveau service d'abonnement sur sa plateforme RaceControl, dépassant les prévisions internes. Les dépenses d'exploitation devraient diminuer de manière significative à $11.1-11.5 millions pour 2024, contre $22.7 millions en 2023. La perte nette est projetée à $2.6-3.0 millions pour 2024, une amélioration par rapport à la perte de $14.3 millions en 2023.
La direction explore activement des alternatives stratégiques, y compris des opportunités potentielles de vente ou de fusion, et cherche des financements pour étendre Le Mans Ultimate sur les plateformes PlayStation et Xbox.
Motorsport Games (NASDAQ: MSGM) hat seine vorläufigen Ergebnisse und Geschäftsupdates für 2024 bekannt gegeben. Das Unternehmen erwartet, dass die Umsätze im 4. Quartal 2024 zwischen $1.8-2.1 Millionen liegen und die Gesamterlöse des Jahres zwischen $8.5-8.8 Millionen liegen, was ein Wachstum gegenüber den $6.9 Millionen im Jahr 2023 zeigt. Im Dezember gab es eine starke Leistung, die durch neue Inhalte für Le Mans Ultimate befeuert wurde, das über 100.000 verkaufte Einheiten überschritt.
Das Unternehmen hat einen neuen Abonnementdienst auf seiner RaceControl-Plattform gestartet, der die internen Prognosen übertroffen hat. Die Betriebsausgaben sollen im Jahr 2024 deutlich auf $11.1-11.5 Millionen sinken, verglichen mit $22.7 Millionen im Jahr 2023. Der Nettverlust wird für 2024 auf $2.6-3.0 Millionen geschätzt, was eine Verbesserung gegenüber dem Verlust von $14.3 Millionen im Jahr 2023 darstellt.
Die Geschäftsführung prüft aktiv strategische Alternativen, einschließlich möglicher Verkaufs- oder Fusionsmöglichkeiten, und sucht nach Finanzierungen, um Le Mans Ultimate auf die PlayStation- und Xbox-Plattformen auszudehnen.
- Revenue growth to $8.5-8.8M in 2024 from $6.9M in 2023
- Le Mans Ultimate surpassed 100,000 unit sales
- Operating expenses reduced by ~50% from $22.7M to $11.1-11.5M
- Net loss improved significantly from $14.3M to $2.6-3.0M
- Strong performance of new RaceControl subscription service
- Company still operating at a loss ($2.6-3.0M expected for 2024)
- Seeking additional financing indicates potential cash constraints
- Exploring sale/merger options suggests strategic challenges
Insights
The preliminary 2024 results reveal a company in transition, with notable improvements in operational efficiency despite continued challenges. Revenue growth of approximately
The dramatic
Three critical strategic developments warrant attention:
- The potential expansion to PlayStation and Xbox platforms could substantially expand the addressable market for Le Mans Ultimate, considering console gaming's larger user base
- The exploration of strategic alternatives, including potential sale or merger, suggests the board recognizes the need for additional scale or resources
- The RaceControl subscription service introduces a recurring revenue component, potentially improving revenue predictability and margins
While these initiatives show promise, the company's relatively small market cap of
MIAMI, Feb. 04, 2025 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM), a racing game developer and publisher, today announced operational, financial and other business updates.
Recent Highlights and Accomplishments
- Expected to generate fourth quarter 2024 revenues ranging from
$1.8 million to$2.1 million and full year 2024 total revenues ranging from$8.5 million to$8.8 million ; - Recorded strong revenues during December, boosted by the release of new content for Le Mans Ultimate, a title still in early access that has surpassed 100,000 net unit sales;
- Launched a new subscription option within our growing RaceControl platform, our online service providing multiplayer and community related features in support of our game titles;
- Recorded cash from RaceControl’s new subscription offering exceeding internal forecasts, reflecting strong user engagement and demand for integrated services of this type; and
- The Company expects to continue expanding Le Mans Ultimate throughout at least 2025 given the positive market reception and strong attachment rate of additional content offerings.
Stephen Hood, CEO of Motorsport Games, stated, “We ended the year with strong momentum and with player enthusiasm for Le Mans Ultimate high as a result of the new content and features delivered in December. These preliminary quarterly and full year 2024 results reflect our continued focused strategy to create great gaming experiences whilst streamlining our business costs. We aim to further this positive course and our concerted efforts in the racing game market with rFactor 2, Le Mans Ultimate and our partnership with Kindred Concepts (F1® Arcade) into 2025.”
Mr. Hood further stated, “Management and the Board continue to engage with potential investors about financing and strategic partnerships as we consider strategic alternatives to maximize shareholder value. This includes a potential sale or merger of the Company and to seek funding that would allow us to deliver on viable opportunities to grow revenue, including expanding on the early success of Le Mans Ultimate and potentially bring it to Sony PlayStation and Microsoft Xbox gaming consoles and reach a larger potential gaming market.”
2024 Financial Results
The Company currently expects to report revenues ranging from
Total operating expenses are expected to range from
Net loss is expected to range from
The Company expects to report its full fourth quarter and fiscal year 2024 financial results later this quarter. The preliminary financial results described in this update have not been audited and are subject to adjustment based on the Company’s completion of year-end financial close processes.
About Motorsport Games:
Motorsport Games is a racing game developer, publisher and esports ecosystem provider of official motorsport racing series. Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make racing games that are authentically close to reality. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series including the 24 Hours of Le Mans and the FIA World Endurance Championship, recently releasing Le Mans Ultimate in Early Access. Motorsport Games also owns the industry leading rFactor 2 and KartKraft simulation platforms. rFactor 2 also serves as the official sim racing platform of Formula E, while also powering F1 Arcade through a partnership with Kindred Concepts. Motorsport Games is also an award-winning esports partner of choice for the 24 Hours of Le Mans, creating the renowned Le Mans Virtual Series. Motorsport Games is building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure, and every race inspires.
For more information about Motorsport Games visit: www.motorsportgames.com.
Forward Looking Statements
Certain statements in this press release which are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements.
These forward-looking statements include, but are not limited to, the statements concerning the preliminary financial results on an unaudited basis for the quarter and year ending December 31, 2024, including anticipated revenues ranging from
These preliminary results are based on the most current information available to management and are subject to completion of the financial closing procedures. Further, these preliminary estimates are not a comprehensive statement or estimate of the Company’s financial results or financial condition as of and for the year ended December 31, 2024. The unaudited preliminary financial information included herein has been prepared by, and is the responsibility of, management. The Company’s independent registered public accounting firm has not audited, reviewed, compiled or completed its procedures with respect to such unaudited financial information and, accordingly, such firm does not express an opinion or any other form of assurance with respect thereto. Actual results may differ from these preliminary results. Accordingly, you should not place undue reliance on these preliminary estimates.
The company assumes no obligation to update these preliminary estimates except as required by law.
All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Games and are difficult to predict. Examples of such risks and uncertainties include, without limitation, the Company’s ability to achieve the preliminary results provided.
Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in Motorsport Games’ filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as well as in its subsequent filings with the SEC. Motorsport Games anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Motorsport Games assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Motorsport Games’ plans and expectations as of any subsequent date. Additionally, the business and financial materials and any other statement or disclosure on, or made available through, Motorsport Games’ website or other websites referenced or linked to this press release shall not be incorporated by reference into this press release.
Website and Social Media Disclosure
Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):
| Websites | Social Media |
| motorsportgames.com | Twitter: @msportgames |
| Instagram: msportgames | |
| Facebook: Motorsport Games | |
| LinkedIn: Motorsport Games | |
The contents of these websites and social media channels are not part of, nor will they be incorporated by reference into, this press release.
Contacts:
Investors:
Investors@motorsportgames.com
Media:
PR@motorsportgames.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e1126736-5eb4-4056-8367-6eee2ec41b60
FAQ
What are Motorsport Games (MSGM) expected revenues for full-year 2024?
How many units has Le Mans Ultimate sold for MSGM?
What is MSGM's expected net loss for 2024?
How much did MSGM reduce its operating expenses in 2024 compared to 2023?
What strategic alternatives is MSGM considering in 2024?
