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 2022 revenues of $1.2 million, a 43% decline from Q3 2021's $2.1 million. The net loss for the quarter increased to $8.5 million, driven by higher expenses and lower sales. The company initiated a 2022 Restructuring Program expected to yield $4 million in annualized savings by the end of 2023. Additionally, a 1-for-10 reverse stock split was completed to comply with NASDAQ requirements. With only $1.8 million in cash as of October 31, 2022, Motorsport Games is seeking additional funding to continue operations.
Motorsport Games (NASDAQ: MSGM), a leading developer and publisher of racing games, will report its third-quarter financial results for 2022 on November 18, after market close. A conference call and webcast will follow at 5:00 p.m. ET on the same day to discuss the results. Interested participants can access the live webcast via the company's investor relations website, or by calling 1 (877) 407-0784 (U.S.) or 1 (201) 689-8560 (internationally).
Motorsport Games Inc. (NASDAQ: MSGM) has announced a postponement of its third-quarter earnings release and conference call, initially set for November 10, 2022. The new date and time will be communicated via a future press release. Motorsport Games is recognized for developing and publishing officially licensed motorsport video games and operates esports ecosystems for various racing series globally, including NASCAR and Formula E.
Motorsport Games has announced a 1-for-10 reverse stock split of its Class A and Class B common stock, effective at 12:01 a.m. EST on November 10, 2022. This decision follows approval from the company's Board of Directors and stockholders. The split will reduce the total issued shares from approximately 11.67 million Class A shares and 7 million Class B shares to about 1.17 million and 700,000 shares, respectively. Stock options and exercise prices will also be adjusted proportionately. Further details on the share exchange process have been provided.
Motorsport Games has announced a new content update for rFactor 2, introducing laser-scanned tracks and new vehicles. This marks a significant milestone as it is the first time circuits have been accurately recreated in a commercial sim racing product. The update includes the BMW 330i M Sport and Vanwall Vandervell LMH cars, alongside tracks like Thruxton, Croft, and Bahrain International Circuit, which feature enhanced visual and gameplay experiences. Additional quality improvements, including AI performance enhancements and VR upgrades, complement this launch.
Motorsport Games (NASDAQ: MSGM) announces Round 3 of the Le Mans Virtual Series, featuring the 6 Hours of Spa on November 5, 2022, at the renowned Circuit de Spa-Francorchamps. Notable drivers, including Max Verstappen and Romain Grosjean, will participate in this elite esports event. The race will showcase 40 cars across two classes and will be broadcast on various platforms. The series concludes with a total prize fund of US$250,000 and aims to enhance both esports and real-world motorsport participation.
Motorsport Games Inc. (NASDAQ: MSGM) will report its third-quarter financial results for the period ending September 30, 2022, on November 10, 2022, after market close. A conference call to discuss the results will follow at 5:00 p.m. ET. Motorsport Games is a key player in the racing game development and esports sector, holding licenses for various prestigious motorsport series. The company aims to create engaging gaming experiences and esports events, fostering a virtual racing ecosystem that appeals to fans and gamers alike.
Motorsport Games has launched NASCAR Rivals, an exclusive video game for the Nintendo Switch, based on the 2022 NASCAR Cup Series. Available for $49.99, this game emphasizes motorsport rivalries and includes various modes such as 'Race Now', 'Career Mode', and 'Challenges'. Players can enjoy local and online multiplayer experiences, compete with up to 15 players, and personalize their gaming experience with a new 'Paint Booth'. This release aims to attract racing fans and enhance the NASCAR gaming experience.
Motorsport Games has announced the launch of the NASCAR 21: Ignition 2022 Season Expansion Update, which reflects the 2022 NASCAR Cup Series season. Available for free to existing owners for platforms including PlayStation and Xbox, the update features a UI refresh, new broadcast introductions, and updated driver rosters. New players can purchase Ignition at a reduced price of $19.99. The update brings current racing content to NASCAR Heat 5 and NASCAR Heat Mobile, with the former offering it for $12.34 starting October 21, 2022, and the latter for free on October 27, 2022.
Motorsport Games (NASDAQ: MSGM) announced the entry list and schedule for the 4 Hours of Monza, the second round of the 2022-23 Le Mans Virtual Series. This event will take place on October 8, 2022, featuring a high level of competition with real-world and esports drivers, including noteworthy participants like Yifei Yi and Luis Diaz. The race will be broadcasted live, commencing with qualifying on October 7. The Le Mans Virtual Series unites top teams across five rounds, culminating in a total prize fund of $250,000.
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