Motorsport Games Inc. Announces Business Updates and Preliminary 2024 Results

Core Viewpoint - Motorsport Games Inc. reported strong momentum and player enthusiasm for its title Le Mans Ultimate, driven by new content and features released in December 2024, while focusing on streamlining business costs and exploring strategic partnerships to maximize shareholder value [3][16]. Financial Performance - The company expects fourth quarter 2024 revenues to range from $1.8 million to$2.1 million, and full year 2024 revenues to be between $8.5 million and$8.8 million, compared to $1.7 million and$6.9 million for the same periods in 2023 [4][16]. - Total operating expenses are anticipated to be between $2.0 million and$2.4 million for the fourth quarter of 2024, and from $11.1 million to$11.5 million for the full year 2024, down from $3.8 million and$22.7 million in the previous year [5][16]. - The expected net loss for the fourth quarter of 2024 is projected to be between $2.5 million and$2.9 million, with a full year net loss ranging from $2.6 million to$3.0 million, contrasting with a net income of $2.7 million and a net loss of$14.3 million in 2023 [6][16]. Business Developments - The company launched a new subscription option within its RaceControl platform, which exceeded internal forecasts in cash generation, indicating strong user engagement [16]. - Le Mans Ultimate has surpassed 100,000 net unit sales and is expected to continue expanding through at least 2025 due to positive market reception and strong demand for additional content [16].