Motorsport Games(US:MSGM)2023-05-12 20:36Financial Performance - Q1 2023 revenues were $1.7 million, compared to $3.3 million in Q1 2022[31] - Q1 2023 net loss was $5.3 million, significantly lower than the $16 million net loss in Q1 2022[31] - Q1 2023 adjusted EBITDA loss was $4.3 million, an improvement compared to the $5.6 million loss in Q1 2022[31] - The company raised approximately $11.3 million of gross proceeds through 3 registered direct offerings in February 2023[6, 30] Cost Reduction and Liquidity - The company's restructuring program is expected to generate annualized cost reductions of approximately $4 million by the end of 2023[10, 12] - As of March 31, 2023, the company had approximately $5.8 million in available cash on hand[17] - As of April 30, 2023, the company had approximately $4.9 million in available cash on hand[17] - The company achieved annualized savings of approximately $3.9 million through March 31, 2023, as part of its restructuring program[10] Operational Highlights - The company regained full compliance with the Nasdaq Listing Rules on January 30, 2023[14, 30] - The finale of the Le Mans Virtual Series, the 24 Hours of Le Mans Virtual, was held on January 14-15, 2023, attracting approximately 8.8 million video views and 27 million minutes watched[4, 45]