Business
Motorsport Games Inc. Announces Business Updates and Preliminary 2024 Results
MIAMI, Feb. 04, 2025 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM), a racing game developer and publisher, today announced operational, financial
About this update from Motorsport Games Inc.
[{"type":"text","content":"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; andThe 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 $1.8 million to $2.1 million for the fourth quarter of 2024, and from $8.5 mill...