Business
Motorsport Games Reports Fourth Quarter of 2022 & Full Year 2022 Financial Results
MIAMI, March 24, 2023 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or the “Company”) today reported financial results for its
About this update from Motorsport Games Inc.
[{"type":"text","content":"MIAMI, March 24, 2023 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or the “Company”) today reported financial results for its fourth quarter and fiscal year ended December 31, 2022. The Company has also posted a 2022 Year End Review video and Q4 ‘22 and fiscal year-end earnings slides highlighting key milestones that occurred in the period, which are accessible on the Company’s investor relations website. Dmitry Kozko, Chief Executive Officer of Motorsport Games, commented, “In the face of numerous challenges, including the ongoing war in Ukraine and operational hurdles, I am inspired by the incredible resilience and determination of our team at Motorsport Games. As we continue to strive towards making the thrill of motorsports accessible to everyone, we have made progress in our 2022 product release schedule and remain committed to the development of our future INDYCAR, NASCAR, Le Mans and BTCC gaming experiences. Our commitment extends to having new high-quality standards for future releases, which will require more time and resources to complete. However, when we ultimately release these games, we believe that they will be worth the wait.” Kozko added, “Our recent capital raise transactions, as well as our debt exchange with our majority shareholder, provide a much-needed improvement on the balance sheet. Additionally, we completed our 1-for-10 reverse stock split in November and brought three new independent directors to our board helping us to regain full compliance with the NASDAQ listing requirements in January 2023. I am especially excited to welcome Jason Potter as our new CFO.” Fourth Quarter 2022 Business Update ●rFactor 2 Quarterly Content Update Released: In November 2022, the Company released updates to rFactor 2 that brought new cars and tracks to the rFactor platform marking the first time the Thruxton, Croft and Bahrain circuits have been laser-scanned into a commercial SIM racing product. Four new tracks and two new cars, including one more BTCC car, were made available in the Steam Store. ●Released NASCAR Rivals on Nintendo Switch: NASCAR Rivals, the official video game for the 2022 NASCAR Cup Series Season, released on October 14, 2022. NASCAR Rivals brings the excitement of the NASCAR Cup Series regular season and playoffs to fans on the go with the Nintendo Switch’s easy, bui...