Business
Motorsport Games Reports Second Quarter 2021 Financial Results
MIAMI, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or the “Company”) today reported financial results for the
About this update from Motorsport Games Inc.
[{"type":"text","content":"MIAMI, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or the “Company”) today reported financial results for the second quarter ended June 30, 2021. The Company also posted a Second Quarter 2021 review video, highlighting key milestones that occurred in the period, which is accessible on the investor relations section of its website. Dmitry Kozko, Chief Executive Officer of Motorsport Games, commented, “I am incredibly excited to announce a newly released trailer of our upcoming flagship NASCAR title, NASCAR 21: Ignition. This is arguably the most anticipated NASCAR title ever and a proud moment for us at Motorsport Games. This is a major milestone that will enable us to fully showcase our extraordinary capabilities. We will be accepting pre-orders beginning tomorrow with an official launch date of October 28, 2021.” Kozko also commented, “We began generating additional revenue from new products, such as rFactor 2, that joined our portfolio during the first half of this year. This ramp-up is just beginning, adding to the momentum following our IPO earlier this year. Combined with all of the demand and community support for our upcoming NASCAR title, we believe we are well positioned to reach our updated outlook for the full year, which takes into consideration the exact timing of the NASCAR 21: Ignition release.” Second Quarter 2021 Highlights Revenues were $2.2 million for the second quarter ended June 30, 2021. This compares to revenues of $3.9 million in the prior year period, which had closer proximity to a game launch, and when gaming participation was at historic highs driven by the global pandemic.Net loss for the second quarter of 2021 was $6.0 million compared to $32,000 in the prior year period.Adjusted EBITDA1 was ($3.7 million) compared to $0.4 million in the prior year period. Second Quarter 2021 and Subsequent Business Update NASCAR 21: Ignition. The Company announced today the October 28, 2021 launch date of the flagship franchise racing game, NASCAR 21: Ignition.NASCAR Game for Switch. The Company has set the target release period for later this year in Q4, following the NASCAR 21: Ignition release.INDYCAR License Agreement. The Company has entered into a gaming and esports license partnership with INDYCAR. The esports and gaming licenses are long-term agreements, in co...