From Globe Newswire

1. Globe Newswire reports that the unemployment rate in the United States has dropped to 6.7% in November, down from 6.9% in October. This marks the sixth consecutive month of decline in the unemployment rate, with 245,000 jobs added to the economy.

2. According to Globe Newswire, Tesla’s stock price has surged by 20% after the electric car company was added to the S&P 500 index. This milestone comes after Tesla reported five consecutive quarters of profitability, solidifying its position as a major player in the automotive industry.

3. Globe Newswire announces that Pfizer and BioNTech have submitted an application to the FDA for emergency use authorization of their COVID-19 vaccine. The vaccine has shown an efficacy rate of 95% in clinical trials and could potentially be distributed to high-risk individuals by the end of the year.: 2025-03-20 16:10:00

Motorsport Games Inc. reported financial results for Q4 and fiscal year 2024, with revenues of $2.0 million in Q4, representing a 13% increase from the previous year. The company achieved a milestone of 100,000 net unit sales of Le Mans Ultimate, with new updates boosting player numbers and consumer sentiment. The new optional subscription service performed above expectations, creating a valuable revenue stream.

For the full year 2024, Motorsport Games saw revenue increase to $8.7 million, up 25.7% from the previous year. Gaming segment revenues accounted for 100% of total revenues, with digital game and downloadable content sales driving growth. Esports segment revenues decreased due to the absence of a Le Mans Virtual Series event in 2024.

In Q4 2024, Motorsport Games experienced a net loss of $2.9 million, compared to net income of $2.7 million in the same period the prior year. Adjusted EBITDA loss was $2.5 million, a decrease from the previous year. The increase in net loss was driven by higher expenses, including foreign currency losses, and the absence of a gain related to the sale of the NASCAR License.

The company’s improved financial health in 2024 was attributed to increased revenues from product sales, downloadable content, and the new subscription offering. These successes have led to new conversations with potential partners and investors for future projects. The release of new updates for Le Mans Ultimate in December 2024 and February 2025, including LMGT3 category cars and gameplay improvements, further bolstered player engagement and revenue streams. Consolidated gross profit for full year 2024 was $5.5 million, up from $3.3 million in the prior year, with a gross profit margin increase to 62.9%. Net loss improved to $3.0 million in 2024 from $14.3 million in the prior year, with lower costs and operating expenses contributing to this improvement.

Adjusted EBITDA loss was $3.9 million in 2024, an improvement from $9.3 million in the prior year. Factors that drove the change in net loss also contributed to the improvement in Adjusted EBITDA loss. The Company had cash and cash equivalents of $0.9 million as of December 31, 2024, with average monthly net cash burn from operations at $0.2 million.

The Company does not believe it has enough cash to fund operations for the next year and is exploring options for additional funding. This includes equity or debt financing, asset sales or licensing, and cost reduction initiatives. There are no guarantees that these actions will be successful in reducing cash burn to sustainable levels.

Adjusted EBITDA is a non-GAAP financial measure used by the Company to assess its operating performance. It includes items like interest expense, depreciation, and amortization, while excluding certain expenses for comparability between periods. Management believes this measure enhances investors’ understanding of the Company’s operating performance. Motorsport Games will release Non-GAAP results for a better understanding of business trends. A conference call and webcast will be held on March 20, 2025, to discuss financial results. Motorsport Games is a developer, publisher, and esports provider for racing games like Le Mans Ultimate. The company also owns rFactor 2 and KartKraft simulation platforms, focusing on creating authentic racing experiences. Forward-looking statements indicate the need for additional funding and potential strategic alternatives for the company’s business. News Summary: Motorsport Games Inc. warns of potential risks and uncertainties affecting their ability to deliver new products, features, and content. Factors include difficulties in launching games as planned, unexpected costs, and challenges in obtaining necessary financing due to liquidity concerns. The company emphasizes the need for strategic alternatives to address these issues.

Investors and the general public are urged to stay informed through Motorsport Games Inc.’s investor relations website, SEC filings, press releases, and social media platforms. Material financial information is disseminated through these channels, including updates on the company’s performance, products, and announcements. The company encourages stakeholders to review these platforms for the latest updates and developments.

For more information, investors can visit the company’s website at ir.motorsportgames.com or follow their social media accounts on Twitter, Instagram, Facebook, and LinkedIn. These channels provide important updates and insights into the company’s operations, products, and strategic initiatives. It is essential for stakeholders to stay informed through these communication channels.

Inquiries can be directed to the company’s investor relations team at [email protected] for investors or [email protected] for media inquiries. These contacts can provide further information, answer questions, and address any concerns stakeholders may have regarding Motorsport Games Inc. and its operations. Stay connected and informed through official communication channels for the most up-to-date information.



Read more at Globe Newswire

1. Globe Newswire reports that the unemployment rate in the United States has dropped to 6.7% in November, down from 6.9% in October. This marks the sixth consecutive month of decline in the unemployment rate, with 245,000 jobs added to the economy.

2. According to Globe Newswire, Tesla’s stock price has surged by 20% after the electric car company was added to the S&P 500 index. This milestone comes after Tesla reported five consecutive quarters of profitability, solidifying its position as a major player in the automotive industry.

3. Globe Newswire announces that Pfizer and BioNTech have submitted an application to the FDA for emergency use authorization of their COVID-19 vaccine. The vaccine has shown an efficacy rate of 95% in clinical trials and could potentially be distributed to high-risk individuals by the end of the year.:: Motorsport Games Reports Fourth Quarter & Full Year 2024