Core Viewpoint - Motorsport Games Inc. will report its financial results for the second quarter of 2025 on August 13, 2025, after market close, followed by a conference call to discuss the results [1][6]. Company Overview - Motorsport Games is a racing game developer, publisher, and esports ecosystem provider, focusing on official motorsport racing series [3]. - The company is the officially licensed developer and publisher for notable racing series such as the 24 Hours of Le Mans and the FIA World Endurance Championship [3]. - Recently, Motorsport Games released Le Mans Ultimate Version 1.0, which includes new cars, updated 2025 content, and additional improvements [3]. - The company owns leading simulation platforms, rFactor 2 and KartKraft, and powers F1® Arcade through a partnership with Kindred Concepts [3]. - Motorsport Games is recognized as an award-winning esports partner for the 24 Hours of Le Mans, creating the Le Mans Virtual Series [3]. Financial Communication - Participants can access the financial results webcast on the company's investor relations website and it will remain available for 12 months [2]. - The conference call can be accessed live via phone with specific dial-in numbers and a Conference ID [2].

Core Viewpoint - Motorsport Games Inc. has officially released Le Mans Ultimate Version 1.0, marking the end of its Early Access phase and initiating a new phase of development and expansion for the game [1][6][10] New Features and Additions - The 1.0 release includes two new cars, the Aston Martin Valkyrie AMR LMH and the Mercedes AMG LMGT3, available at no extra cost, enhancing the gameplay experience with high-performance vehicles [2][10] - The update also features the BMW M4 Evo LMGT3, updated to 2025 specifications, available for free to previous owners of the M4 [2][10] Gameplay Enhancements - Version 1.0 introduces significant gameplay refinements, including a revised LMGT3 tyre model to improve grip loss and thermal operating windows, aiming for a smoother experience for players [3][10] - Usability improvements include a reworked car setup interface that consolidates critical elements into a single screen and an extended Race Weekend calendar for the full 2025 season [3][10] Purchasing Experience - The game's Steam store configuration has been updated, integrating previously free DLCs into the core game and introducing a new 2024 WEC Bundle for easier access to post-launch content [4][10] Future Development Plans - The company is actively developing the European Le Mans Series and plans to showcase a hands-on build during the Silverstone ELMS weekend in September [6][10] - A full-featured single-player career mode is in the works, with a planned release for early 2026 [6][10] Company Overview - Motorsport Games is a developer and publisher of racing games, focusing on creating authentic racing experiences and building a virtual racing ecosystem that includes esports competitions [7][10]

Core Insights - Motorsport Games Inc. has achieved significant operational milestones for its game Le Mans Ultimate and its online racing system RaceControl, enhancing user experience and engagement [1][4][5] Group 1: Game Development and Updates - In June 2025, Motorsport Games executed major updates for Le Mans Ultimate, including support for Teams and Driver Swaps, and Custom Liveries for RaceControl Pro subscribers [3] - The game transitioned to "version 1.0" on June 13, 2025, introducing two new cars for all players and confirming the addition of the European Le Mans Series as an expansion [3][4] - The company plans to release new content on July 22, 2025, including quality of life fixes and the highly anticipated Career Mode expected in early 2026 [6] Group 2: Performance Metrics - Le Mans Ultimate reached an all-time peak concurrent player count, surpassing initial launch levels from February 2024 and more than doubling the previous month's figures [4] - The game generated revenues approximately eleven times faster than the prior title, rFactor 2, over the past eighteen months [4] - Subscriptions to the RaceControl service grew by 148% in June 2025 compared to the previous month, setting new monthly revenue records since its launch in December 2024 [4] Group 3: Company Vision and Strategy - Motorsport Games aims to create racing games that are authentically close to reality while building a comprehensive virtual racing ecosystem [6] - The company is focused on enhancing its esports offerings, including the renowned Le Mans Virtual Series, to drive excitement and engagement among racing fans [6]

Core Viewpoint - Motorsport Games Inc. announced the official 1.0 release date for Le Mans Ultimate on July 22, 2025, marking the end of the Early Access period and the start of a new development phase driven by community feedback and technical advancements [1][12]. Game Updates - The version 1.0 release will include two major vehicle additions: the Mercedes AMG LMGT3 Evo and the Aston Martin Valkyrie AMR LMH, both available for free to all players as part of the base game [2][3]. - All official 2025 team liveries from the FIA WEC grid will also be added free of charge, enhancing player immersion in the current racing season [4]. Community Engagement and Features - Since its Early Access launch in February 2024, Le Mans Ultimate has evolved rapidly, introducing features such as RaceControl-powered online events, co-operative mode, and driver swaps, alongside improvements in product stability [5][6]. - The CEO of Motorsport Games emphasized that the 1.0 release is not the end of development but the beginning of a more ambitious project, with ongoing enhancements planned for features like Teams and Driver Swaps [6][16]. Future Developments - A new single-player "career mode" is in production, expected to launch in Q1 2026, allowing players to experience a driver’s career within a racing team [6][16]. - The company teased the addition of the European Le Mans Series (ELMS), which will feature three new circuits and the LMP3 category of race cars, with more details to be announced soon [7][15]. Company Overview - Motorsport Games is a developer and publisher of racing games, focusing on creating authentic racing experiences and engaging esports competitions, and is the official developer for the 24 Hours of Le Mans and the FIA World Endurance Championship [9].

Core Insights - Motorsport Games Inc. has released a significant update for "Le Mans Ultimate," introducing features such as online driver swaps, a community Team Management system, customized liveries, and the completion of the 2024 WEC season content [1][12][14] Feature Enhancements - The update includes the debut of driver swap functionality, allowing players to transfer control of the car to teammates during live online races, enhancing the endurance racing experience [2][7] - Players can now form persistent teams, assign roles, and manage line-ups using built-in team management tools, fostering a strategic gameplay environment [3][7] - A custom livery system has been introduced, enabling players to design and share car liveries for online multiplayer events, enhancing personalization and immersion [4][7] Content Additions - The update releases Pack 4 of the 2024 Season Pass, completing the 2024 FIA WEC season content, which includes the Lusail International Circuit and two new GT3 entries: Lamborghini Huracán LMGT3 Evo2 and Lexus RC F LMGT3 [5][6] - With this update, "Le Mans Ultimate" now features a total of 11 tracks with 21 layouts and 25 cars, including 11 Hypercars, 1 LMP2, 4 GTEs, and 9 LMGT3s [6] Future Developments - The CEO of Motorsport Games emphasized that this update marks a pivotal moment for the game and reflects the community's feedback, with more features and updates expected in the future [7][12] - A special update is scheduled for June 13, 2025, to provide insights into the future of the title and upcoming features [7][12]

Financial Performance - Q1 2025 revenues were $18 million[7] - Q1 2025 net income was $10 million[7] - Q1 2025 adjusted EBITDA was $06 million[7] - Q1 2025 EPS was $033 compared to an EPS loss of $061 for Q1 2024[7] - Net income attributable to Motorsport Games Inc was $104 million in Q1 2025 compared to a net loss of $166 million in Q1 2024 an improvement of $27 million[7,8] Liquidity and Funding - As of March 31 2025 the Company had cash and cash equivalents of approximately $11 million which increased to $31 million as of April 30 2025[10] - The increase in cash was primarily due to $235 million in net proceeds from a private placement of Class A common stock and a pre-funded warrant which closed on April 11 2025[10] - The Company discloses substantial doubt about its ability to continue as a going concern and believes it needs additional funding to continue operations[10] Operational Highlights - Released an update for Le Mans Ultimate in February 2025 including new LMGT3 category cars and quality of life improvements[7]

Financial Data and Key Metrics Changes - Revenues for Q1 2025 were $1,800,000, down by $1,300,000 or 41.9% compared to the same period in the prior year [13] - Net income for the quarter was $1,000,000, an improvement of $2,700,000 from a net loss of $1,700,000 in the prior year [14] - Adjusted EBITDA was $600,000 for Q1 2025, compared to an adjusted EBITDA loss of $1,000,000 in the same period last year, marking an improvement of $1,600,000 [15][16] - Cash and cash equivalents increased from $1,100,000 as of March 31, 2025, to $3,100,000 by April 30, 2025, primarily due to $2,350,000 in net proceeds from a private placement [16][17] Business Line Data and Key Metrics Changes - Net revenues from the Le Mans Ultimate racing title were $400,000 higher in Q1 2025 compared to the same prior year period, despite Q1 2024 being the release quarter for the game [6][14] - Total revenues decreased primarily due to a $1,500,000 decrease in NASCAR-related revenues, as the company is no longer authorized to sell this title starting in 2025 [13][14] Market Data and Key Metrics Changes - The company has seen an increase in confidence in the market, with shares trading more than 2.5 times higher than the period prior to the announcement of the $2,500,000 investment [5][6] Company Strategy and Development Direction - The company is focusing on building owned infrastructure around its gaming titles, particularly through the Race Control subscription platform [7][11] - Plans to move the Le Mans Ultimate game from early access to a full release version 1.0 are underway, which will unlock new sales and marketing tactics [9] - The company is exploring opportunities to bring Le Mans Ultimate to PlayStation and Xbox, with discussions ongoing with potential publishing collaborators [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's improved state and the potential for growth following the recent investment [5][19] - The company is assessing new ways to expand the audience for Le Mans Ultimate and believes the racing game market is underserved in terms of quality and choice [11] Other Important Information - The company is exploring additional funding options, including equity and debt financing, to address liquidity shortfalls while continuing to develop its product portfolio [17] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the call may have concluded without a formal Q&A session.

Financial Data and Key Metrics Changes - Revenues for Q1 2025 were $1,800,000, down by $1,300,000 or 41.9% compared to the same period in the prior year [13] - Net income for the quarter was $1,000,000, an improvement of $2,700,000 from a net loss of $1,700,000 in the prior year [14] - Adjusted EBITDA was $600,000 for Q1 2025, compared to an adjusted EBITDA loss of $1,000,000 in the same period last year, reflecting an improvement of $1,600,000 [15] - Cash and cash equivalents increased from $1,100,000 as of March 31, 2025, to $3,100,000 by April 30, 2025, primarily due to $2,350,000 in net proceeds from a private placement [16] Business Line Data and Key Metrics Changes - Net revenues from the Le Mans Ultimate racing title increased by $400,000 in Q1 2025 compared to the same period in 2024, despite Q1 2024 being the release quarter for the game [6] - Total revenues decreased primarily due to a $1,500,000 drop in NASCAR-related revenues, as the company is no longer authorized to sell that title starting in 2025 [13][14] Market Data and Key Metrics Changes - The company noted that shares traded more than 2.5 times higher following the announcement of a $2,500,000 investment, indicating increased market confidence [6] Company Strategy and Development Direction - The company is focusing on building owned infrastructure around its gaming titles, particularly through the Race Control subscription platform [6] - Plans to move Le Mans Ultimate from early access to a full release version 1.0 are underway, which is expected to unlock new sales and marketing tactics [9] - The company is exploring opportunities to bring Le Mans Ultimate to PlayStation and Xbox, with discussions ongoing with potential publishing collaborators [10] - The company aims to diversify its portfolio and generate new revenue streams in the underserved racing game market [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's improved state and the potential for growth following the recent investment [5] - The company is taking measures to reduce costs and expects to have a net cash outflow from operations for the foreseeable future as it continues to develop its product portfolio [16] Other Important Information - The company is revisiting its esports event output, particularly the 24 Hours of Le Mans virtual event, which historically attracted significant attention and sponsorship revenue [10] - The company has a live licensing agreement with Kindred Concepts, with fees growing alongside their expansion [11] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Financial Performance - Revenue for Q1 2025 was approximately $1.8 million, a decrease of 41.9% compared to approximately $3.0 million in Q1 2024[6] - Gross profit for Q1 2025 was $1.3 million, down from $2.4 million in the same period last year, with a gross profit margin decrease to 73.5% from 78.0%[6] - Net income for Q1 2025 was $1.0 million, an improvement of $2.7 million compared to a net loss of $1.7 million in Q1 2024[7] - Adjusted EBITDA for Q1 2025 was $0.6 million, an improvement of $1.6 million from an Adjusted EBITDA loss of $1.0 million in Q1 2024[8] - Revenues for Q1 2025 were $1,758,453, a decrease of 42% compared to $3,029,036 in Q1 2024[34] - Gross profit for Q1 2025 was $1,293,067, down from $2,362,409 in Q1 2024, reflecting a decline of 45%[34] - Total operating expenses in Q1 2025 were $1,886,262, a reduction of 47% from $3,577,733 in Q1 2024[34] - The net income attributable to Motorsport Games Inc. for Q1 2025 was $1,041,058, compared to a net loss of $1,664,956 in Q1 2024[34] - Basic and diluted net income per share for Q1 2025 was $0.33, a significant improvement from a loss of $0.61 per share in Q1 2024[34] - The company reported a loss from operations of $93,195 in Q1 2025, an improvement from a loss of $1,215,324 in Q1 2024[34] Funding and Liquidity - The company raised $2.5 million in gross proceeds from a private placement of Class A common stock, which closed on April 11, 2025[9] - Cash and cash equivalents increased from approximately $1.1 million as of March 31, 2025, to $3.1 million as of April 30, 2025[11] - The company is exploring options for additional funding, including potential equity and debt financing arrangements[13] - The company continues to seek strategic alternatives to improve liquidity, including the potential sale or licensing of certain assets[17] - The company aims to improve liquidity through cost reduction and restructuring initiatives[27] Operational Changes - The workforce reduction in October 2024 impacted approximately 38% of the company's employees, aimed at reducing year-over-year operating expenses[14] - The company anticipates challenges in achieving growth plans and objectives due to various risks and uncertainties, including market conditions and operational costs[28] Product Development - The company plans a significant update for the Le Mans Ultimate game on June 10, 2025, featuring new game features and the final 2024 season content pack[4] - The company plans to release significant updates for the Le Mans Ultimate game, including new features and the final 2024 content pack[27]

[Part I: Financial Information](index=7&type=section&id=Part%20I.%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis [Condensed Consolidated Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Q1 2025 net income of **$1.0 million** reversed a prior loss, driven by a legal settlement and cost cuts despite **41.9% revenue decline** [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, cash was **$1.1 million** with a **$1.9 million** working capital deficit, assets and liabilities slightly decreased Condensed Consolidated Balance Sheet Highlights (Unaudited) | Balance Sheet Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,050,402 | $859,271 | | Total Current Assets | $2,717,743 | $2,796,482 | | Total Assets | $6,063,855 | $6,268,221 | | Total Current Liabilities | $4,636,905 | $5,021,782 | | Total Liabilities | $4,646,970 | $5,042,219 | | Accumulated Deficit | $(90,748,910) | $(91,789,968) | | Total Stockholders' Equity | $1,416,885 | $1,226,002 | - The company reported a working capital deficit of **$1.9 million** as of March 31, 2025, calculated as Total Current Assets (**$2.72 million**) minus Total Current Liabilities (**$4.64 million**)[17](index=17&type=chunk)[33](index=33&type=chunk) [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 revenue fell **41.9%**, but a **$1.0 million** net income resulted from a legal settlement and **47.3%** reduced operating expenses Q1 2025 vs. Q1 2024 Statement of Operations (Unaudited) | Financial Metric | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenues | $1,758,453 | $3,029,036 | (41.9)% | | Gross Profit | $1,293,067 | $2,362,409 | (45.3)% | | Loss from Operations | $(93,195) | $(1,215,324) | 92.3% | | Other Operating Income | $500,000 | $0 | N/A | | Net Income (Loss) | $1,022,613 | $(1,683,398) | N/A | | Basic and Diluted EPS | $0.33 | $(0.61) | N/A | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company generated **$0.3 million** in cash from operations in Q1 2025, ending the quarter with **$1.1 million** in cash and equivalents Q1 2025 vs. Q1 2024 Cash Flows (Unaudited) | Cash Flow Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $305,221 | $(373,670) | | Net cash used in financing activities | $(150,000) | $(50,000) | | Net increase (decrease) in cash | $191,131 | $(422,519) | | Cash and cash equivalents at end of period | $1,050,402 | $1,252,691 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail going concern doubts, a **$2.35 million** April 2025 private placement, and a **$0.5 million** legal settlement gain - Management has concluded there is substantial doubt about the Company's ability to continue as a going concern within one year, citing the lack of available cash to fund operations[48](index=48&type=chunk) - In October 2023, the company sold its NASCAR License to iRacing for **$6.0 million**, recognizing a gain of **$0.5 million** in Q1 2025[64](index=64&type=chunk) - The company reached a settlement in the HC2 and Continental Complaint, resulting in a **$0.5 million** gain recorded as other operating income in Q1 2025[109](index=109&type=chunk) - Subsequent to the quarter end, on April 11, 2025, the company raised approximately **$2.5 million** in gross proceeds through a private placement of stock and a pre-funded warrant[136](index=136&type=chunk) - On April 15, 2025, Nasdaq confirmed that the company regained compliance with the minimum stockholders' equity requirement for continued listing[137](index=137&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A discusses **41.9%** revenue decline, **$1.0 million** net income from settlements and cost cuts, and ongoing going concern doubts [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Q1 2025 revenues fell **41.9%**, but **$1.0 million** net income resulted from **47.3%** reduced operating expenses and legal settlements Revenue by Segment (Q1 2025 vs Q1 2024) | Segment | Q1 2025 Revenue | Q1 2024 Revenue | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Gaming | $1,758,453 | $3,029,036 | $(1,270,583) | (41.9)% | | Esports | $0 | $0 | $0 | 0% | | **Total** | **$1,758,453** | **$3,029,036** | **$(1,270,583)** | **(41.9)%** | - The decrease in Gaming segment revenue was primarily due to a **$1.5 million** drop in NASCAR-related revenues, as the company is no longer authorized to sell these titles starting in 2025[171](index=171&type=chunk) Operating Expenses (Q1 2025 vs Q1 2024) | Expense Category | Q1 2025 | Q1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Sales and marketing | $97,701 | $250,386 | $(152,685) | (61.0)% | | Development | $601,953 | $1,063,357 | $(461,404) | (43.4)% | | General and administrative | $1,168,482 | $2,190,266 | $(1,021,784) | (46.7)% | | **Total Operating Expenses** | **$1,886,262** | **$3,577,733** | **$(1,691,471)** | **(47.3)%** | - Other operating income of **$0.5 million** in Q1 2025 represents the reimbursement for legal fees from the Innovate Settlement Agreement[183](index=183&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is critical with going concern doubts and a **$1.9 million** working capital deficit, despite a **$2.35 million** capital raise - Management concludes there is substantial doubt about the company's ability to continue as a going concern for at least 12 months, as current capital resources are insufficient to fund operations[188](index=188&type=chunk)[199](index=199&type=chunk) - In October 2024, the company reduced its workforce by approximately **23 individuals**, or **38%** of its worldwide employees, incurring a restructuring charge of about **$0.2 million**[37](index=37&type=chunk)[192](index=192&type=chunk) Liquidity Metrics | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,050,402 | $859,271 | | Working capital (deficiency) | $(1,919,162) | $(2,225,300) | - The company believes there is a substantial likelihood that its majority shareholder, Driven Lifestyle, will not fulfill future borrowing requests under the **$12 million** Line of Credit, making it a non-viable source of liquidity[74](index=74&type=chunk)[206](index=206&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that this item is not applicable for this reporting period - The company has indicated that this section is not applicable for this reporting period[217](index=217&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of March 31, 2025, due to unremediated material weaknesses - The CEO and CFO concluded that disclosure controls and procedures were not effective as of March 31, 2025[220](index=220&type=chunk) - The ineffectiveness is due to ongoing material weaknesses, including: failure to maintain effective monitoring procedures, lack of sufficient accounting personnel, and inadequate independent review of complex accounting analyses[221](index=221&type=chunk) - No changes were made to internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[224](index=224&type=chunk) [Part II: Other Information](index=43&type=section&id=Part%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, other information, and exhibits related to the company's operations [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal proceedings, with management believing outcomes are not reasonably likely to have a material adverse effect - The company states that while it is involved in routine legal proceedings, it does not expect them to have a material adverse effect on the business, directing readers to Note 9 for specifics[226](index=226&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) Critical risks include substantial doubt about going concern, unremediated internal control weaknesses, potential Nasdaq delisting, and limitations on future financing - The company's financial condition raises substantial doubt about its ability to continue as a going concern, with an accumulated deficit of **$90.7 million** as of March 31, 2025[228](index=228&type=chunk) - Identified material weaknesses in internal control over financial reporting persist, which could lead to inaccurate financial reporting and adversely affect the stock price[232](index=232&type=chunk) - The April 2025 Purchase Agreements restrict the company's ability to issue new stock for **4.5 months** and grant investors a right of first refusal on subsequent financings, potentially limiting future fundraising options[234](index=234&type=chunk) - Although compliance with Nasdaq's minimum stockholders' equity rule was regained in April 2025, failure to maintain it could lead to delisting, which would negatively impact stock liquidity and price[235](index=235&type=chunk)[237](index=237&type=chunk)[238](index=238&type=chunk) - The company has a high concentration of revenue from a small number of customers. In Q1 2025, two customers accounted for **74.9%** and **10.6%** of revenue, respectively[239](index=239&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or share repurchases occurred during Q1 2025 beyond previously disclosed Form 8-K filings - No unregistered sales of equity securities occurred during Q1 2025 beyond what was already reported on Form 8-K[242](index=242&type=chunk) - The company did not purchase any of its Class A common stock during Q1 2025[243](index=243&type=chunk) [Other Information](index=45&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading plans or arrangements during Q1 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended March 31, 2025[246](index=246&type=chunk) [Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and key agreements incorporated by reference - The filing includes CEO and CFO certifications as required by the Exchange Act (Rule 13a-14(a) and 18 U.S.C. Section 1350)[247](index=247&type=chunk) - Key agreements filed or incorporated by reference include the April 11, 2025 Securities Purchase Agreement and the February 20, 2025 Settlement Agreement with the sellers of Studio397[247](index=247&type=chunk)