The update includes the introduction of new gameplay features requested by the community such as a Radar to help players with situational awareness in close-quarter situations. Also added to the title is a Replay Suite, that allows players to review and analyze their race performance has also been added. Race starts have also been improved and designed to provide a more controlled and engaging procedure in offline and online races. Furthermore, Driver Labels have been added to assist users in knowing the ca ...

MIAMI, June 05, 2024 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM), the racing game developer and publisher, is pleased to announce that it has regained compliance with the continued listing requirements of the NASDAQ Stock Market. "We are pleased to have regained compliance with NASDAQ continuing listing requirements," said Stephen Hood, CEO of Motorsport Games Inc. "This milestone reflects our dedication to maintaining strong corporate governance and financial integrity. We are excited about th ...

Core Viewpoint - Motorsport Games Inc. has regained compliance with NASDAQ continued listing requirements, reflecting its commitment to corporate governance and financial integrity [1][2]. Company Developments - The company has implemented a 2022 Restructuring Plan that has saved $6.7 million in annualized costs by reducing excess headcount and closing unprofitable ventures [2]. - Motorsport Games is focusing on near-term revenue opportunities, including the recently released Le Mans Ultimate and partnerships such as the F1®️ Arcade with Kindred Concepts [2][3]. Industry Position - Motorsport Games is a developer and publisher of racing games and esports ecosystems, officially licensed for major motorsport series like the 24 Hours of Le Mans and the FIA World Endurance Championship [3]. - The company owns leading simulation platforms such as rFactor 2 and KartKraft, with rFactor 2 serving as the official sim racing platform for Formula E [3].

motorsport GAMES 1 May 7, 2024 Q1 2024 Highlights • Q1 2024 Revenues of $3.0 million • Q1 2024 Adjusted EBITDA loss was $0.4 million* Key Highlights and Subsequent Business Update • Net loss decreased to $1.7 million in Q1 2024 compared to a net loss of $5.3 million in Q1 2023, an improvement of 68.0%. • Executed BTCC Settlement Agreement and entered into new BTCC License Agreement. 2 MOTORSPORT GAMES INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) [1] Includes related part ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) | Delaware | 86-1791356 | | --- | --- | | State or Other Jurisdiction of | I.R.S. Employer | | Incorporation or Organization | Identification No. | | 5972 NE 4th Avenue | | | Miami, FL | 33137 | | Address of Principal Executive Offices | Zip Code | Registrant's Telephone Number, Including Area Code: (305) 507-8799 Not Applicable ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193 ...

Exhibit 99.1 Motorsport Games Reports First Quarter 2024 Financial Results "The first quarter of 2024 marked a significant milestone in the company's rejuvenation with the release of the first game developed solely by Studio 397, Le Mans Ultimate, to recognizably positive reviews," commented Stephen Hood, President and Chief Executive Officer of Motorsport Games. "Thanks to the hard work of our talented development team, marketing staff and our partners at the Automobile Club de l'Ouest, we believe Le Mans ...

MIAMI, May 01, 2024 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ:MSGM) (the "Company" or "Motorsport Games"), a racing game developer, publisher, and esports ecosystem provider of official motorsport racing series throughout the world, is today announcing the sale of its gaming media outlet Traxion to Traxion.GG Ltd, a UK subsidiary of Grid Finder Ltd for $250,000. This strategic decision continues Motorsport Games' ongoing efforts to streamline operations, reduce operational costs and sell off compone ...

Motorsport Games Inc. (NASDAQ:MSGM) Q4 2023 Results Conference Call April 1, 2024 5:00 PM ET Company Participants Ben Rossiter-Turner - IR Stephen Hood - Chief Executive Officer Stanley Beckley - Interim Chief Financial Officer Conference Call Participants Jason Tilchen - Canaccord Genuity Michael Kupinski - Noble Capital Markets Operator Thank you for standing by, and welcome to the Motorsport Games Inc.’s Fourth Quarter and Full Year 2023 Earnings Call. At this time, all lines in a listen-only mode. [Oper ...

Exhibit 99.1 Motorsport Games Reports Fourth Quarter & Full Year 2023 Financial Results MIAMI, Florida – April 1, 2024 — Motorsport Games Inc. (NASDAQ: MSGM) ("Motorsport Games" or the "Company") today reported financial results for its fourth quarter and fiscal year ended December 31, 2023. The Company has also posted the fourth quarter and fiscal year-end 2023 earnings slides highlighting key milestones that occurred in the period, which are accessible on the Company's investor relations website. Financia ...

Financial Performance and Outlook - Motorsport Games anticipates a net cash outflow from operations for the foreseeable future as it continues to develop its product portfolio and invest in new video game titles[12]. - The company expects to incur losses for the foreseeable future due to significant expenses related to product development and operational costs[12]. - The anticipated revenue from existing NASCAR products is expected to decline over time following the sale of the NASCAR License, significantly altering the company's risk profile[12]. - The company has incurred significant losses since inception and expects to continue incurring losses for the foreseeable future, raising substantial doubt about its ability to continue as a going concern[21]. - The company requires additional capital to meet financial obligations, which may not be available on acceptable terms[21]. - The company expects to continue incurring significant expenses, impacting its financial performance and liquidity[12]. Funding and Liquidity - Motorsport Games plans to explore additional funding options, including potential equity and/or debt financing arrangements, to address liquidity shortfalls[12]. - The company plans to negotiate and implement equity financing transactions to regain compliance with NASDAQ listing requirements[13]. - There is a substantial likelihood that Driven Lifestyle Group LLC will not fulfill future borrowing requests under the $12 million Line of Credit[12]. - The company is limited by a $12 million Line of Credit, potentially affecting its ability to finance operations[21]. - The company does not intend to declare dividends in the foreseeable future, focusing instead on improving its liquidity position[13]. - The company is exploring strategic alternatives, including potential equity and/or debt financing arrangements, to address liquidity shortfalls[12]. Business Strategy and Development - The company aims to organize the 2024/25 Le Mans Virtual Series, with plans for further adjustments to its product roadmap due to liquidity constraints[12]. - The company plans to continue generating revenue from advertising and sponsorship during esports events, but may face challenges in attracting more advertisers and sponsors[23]. - The company intends to expand its esports segment beyond Le Mans, aiming to enhance engagement and revenue through in-game purchases and extra content[13]. - The company believes that its esports business has the potential to generate incremental revenues through media rights sales and merchandising as the audience grows[13]. - The company plans to organize the 2024/25 Le Mans Virtual Series, indicating ongoing product development efforts[12]. Market Risks and Dependencies - The company is highly dependent on a small number of franchises for a significant portion of its revenues and profits[23]. - The business is highly concentrated in the racing game genre, and a shift in consumer preferences could negatively impact operating results[21]. - The company relies on a single third-party distribution partner for retail channel distribution, making favorable negotiations critical for its business[23]. - The ability to acquire and maintain licenses for intellectual property, especially for sports titles, is critical for revenues and profitability[23]. - The company faces risks related to the retention of key personnel, which could adversely affect its ability to achieve business plans[23]. - The dual class structure of the company's common stock may adversely affect the trading market for its Class A common stock[23].