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- **Revenue Surge**: 30% YoY growth in 2025, Q4 up 95% YoY to $3.8 million.
- **Profitability Leap**: $6.8 million net income in 2025 vs. $3.1 million loss, $7.3 million EBITDA.
- **Le Mans Growth**: Concurrent players peaked at 8,700 in January 2026, 11x growth organically.
- **Console Expansion**: Console launch in late 2026/early 2027 to tap $300 million+ addressable market.
- **AI Efficiency**: Accelerates content updates, reducing development costs through rapid iteration.

**【CEO Summary Section】**
- **Revenue Growth**: 30% year-over-year (YoY) revenue growth in 2025, driven by Le Mans Ultimate's success. Q4 2025 revenue surged 95% YoY to $3.8 million.
- **Profitability and Cash Flow**: Achieved record profitability with $6.8 million net income in 2025, up from a $3.1 million loss in 2024. Generated $4.1 million in cash from operations in 2025, ending with $6 million in cash.
- **Le Mans Ultimate Success**: Concurrent players grew from 786 in January 2025 to 8,700 in January 2026, with organic growth without significant marketing spend.
- **RaceControl Platform Expansion**: 400,000 registered accounts, 26,000 paying subscribers, and $0.2 million monthly recurring revenue by end-2025. Console launch planned for late 2026/early 2027.

**【CFO Financial Commentary】**
- **Q4 2025 Financials**: GAAP net income of $0.8 million vs. $2.9 million loss in Q4 2024. Adjusted EBITDA of $1.9 million vs. $2.5 million loss in Q4 2024.
- **Full Year 2025**: $11.3 million revenue (30% YoY growth), $6.8 million net income, and $7.3 million EBITDA. 78% of revenue from Le Mans Ultimate, 11% from RaceControl subscriptions.
- **Liquidity**: Secured $3 million revolving credit facility with Citibank, supporting console development.

**【Q&A Highlights】**
- **Development Costs**: Declined due to content releases (e.g., 7 DLCs for Le Mans Ultimate) and restructuring, reducing payroll costs.
- **AI Utilization**: Accelerates content iteration, enabling faster updates and creative advantage, indirectly reducing costs.
- **Console Launch**: Targeting late 2026/early 2027, addressing the $200 million+ PC simulation market with a $300 console price point.
- **Cash Allocation**: Prioritizing console development, marketing talent recruitment, and new product incubation.

Motorsport Games Inc.(MSGM)-20260311-2025 Q4 Earnings call transcript

- **Revenue surge**: 71.9% YoY growth in Q3 2025, driven by Le Mans Ultimate DLC and subscriptions.
- **Console expansion**: Active discussions with potential partners for 2026-2027 release, leveraging existing technologies into core PC product.
- **Liquidity milestone**: Cash reserves supporting consecutive quarterly profits.

**【CEO Summary Section】**
- Q3 2025 revenue reached $3.1 million, up 71.9% year-over-year, driven by Le Mans Ultimate DLC sales and RaceControl subscriptions.
- Console version of Le Mans Ultimate in development, targeting late 2026/early 2027, with discussions with potential partners.
- Cash on hand increased by $2.2 million from June to October 2025, supporting operational profit for two consecutive quarters.
- Le Mans Virtual eSports series planning, with record engagement post Steam Early Access exit, including 100,000+ custom liveries processed via Livery Hub.

**【CFO Financial Commentary】**
- GAAP net income of $0.8 million, up 234.1% YoY, with adjusted EBITDA of $1.1 million (vs. $0.1 million prior year), driven by strong cost control and operational efficiency improvements.
- NASCAR-related revenues fully offset by Le Mans Ultimate growth, with 2025 Q3 base game sales up 71.9% YoY, despite NASCAR license termination.
- Liquidity at $4.5 million as of October 31, 2025, with Wesco and HC2 settlements.

**【Q&A Highlights】**
- No questions asked during session, despite console project updates.

Motorsport Games Inc. (MSGM) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: Q2 2025 revenue up 37.7% YoY to $2.6M, driven by Le Mans Ultimate DLC sales and subscription growth.
- **Subscription Boom**: RaceControl MRR grew 296% in June, with ARR reaching $972k, signaling sticky customer base.
- **First Profitable Quarter**: $2M income from operations, marking company milestone, with net income up 103% to $4.2M.
- **Console Ambitions**: Console port negotiations underway, with potential publisher funding to accelerate expansion.
- **Cash Flow Stability**: $2.8M cash reserves as of July 31, supported by positive operational cash flow and settlements.

**【CEO Opening Remarks】**
- **Le Mans Ultimate Success**: Q2 2025 saw record game revenues and user engagement, with June achieving the highest concurrent and daily active users outside the original release month. Version 1.0 launch in July further boosted player retention, marking the end of early access.
- **Console Expansion**: In late-stage negotiations with a third-party studio for console port development, with potential publisher partnerships to derisk cash flow and accelerate growth.
- **Subscription Growth**: RaceControl subscription service achieved 296% MRR growth in June, with a quick ratio of 4.66 (new subscribers vs. churn). ARR reached $972k as of June, up from $81k MRR.
- **Financial Turnaround**: First quarter in company history with positive income from operations ($2M), driven by Le Mans Ultimate and cost control. Cash reserves increased to $2.8M by July 31.

**【CFO Financial Commentary】**
- **Revenue Growth**: Q2 2025 revenue $2.6M (+37.7% YoY), driven by Le Mans Ultimate DLC sales (+$1.3M) and RaceControl (+$0.2M). Offset by NASCAR revenue loss (-$0.9M).
- **Net Income**: $4.2M (+103% YoY), including $0.8M from Wesco settlement. EPS $0.82 vs. $0.77 prior year.
- **Liquidity**: Cash reserves $2.4M as of June 30, rising to $2.8M by July 31. Positive cash flow from operations ($46k/month) and settlements ($1.3M total).
- **EBITDA**: Adjusted EBITDA $3.7M (vs. -$0.5M prior year), reflecting operational efficiency and reduced stock-based compensation.

**【CEO Closing Remarks】**
- **Evergreen Product Strategy**: Le Mans Ultimate's success validates the sim racing franchise model. Future plans include career mode for solo players and potential expansion beyond racing.
- **SaaS Expansion**: RaceControl subscription model provides predictable cash flow, enabling strategic investments in new game franchises or IPs.
- **Partnership Opportunities**: Exploring VR sim racing collaborations with Pimax and other investors to enhance ecosystem integration.

Motorsport Games Inc. (MSGM) Q2 2025 Earnings Call Transcript

- **$2.5M Pimax Investment Boosts Liquidity**: Cash rose to $3.1M, supporting console porting and Version 1.0 launch.
- **Le Mans Ultimate Growth**: Q1 2025 revenue up $0.4M YoY, despite 41.9% overall revenue decline.
- **Profit Recovery**: Net income improved to $1.0M (vs. -$1.7M), with EBITDA turning positive at $0.6M.
- **Key Milestone**: Transitioning to Version 1.0 this year to unlock new sales and marketing opportunities.

**【CEO Summary Section】**
- Secured a $2.5 million investment from Pimax, leading to a 2.5x increase in share price post-announcement.
- Le Mans Ultimate Q1 2025 net revenue grew by $0.4 million YoY, despite Q1 2024 being the game’s launch quarter.
- RaceControl subscription platform and Le Mans Ultimate early access phase driving new revenue streams.
- Planning to transition Le Mans Ultimate to Version 1.0 this year, with console porting discussions underway.
- Positive cash flow of $0.1 million/month from operations in Q1 2025.

**【CFO Financial Commentary】**
- Q1 2025 revenue: $1.8 million (-41.9% YoY) due to NASCAR license sale and rFactor 2 decline, offset by Le Mans Ultimate growth.
- Net income: $1.0 million (vs. -$1.7 million YoY), driven by $0.5 million legal fee reimbursement and $1.7 million cost reductions.
- Adjusted EBITDA: $0.6 million (vs. -$1.0 million YoY).
- Cash balance increased to $3.1 million as of April 30, 2025, including $2.35 million from Pimax investment.
- Expect ongoing cash outflows for product development, exploring additional funding options.

Motorsport Games (MSGM)-9 May 25-2025 Q1 Earnings call transcript

- **Revenue Surge**: Q4 2024 revenue up 13% YoY to $2.0M, driven by Le Mans Ultimate DLC sales and subscription growth.
- **Subscription Success**: 6k+ subscribers in 21 days, $120k+ in recurring revenue without marketing spend.
- **Legal Cleanup**: $180k financial benefit from Studio 397 tech ownership settlement; legal liabilities reduced via court victory.
- **Cash Burn Improvement**: Monthly cash burn down 72% YoY to $0.3M, but still needs $1.5M+ annual funding.
- **Expansion Potential**: Console port negotiations and GT3 car DLCs poised to drive 2025 growth.

**【CEO Summary Section】**
- **Game Success and Momentum**: Le Mans Ultimate saw a 15% YoY increase in player engagement post-Dec 2024 update, driven by organic growth and DLC sales (e.g., 2024 Pack 3). Subscription service generated $120k in 21 days, nearing 6k active subscribers.
- **Financial Turnaround**: Settled Studio 397 tech ownership dispute, resolving $180k financial burden. Secured legal victory against Innovate Corp, reducing liabilities.
- **Expansion Opportunities**: Exploring console ports (PlayStation/Xbox) and DLC expansions (GT3 cars, circuits). Subscription model enables continuous monetization without forced purchases.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Revenue $2.0M (+13% YoY), Net Loss $2.9M (vs. $2.7M Net Income YoY). Adjusted EBITDA loss $2.5M (vs. $0.4M YoY), driven by $2.2M in foreign currency losses.
- **Full Year 2024**: Revenue $8.7M (+22% YoY), Net Loss $3.0M (vs. $14.3M YoY). Adjusted EBITDA loss $3.9M (vs. $9.3M YoY), reflecting cost reductions (monthly cash burn down 72% YoY to $0.3M).
- **Liquidity Challenges**: $0.9M cash as of Dec 2024, needing $1.5M+ for annual operations. Pursuing equity/debt financing, asset sales, and further cost cuts.

**【Key Takeaways】**
- **Revenue Growth**: Digital sales up 38% YoY, offsetting legacy title declines.
- **Subscription Model**: 6k+ subscribers in 2 months, no paid marketing.
- **Legal Cleanup**: $180k financial benefit from Studio 397 settlement; legal liabilities reduced via court victory.
- **Cash Burn**: Monthly $0.3M vs. $1.1M YoY, but still needs $1.5M+ annual funding.


Actual		-7.2	-5	-5.6	-6	-13	-6.3	-7.29	-4.17	-2.33	-3.02	-1.28	1.35	-0.6	0.87	0	-0.89	0.33	0.82	0.14
Forecast		-12.9	-4	-4.4	0.1333	-4.75	-4.5333	-4.6333	-3.73	-3.35	-1.915	-1.72	-1.74	-0.78	0.69	-0.63	-0.48
Surprise	0.00%	+44.19%	-25.00%	-27.27%	-4601.13%	-173.68%	-38.97%	-57.34%	-11.80%	+30.45%	-57.70%	+25.58%	+177.59%	+23.08%	+26.09%	+100.00%	-85.42%	0.00%	0.00%	0.00%	0.00%

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