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- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MSGM

MSGM fundamentals

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