Motorsport Games Inc.

Listed Company

MSGMCIK 0001821175NasdaqEmerging GrowthServices-Prepackaged SoftwareFloridaFY ends Dec 31

Period

FY 2025

Revenue

$11.30M

Net Income

$6.93M

Total Assets

$11.97M

Equity

$6.78M

Shares Out

—

Op. Cash Flow

$4.10M

Business

Motorsport Games Inc. develops, publishes and operates esports for officially licensed motorsport properties, including the 24 Hours of Le Mans and the FIA World Endurance Championship. It offers multi-platform racing video games, downloadable content and esports event services such as Le Mans Ultimate, rFactor 2 and KartKraft. Key segments are game development and publishing, esports partnerships and events, licensing and platform technology via Studio397 and rFactor 2. It distributes globally via digital storefronts and console platforms, broadcast/OTT for esports, and traditional physical retail channels.

Summary from filing dated 2025-03-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	11	9	7	10	15
Cost of revenues	2	3	4	5	8
Gross profit	9	5	3	5	8
Sales and marketing	624,623	739,098	2	6	6
Development	2	3	7	10	10
General and administrative	5	7	9	14	25
Depreciation and amortization	47,045	208,652	398,701	420,137	280,192
Total operating expenses	8	11	23	40	42
Gain from settlement of license liabilities	—	3	—	—	—
Other operating income	2	750,000	3	—	—
Income (loss) from operations	3	−2	−16	−35	−35
Interest expense, net	−18,786	−120,757	−772,989	−1	−504,156
Other income (expense), net	3	−1	3	−665,846	−44,768
Income (loss) before provision for income taxes	7	−3	—	—	—
Provision for income taxes	−245,258	—	—	—	—
Net income (loss)	7	−3	−14	−37	−34
Less: Net loss attributable to non-controlling interest	−83,170	−295,115	—	−849,649	−542,754
Net income (loss) attributable to Motorsport Games Inc.	7	−3	−14	−36	288,000
Basic (per share)	1.43	−0.94	−5.56	30.73	−29.15
Diluted (per share)	1.43	−0.94	−5.56	30.73	—
Basic (shares)	5	3	3	1	—
Diluted (shares)	5	3	3	1	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	5	859,271	2	979,306	18
Accounts receivable, net	2	1	735,839	2	5
Prepaid expenses and other current assets	350,487	490,221	1	1	1
Total Current Assets	8	3	4	4	25
Property and equipment, net	32,853	55,437	247,693	522,433	727,089
Operating lease right of use assets	22,710	51,004	197,307	971,789	—
Deferred tax asset	492,934	—	—	—	—
Other non-current assets	60,530	—	—	—	—
Intangible assets, net	4	3	6	13	20
Total Assets	12	6	10	19	51
Accounts payable	918,280	3	813,659	2	2
Accrued expenses and other current liabilities	1	679,600	2	3	4
Deferred revenue	1	390,463	—	—	—
Purchase commitments	—	918,198	5	3	—
Operating lease liabilities (current)	17,575	31,099	153,015	380,538	—
Total Current Liabilities	3	5	8	13	9
Operating lease liabilities (non-current)	—	16,309	45,659	617,288	—
Deferred tax liability	222,833	—	—	—	—
Other non-current liabilities	798,188	4,128	31,098	3	4
Total Liabilities	4	5	8	17	13
Commitments and contingencies (Note 11)	—	—	—	—	—
Preferred stock, $0.0001 par value; authorized 1,000,000 shares; none issued and outstanding as of December 31, 2025 and 2024	—	—	—	—	—
Additional paid-in capital	95	93	92	76	76
Accumulated deficit	−85	−92	−89	−74	−38
Accumulated other comprehensive loss	−4	−674,434	−2	−933,406	−945,375
Total Stockholders Equity Attributable to Motorsport Games Inc.	7	496,258	1	2	37
Non-controlling interest	805,549	729,744	1	369,687	1
Total Stockholders Equity	8	1	2	2	38
Total Liabilities and Stockholders Equity	12	6	10	19	51

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gain on sale of Traxion	—	−250,000	—	—	—
Gain from settlement of purchase commitment liabilities	−175,460	—	—	—	—
Loss on disposal of property and equipment	—	2,946	—	108,716	—
Deferred income taxes	−270,101	—	—	—	—
Gain on sale of NASCAR License	—	−500,000	—	—	—
(Gain) loss on foreign currency exchange rates	−3	1	−735,679	—	—
Depreciation and amortization	1	3	2	2	2
Purchase commitment and license liability interest accretion	7,262	86,660	646,022	957,938	375,495
Non-cash lease expense	30,317	148,713	774,482	423,683	—
Stock-based compensation	789,352	152,959	957,302	714,523	—
Changes in the fair value of warrants	4,708	−26,970	−446,902	—	—
Accounts receivable	−676,422	−718,463	1	2	−3
Operating lease liabilities	−31,639	−151,266	−799,146	−397,671	—
Prepaid expenses and other assets	537,255	166,627	−59,021	133,890	−768,801
Accounts payable	−2	2	−2	525,292	944,527
Due to related parties	−24,088	−52,041	−562,481	644,247	—
Deferred revenue	689,424	−119,618	—	—	—
Accrued expenses and other liabilities	658,646	−1	−2	−514,438	1
Net cash provided by (used) in operating activities	4	−3	−14	−20	−21
Proceeds from sale of NASCAR License	—	1	—	—	—
Investment in internally-developed software	−1	—	—	—	—
Proceeds from the sale of property and equipment	—	6,500	—	—	—
Proceeds from the sale of Traxion	—	200,000	—	—	—
Purchase of property and equipment	−12,067	−25,015	−31,653	−292,446	−754,302
Net cash (used in) provided by investing activities	−1	1	4	−292,446	−14
Repayments of purchase commitment liabilities	−750,000	−50,000	−850,000	−2	—
Equity issuance costs	−96,268	—	—	—	—
Payments on notes payable	−440,171	—	—	—	—
Issuance of common stock from registered direct offerings, net	2	884,051	644,750	38,686	64
Net cash provided by financing activities	1	834,051	10	2	49
Effect of exchange rate changes on cash and cash equivalents	120,506	6,671	199,884	1	−102,020
Net increase (decrease) in cash and cash equivalents	4	−815,939	700,000	−17	14
Interest	11,785	34,097	415,046	190,266	804,674
Taxes	3,702	—	—	—	—
Issuance of note payable for payment of prepaid expenses	489,329	—	—	—	—

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