Motorsport Games Inc. MSGM
Games Inc. ("Motorsport") is a racing game developer, publisher and esports ecosystem provider of official motorsport
racing series, including games based on the iconic 24 Hours of Le Mans endurance race ("Le Mans") and the associated FIA
World Endurance Championship (the "WEC"). Our portfolio also includes the KartKraft karting simulation game, as well as
Studio 397 B.V. ("Studio397") and their rFactor 2 realistic racing simulator technology and platform. rFactor 2 also
Last close
4.90
2026-10-23
Market cap
$23.3M
estimated share count
52-week range
2.10 - 5.65
Valuation FY2025 figures against the last close
P/S2.1x
P/E3.4x
P/FCF5.7x
EV/EBITDA5.3x
Dividend yield—
Diluted EPS1.43
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $11.3M | $8.7M | $6.9M | $10.3M | $15.1M | $19.0M | $11.9M | — |
| Cost of revenue | $2.1M | $3.2M | $3.6M | $5.0M | $7.5M | $6.6M | $4.9M | — |
| Gross profit | $9.2M | $5.5M | $3.3M | $5.4M | $7.5M | $12.4M | $7.0M | — |
| R&D | $1.8M | $3.4M | $7.2M | $10.4M | $9.6M | $4.6M | $4.8M | — |
| SG&A | $5.1M | $6.9M | $9.4M | $13.8M | $25.4M | $4.3M | $2.6M | — |
| Total operating expenses | $7.6M | $11.2M | $22.7M | $40.4M | $42.1M | $12.4M | $12.1M | — |
| Operating income | $3.2M | -$1.7M | -$16.4M | -$35.0M | -$34.5M | $1.1K | -$5.2M | — |
| Interest expense | $18.8K | $120.8K | $773.0K | $1.1M | $504.2K | $717.5K | — | — |
| Pre-tax income | $6.6M | -$3.0M | — | — | — | — | — | — |
| Income tax | $245.3K | — | — | — | — | — | — | — |
| Net income | $6.9M | -$2.8M | -$14.3M | -$36.0M | -$33.2M | -$1.8M | -$3.6M | — |
| EPS, basic | 1.43 | -0.94 | -5.56 | 30.73 | -29.15 | — | — | — |
| EPS, diluted | 1.43 | -0.94 | -5.56 | 30.73 | -2.91 | — | — | — |
| Shares, diluted (wtd. avg.) | 4.8M | 2.9M | 2.6M | 1.2M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.0M | $859.3K | $1.7M | $979.3K | $17.8M | $4.0M | $2.0M | — |
| Total current assets | $7.6M | $2.8M | $3.5M | $4.0M | $24.6M | $10.5M | $7.1M | — |
| Property, plant and equipment | $32.9K | $55.4K | $247.7K | $522.4K | $727.1K | $162.1K | $127.4K | — |
| Goodwill | — | — | — | — | $4.9M | $137.7K | $137.7K | $712.7K |
| Other intangibles | $3.8M | $3.4M | $5.8M | $13.4M | $20.5M | $4.8M | $5.3M | $6.1M |
| Total assets | $12.0M | $6.3M | $9.8M | $18.9M | $50.7M | $17.4M | $12.8M | — |
| Accounts payable | $918.3K | $3.0M | $813.7K | $2.4M | $1.8M | $706.0K | $266.9K | — |
| Total current liabilities | $3.4M | $5.0M | $7.6M | $13.3M | $9.1M | $14.9M | $9.2M | — |
| Total liabilities | $4.4M | $5.0M | $7.7M | $17.0M | $12.7M | $15.8M | $9.2M | — |
| Retained earnings | -$84.9M | -$91.8M | -$89.0M | -$74.0M | -$38.0M | -$4.8M | — | — |
| Total equity | $6.8M | $496.3K | $2.1M | $1.9M | $38.0M | $1.6M | $3.6M | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.1M | -$2.8M | -$13.7M | -$19.5M | -$20.9M | $4.1M | -$4.4M | — |
| Depreciation and amortisation | $1.1M | $2.6M | $2.1M | $2.1M | $1.8M | $720.2K | $861.9K | — |
| Stock-based compensation | $789.4K | $153.0K | $957.3K | $714.5K | $9.7M | — | — | — |
| Capital expenditure | $12.1K | $25.0K | $31.7K | $292.4K | $754.3K | $136.8K | $108.3K | — |
| Investing cash flow | -$1.1M | $1.2M | $4.2M | -$292.4K | -$14.4M | -$1.8M | -$592.6K | — |
| Financing cash flow | $1.1M | $834.1K | $9.9M | $1.7M | $49.3M | -$225.9K | $3.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-009532.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $11.9M | $19.0M | $15.1M | $10.3M | $6.9M | $8.7M | $11.3M |
| Gross profit | — | $7.0M | $12.4M | $7.5M | $5.4M | $3.3M | $5.5M | $9.2M |
| Net income | — | -$3.6M | -$1.8M | -$33.2M | -$36.0M | -$14.3M | -$2.8M | $6.9M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Shareholder rights changed Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Charter or fiscal year changed Item 5.03
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Material agreement signed Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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