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
Valuation FY2025 figures against the last close
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.
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