The following is a summary of the Motorsport Games Inc. (MSGM) Q2 2024 Earnings Call Transcript:
Financial Performance:
Q2 revenue was $1.9 million, increasing 8.2% compared to the previous year.
Net income for Q2 was $2.1 million, an improvement of $10.3 million from a net loss last year.
Adjusted EBITDA loss improved from -$2.7 million to -$0.2 million.
The net cash used in operations over the last six months was reduced significantly from the previous period.
Business Progress:
Motorsport Games released and updated Le Mans Ultimate game with significant positive reception.
Launched first paid DLC, with 13% of users purchasing it.
Exceeded internal projections in early access, planning to expand to gaming consoles and introduce a new subscription service.
Maintained a productive partnership with Kindred Concepts on the F1 Arcade project.
Opportunities:
Growing core fan base for Le Mans Ultimate, potential increase in revenue through additional formats and services.
Opportunities in expanding on multiple gaming platforms and entering subscription services.
Risks:
Company's liquidity presents a risk, with current funds not sufficient to cover operations over the next year, potentially requiring further financing or strategic changes.
More details: Motorsport Games IR
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