The earnings call highlighted significant improvements in profitability, revenue growth, and cash flow, driven by the success of the Le Mans Ultimate title. The initiation of console development and removal of going concern disclosures were also positive indicators. However, the loss of NASCAR-related revenues was a notable challenge. Overall, the positive developments significantly outweigh the lowlights.

Company Guidance

During Motorsport Games' Third Quarter 2025 Earnings Call, significant positive metrics were shared, highlighting the company's continued success and growth. Revenues for the quarter increased by $1.3 million, or 71.9%, compared to the previous year, largely driven by a $1.8 million boost from Le Mans Ultimate sales, which included DLCs. The company reported a net income of $0.8 million, a stark improvement from a net loss of $0.6 million in the same period last year, marking a notable $1.4 million turnaround. This quarter marked the second consecutive quarter of generating income from operations, with the adjusted EBITDA reaching $1.1 million, up from $0.1 million the previous year. Cash and cash equivalents also showed growth, increasing from $4.1 million as of September 30, 2025, to $4.5 million by October 31, 2025. This financial recovery is attributed to strategic restructuring, the expansion of the Le Mans Ultimate gaming product, and the success of the RaceControl platform, culminating in the removal of prior going concern disclosures from their financial reports.

Profit Generation Phase

Motorsport Games has entered a profit generation phase, reporting operational profit for the second consecutive quarter.

Le Mans Ultimate Success

The Le Mans Ultimate game has scaled effectively, exiting Steam Early Access to achieve record-high concurrent and daily active user counts.

Revenue Growth

Revenues for the quarter were $3.1 million, up by $1.3 million or 71.9% compared to the same period in the prior year.

Net Income Improvement

Net income for the third quarter of 2025 was $0.8 million, an improvement of approximately $1.4 million or 234.1% compared to the same period in the prior year.

Adjusted EBITDA Increase

Adjusted EBITDA for the third quarter of 2025 was $1.1 million, an improvement of $1 million from the same period in the prior year.

Cash Flow Improvement

Cash and cash equivalents increased to $4.5 million as of October 31, 2025, with an average positive cash flow from operations of approximately $0.3 million per month for the 9 months ended September 30, 2025.

Console Development Initiated

Development of a console version of Le Mans Ultimate is underway, with potential partnerships to support investment and marketing.

Removal of Going Concern Disclosure

The growing concern disclosures included in prior financial statement reports have been removed in the Q3 2025 report.

Motorsport Games (MSGM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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MSGM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 19, 2026	2025 (Q4)	- / -	-0.89	―	―	―
Nov 06, 2025	2025 (Q3)	- / 0.14	0	―
Aug 13, 2025	2025 (Q2)	- / 0.82	0.87	-5.75% (-0.05)
May 09, 2025	2025 (Q1)	- / 0.33	-0.6	155.00% (+0.93)
Mar 20, 2025	2024 (Q4)	- / -0.89	1.35	-165.93% (-2.24)
Nov 14, 2024	2024 (Q3)	- / 0.00	-1.28	―
Aug 09, 2024	2024 (Q2)	0.69 / 0.87	-3.02	128.81% (+3.89)
May 07, 2024	2024 (Q1)	- / -	-2.33	―
Apr 01, 2024	2023 (Q4)	-0.78 / -0.60	-2.33	74.25% (+1.73)
Nov 07, 2023	2023 (Q3)	-1.72 / -1.28	-7.29	82.44% (+6.01)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MSGM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 06, 2025	$2.19	$3.74	+70.78%
Aug 13, 2025	$3.47	$3.08	-11.24%
May 09, 2025	$2.49	$2.38	-4.42%
Mar 20, 2025	$1.22	$1.21	-0.82%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.