Motorsport Games Inc. (MSGM) stock plummeted 34.71% in the current-market trading session at the price of $1.34 after reporting its financial results for the fourth quarter and year 2021. MSGM, a motorsport network enterprise, is a top developer, inventor, provider, and publisher of motorsports racing game series worldwide.
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MSGM Q4 2021 Earnings Report
On 30th March 2022, MSGM published its financial results for the quarter and fiscal year ended 31st December 2021. Revenues totaled US$8.2M for Q4 of 2021 compared to US$2.9M for the same quarter last year. The company has US$7.0M in net loss for Q4 of 2021. Net loss was US$3.0M for the quarter ended 31st December 2020. Adjusted EBITDA (loss) was US$5.4M for Q4 of 2021 compared to US$2.4M for the same quarter of 2020.
MSGM Year 2021 Financial Summary
MSGM calculated US$15.1M in revenues for fiscal 2021. Revenues totaled US$19.0M for fiscal 2020. Net loss was US$33.7M for 2021, compared to US$0.7M for fiscal 2020. The company has US$17.4M in adjusted EBITDA (loss) for the year 2021. Adjusted EBITDA (profit) was US$0.9M for fiscal 2020. On 31st December 2021, MSGM had US$38.0M in accumulated deficit.
Agreement with Formula E
Earlier on 28th March 2022, MSGM announced becoming the authorized sim racing forum of the world’s first electric motorsports series, Formula E. The company will also execute Formula E into rFactor 2, the leading racing simulation medium. This deal is an extended form of the multi-year cooperation agreement between Formula E and Motorsport Games.
Management Comments
Chief executive officer of MSGM, Dmitry Kozko, commented that Formula E is a highly emerging motorsports series. They are very eager and privileged to execute it with rFactor 2. rFactor 2 remains the leading simulation medium in the industry. This agreement will improve the experience and offerings for players. They believe this partnership will achieve every targeted goal between both teams.
