Motorsport Games Q4 2025 Earnings Report

Motorsport Games EPS Results

• Actual EPS: $0.15
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Motorsport Games Revenue Results

• Actual Revenue: $3.85 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Motorsport Games Announcement Details

• Quarter: Q4 2025
• Date: 3/10/2026
• Time: After Market Closes
• Conference Call Date: Tuesday, March 10, 2026
• Conference Call Time: 5:00PM ET

Motorsport Games (NASDAQ:MSGM), Inc. is a publicly traded developer and publisher of interactive motorsport entertainment, headquartered in Miami, Florida. The company specializes in creating officially licensed racing simulation titles and managing associated esports competitions. By focusing exclusively on the motorsport genre, Motorsport Games aims to deliver authentic digital experiences that mirror the rules, tracks and vehicles of real-world racing series.

The company’s core activities include the development of video games under licenses from major sanctioning bodies such as NASCAR, the Fédération Internationale de l’Automobile (FIA) and International Motor Sports Association (IMSA). Notable releases include the NASCAR Heat and FIA Certified to Win series, GRID Legends and F1 Manager 2022. In addition to traditional console and PC titles, Motorsport Games operates competitive esports leagues—bringing professional drivers, teams and fans together through virtual racing events and online tournaments.

Since its founding in 2018, Motorsport Games has pursued strategic acquisitions to bolster its technical capabilities and licensing portfolio. In 2021 the company added Studio 397—developer of the rFactor 2 simulation platform—and 704Games, the team behind the NASCAR Heat franchise. These moves expanded Motorsport Games’ global reach across North America, Europe and Asia, positioning the company to serve publishers, racing series and automotive partners with turnkey digital and esports solutions.

Motorsport Games Q4 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Record profitability and stronger liquidity — full‑year 2025 revenue rose 30% YoY, adjusted EBITDA was $7.3M, the company generated ~ $0.3M average monthly operating cash flow, and cash increased to $6M by Feb 2026 with a $3M revolving credit facility in place.
• Positive Sentiment: Le Mans Ultimate is the primary growth engine, with PC concurrent players rising from ~786 to ~3,000 on average in 2025 and a Jan‑2026 peak >8,700, supported by frequent content/technical updates and anti‑cheat/Live Steward features to improve retention.
• Positive Sentiment: Race Control is scaling into a recurring‑revenue platform — >400k registered accounts, >26k paying subscribers, roughly $0.2M monthly recurring revenue, and emerging commercial opportunities with brands and rights holders.
• Neutral Sentiment: Management is targeting console launches for PlayStation/Xbox (early–mid 2027 timeframe) to expand the addressable market, but timing, revenue magnitude and margin impact remain unspecified and no forward guidance was provided.
• Negative Sentiment: Revenue concentration and dependency risk — the Le Mans franchise comprised ~78% of 2025 revenues after selling the NASCAR license, leaving the company reliant on continued LMU and Race Control growth to sustain results.

Presentation

[Operator]

Thank you for standing by, and welcome to Motorsport Games Inc.'s Fourth Quarter and Full-Year 2025 Earnings Call. As a reminder, today's conference is being recorded. I would now like to turn the conference over to Ben Rossiter-Turner from Motorsport Games. Please go ahead.

[Ben Rossiter-Turner, VP of Investor Relations at Motorsport Games]

Thank you and welcome to Motorsport Games Fourth quarterQuarter and Full-Year 2025 Earnings Conference Call and Webcast. On today's call is Motorsport Games Chief Executive Officer, Stephen Hood, and Chief Financial Officer, Stanley Beckley. By now, everyone should have access to the company's fourth quarter and full-year 2025 earnings press release filed today after market close. This is available on the Investor Relations section of Motorsport Games website at motorsportgames.com. During the course of this call, management will make certain forward-looking statements, which are any statements that are not historical facts within the meaning of U.S. federal securities laws.

[Ben Rossiter-Turner, VP of Investor Relations at Motorsport Games]

These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Except as required by law, the company undertakes no obligation to update any forward-looking statements made on this call or to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise. Please refer to today's press release and the company's filings with the SEC, including its most recent annual report on Form 10-K for the year ended December 31, 2025, for a detailed discussion of certain risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

[Ben Rossiter-Turner, VP of Investor Relations at Motorsport Games]

In today's conference call, we will refer to certain non-GAAP financial measures such as adjusted EBITDA as we discuss the fourth quarter and full-year 2025 financial results. You will find a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures, as well as other related disclosures in the press release issued earlier today, which will also be available on the investor relations section of Motorsport Games website at motorsportgames.com. Now I'd like to turn over the call to Stephen Hood, Chief Executive Officer of Motorsport Games. Stephen.

[Stephen Hood, CEO at Motorsport Games]

Thank you, Ben. Good afternoon, everyone. Thanks for joining the Motorsport Games Fourth Quarter and Full-Year 2025 Earnings Call. I'm delighted to report that we've achieved record profitability with 30% year-over-year revenue growth, generated consistent positive quarterly cash flow, and have substantially improved our cash position, which will enable us to accelerate our progress. Despite the challenges experienced across the wider gaming market, we have delivered a significant turnaround and stand before you today in a tremendously healthy state. The last quarter of 2025 saw us generate 95% higher revenues than the same period in the prior year.

[Stephen Hood, CEO at Motorsport Games]

At the end of 2025, we had cash and cash equivalents of $5 million, which increased to $6 million as of the end of February 2026. The company generated an average monthly positive cash flow from operations, driven primarily by an increase in profitability. We also secured a revolving line of credit in February 2026. This line of credit is primarily in place on very good terms to ensure we are able to deliver on our multi-platform plans for Le Mans Ultimate without tempering our plan to initiate the build of a new gaming title.

[Stephen Hood, CEO at Motorsport Games]

12 months ago, I spoke on this call acknowledging the very real challenges our business faced, limited cash availability, and a company in transition following the strategic sale of our NASCAR license. Today, we are in a fundamentally different position. Le Mans Ultimate has captured the attention of the simulation racing community and validated the strategic decision we made to focus the company around a smaller, more disciplined development team and clear long-term platform strategy. For Motorsport Games, 2025 was the year we proved this model works. During the year, we delivered five major updates to Le Mans Ultimate in February, June, July, September, and December.

[Stephen Hood, CEO at Motorsport Games]

This cadence of meaningful improvements is unusual in our racing segment and reflects both the commitment of our development team and the advantages of operating a live service product at pace. In July, the game successfully exited early access. Since then, we have continued to invest aggressively in improving the player experience, expanding content, and strengthening the underlying technology that powers our simulation experience. In September, we introduced the first content from the European Le Mans Series, responding directly to player demand for additional circuits and categories. In December, we released version 1.2, which represented one of the most comprehensive updates to the platform to date.

[Stephen Hood, CEO at Motorsport Games]

While new content such as Circuit Paul Ricard and the Ginetta G61 LMP3 race car were important additions, the larger story was the investment we continue to make in our proprietary simulation technology. These technical improvements are the foundation of our approach to building long-term trust and retention in the core of our immediate market. We also made substantial progress in strengthening the competitive integrity of online racing. Version 1.2 introduced Easy Anti-Cheat integration, the launch of our driver badge reputation system, and the first phase of LiveSteward, an automated incident detection system designed to identify unsafe or unsporting driving behavior.

[Stephen Hood, CEO at Motorsport Games]

These systems are critical to building a healthy and sustainable online competitive environment, and further demonstrates Motorsport Games intention to improve the experience for not only our core market today, but those players we believe we will reach over time. Alongside this, we introduced team online championships, enabling organized multi-race seasons and Engineer Mode, which allows teammates to manage pit strategy remotely during endurance races. These types of features are intended to deepen engagement and reinforce Le Mans Ultimate's position as a premier endurance racing simulation. It's also important to recognize that over the past year, competitor racing titles have launched into the market.

[Stephen Hood, CEO at Motorsport Games]

Some were highly anticipated. We welcome that competition. It pushes the genre forward, and we've seen renewed energy within this market segment. What is particularly encouraging is that despite those launches, Le Mans Ultimate has continued to grow its player base and engagement at an accelerated pace. In other words, we have competed in a very active market environment, and the response from players has demonstrated that our focus on authenticity, technology and community is winning meaningful support. Players are recognizing our passion and celebrate the utility of our chosen content. Average concurrent players in Steam increased from approximately 786 in January 2025 to nearly 3,000 by December that same year, almost a four-fold increase.

[Stephen Hood, CEO at Motorsport Games]

I'm pleased to report that momentum has continued into 2026. In January, we recorded an all-time peak of over 8,700 concurrent players with an average player count exceeding 4,200. For a PC-only title, which right now is where Le Mans Ultimate sits, and one that operates within a specialized simulation category, these numbers are strong and compare favorably with many long-established competitors. Importantly, this growth has been entirely organic. We have not invested significantly in marketing during this period. In areas where we do not have dedicated talent and experience, we limit spend.

[Stephen Hood, CEO at Motorsport Games]

There will come a time where we push our message to a wider audience, and as such, we're actively recruiting for exceptional marketing talent to join our team and raise awareness of our strong product offering, not least in the run-up to Le Mans Ultimate arriving on gaming consoles. In the meantime, product quality, word-of-mouth advocacy, and a highly engaged community are helping us reach new heights. This brings me to RaceControl, which is rapidly becoming a central pillar of our financial model. RaceControl is our proprietary matchmaking and competitive racing platform that powers the online experience for those products we choose to integrate.

[Stephen Hood, CEO at Motorsport Games]

Both rFactor 2 and Le Mans Ultimate benefit from this platform. Beyond enabling online play, it provides an optional subscription layer that allows us to deliver additional services and features to our most dedicated players. This platform has allowed us to transition from a traditional video game business model, where revenue is largely front-loaded around launch, toward a hybrid model combining game sales, DLC content, and recurring subscription revenues. By the end of 2025, RaceControl had over 400,000 registered accounts, more than 26,000 active paying subscribers, and was generating approximately $200,000 in monthly recurring revenue.

[Stephen Hood, CEO at Motorsport Games]

Importantly, the first two months of 2026 have been among the strongest monthly recurring revenue growth periods we have seen to date. Many of the features we have introduced, such as team championships, driver badges, LiveSteward, and Engineer Mode, are designed to specifically increase the value of this platform and strengthen subscriber retention. This combination of recurring revenue, active player engagement, and ongoing content expansion creates a much more stable and scalable financial model for the company. Beyond direct player revenue, RaceControl is also becoming a platform that global brands and rights holders want to utilize.

[Stephen Hood, CEO at Motorsport Games]

Through RaceControl, we can provide a turnkey competitive infrastructure for online racing events, including matchmaking, scheduling, anti-cheat, broadcasting tools, and official classification. This creates opportunities for automotive manufacturers, motorsport series, and consumer brands to activate directly with highly engaged gaming audiences through our platform. The conversations we are having in this area are encouraging, and we'll share more on these developments in the future. Speaking of the future, we continue to make progress on bringing Le Mans Ultimate to PlayStation and Xbox gaming consoles. Our external development partners are working alongside our internal teams to deliver the first console versions while simultaneously improving the underlying game engine for our existing and very supportive PC player base.

[Stephen Hood, CEO at Motorsport Games]

Console represents a significant expansion of the addressable market for Le Mans Ultimate, and we are taking a careful quality first approach as we execute on this opportunity. Finally, with the financial stability we have now achieved, we are beginning to explore the next phase of growth for Motorsport Games. Le Mans Ultimate has demonstrated that our technology, our development approach, and our community engagement strategy can deliver a profitable and sustainable business. We are now evaluating opportunity to extend that model to additional titles in the future.

[Stephen Hood, CEO at Motorsport Games]

While it is still early, our goal is clear: to build a portfolio of racing experiences supported by the same technology platform, live service infrastructure, and competitive ecosystem that powers Le Mans Ultimate today. To support that next phase of growth, we have begun strengthening the team with targeted hires across engineering, platform development, and strategic leadership. These additions will help accelerate our ability to expand on the RaceControl platform and support the development of future products. I'm also pleased to welcome Peter Hansen-Chambers to work alongside our management team in a consultancy role as we shape the company's next steps.

[Stephen Hood, CEO at Motorsport Games]

Peter was previously co-CEO and CFO of Hutch Games and brings deep experience in building and scaling successful game businesses, having operated with top-tier IP such as Formula 1 and other recognizable licenses in the motorsport space for many years. He has already made a positive contribution towards our forward plans, and we're excited about the perspective and expertise he brings to Motorsport Games and hope to speak more on this in the future. With the foundation now firmly in place and operating as we have planned, we are confident in our ability to continue building momentum through 2026 and beyond.

[Stephen Hood, CEO at Motorsport Games]

The turnaround phase is behind us. Now our focus is on scaling the platform we have built. I will now turn the call over to Stanley Beckley, our Chief Financial Officer, to discuss the financial results for the fourth quarter full-year 2025.

[Stanley Beckley, CFO at Motorsport Games]

Thank you, Stephen, and good evening, everyone. As with previous earnings calls, I won't be offering any forward-looking guidance today. Instead, I will focus on providing an update on our financial results and highlights from the fourth quarter and full-year 2025. Revenues for the quarter were $3.8 million, up $1.8 million or 95% when compared to the same period in the prior year. Higher digital game sales from the release of Le Mans Ultimate, our core gaming title, along with higher downloadable content sales, were primary drivers for the increase. Net income for the quarter of 2025 was $800,000, compared to net loss of $2.9 million for the same period in the prior year, an increase of $3.7 million.

[Stanley Beckley, CFO at Motorsport Games]

Higher revenues, lower cost of goods sold, and operating expenses were key contributors to the increase in net income for the full-year 2025 when compared to the prior year period. Consequently, net income attributable to Class A common stock was $0.15 for the fourth quarter of 2025, compared to a loss per share of $0.89 for the same period in the prior year. We are reporting an adjusted EBITDA of $1.9 million for the fourth quarter of 2025, compared to an adjusted EBITDA loss of $2.5 million for the same period in the prior year.

[Stanley Beckley, CFO at Motorsport Games]

The reasons for the increase in adjusted EBITDA are the same as those discussed in respect of the change in net income for the period and comparative quarter. For full-year 2025, revenues were $11.3 million, up $2.6 million or 30% when compared to the prior year period, primarily due to a $5.8 million increase in 2025 from sales of our Le Mans Ultimate racing title released in February 2024, particularly DLC sales, which were higher compared to 2024 and $1.2 million from RaceControl, offset by a $4.4 million decrease in revenues in 2025 related to NASCAR, a gaming title the company decided to sell so that we might concentrate our efforts elsewhere.

[Stanley Beckley, CFO at Motorsport Games]

As a result, we were not selling the NASCAR titles from the start of 2025. Net income was $6.8 million for 2025, compared to net loss of $3.1 million for 2024. Higher revenues, lower cost of goods sold, and operating expenses were key contributors to the increase in net income for the full-year 2025 when compared to the prior year period. Adjusted EBITDA was $7.3 million for the full-year 2025, compared to an adjusted EBITDA loss of $3.9 million for the same period in the prior year, an improvement of $11.2 million.

[Stanley Beckley, CFO at Motorsport Games]

The increase in adjusted EBITDA was primarily due to the same factors driving the previously discussed change in net income for the full-year 2025 when compared to the prior year period, as well as the reduction in the non-recurring gains being excluded from adjusted EBITDA. Net income attributable to Class A common stock was $1.43 in 2025, compared to a net loss of $0.94 in the prior year. As it relates to liquidity, as of December 31st, 2025, we had cash and cash equivalents of $5 million, which increased to $6 million as of February 28th, 2026.

[Stanley Beckley, CFO at Motorsport Games]

For the year ended December 31st, 2025, we generated an average positive cash flow from operations of approximately $300,000 per month. That was primarily due to increased profitability, $800,000 from the Wesco Insurance Company settlement in June 2025, and $500,000 from a settlement agreement with HC2 Holdings 2 Inc. in March 2025. We currently have no outstanding debt or purchase commitment liabilities. Furthermore, our working capital as of December 31st, 2025, was $4.2 million versus negative working capital of $2.2 million as of December 31st, 2024, underscoring a much improved balance sheet and liquidity position.

[Stanley Beckley, CFO at Motorsport Games]

We also secured a $3 million revolving line of credit from Citibank in February 2026. There is currently no balance due to Citibank under the revolving line of credit. Thank you all for your time. Now I will turn the call back to Stephen for closing remarks.

[Stephen Hood, CEO at Motorsport Games]

Thank you again, everyone, for joining this call today. If I can summarize all the progress we've delivered over the last 12 months, it would be through the lens of our turnaround. We've had multiple profitable quarters, delivering a strong cash position. We have a scalable model in our RaceControl platform, which is building an audience and paying subscribers at a steady rate. We have architected strong organic demand without significant marketing spend. We are hard at work on bringing our most recent game to the console market and are close to incubating the next product from the company that brought you the evergreen Le Mans Ultimate.

[Stephen Hood, CEO at Motorsport Games]

We have moved beyond stabilizing the business. We have demonstrated that our model works, and now our focus is on scaling it. Thank you for joining us today. I will now turn it back to the operator.

[Operator]

Thank you. If you'd like to ask a question, press star one on your keypad. To leave the queue at any time, press star two. Once again, that is star one to ask a question. We'll take our first question from Anja Soderstrom with Sidoti & Company. Your line is open.

[Anja Soderstrom, Senior Equity Research Analyst at Sidoti & Company]

Hi, and thank you for taking my questions, and congratulations on the nice performance. I'm just curious, with the development costs declining year over year, what's the main driver for that?

[Stanley Beckley, CFO at Motorsport Games]

Yes. Hi, Anja. Thanks for the question. So as we disclosed in our Form 10-K, we capitalized about $1.1 million of development costs. These were costs related to significant upgrades and enhancements to the game. We've released a lot of content to LMU since the game's launch in February of 2024. To date, we've released about seven individual downloadable content packs, including the European Le Mans Series Pack 1 that was released in September, and Pack 2 that was released in December. Pack 3 is scheduled for release later this month.

[Stanley Beckley, CFO at Motorsport Games]

That's the main reason for the decrease in development cost. We also have in the past couple of years, we've gone through some restructuring. Our payroll costs are also down for developers and contractors.

[Anja Soderstrom, Senior Equity Research Analyst at Sidoti & Company]

Is AI any sort of driver to the development costs coming down? Or how are you implementing AI?

[Stephen Hood, CEO at Motorsport Games]

Hi, Anja. Very good question. AI is everywhere at the moment. It certainly features in multiple games business. I think a lot of companies are kind of driving forward, trying to figure things out. We're a high-tech software engineering business by nature, and AI has always featured in our development pipelines and in our products. The way that we utilize it at the moment is in a lot of rapid iteration. Like, one of the benefits of Le Mans Ultimate at the moment as a live service is the rate at which we're putting out these updates.

[Stephen Hood, CEO at Motorsport Games]

It's a live service that is very much in front of the community, who are welcoming the regular updates, the regular pack updates, the new content coming out, and AI is already forming a part of that development experience. We're obviously not gonna give away our secrets at the moment, but, we're leveraging it, I think, you know, an ever-growing extent. I think it does bring down development costs, but actually, the biggest advantage for us is that we can more readily put out updates that resonate with our players. It's beneficial to us because it enables us to really drive home the creative advantage that we have.

[Anja Soderstrom, Senior Equity Research Analyst at Sidoti & Company]

Okay, thank you. Also you mentioned the Le Mans Ultimate for PlayStation and Xbox. It's progressing. Are you still expecting to launch that in late 2026 or early 2027? How meaningful do you think that's gonna be to revenue, and what sort of impact is it gonna have on margins?

[Stephen Hood, CEO at Motorsport Games]

All right. I'll take that again, Anja. I think the product is very much on track. We are going to drill down as we get closer to release with an exact release date. I think the key thing that I would like to project at the moment is it's less of a technical challenge for us now because we've been in this business for some time. It's actually about picking the right window for release. What's the most beneficial window for release? Do we pair it with a major motorsport event? What are competitor titles doing? It's very much on track for either early to mid-2027. I think it's gonna have a big impact.

[Stephen Hood, CEO at Motorsport Games]

I would say that because I've been in this industry for some time, I've worked on many a console product, and the addressable market is huge. There's actually a real lack of high-end racing simulations available on console, and that's been a traditional problem for many, many years. There are lots of different racing games out there. They're more arcade titles. In order for the average consumer to engage in the kind of simulation experience, the depth of simulation racing experience that we provide, people are having to spend upwards of $2,000, $3,000, $4,000 on a high-end PC, a wheel and the pedals.

[Stephen Hood, CEO at Motorsport Games]

That's a major investment that not a lot of people are willing to do for their first-time experience in racing simulation. As soon as you go to console, where you can pick up a console for a few hundred dollars. If you can engage through that medium, which is more readily accessible to most people, and you can experience our titles, it stands to reason that we can hit a much larger audience because the price of entry is dramatically reduced. It may mean that people come into our ecosystem. It may mean that they come into contact with RaceControl in great numbers, and they may wish to step up to the PC product.

[Stephen Hood, CEO at Motorsport Games]

But we're going to put out a high-quality product on console, on PlayStation and Xbox, that will be available worldwide, and we're very excited about that. We're not putting out any guidance in terms of, you know, the addressable audience that we expect to reach, but.

[Anja Soderstrom, Senior Equity Research Analyst at Sidoti & Company]

Okay. Thank you. Can you hear me? Sounds like it dropped off.

[Stanley Beckley, CFO at Motorsport Games]

Yes. It looks like Stephen got cut off there, but I think he was just finishing up his thoughts.

[Anja Soderstrom, Senior Equity Research Analyst at Sidoti & Company]

Okay. I'm just also curious about the customer acquisition cost and also maybe how you anticipate AI to maybe be sort of a positive for you there, how you can work with AI to become more efficient there.

[Stanley Beckley, CFO at Motorsport Games]

Sure. As relates to customer acquisition costs, we have invested very little in marketing over the past two years, and our growth has been primarily organic during this time. However, as we seek to get our message out to a wider audience, we're actively looking for suitable marketing talent to join our team. With very little to no marketing spend, there's not much in terms of customer acquisition costs there. The second question about the use of AI, I believe Stephen may have addressed that earlier, but you know, AI, the use of AI is used to some extent in by the development team and with regards to you know, answering customer queries.

[Stanley Beckley, CFO at Motorsport Games]

Stephen is back, and I think he can get into more details on that. Stephen, are you there?

[Stephen Hood, CEO at Motorsport Games]

Yes, I managed to reconnect. Are you talking about AI?

[Stanley Beckley, CFO at Motorsport Games]

Yes.

[Stephen Hood, CEO at Motorsport Games]

Yeah, I mean, leveraging it across the business. I mean, not to replace the creative direction that we have and the expertise, but actually to just bring elements to market faster is the primary use right now. Shortcutting things enables us to really punch above our weight, and that's the important utilization of AI for us. We are a relatively small team by choice right now. We're getting the wheels turning. AI enables us to deliver at far more rapid rate and bring more content and choices to players, which is clearly working for us.

[Anja Soderstrom, Senior Equity Research Analyst at Sidoti & Company]

Okay, thank you. You've been driving quite nice revenue growth driven by the Le Mans release. How should we think about continued growth there and profitability, the sustained profitability? You improved the balance sheet and sort of your priorities for cash and capital allocation. Are you expected to remain cash flow positive?

[Stanley Beckley, CFO at Motorsport Games]

I'll address the latter half of that question first. Our cash flow and our liquidity position is, you know, much stronger, right, over the past year than it has been since our inception. As we disclosed in our Form 10-K that was released, filed after market close today, we generated an average monthly positive cash flow of $300,000 per month in 2025 or $4.1 million cash generated from operations for the entire year compared to an average monthly cash burn of $200,000 or $2.8 million used in 2024. We had a robust cash balance as well of $6 million at the end of February. We recently secured a $3 million revolving line of credit facility from Citibank.

[Stanley Beckley, CFO at Motorsport Games]

This line of credit facility will be more than sufficient for us to fully port the development of LMU to console. As relates to the revenue mix, you know, our LMU franchise has more than made up for the loss of revenues from the sale of our NASCAR license. In 2025, for example, revenues from our Le Mans franchise consisted of about 78% of our annual revenues, and you know versus 34% the previous year. The mix of our LMU revenues in addition to growing RaceControl subscriptions, which made up 11% of our total revenues in 2025 versus less than 1% in 2024.

[Stanley Beckley, CFO at Motorsport Games]

Our RaceControl subscription, that platform was launched in December of 2024, has led to a bit more balancing and diversification of our revenue stream, and we expect that to continue to grow into the future.

[Anja Soderstrom, Senior Equity Research Analyst at Sidoti & Company]

Okay, thank you. That was all for me.

[Stanley Beckley, CFO at Motorsport Games]

Thank you.

[Operator]

Thank you. This does conclude the Q&A portion of today's call and also the meeting today. Thank you. We appreciate your time and participation. You may now disconnect.

Participants

Executives

• Ben Rossiter-Turner, VP of Investor Relations
• Stanley Beckley, CFO
• Stephen Hood, CEO

Analysts

• Anja Soderstrom, Senior Equity Research Analyst at Sidoti & Company