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Motorsport Games (MSGM) – Time to Refill the Tank

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Thursday, August 11, 2022

Motorsport Games (MSGM)
Time to Refill the Tank

Motorsport Games, a Motorsport Network company, combines innovative and engaging video games with exciting esports competitions and content for racing fans and gamers around the globe. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”). Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q2 misses expectations. The company reported Q2 revenue of $2 million, missing our estimate of $4.2 million by 52%. Adj. EBITDA loss of $4.95 million was below our expectation of a loss of $3.74 million. Product releases are key to improved financial performance, which is expected in the second half this year.

Product roadmap remains intact. Management noted that the company’s scheduled title releases remain largely on schedule. The next release will be of the newest NASCAR game for Nintendo Switch, in Q4 of this year. 

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

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