Q4 2024 Motorsport Games Inc Earnings Call
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Operator: Thank you for standing by and welcome to Motorsport Games Inc fourth quarter and full year 2024 earnings call. A section of our call has been prerecorded. As such, cash use and operations for the year ended December 31, 2024, and our average monthly net cash burn from operations have been adjusted.
Speaker Change: Thank you for standing by and welcome to Motor Sport games, Inc's fourth quarter and full year 2024 earnings call.
A section of our call has been prerecorded.
Speaker Change: As such cash used in operations for the year ended December 31st 2024.
Speaker Change: Our average monthly net cash burn from operations have been adjusted.
Operator: This information will be updated at the end of the call during the Q&A session. As a reminder, today's conference is being recorded.
Speaker Change: This information will be updated at the end of the call during the Q&A session.
Speaker Change: As a reminder, today's conference is being recorded.
Ben Rossiter: I would like to turn the conference over to Ben Rossiter-Turner from Motorsport Gamin. Please go ahead. Thank you and welcome to Motorsport Games fourth quarter and four year 2024 earnings conference call and webcast.
Speaker Change: I would like to turn the conference over to Ben Rossiter Turner from Motor Sport Games. Please go ahead.
Speaker Change: Thank you and welcome to baseball games fourth quarter, and full year, principally Q4 earnings conference call and webcast.
Ben Rossiter: 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 four year 2024 earnings press release filed today after market close. This is available on the Investor Relations section of Motorsport Games website at www.motorsportgames.com During the course of this call, management may make forward-looking statements within the meanings of U.S. federal security laws. 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 four different statements.
Mike: On today's call as Mike spoke games, Chief Executive Officer, Stephen Hoge, and Chief Financial Officer.
Speaker Change: Great.
Speaker Change: By now everyone should have access to the company's fourth quarter and full year 2024 earnings press release filed today after market close.
Speaker Change: This is available in the Investor Relations section of Mexico games.
Speaker Change: Www <unk> com.
Speaker Change: During the course of this call management may make forward looking statements within the meanings with U S Federal Securities laws.
Speaker Change: These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially.
Speaker Change: These forward looking statements.
Ben Rossiter: Except as required by law, the company undertakes no obligation to update any forward-looking statement made on this call, or to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
Speaker Change: Except as required by law the company undertakes no obligation to update any forward looking statements made on this call ultra ultra its forward looking statements, whether as a result of new information future events or otherwise.
Ben Rossiter: Please refer to today's press release and the company's filing to the SEC, including its most recent annual report on Form 10-K for the year ended December 31, 2024, for a detailed discussion of certain risks that could cause actual results to differ materially from those expressed or implied in any forwarded statement made today.
Speaker Change: Please refer to today's press release, and the company's filings with the FCC.
Speaker Change: Including this most recent annual report on Form 10-K for the year ended December 31 2024.
Speaker Change: 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: 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 2024 financial results.
Speaker Change: 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 2024 financial results.
Stephen Hood: You will find a reconciliation of these non-GAP measures to their most directly comparable GAP measures as well as other related disclosures in the press release issued earlier today which is also available on the Investor Relations section of Motorsport Games' website at www.motorsportgames.com And now I'd like to turn over the call to Stephen Hood, Chief Executive Officer of Motorsport Games. Stephen? Thank you everyone for joining today's conference call.
Speaker Change: You will find a reconciliation of these non-GAAP measures and is directly comparable GAAP measures as well as other relates to disclosures in the press release issued earlier today, which is also available on the Investor Relations section.
Speaker Change: <unk> of Mexico, Kansas Web site at Www don't Mexico Gamestop Com.
Michel: And now I'd like to turn then to the Cool Stevens Chief Executive Officer Michel Thanks, Steven.
Speaker Change: Thank you everyone for joining today's conference call.
Stephen Hood: Our last earnings call in November came at a pivotal moment for Motorsport Games. While our latest title, Le Mans Ultimate, had launched with strong potential, we faced the necessary headcount reductions the prior month and publicly stated our intent to explore strategic alternatives. We never thought our turnaround would happen overnight. I think we've been incredibly diligent and unwavering in doing what needed to be done to rightfise the company. Costs, be they associated with headcount or prior licensing deals, we've analysed with a call head and changed the organisation and output of the business. We had to balance aggressive cost reductions with an unwavering commitment to improving product quality.
Our last earnings call in November came into pivotal.
Michel: Not too much spool games.
Speaker Change: While our latest talks with Newmont Ultimate had launched with strong potential we faced the necessary head count reductions deployment and publicly stated our intent to explore strategic alternatives.
Speaker Change: We never thought outside around what happened there was a nice I.
I think we've been incredibly diligent and unwavering in doing what needed to be done to rightsize the company.
Speaker Change: Costs associated with head count will try a licensee deals we've analyzed with a cool head and changed the organization and outside of the business.
Speaker Change: We have to balance aggressive cost reductions with an unwavering commitment to improving product quality.
Stephen Hood: Despite the challenges, Le Mans Ultimate was resonating positively with both consumers and industry influences. However, as an early access title, it remained a work in progress, requiring us to build and sustain goodwill in the face of a difficult corporate backdrop. On December 10th we launched a planned yet significant update to Le Mans Ultimate, which sparked a surge of positivity around the game. Player numbers climbed to levels not seen since our initial launch in February 2024 and in the lead-up to the 24 Hours of Le Mans, Motorsport's most iconic endurance event and the inspiration behind our game.
Speaker Change: The challenge is Lamont alternate was resonating positively with both consumers and industry influences.
Speaker Change: As an early access time, so it remains a work in progress requiring us to be able to sustain goodwill in the face of a difficult market backdrop.
Speaker Change: On December 10th we launched a planned significant update to Lamont alternate which sparked a surge of positivity around the game.
Speaker Change: Okay, and then declined to levels not seen since our initial launch in February 2020, full I mean, the lead up to the 24 hours of the mall.
Speaker Change: <unk> sports most iconic event and the inspiration behind it okay.
Stephen Hood: For months, the game had been increasingly well-received in many circles, but this update helped us break through to an even wider audience. Many players who were previously sceptical of our brand and our ability to deliver a game worthy of its prestigious name gave it a chance and came away impressed. Remarkably, this momentum was achieved without investment in paid marketing, demonstrating the power of organic word-of-mouth from influencers, media and passionate players. Some may view this as an overnight unscripted success, but in reality, it was 18 months in the making, driven by hard work, resilience, strategic execution and understanding.
Speaker Change: So amongst the gains have been increasingly well received in many cycles that this update helped us breakthrough showed an even wider audience.
Speaker Change: Many players who were pretty skeptical of our brand and our ability to deliver a game worthy of its prestigious nature gave us a chance and came away impressed remarkably this momentum was achieved without investment in paid marketing.
Speaker Change: <unk> the power of organic word of mouth from influences media and passionate players.
Speaker Change: Some may view this as an overnight success.
Speaker Change: Entity. It was 18 months in the Nikkei, driven by hard work and resilience strategic execution and understanding.
Stephen Hood: We were acutely aware of the issues that had led to the company to falter previously, and we set out to do things the way we believed they needed to be handled. We set out to reconnect with players and prove ourselves with a passion project. The core of our progress is our talented team at Studio 397, who not only excel in technical expertise but also understand our fundamental mission to entertain and engage. and the numbers prove it. LMU, Le Mans Ultimate for short, is captivating a rapidly growing audience and earning widespread industry respect. More recently, our February 25th update led to another notable spike in player numbers and sales.
Speaker Change: Acutely aware of the issues that had led to the company to folks that previously and we set out to do things. The way we believe they needed to be handled we set out to reconnect with players and putting ourselves with a passion project at the core of our progress is our talented team at <unk>.
Speaker Change: Not only extending technical expertise, but also understand our fundamental mission to entertain and engage.
Speaker Change: And the numbers treatment <unk>. The mono showed is debating a rapidly growing audience and earning widespread industry respect.
Speaker Change: More recently on February 25th update led to another notable spike in player numbers in sales just as encouraging is now improving player retention showing that users are staying engaged for longer periods between releases.
Stephen Hood: Just as encouraging is our improving player retention, showing that users are staying engaged for longer periods between releases, strengthening our ecosystem and proving to us that our audience is peeling away from competitor products and increasingly becoming heavenly engaged with our offering. We provide the game and the multiplayer funnel with technology we own and control. Our battle has always been on multiple fronts and we continue that fight in the areas that matter so that we can provide a more complete and accessible environment for our players. What we find motivating, beyond the black-and-white numbers, is the perception shift among sim racing enthusiasts.
Speaker Change: Our ecosystem of proving to us that our audience is peeling away from competitor products and increasingly becoming heavily engaged with our offering.
Speaker Change: We provide the gain and the move to class funnel with technology, we own and control.
Speaker Change: <unk> has always been on multiple fronts and we continue fighting the areas that matter. So that we can provide a more complete and accessible environment for our players.
Speaker Change: What we find most exciting.
Speaker Change: The black and white numbers is the perception shift amongst the racing enthusiasts.
Stephen Hood: Our game and community platform are being compared favorably to industry giants like iRacing and Assetto Corsa Competizione, a testament to our progress despite being the perennial underdog. This is friendly competition. Ultimately, we believe the racing market to be underserved, and collectively, we think top-tier racing developers are helping to grow this segment. If we can rub shoulders with longer established and much better financed titans, imagine what we can do if we start investing in the opportunity in front of us. This success translates into the improved health of our company, increased revenue from greater sales across product, downloadable content extras and our recently introduced subscription offerings.
Speaker Change: <unk> community platform are being compared favorably to industry Giants like <unk> seen in the second of course, the competency oney.
Speaker Change: To have progress despite being a perennial underdog. This is friendly competition ultimately we believe the racing market to be understood and collectively we think talk to your racing you take all of those are helping to grow the segment. If we can wrap showed us with longer established and much better finance Titans imagine what we can do.
Speaker Change: We stopped investing in the opportunity in front of us.
Speaker Change: This success translates into the improved health of our company increased revenue from greater sales across product downloadable content <unk> and our recently introduced subscription offerings.
Stephen Hood: The widespread industry acclaim and renewed face of the company has opened additional conversations with potential investors, publishers and partners for future projects such as console ports, which would enable us to bring them on ultimate to PlayStation and Xbox console owners. This is an opportunity that has long been called for by our growing player base, but something we were only willing to explore once proven on the PC platform. Whilst we cannot comment on specific opportunities in negotiation today, we can say that we're having positive conversations around options that were not available to us 3, 6 or even 12 months ago.
Speaker Change: Widespread industry acclaim and used face if the company has opened additional conversations with potential investors publishes a partner's future projects such as come so ports, which would enable us to bring them on ultimate to Playstation and Xbox console.
Speaker Change: This is an opportunity that has long been called for by our growing player base. That's something we were only willing to explore once proven on the PC platform.
Speaker Change: Whilst we cannot comment on specific opportunities in negotiation today, we can say that we're having positive conversations around options that were not available to us three six or even 12 months ago.
Stephen Hood: In December, we launched our subscription service via racecontrol.gg, a revenue stream previously untapped and a long-standing opportunity for our business. In the first 21 days of this accounting period, the service generated over $120,000 in gross revenues. As of today, we're within touching distance of 6,000 active subscribers, showing strong early adoption and long-term monetization potential without any spend towards a paid marketing campaign. Our subscription service enables us to build a more engaging platform for seam rinsing in a way that would not be possible if we solely relied on product revenues from, say, a yearly product release.
Speaker Change: In December we launched a subscription service via voice control with a G. G. A revenue stream previously untapped and longstanding opportunity for our business in the first 21 days of lease accounting periods.
Speaker Change: This generated over $120000 in voice revenues as of today, well within touching distance of 6000 active subscribers showing strong early adoption and long term monetization potential without any spend towards the paid marketing campaign.
Speaker Change: Oh subscription service enables us to build a more engaging platform 16 months in a way that would not be possible. If we solely rely on product revenues from say the yearly product release.
Stephen Hood: Our product is continually updated, and whilst players do not go out of their way to praise the concept of subscriptions, we appreciate it's a crowded scene. We're gaining recognition for continually improving the product and platform. It's also optional for players. We don't force anything on our consumers. We know the business element is showing the green shoots of recovery. It's taken time, but we're now seeing the benefits, and our recent momentum is carried along with positive player sentiment. DLC or downloadable content, extras like cars and tracks, has further helped drive Le Mans Ultimate's uptake. Our 2024 Pack 3 introduced the first LMGT3 car models, staples of modern GTR racing, featuring iconic brands such as Ferrari, Corvette and BMW.
Speaker Change: Our product is continually updated plans did not go ahead, if they wait to praise the concept of subscriptions. We appreciate the Socratic see.
Speaker Change: We're gaining recognition to continually improving the product and platform.
Options for plays.
Speaker Change: Enforce anything on efficacy as we know the business is showing the green shoots of recovery. It's taken time, but we're now seeing the benefits and our recent momentum is carried along with positive player sentiment.
Speaker Change: DLC or downloadable content.
Speaker Change: Just like cars and trucks is further helped drive Lamont ultimate uptake.
Speaker Change: 2024 pack three introduced the first LNG Teekay car models Staples of modern GTR racy feature.
Speaker Change: Teaching iconic brands, such as Ferrari call that and BMW.
Stephen Hood: Additionally, we offered all players the McLaren 720S as free DLC and introduced the legendary Interlagos circuit in Brazil, making this our most successful DLC pack to date whilst boosting season pass sales, a method for players to sign up to a paid tier delivering all the content as and when it's released. This year, we'll be adding more of the very popular GT3 class cars, as well as an additional circuit, completing our 2024 content roadmap. Beyond content, we have informed players of some of the headline feature updates we have in the works, namely livery creation and driver swap.
Speaker Change: Additionally, we offered all players in the clarity <unk> TLC and introduce the legendary Interlagos circuit in Brazil.
Speaker Change: <unk> is now most successful DLC Pac to date, whilst fishing season pass sales and message suppliers to sign up to a paid tier delivering all the content asking when it's released.
Speaker Change: This year, we'll be adding more of the very popular G. T. Three class Cogs as well as an additional second completing in 2020 full content roadmap.
Speaker Change: Beyond content, we have important players some of the headlines feature updates we have in the works, namely livery creation and drive the swaps.
Stephen Hood: The former will enable customisation of car appearance and the latter will enable more than one player to share the same car, taking turns and swapping control during pit stops. This will form the backbone for large-scale endurance esports events set to return to Le Mans shortly. These features are already generating significant anticipation among players and we are working hard to deliver the next round of updates. I only made reference to the corporate backdrop so readily picked up on by today's well-raised and connected players were winning there too.
Speaker Change: <unk> will enable customization of car appearance and the law.
Speaker Change: It will enable more than one class of shares the same call taking tens of swapping control during pit stops this will form the backbone for large scouting Joe's esports events start to return.
Speaker Change: And to the market shortly.
Speaker Change: These features are already generating significant anticipation among players and we are working hard to deliver the next round of updates.
Speaker Change: And you made reference to the corporate backdrop, so readily picked up on by today's well right and collective players we are winning Betsy.
Stephen Hood: We recently announced a settlement with Luminus, the company from whom we bought the original Studio 307 and technology, which served as the springboard for where we are today. This resolution improved our financial position by $180,000 and upon completion will clear any remaining barriers to full ownership of Studio 397 and their original technology contribution to Le Mans Ultimate. This settlement should see us bring down the curtain on a long-running issue which has been resolved amicably, and we thank the individuals involved for their support in making this happen. We also received a positive ruling in our Innovate Corporation litigation and secured a summary judgement in our favour on all counts.
Speaker Change: We recently announced a settlement with luminous the company from whom we bought the original <unk> hundred 70, <unk> technology, which served as a springboard for where we are today.
Speaker Change: This resolution improved our financial position by $180000 and upon completion will clear any remaining barriers to full ownership of <unk> seven and the original technology contribution to Lamont auctions.
Speaker Change: Settlement should see us bring down the cost on a long running issue, which has been resolved amicably and we think the individuals involved for their support in making this happen.
Speaker Change: We also received a positive ruling in our Corporation litigation.
Speaker Change: You had a summary judgment in our favor on all counts this could alleviate some of our existing legal fee liabilities, improving our stockholders' equity situation.
Stephen Hood: This could alleviate some of our existing legal fee liabilities, improving our stockholders' equity situation.
Stanley Beckley: Now I would like to invite Stanley Beckley, our Chief Financial Officer, to talk about the financial results for the fourth quarter and full year 2024. Thank you, Stephen, and good evening, everyone. As with previous earnings calls, I won't be offering any forward-looking guidance. Instead, I will focus on providing an update on our financial results and highlights from the fourth quarter and full year 2024. Revenues for the quarter were $2.0 million. of 0.3 million or 13% when compared to the same period in the prior year. I at Digifield Game Sales from the release of Le Mans Ultimate in February 2024 were primary drivers for the increase.
Speaker Change: Now I would like to invite Sandy Bentley, our chief financial Officer to talk about the financial results, our fourth quarter and full year 2024.
Sandy Bentley: Thank you Steven and good evening everyone.
As with previous earnings calls I want to be also in any forward looking guidance today.
Sandy Bentley: Instead, I will focus on providing an update on our financial results and highlights from the fourth quarter and full year 2024.
Sandy Bentley: Revenues for the quarter were $2 2 million.
Sandy Bentley: <unk> 3 million of fatigue.
Sandy Bentley: 15% when compared to the same period in the prior year.
Speaker Change: Hi, Yes digital game sales from the release of one ultimate to February 2024 were primary drivers for the increase.
Stanley Beckley: Net loss for the fourth quarter of 2024 was $2.9 million compared to net income of $2.7 million for the same period in the prior year, a decrease of $5.6 million. The increase in net loss is driven by an increase in other expenses of $2.2 million, which is primarily comprised of foreign currency gains incurred through measuring transactions denominated in a currency other than U.S. dollars. Furthermore, in Q4 2023, all the operating income included a $3.0 million gain related to the sale of a NASCAR license to iRacing in October 2023. and many more. Net loss attributable to Class A common stock was $0.89 for the first quarter of 2024, compared to net income of $0.97 for the same period in the prior year.
Speaker Change: Net loss for the fourth quarter of 2024 was $2 9 million compared to net income of $2 7 million for the same period in the prior year.
Kris a $5 6 million.
Speaker Change: The increase in net loss is driven by an increase in other expenses of $2 2 million, which is primarily comprised of foreign currency gains incurred.
<unk> transactions denominated in a currency other than U S dollars.
Speaker Change: Furthermore, in Q4 2020.
Speaker Change: Other operating income included a speed point 1 million gain related to the sale of our NASCAR license to <unk> in October 2023.
Speaker Change: Consequently net.
Speaker Change: Net loss attributable to class a common stock.
Speaker Change: 0.89 for the fourth quarter of 2024.
Speaker Change: Compared to net income of <unk> 97 for the same period in the prior year.
Stanley Beckley: We are reporting an adjusted EBITDA loss of $2.5 million for the fourth quarter of 2024 compared to an adjusted EBITDA of $0.4 million for the same period in the prior year. The reasons for the decline in adjusted EBITDA are the same as those discussed in respect of the change in net income or loss for the period and comparative quarter, as well as the decrease in stock-based compensation compared to the prior year period. For full year 2024, revenues were $8.7 million, up $1.8 million when compared to the prior year period, primarily due to $3.1 million in digital game and downloadable content sales, relating to the sales of Le Mans Ultimate released on PC in February 2024, offset by $0.5 million and $0.4 million in lower revenues for NASCAR and R Factor II titles respectively.
Speaker Change: We are reporting an adjusted EBITDA loss of $2 5 million for the fourth quarter of 2024 compared to an adjusted EBITDA of <unk> 4 million for the same period in the prior year.
Speaker Change: The reasons for the exciting adjusted EBITDA are the same as those discussed in despite of the change in net income or loss for the period and comparative quarter.
Speaker Change: As well as a decrease in stock based compensation compared to the prior year period.
Speaker Change: Our full year 2024 revenues with $8 7 million 8 million when compared to the prior year period.
Speaker Change: Primarily due to steep point home video and digital game and Dell medical content sales relating to the sales of Lamont Ultimate released on PC in February 2020 full.
Speaker Change: Offset by <unk>, 5 million and $4 million and lower revenues from NASCAR and Fox.
Speaker Change: Two titles respectively.
Stanley Beckley: Net loss was $3.0 million for 2024 compared to $14.3 million for 2020. Adjusted EBITDA loss was $3.9 million for 2024, an improvement from the $9.3 million adjusted EBITDA loss for 2023. The decrease in adjusted EBITDA loss of $5.4 million was primarily due to the same factors driving the previously discussed change in net loss for the fourth quarter of 2024, when compared to the same period in the prior year, as well as a decrease in stock-based compensation compared to the prior year. Net loss attributable to Class A common stock was 0.94 in 2024, compared to a net loss of 5.56 in the prior year.
Speaker Change: Net loss was $3 6 million for 2024 compared to $14 3 million for 2023.
Speaker Change: Adjusted EBITDA loss was $2 19 for 2024.
Speaker Change: <unk> from the 19 3 million adjusted EBITDA loss for 2023.
Speaker Change: The decrease in adjusted EBITDA loss of $5 4 million was primarily due to the same factors driving the previously discussed change in net loss.
Speaker Change: Fourth quarter of 2024, when compared to the same period in the prior year as well as a decrease in stock based compensation compared to the prior year.
Speaker Change: Net loss attributable to class a common stock was <unk> 94 in 2024.
Speaker Change: <unk> net loss of 556 in the prior year.
Stanley Beckley: As it relates to liquidity, this continues to be a key area of focus for the company. Net cash used in operations for the year ended December 31st, 2024 was approximately $3.2 million. representing an average monthly net cash earned from operations of $0.3 million. down $0.8 million when compared to the average monthly cash burn of $1.1 million for the year ended December 31, 2020. As of December 31st, 2024, the company had cash and cash equivalents of $0.9 million, which had increased to $1.2 million as of February 28th, 2025. Based on our cash position and the average monthly cash burn, we do not believe there is sufficient cash on hand to fund operations over the next year and that additional funding will be required in order to continue operations.
Speaker Change: As it relates to liquidity. This continues to be a key area of focus for the company.
Speaker Change: Net cash used in operations for the year ended December 31, 2024 was approximately $3 2 million.
Speaker Change: <unk> average monthly net cash burn from operations of <unk> 3 million.
Speaker Change: Down 0.8 million when compared to the average monthly cash burn of $1 1 billion for the year ended December 31 2023.
Speaker Change: I Hope December 31 2024.
Speaker Change: Company had cash and cash equivalents of 0.9 billion, which had increased to $1 2 billion as of February 28 2025.
Speaker Change: Based on our cash position and the average monthly cash burn we.
Speaker Change: We do not believe there is sufficient cash on hand to fund operations over the next year and that additional funding will be required in order to continue operations.
Stanley Beckley: In order to address the slippery shortfall, we are actively exploring several options, including, but not limited to, additional funding in the form of potential equity and or debt financing arrangements or similar transactions.
Speaker Change: In order to address the shortfall.
Speaker Change: Actively exploring several options, including but not limited to.
Speaker Change: Additional funding in the form of the types of equity and debt financing of instruments are similar transactions.
Speaker Change: T J alternative swap business, including but not limited to the sale of licensed in all of our assets.
Stanley Beckley: bring to you. in addition to the sales of our NASCAR license and traction. and for the cost reductions and restructuring initiatives.
Speaker Change: In addition to the certified NASCAR license and traction.
Speaker Change: And for the cost reductions and restructuring initiatives.
Stanley Beckley: Thank you all for your time.
Speaker Change: Thank you all for your time.
Stephen Hood: And now I will turn the call back to Stephen for closing remarks.
Stephen: And now I will turn the call back to Stephen for closing remarks.
Stephen Hood: Thank you, Stanley, and thank you to everyone joining us on this call today. In November, I stated that with the right financing, we had the opportunity to grow this business. That belief remains stronger than ever. In the sim racing industry, respect is earned, not bought. And we are earning it. Motorsport Games with Studio 307 firmly at the heart of who we are today is no longer going in circles. With our recent successes, a drastically improved financial position and strong momentum, we are a revitalised boutique entertainment studio, poised for the next stage of development and growth.
Speaker Change: Thank you Stanley and thank you to everyone joining us on this call today.
Speaker Change: Remember I stated that with the right financing, we had the opportunity to grow this business.
Speaker Change: That belief remains stronger than ever and Sim racing industry respected and not sports and we are.
Speaker Change: Let's vote gains with <unk> now set assembly at the heart of who we are today is no longer going in circles.
Speaker Change: Without recent successes drastically improved financial position and strong momentum we are a revitalized boutique entertainment <unk> poised for the next stage of development and growth with.
Stephen Hood: We're certainly not short of suitors, and we're excited for the road ahead.
Speaker Change: We're certainly not short of suitors and we're excited for the road ahead.
Stanley Beckley: Net cash used in operations for the year ended December 31st, 2024, was approximately $2.8 million, representing an average monthly net cash burned from operations of $0.2 million, down $0.9 million when compared to the average monthly cash burned of $4.1 million for the year ended December 31st, 2023.
Speaker Change: Net cash used in operations for the year ended December 31, 2024 was approximately $2 8 million.
Speaker Change: Thank you.
Speaker Change: <unk> monthly net cash burn from operations of <unk>.
Speaker Change: <unk> 2 million down.
Speaker Change: <unk> 9 million when compared to the athlete monthly cash burn of $1 1 million for the year ended December 31st 2023.
Operator: We will now take your questions at this time. If you would like to ask a question, please press star 1 on your telephone keypad. You may remove yourself from the queue at any time by pressing star 2. Once again, that is star one to ask a question. We will pause for a moment to allow questions. It appears that we have no questions at this time.
Speaker Change: We will now take your questions at this time, if you would like to ask a question. Please press star one on your telephone keypad.
Speaker Change: You may remove yourself from the queue at any time by pressing star.
Speaker Change: Once again that is star one to ask a question.
Speaker Change: We will pause for a moment to allow questions to queue.
Speaker Change: It appears that we have no questions. At this time that will conclude today's motor Sport Games, Inc. 's fourth quarter and full year 2024 earnings call. Thank.
Operator: That will conclude today's Motorsport Games, Inc. fourth quarter and full year 2024 earnings call. Thank you for your participation, you may disconnect at any time. Thanks for watching!
Speaker Change: Thank you for your participation you may disconnect at any time.
Speaker Change: [music].
Speaker Change:
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