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Definitive Analysis

Financial Statements

Periods / Units / Analysis

Ticker

Industry

Sector

Page: Company Financials

Motorsport Games Inc.

Ticker: MSGM | Industry: Electronic Gaming & Multimedia | Sector: Technology
$4.21 +0.51 (13.78%)
As of: 2026-01-23

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Enterprise Value

Metric MRQ MRQ-1 2025 2024 2023 2022 2021 2020
Stock Price 2.80 2.90 2.25 1.87 4.18 7.41 137.29 350.00
Market Capitalization 15.28M 15.10M 11.24M 5.37M 10.60M 8.67M 153.45M 472.50M
(-) Cash & Equivalents 4.13M 2.37M 2.51M 0.85M 2.65M 5.45M 29.52M 1.27M
(+) Total Debt 0.03M 0.03M 0.03M 0.09M 0.34M 0.93M 0.35M 5.31M
Enterprise Value 11.18M 12.76M 8.76M 4.61M 8.28M 4.15M 124.29M 476.54M

Income Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Revenue 9M 8M 9M 7M 10M 15M 19M 12M 15M
Cost of Revenue 3M 3M 3M 4M 5M 8M 7M 5M 6M
Gross Profit 7M 6M 5M 3M 5M 8M 12M 7M 9M
Gross Profit Margin 72.5% 66.6% 62.9% 47.6% 52.0% 50.1% 65.4% 58.7% 62.1%
R&D Expenses 2M 4M 3M 7M 10M 10M 5M 5M 4M
SG&A Expenses 5M 8M 8M 11M 20M 32M 8M 6M 6M
Operating Expenses 5M 9M 7M 20M 40M 42M 12M 12M 10M
Operating Income (EBIT) 2M -4M -2M -16M -35M -35M 0M -5M -1M
Operating Income Margin 21.4% -45.0% -20.1% -236.9% -339.3% -229.0% 0.0% -43.7% -4.7%
Interest Income 0M 0M 0M 0M 0M 0M 0M 0M 0M
Interest Expense 0M 0M 0M 1M 1M 1M 1M 0M 0M
Net Interest Income 0M 0M 0M -1M -1M -1M -1M 0M 0M
Unusual Items 1M 6M -1M 3M -1M 1M 0M -1M 0M
EBT Excluding Unusual Items 2M -4M -2M -17M -36M -35M -1M -5M -1M
Pre-Tax Income 3M 3M -3M -14M -37M -34M -1M -6M -1M
Pre-Tax Margin 33.4% 29.6% -35.1% -207.3% -356.8% -223.6% -3.6% -48.6% -7.8%
Income Tax Expense 0M 0M 0M 0M 0M 0M 0M 0M 0M
Net Income 2M 4M -3M -14M -36M -33M -2M -4M -2M
Net Income Margin 23.7% 49.2% -31.7% -207.3% -348.6% -220.0% -9.2% -30.1% -13.6%
Depreciation & Amortization 2M 2M 3M 2M 2M 2M 1M 1M 0M
EBITDA 4M -1M 1M -14M -33M -33M 1M -4M 0M
EBITDA Margin 43.3% -17.1% 9.7% -206.3% -319.3% -217.2% 3.8% -36.4% -1.5%
NOPAT 2M -4M -1M -13M -28M -27M 0M -4M -1M
NOPAT Margin 21.4% -45.0% -15.9% -187.2% -268.0% -180.9% 0.0% -34.5% -3.7%
Owner's Earnings 4M 6M 0M -13M -34M -32M -1M -3M -2M
Owner's Earnings Margin 42.4% 67.8% -2.2% -188.1% -331.4% -213.1% -6.2% -23.7% -10.7%
EPS (Basic) 0.09 1.28 -0.94 -5.06 -30.73 -29.10 -1.76 -1.69 -1.15
EPS (Diluted) 0.52 1.49 -0.94 -5.56 -30.73 -28.46 -1.70 -2.04 -1.15
Shares (Basic) 4M 3M 3M 3M 1M 1M 1M 2M 2M
Shares (Diluted) 4M 3M 3M 3M 1M 1M 1M 2M 2M

Product Segments

Metric TTM TTM-1 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Esports 0.00M 0.00M 0.29M 1.18M 0.81M 0.30M
Gaming 6.87M 2.27M 0.00M 9.14M 0.00M 18.75M

Balance Sheet

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Cash & Cash Equivalents 4.13M 2.37M 0.86M 1.68M 0.98M 17.82M 3.99M 1.96M 3.41M
Short-Term Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Cash & Short-Term Investments 4.13M 2.37M 0.86M 1.68M 0.98M 17.82M 3.99M 1.96M 3.41M
Net Receivables 1.49M 1.59M 1.45M 0.74M 2.02M 5.63M 5.98M 5.09M 5.20M
Inventory 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Current Assets 0.72M 0.80M 0.49M 1.11M 1.05M 0.00M 0.00M 0.00M 0.00M
Total Current Assets 6.34M 4.76M 2.80M 3.52M 4.04M 23.45M 9.97M 7.05M 8.62M
Property, Plant & Equipment 0.06M 0.07M 0.11M 0.45M 1.49M 0.73M 0.16M 0.13M 0.07M
Goodwill 0.00M 0.00M 0.00M 0.00M 0.00M 4.87M 0.14M 0.14M 0.71M
Intangible Assets 3.69M 3.33M 3.37M 5.80M 13.36M 20.49M 5.57M 5.33M 6.14M
Long-Term Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Tax Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Non-Current Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 1.05M 0.06M 0.05M
Other Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Non-Current Assets 3.76M 3.40M 3.47M 6.24M 14.85M 26.08M 6.91M 5.65M 6.97M
Total Assets 10.10M 8.15M 6.27M 9.76M 18.90M 49.53M 16.88M 12.70M 15.59M
Accounts Payable 0.97M 1.03M 2.98M 0.81M 2.37M 1.78M 0.71M 0.27M 0.83M
Short-Term Debt 0.03M 0.00M 0.00M 0.00M 0.00M 0.12M 10.85M 8.05M 4.48M
Tax Payables 0.00M 0.22M 0.06M 0.04M 0.15M 0.03M 0.05M 0.02M 0.02M
Deferred Revenue 0.00M 0.51M 0.39M 0.27M 0.31M 0.52M 0.00M 0.00M 0.00M
Other Current Liabilities 2.30M 0.15M 0.96M 5.20M 3.79M 3.31M -10.85M -8.05M 0.28M
Total Current Liabilities 3.30M 1.91M 4.38M 6.33M 6.62M 5.77M 0.76M 0.29M 5.61M
Long-Term Debt 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Capital Lease Obligations 0.03M 0.03M 0.05M 0.20M 1.00M 0.00M 0.00M 0.00M 0.00M
Deferred Tax Liabilities 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Non-Current Liabilities 0.01M 0.01M 0.00M 0.03M 3.06M 3.60M 0.86M 0.00M 0.00M
Total Non-Current Liabilities 0.03M 0.04M 0.05M 0.23M 4.05M 3.60M 0.86M 0.00M 0.00M
Total Liabilities 3.33M 1.95M 4.43M 6.56M 10.68M 9.37M 1.62M 0.29M 5.61M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.50M
Retained Earnings -85.70M -86.49M -91.79M -89.04M -73.98M -37.99M -4.83M 0.00M 0.50M
Accumulated OCI -3.66M -3.90M -0.67M -1.85M -0.93M -0.95M 0.00M 0.00M 0.00M
Minority Interest 0.94M 0.75M 0.73M 1.05M 0.37M 1.26M 2.65M 6.68M 8.87M
Total Shareholders’ Equity -89.36M -90.39M -92.46M -90.89M -74.91M -38.93M -4.82M 0.00M 1.00M
Total Equity -88.42M -89.64M -91.73M -89.83M -74.54M -37.67M -2.18M 6.68M 9.87M
Total Liabilities & Equity -85.09M -87.70M -87.30M -83.28M -63.87M -28.30M -0.56M 6.96M 15.48M
Tangible Assets 6.41M 4.82M 2.90M 3.96M 5.54M 24.17M 11.17M 7.24M 8.74M
Tangible Equity -92.11M -92.97M -95.10M -95.63M -87.90M -63.02M -7.88M 1.21M 3.02M
Tangible Book Value -92.11M -92.97M -95.10M -95.63M -87.90M -63.02M -7.88M 1.21M 3.02M
Total Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Debt -4.10M -2.37M -0.86M -1.68M -0.98M -17.70M 6.86M 6.09M 1.07M

Capital Metrics

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Working Capital 3.0M 2.2M -2.2M -4.1M -9.3M 15.5M -4.4M -2.0M 2.4M
Total Capital 5.9M 4.8M 0.5M 1.2M 2.5M 36.8M 9.8M 5.0M 5.0M
Capital Employed 6.8M 5.6M 1.2M 2.2M 5.6M 41.6M 2.5M 3.6M 9.4M
Invested Capital 1.8M 2.5M -0.3M -0.4M 1.6M 19.0M 5.8M 3.0M 1.6M

Cash Flow Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Net Income 2.19M 3.83M -3.05M -13.05M -36.84M -33.70M -1.76M -5.76M -2.01M
Depreciation & Amortization 1.63M 2.36M 2.59M 2.12M 2.06M 1.79M 0.72M 0.86M 0.46M
Deferred Income Tax 0.00M -0.93M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Stock-Based Compensation 0.00M 0.19M 0.15M 0.96M 0.71M 9.73M 0.00M 0.00M 0.55M
Change in Working Capital -1.91M -2.10M -0.07M -2.81M 1.62M -2.01M 3.60M -0.77M -0.44M
Accounts Receivable -0.49M 0.80M -0.72M 1.58M 1.23M -3.25M 0.64M 0.06M -0.33M
Inventory 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -0.26M 0.00M
Accounts Payable -1.72M 1.30M 2.17M -1.64M 0.53M 0.94M -1.74M -0.57M -0.07M
Other Working Capital 0.30M -4.19M -1.52M -2.75M -0.13M 0.30M 4.69M -0.01M -0.04M
Other Non-Cash Items -1.72M -6.38M -2.46M -0.13M 12.93M 3.26M 1.49M 1.24M 2.41M
Net Cash from Operating Activities 0.19M -3.03M -2.84M -12.92M -19.52M -20.94M 4.05M -4.42M -0.90M
Capital Expenditures (PPE) 0.00M -0.79M -0.03M -0.03M -0.29M -0.75M -0.24M -0.11M -0.02M
Acquisitions (Net) 0.01M 0.00M 0.01M 0.00M 0.00M -13.63M -1.32M -0.48M 1.23M
Purchases of Investments -0.37M 0.00M 0.00M 0.00M 0.00M 0.00M -0.24M -0.48M 0.00M
Sales / Maturities of Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.97M 0.00M
Other Investing Activities 0.90M 5.00M 1.20M 4.24M 0.00M 0.00M 0.00M -0.48M 1.23M
Net Cash from Investing Activities 0.53M 4.21M 1.18M 4.21M -0.29M -14.39M -1.80M -0.59M 1.21M
Net Debt Issuance 0.00M 0.00M 0.00M -0.26M -0.36M -0.23M 0.36M 0.00M 0.00M
Long-Term Debt Issuance 0.00M 0.00M 0.00M -0.26M -0.36M -0.23M 0.00M 0.00M 0.00M
Short-Term Debt Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.36M 0.00M 0.00M
Net Stock Issuance 2.30M 1.48M 0.88M 11.05M 0.04M 63.66M 0.00M 0.00M 0.00M
Common Stock Issuance 2.25M 1.53M 0.88M 11.05M 0.04M 63.66M 0.00M 0.00M 0.00M
Common Stock Repurchased 0.05M -0.05M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Preferred Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities -0.80M -0.79M -0.05M -0.85M 2.04M -14.17M -0.59M 3.56M 3.69M
Net Cash from Financing Activities 1.50M 0.68M 0.83M 9.94M 1.71M 49.26M -0.23M 3.56M 3.69M
Effect of FX on Cash 1.15M -2.29M 0.01M -0.54M 1.26M -0.10M 0.00M 0.00M 0.00M
Net Change in Cash 3.38M -0.43M -0.82M 0.70M -16.84M 13.83M 2.03M -1.45M 4.00M
Cash at Beginning of Period 5.03M 4.64M 1.68M 0.98M 17.82M 3.99M 1.96M 3.41M -0.59M
Cash at End of Period 8.40M 4.21M 0.86M 1.68M 0.98M 17.82M 3.99M 1.96M 3.41M
Operating Cash Flow 0.19M -3.03M -2.84M -12.92M -19.52M -20.94M 4.05M -4.42M -0.90M
Capital Expenditure -0.31M -0.79M -0.03M -0.79M -0.29M -0.75M -0.14M -0.11M -0.02M
Free Cash Flow -0.12M -3.82M -2.86M -13.71M -19.81M -21.70M 3.92M -4.53M -0.93M

Free Cash Flow

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
EBITDA 2.03M -4.64M -2.95M -12.89M -22.93M -32.14M 0.78M -3.34M -0.23M
(-) Tax Adjustment 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
(-) Change In Working Capital -1.91M -2.10M -0.07M -2.81M 1.62M -2.01M 3.60M -0.77M -0.44M
(-) Capital Expenditure -0.31M -0.79M -0.03M -0.79M -0.29M -0.75M -0.14M -0.11M -0.02M
Unlevered Free Cash Flow 3.63M -3.33M -2.90M -10.87M -24.84M -30.89M -2.95M -2.68M 0.19M
(-) Net Interest Income After Taxes -0.05M -0.19M -0.12M -0.77M -1.15M -0.50M -0.72M 0.04M 0.03M
Net Debt Issuance 0.00M 0.00M 0.00M -0.26M -0.36M -0.23M 0.36M 0.00M 0.00M
Levered Free Cash Flow 3.68M -3.14M -2.78M -10.36M -24.05M -30.62M -1.87M -2.71M 0.17M