On May 17th, Motorsport Games, Inc. unveiled its financial results for the first quarter of 2021. The company also posted a Q1 2021 review video on the organization’s website.
First-quarter revenue was $2.5 million, tracking ahead of management’s expectations. Gross profits decreased to $1.7 million when compared to $2.2 million in Q1 of last year. Gross profit margins increased by 1%. Net losses for the first quarter of 2021 were $14.1 million.
“We are pleased to announce another strong quarter in terms of building out additional infrastructure to grow the business. Our first-quarter results demonstrate the progress we are making executing on our long-term growth plan. We have had success adding talented developers to our team in order to expand our portfolio of racing games,” said Motorsport Games CEO Dmitry Kozko. “Additionally, we have improved our proprietary technology, therefore, enhancing our ability to provide world-class products. We believe our recent acquisitions solidify our position as the go-to provider for racing games and esports entertainment. We have a steady commitment towards innovation and growth as we continue to look for investment opportunities that create shareholder value and continue to bring the joy of racing games to all of our fans worldwide.”
Motorsport Games, Inc. is a Motorsport Network company. The organization works to combine video games with traditional racing and sports competitions around the globe.
(All information was provided by Globe Newswire)