On May 16th, Motorsport Games Inc. unveiled the company’s financial results for Q1 2022 which concluded on March 31st, 2022. Overall, the first quarter of this year was a successful one for Motorsport Games.
Revenues for the organization were $3.3 million, which is up from $2.5 million during the same period the year prior. This represented 34% quarter-over-quarter growth from Q1 2021 thanks in part to the success of the 24 Hours of Le Mans event that took place this past January.
“It is great to see both the growth of revenues in each of our Gaming and esports segments and the increased diversity of our revenue stream, with rFactor 2 and esports contributing 27% of total revenues for the quarter. Our business plan to increase and diversify our revenue stream is beginning to drive improved top-line financial performance,” said Jon New, the Chief Financial Officer of Motorsport Games.
Motorsport Games is a well-known video game publisher, developer, and esports event organizer from the United States. This Miami, Florida-based organization was founded in 2018.