Motorsport Games Inc. provided earnings guidance for the second quarter ended June 30, 2024. The company anticipates reporting net income ranging between $1.6 million and $1.8 million for the quarter ending June 30, 2024, compared to a net loss of $8.2 million reported during the same period in the previous year. This expected increase in net income is primarily due to: Recognition of a $2.5 million gain stemming from a Settlement and Licensing Agreement with INDYCAR LLC, executed on May 17, 2024.

A gain of $0.6 million related to the Settlement Agreement with BARC (TOCA) LIMITED, the exclusive promoter of the British Touring Car Championship, signed on April 12, 2024. Recording of a $250,000 gain from the sale on April 26, 2024 to Traxion.GG Limited of non-core assets, generating $200,000 in cash and $50,000 worth of marketing services to be provided by Traxion.GG Limited. Net loss from operations for the quarter ending June 30, 2024 are expected to be between $1.2 million and $1.4 million, compared to a net loss from operations of $8.6 million reported during the same period in the prior year.

Additionally, Motorsport Games expects to report revenues for the six months ended June 30, 2024 to be between $4.7 million and $4.9 million, an increase from $3.5 million in the comparable prior-year period.