Motorsport Games Inc (MSGM) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to Motorsport Games, Inc.'s second quarter 2025 earnings call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 Motorsport Games, Inc. 2025 年第二季財報電話會議。（操作說明）

As a reminder, today's conference is being recorded. I would now like to turn the conference over to Ben Rossiter-Turner from Motorsport Games. Please go ahead.

提醒各位，今天的會議正在錄影。現在我將把會議交給來自 Motorsport Games 的 Ben Rossiter-Turner。請繼續。

Thank you, and welcome to Motorsport Games second quarter 2025 earnings conference call and webcast. 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 second quarter 2025 earnings press release filed today after market close. This is available on the Investor Relations section of Motorsport Games' website at www.motorsportgames.com.

謝謝，歡迎參加 Motorsport Games 2025 年第二季財報電話會議和網路直播。今天參加電話會議的有 Motorsport Games 的執行長 Stephen Hood 和財務長 Stanley Beckley。現在，所有人都應該可以在今天收盤後查看該公司發布的 2025 年第二季財報新聞稿。您可以在 Motorsport Games 官方網站 www.motorsportgames.com 的投資者關係版塊找到相關資訊。

During the course of this call, management may make forward-looking statements within the meaning of the US federal securities 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 forward-looking statements.

在本次電話會議期間，管理階層可能會發表符合美國聯邦證券法定義的前瞻性聲明。這些聲明是基於管理層目前的預期和信念，並涉及風險和不確定性，可能導致實際結果與這些前瞻性聲明中描述的結果有重大差異。

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. Please refer to today's press release and the company's filings with the SEC, including the most recent quarterly report on Form 10-Q for the quarter ended June 30, 2025, for 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.

除法律另有規定外，本公司不承擔更新本次電話會議中作出的任何前瞻性聲明或更新、修改其前瞻性聲明的義務，無論是因為新資訊、未來事件或其他原因。請參閱今天的新聞稿和本公司向美國證券交易委員會提交的文件，包括截至 2025 年 6 月 30 日的最新季度報告（10-Q 表格），以詳細討論可能導致實際結果與今天所作的任何前瞻性聲明中明示或暗示的結果存在重大差異的某些風險。

In today's conference call, we will refer to certain non-GAAP financial measures such as adjusted EBITDA as we discuss the second quarter 2025 financial results. You will find a reconciliation of these non-GAAP measures to their most directly comparable GAAP 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.motorportgames.com. And now I'd like to turn the call over to Stephen Hood, Chief Executive Officer of Motorsport Games.

在今天的電話會議中，我們將討論 2025 年第二季的財務業績，屆時會提及一些非 GAAP 財務指標，例如調整後的 EBITDA。您可以在今天早些時候發布的新聞稿中找到這些非GAAP指標與其最直接可比較的GAAP指標的調節表以及其他相關披露信息，該新聞稿也可在Motorsport Games網站www.motorportgames.com的投資者關係欄目中找到。現在，我將把電話交給Motorsport Games執行長Stephen Hood先生。

Thank you, everyone, for joining this conference call today. We have some exciting turnaround news, product and software as a service or SaaS developments to lay out today as part of our overview of ongoing progress made by the company in the second quarter of the year.

感謝各位今天參加本次電話會議。今天，我們將公佈一些令人振奮的業績好轉消息、產品和軟體即服務 (SaaS) 方面的進展，作為我們對公司今年第二季度持續進展概述的一部分。

Work continues at pace on our primary game title, Le Mans Ultimate. A major update was delivered by Studio 397, our development arm during the run-up to the real-world 24 hours of Le Mans held in June. The game title was demonstrated on site to thousands of people attending Le Mans. Our activation was further enhanced alongside Pimax, a recent lead investor in Motorsport Games with simulators running their latest VR headsets.

我們的主要遊戲項目《勒芒終極版》的開發工作正在快速推進。在 6 月舉行的勒芒 24 小時耐力賽之前，我們的開發部門 Studio 397 發布了一項重大更新。這款遊戲在勒芒現場向數千名觀眾進行了演示。我們與 Pimax 合作，進一步加強了我們的推廣活動。 Pimax 是 Motorsport Games 最近的主要投資者，他們使用最新的 VR 頭戴裝置建造了模擬器。

In our product update, significant gameplay improvements were pushed into the product, including support for teams and driver swap races. In most racing titles, everyone is out for themselves. But with Endurance racing, there are three drivers per team, each driving parts of a race. It's a real team effort. And as such, Le Mans Ultimate now delivers upon this collaborative distinction, bringing some of what makes popular multiplayer games playing with friends as a squad, as opposed to against one another to the sim racing genre.

在本次產品更新中，我們對遊戲玩法進行了重大改進，包括支援車隊和車手互換比賽。在大多數賽車遊戲中，每個人都只為自己而戰。但在耐力賽中，每隊有三名車手，每人負責比賽的一部分。這是團隊共同努力的成果。因此，《勒芒終極版》現在實現了這種合作特色，將一些流行的多人遊戲元素——與朋友組隊而不是相互對抗——帶到了模擬賽車類型中。

Players within the team can customize their car livery to bring their own identity to the racetrack. Liveries can be freely shared around with other players. Some of the designs are very complex works of art. We are planning a delivery market, enabling players to host and trade their custom designs with others through an easy platform extended from our existing race control platform designed to reduce the complexity of sim racing.

車隊成員可以自訂賽車塗裝，在賽道上展現自己的獨特風格。塗裝可以與其他玩家自由分享。有些設計堪稱非常複雜的藝術作品。我們正在計劃推出一個交付市場，讓玩家能夠透過一個從我們現有的賽車控制平台擴展而來的簡單平台，與其他玩家分享和交易他們定制的設計，該平台旨在降低模擬賽車的複雜性。

Now that team events have been incorporated into the product experience, we can accelerate our plan to bring the world's biggest racing esports event back into focus. Le Mans Virtual will be returning with the final expected to be held next year with early qualifying rounds appearing in Q4 of this year. Le Mans Virtual was a resounding success when hosted on our prior product, rFactor 2. And now that we have an official Le Mans product in full swing, we are excited to leverage the latest technology in the return of what we hope will be a great spectacle and marketing vehicle for our evergreen game Le Mans Ultimate and multiplay platform, RaceControl.

現在團隊賽事已經融入產品體驗中，我們可以加快計劃，讓全球最大的賽車電競賽事重新成為焦點。勒芒虛擬賽將回歸，決賽預計明年舉行，早期資格賽將於今年第四季舉行。勒芒虛擬賽車在我們先前的產品 rFactor 2 上取得了巨大的成功。現在，我們的官方勒芒產品已經全面啟動，我們很高興能夠利用最新技術，讓這場我們希望成為我們常青遊戲《勒芒終極版》和多人遊戲平台 RaceControl 的精彩盛事和營銷工具的回歸。

As part of this feature rollout, we have been testing the viability of our platform to host such large-scale real-time events, and we're impressed with the player interest. In the opening test, over 6,000 drivers signed up to deliver more than 1,700 teams, a great testament to early player reaction to a feature we're going to be leveraging ever more in the run-up to Le Mans Virtual. Additionally, the final downloadable content pack for the 2024 season was delivered, including two new vehicles, the Lexus and Lamborghini GT3s and the Lusail Circuit in Qatar.

作為此功能推出的一部分，我們一直在測試我們的平台舉辦此類大規模即時活動的可行性，玩家的興趣給我們留下了深刻的印象。在首輪測試中，超過 6000 名車手報名參賽，組成了 1700 多個車隊，這充分證明了玩家們對這一功能的早期反響，我們將在勒芒虛擬賽的籌備階段更加充分利用這一功能。此外，2024 年賽季的最後一個下載內容包也已發布，其中包括兩輛新車——雷克薩斯 GT3 和蘭博基尼 GT3，以及卡達盧賽爾賽道。

We also, during that week, in coordination with our partners at the Automobile Club de l'Ouest, announced an expansion of the game to include the European Le Mans series or ELMS for short. This expansion to the game will add three more iconic venues in Paul Ricard, Circuit to Barcelona-Catalunya and the home of British Racing, Silverstone, along with the LMP3 class of cars, a prospect that seems to have excited fans of what we believe to be a viable gaming franchise in Le Mans Ultimate. The result of this update and the associated marketing activity brought tremendous visibility to the product.

同一周，我們也與西部汽車俱樂部的合作夥伴協調，宣布將遊戲擴展到包括歐洲勒芒系列賽（簡稱 ELMS）。此次遊戲擴展將新增三個標誌性賽道：保羅·里卡德賽道、巴塞隆納-加泰隆尼亞賽道和英國賽車聖地銀石賽道，以及 LMP3 組別的賽車。這前景似乎令《勒芒終極版》的粉絲們興奮不已，我們認為這是一個很有發展前景的遊戲系列。此次更新及相關的市場推廣活動大大提高了產品的知名度。

The month of June when viewed in isolation outside of the original product release month of February 2024, delivered record game revenues. Additionally, the game set new concurrent and daily active user records, demonstrating strong continued interest in the product and the 24 hours of Le Mans upon which we base our licensed gaming experience.

如果將 2024 年 2 月（原產品發布月份）單獨來看，6 月份的遊戲收入創下了歷史新高。此外，遊戲還創下了新的同時線上用戶數和每日活躍用戶數記錄，顯示人們對該產品以及我們以此為基礎打造授權遊戲體驗的勒芒 24 小時耐力賽持續保持著濃厚的興趣。

Following the June update on July 22, outside of this reporting period, but a significant milestone in the company's calendar and one I'd like to mention, we delivered version 1.0 of the product. Once again, the game set new records for concurrent and daily active users. We believe this demonstrates that unlike some licensed game titles, the success of the product itself is not critically tied to the real-world race and championship upon which it is based. The biggest race is held in June, but our new player records came about more than a month later, in line with the full release version 1.0, signifying the product has left the early access phase. Players have reacted favorably to this new phase of the product life cycle.

繼 6 月的更新之後，7 月 22 日，雖然不在本報告期內，但這是公司日程表上的一個重要里程碑，也是我想提一下的事情，我們發布了產品的 1.0 版本。遊戲再次刷新了同時線上用戶數和每日活躍用戶數的記錄。我們認為這表明，與某些授權遊戲不同，該產品的成功本身與它所基於的現實世界中的比賽和錦標賽並沒有密切關係。規模最大的比賽在 6 月舉行，但我們的新玩家記錄是在一個多月後才出現的，這與 1.0 正式版發佈時間一致，表明該產品已結束搶先體驗階段。玩家們對產品生命週期的這個新階段反應正面。

Leaving early access means that we can tap into new marketing and sales tactics as well as commence work on the much-anticipated console port of the game. Fans are increasingly eager to see our product on Microsoft Xbox and Sony PlayStation gaming consoles. And of course, the vast audience available to us via those platforms is of great interest.

結束搶先體驗階段意味著我們可以採用新的行銷和銷售策略，並開始著手開發備受期待的遊戲主機移植版。粉絲們越來越渴望看到我們的產品出現在微軟 Xbox 和索尼 PlayStation 遊戲機上。當然，透過這些平台我們可以接觸到的龐大受眾群體也讓我們非常感興趣。

With regards to console port, I am pleased to confirm that we are in late-stage negotiations with an expert third-party development studio well versed in transitioning this kind of title to gaming consoles. It is hope that the initial portion of work can begin in the coming weeks, and it could lead to a full-blown agreement to bring Le Mans Ultimate to an even larger audience.

關於主機移植，我很高興地確認，我們正在與一家經驗豐富的第三方開發工作室進行後期談判，該工作室非常擅長將這類遊戲移植到遊戲主機平台。希望初步工作能在未來幾週內開始，並有可能達成全面協議，將勒芒終極賽帶給更廣泛的觀眾。

Additionally, we are in conversations with potential partners interested in taking on publishing responsibilities and assisting in turning our product into a long-term multi-format gaming franchise. Whilst we currently self-develop and publish all of our products and content, we see several advantages to partnering with a more experienced and well-connected publishing company to maximize the opportunity we believe to be within reach.

此外，我們正在與一些潛在合作夥伴洽談，他們有興趣承擔發行責任，並協助我們將產品打造成一個長期的多平台遊戲系列。雖然我們目前自行開發和發布所有產品和內容，但我們認為與經驗更豐富、人脈更廣的出版公司合作有幾個優勢，可以最大限度地利用我們認為觸手可及的機會。

There are also discussions taking place about any incoming publisher funding, the console port, which would see MSGM receive a sizable upfront payment and derisk cash flow pressures in the near term. We think this shows that the continued success of our game has piqued interest across the industry.

目前也在討論任何即將到來的發行商資金、主機移植事宜，這將使 MSGM 獲得一筆可觀的預付款，並緩解近期現金流壓力。我們認為這表明，我們遊戲的持續成功已經引起了整個行業的關注。

LMU or Le Mans Ultimate game revenues were a driving force in revenue and net income. Both were significantly higher than the equivalent quarter in 2024, an increase of 37.7% and 103%, respectively, despite the company no longer generating NASCAR revenues since the beginning of the year. You will recall we opted to sell the NASCAR license as part of our plan to bring about development focus and bring to market higher-quality games, especially those with potential for additional forward-thinking revenue streams, which could compound when integrated within our overall ecosystem. We built the games, provide the online platform and own the end-to-end experience, which should benefit not only our ability to increase accessibility and quality but player experience.

LMU 或 Le Mans Ultimate 遊戲的收入是收入和淨利潤的驅動力。儘管該公司自年初以來不再產生 NASCAR 收入，但這兩項數據均顯著高於 2024 年同期，分別成長了 37.7% 和 103%。您應該還記得，我們​​選擇出售 NASCAR 授權，是為了集中精力開發更高品質的遊戲，特別是那些具有潛在額外前瞻性收入來源的遊戲，這些收入來源在整合到我們的整體生態系統中時可能會產生倍增效應。我們開發了遊戲，提供了線上平台，並擁有端到端的體驗，這不僅有利於我們提高遊戲的可訪問性和質量，也有利於提升玩家體驗。

As of June 30, 2025, we had cash and cash equivalents of $2.4 million, which increased to $2.8 million as of July 31, 2025. Where game revenues continue to climb, demonstrating great player confidence in Le Mans Ultimate, we are even more pleased with our subscription offerings. RaceControl, the Motorsport Games owned platform, which brings players together to enjoy our titles with well over 200,000 accounts now registered, has contributed significantly to the business since its introduction. In December of last year, a subscription service went live, offering additional perks to our player base. Growth has been rapid with net monthly recurring revenue or MRR growth at 296% in June alone.

截至 2025 年 6 月 30 日，我們擁有現金及現金等價物 240 萬美元，截至 2025 年 7 月 31 日，金額增至 280 萬美元。遊戲收入持續攀升，顯示玩家對《勒芒終極版》充滿信心，我們對我們的訂閱服務更滿意。RaceControl 是 Motorsport Games 旗下的一個平台，它將玩家聚集在一起享受我們的遊戲，目前已有超過 20 萬個註冊帳戶，自推出以來，該平台為公司業務做出了重大貢獻。去年 12 月，我們推出了訂閱服務，為玩家提供更多福利。公司成長迅猛，光是 6 月淨月經常性收入 (MRR) 就成長了 296%。

More impressive is our quick ratio, a measure of new subscribers versus churn subscribers of 4.66 at our highest peak in June. We believe anything over 4 to be a significant indicator of growth and this despite the service and manpower focus to be in its early-stage life cycle. We believe these statistics prove that our subscription product is incredibly sticky, adding value to our players and resulting in net revenue retention that exceeds business models that simply rely on unit sales.

更令人印象深刻的是我們的快速比率，即新用戶與流失用戶的比例，在 6 月達到最高峰值時為 4.66。我們認為任何超過 4 的數值都是成長的重要指標，儘管服務和人力重點仍處於生命週期的早期階段。我們相信這些統計數據證明，我們的訂閱產品具有極強的用戶黏性，為玩家增加了價值，並帶來了淨收入留存率，超過了僅依靠銷量的商業模式。

Prior to December 2024, the company generated revenues from typical game content sales. We now offer up clear indicators of our move into a SaaS territory aided and accelerated by our complete control over the experience ecosystem, game, content and now services. We're agile and unafraid to steer a course to benefit growth. With this impressive growth and retention, we view RaceControl as not only an important revenue line, but also the basis of predictable forward-looking cash flow that will allow for us to make better strategic investments and bring even more value to players who are active subscribers.

2024 年 12 月之前，該公司主要透過銷售典型的遊戲內容來獲得收入。現在，我們明確表明，我們正在朝著 SaaS 領域邁進，我們對體驗生態系統、遊戲、內容以及現在的服務的完全掌控，則加速了這一進程。我們靈活敏捷，勇於調整方向以促進成長。憑藉如此令人矚目的成長和用戶留存率，我們認為 RaceControl 不僅是重要的收入來源，而且是可預測的前瞻性現金流的基礎，這將使我們能夠進行更好的策略投資，並為活躍訂閱用戶帶來更大的價值。

At the end of June alone, we had an annual recurring revenue or ARR of approximately $972,000 with an MRR of approximately $81,000. Those numbers have been improved upon considerably since, and we look forward to updating you on this exciting area in future earnings calls. As a result of this explosive growth, we are investing in our SaaS infrastructure and expertise. I'm delighted to announce the hiring of Jon Tibble as Vice President of Revenue and Growth.

僅在六月底，我們的年度經常性收入（ARR）就達到了約 972,000 美元，月度經常性收入（MRR）約為 81,000 美元。這些數字此後已大幅改善，我們期待在未來的財報電話會議上向您報告這一激動人心的領域的最新進展。由於這種爆炸式增長，我們正在投資我們的 SaaS 基礎設施和專業技術。我很高興地宣布聘請 Jon Tibble 擔任營收與成長副總裁。

Jon had previously served in his senior role at Motorsport Games and has experience at Codemasters, Vivendi and CI Games. He rejoins the business with a mission to maximize our game content and now subscription revenues and has already had a positive impact on our earnings. We're delighted to welcome back a strong leader with a proven track record in Jon. This is a great indicator of where the company stands today versus where it was when I returned in 2023. We are making enormous strides in attracting and retaining top-tier talent.

Jon 先前曾在 Motorsport Games 擔任高階職務，並在 Codemasters、Vivendi 和 CI Games 等公司擁有工作經驗。他重返公司，旨在最大限度地提高我們的遊戲內容和訂閱收入，並且已經對我們的收益產生了積極的影響。我們非常高興地歡迎擁有卓越業績的優秀領導者 Jon 回歸。這很好地表明了公司目前的狀況與我 2023 年回歸時的情況相比發生了怎樣的變化。我們在吸引和留住頂尖人才方面取得了巨大進步。

The decision to overhaul the business and focus on Studio 397, our remaining development arm, has proven itself worthy of a road to recovery. What is a game studio without great games. We leveraged the technology acquired and then extended through Studio 397 to positive effect. In early July, we settled the remaining balance of the studio purchase. With this, the company now has full and complete ownership of the technology and IP. There will be no further payments related to its purchase, freeing up cash flow.

事實證明，徹底改革業務並專注於我們剩下的開發部門 Studio 397 的決定是值得的，它為公司帶來了復甦之路。沒有優秀的遊戲，遊戲工作室還能算是什麼遊戲工作室？我們利用所獲得的技術，並透過 Studio 397 進行了擴展，取得了積極的效果。7月初，我們付清了工作室收購的剩餘款項。這樣一來，該公司現在完全擁有了這項技術和智慧財產權。此次收購將不再產生任何款項，從而釋放現金流。

We are now empowered to continue leveraging the technology that underpins our rFactor 2, F1 Arcade and now Le Mans Ultimate, knowing it is under MSGM control. All of this has contributed to a major milestone for the company, a turnaround story worthy of appreciation saw us record income from operations of $2 million in Q2 2025.

我們現在更有信心繼續利用支撐 rFactor 2、F1 Arcade 以及現在的 Le Mans Ultimate 的技術，因為我們知道它是由 MSGM 控制。所有這些都促成了公司的一個重要里程碑，一個值得讚賞的扭虧為盈的故事，使我們在 2025 年第二季度實現了 200 萬美元的營業收入。

After adjusting for other non-recurring other operating income of $1.1 million, Q2 2025 was the first quarter in the company's history that income from operations was generated. We've worked hard to stabilize, demonstrate our capability, and I'm proud of how everyone across the business has pulled together to make this happen. There is a pride across the organization that makes a real difference.

在扣除其他非經常性營業收入 110 萬美元後，2025 年第二季是該公司歷史上首次產生營業收入的季度。我們努力穩定局面，展現了我們的能力，我為公司上下齊心協力實現這一目標而感到自豪。整個組織都洋溢著自豪感，這產生了真正的影響。

Business growth is now a routine conversation within the corridors of Motorsport Games. Whilst the foreseeable future, we'll see further development of our successful Le Mans game and with our recent announcement of a career mode feature, allowing players who tend to avoid online multiplayer racing in favor of solo zero to hero style gameplay, we aim to attract a wealth of new players to the product over the longer term.

在賽車運動遊戲產業，業務成長如今已成為一個日常話題。在可預見的未來，我們將繼續開發我們成功的勒芒遊戲，隨著我們最近宣布的職業模式功能，允許那些傾向於避免在線多人比賽而更喜歡單人零基礎到英雄式遊戲玩法的玩家，我們的目標是在長期內吸引大量新玩家加入該產品。

We are also looking to expand core technologies to serve new opportunities and drive major enhancements through RaceControl. In addition, we are in active conversation with our recent investors led by Pimax about ways in which we can enhance the VR Sim Racing scene and generate new business opportunities benefiting both MSGM and Pimax.

我們還希望擴展核心技術，以抓住新的機遇，並透過 RaceControl 推動重大改進。此外，我們正在與以 Pimax 為首的近期投資者積極探討如何增強 VR 模擬賽車領域，並創造新的商業機會，使 MSGM 和 Pimax 都能從中受益。

We believe there is an opportunity to begin mapping out a future in which the company scales to develop and operate more than one game franchise, possibly outside of the sim racing insurance market, we are widely recognized as leading. Whether this is a new IP or a licensed title is under discussion, we are deploying effort to identify the next opportunity, and you can be assured that the revitalized company that is Motorsport Games has proven innovation and quality at the forefront of its player offerings. Now I would like to invite Stanley Beckley, our Chief Financial Officer, to talk about the financial results for the second quarter of 2025.

我們相信，公司有機會開始規劃未來，發展壯大，開發和經營多個遊戲系列，甚至可能超越我們被廣泛認為領先的模擬賽車保險市場。無論是全新的IP或是授權遊戲，目前仍在討論中。我們正在努力尋找下一個機會，您可以放心，重振旗鼓的Motorsport Games公司已經證明，創新和品質始終是其玩家產品的核心。現在，我謹邀請我們的財務長史丹利‧貝克利先生來談談2025年第二季的財務表現。

Thank you, Stephen, and good evening, everyone. As with previous earnings calls, I won't be offering any forward-looking guidance today. Instead, I will focus on providing an update on our financial results and highlights from the second quarter of 2025.

謝謝你，史蒂芬，大家晚上好。與之前的財報電話會議一樣，我今天不會提供任何前瞻性指引。相反，我將重點介紹我們 2025 年第二季的財務表現和亮點。

Revenues for the quarter were $2.6 million, up by $0.7 million or 37.7% when compared to the same period in the prior year. The increase in revenues was primarily due to a $1.3 million increase in 2025 from sales of our Le Mans Ultimate Racing title, particularly DLC sales; a $0.2 million increase from Race Control; and a $0.1 million increase in our rFactor 2 title compared to 2024, offset by a $0.9 million decrease in NASCAR-related revenues, a gaming title we are no longer authorized to sell starting in 2025.

本季營收為 260 萬美元，較上年同期成長 70 萬美元，增幅達 37.7%。收入成長主要歸功於 2025 年《勒芒終極賽車》遊戲銷售額（尤其是 DLC 銷售額）增長 130 萬美元；《賽車控制》遊戲收入增長 20 萬美元；以及《rFactor 2》遊戲收入較 2024 年增長 10 萬美元，但被 NASCAR 相關遊戲收入減少 90 萬美元所抵消，因為我們從 2025 年開始被授權從該遊戲開始被授權，因為我們不再被授權從 2025 年開始被授權。

Net income for the quarter was $4.2 million compared to a net income of $2.1 million for the same period in the prior year, an improvement of $2.1 million or 103%. The increase in net income is driven by an increase in revenues, lower operating expenses, as well as $0.8 million from the Wesco insurance company settlement in June 2025. Net income attributable to Class A common stock was $0.82 per share for the second quarter of 2025 compared to $0.77 for the same period in the prior year. I am pleased to report that after adjusting for other non-recurring other operating income of $1.1 million, Q2 2025 was the first quarter in the company's history that income from operations was generated.

本季淨收入為 420 萬美元，而上年同期淨收入為 210 萬美元，成長了 210 萬美元，增幅達 103%。淨收入的成長主要得益於收入增加、營運費用降低，以及 2025 年 6 月 Wesco 保險公司和解金 80 萬美元。2025 年第二季歸屬於 A 類普通股股東的淨利為每股 0.82 美元，而去年同期為每股 0.77 美元。我很高興地報告，在扣除其他非經常性營業收入 110 萬美元後，2025 年第二季是公司歷史上首次營業收入的季度。

We are reporting adjusted EBITDA of $3.7 million for the second quarter of 2025 compared to an adjusted EBITDA loss of $0.5 million for the same period in the prior year. The improvement in adjusted EBITDA of $4.2 million was primarily due to the same factors driving the previously discussed change in net income for the second quarter of 2025 when compared to the same period in the prior year as well as a decrease in stock-based compensation compared to the prior year period.

我們報告稱，2025 年第二季調整後 EBITDA 為 370 萬美元，而去年同期調整後 EBITDA 虧損為 50 萬美元。調整後 EBITDA 改善 420 萬美元，主要原因是與去年同期相比，2025 年第二季淨收入變化的相同因素，以及與去年同期相比，股票選擇權費用的減少。

As it relates to liquidity, as of June 30, 2025, we had cash and cash equivalents of $2.4 million, which increased to $2.8 million as of July 31, 2025. For the six months ended June 30, 2025, we generated an average positive cash flow from operations of approximately $46,000 per month that was primarily due to $0.8 million from the Wesco Insurance Company settlement in June 2025 and $0.5 million from a settlement agreement with HC2 Holdings II, Inc. in March 2025.

就流動性而言，截至 2025 年 6 月 30 日，我們擁有現金及現金等價物 240 萬美元，截至 2025 年 7 月 31 日，金額增至 280 萬美元。截至 2025 年 6 月 30 日的六個月期間，我們每月平均產生約 46,000 美元的正經營現金流，這主要歸功於 2025 年 6 月 Wesco 保險公司和解協議中的 80 萬美元和 2025 年 3 月與 HC2 Holdings II, Inc. 達成的和解協議中的 50 萬美元。

Thank you all for your time. And now, I will turn the call back to Stephen for closing remarks.

謝謝大家抽出時間。現在，我將把電話轉回給史蒂芬，請他作總結發言。

Thank you again for everyone joining this call today. You can no doubt tell we're happy to bring you this update, showing our turnaround is really kicking into gear. This provides us with great satisfaction, but it's partly a much bigger story we're going to be telling over the next few quarters.

再次感謝今天參加本次電話會議的各位。毫無疑問，我們很高興向大家帶來這一最新消息，這表明我們的扭轉局面正在真正開始。這讓我們感到非常欣慰，但這只是一個更大的故事的一部分，我們將在接下來的幾個季度中講述這個故事。

Motorsport Games has an evergreen gaming product on its hands. We're seeing record player numbers, our subscription service has added a SaaS component to the business, and we're investing in driving that component forward to the benefit of our loyal customers. I'll now pass it back to the operator.

Motorsport Games 擁有一款歷久不衰的遊戲產品。我們看到唱片機數量有所增長，我們的訂閱服務為業務增加了 SaaS 組件，我們正在投資推動該組件向前發展，以造福我們的忠實客戶。現在我把它交還給操作員。

Thank you. And there are no questions on the line at this time, so we will conclude today's program. Thank you for your participation in Motorsport Games' second quarter 2025 earnings call. You may now disconnect.

謝謝。目前還沒有觀眾提問，所以今天的節目就到此結束。感謝您參加 Motorsport Games 2025 年第二季財報電話會議。您現在可以斷開連線。