Motorsport Games Inc (MSGM) 2025 Q4 法說會逐字稿

Thank you for standing by, and welcome to Motorsport Games, Inc's fourth-quarter and full year 2025 Earnings Call. As a reminder, today's conference is being recorded.

感謝您的耐心等待，歡迎參加 Motorsport Games, Inc. 2025 年第四季及全年財報電話會議。提醒各位，今天的會議正在錄影。

I would now like to turn the conference over to Ben Rossiter-Turner from Motorsport Games.

現在我將把會議交給來自 Motorsport Games 的 Ben Rossiter-Turner。

Thank you, and welcome to Motorsport Games fourth-quarter and Full Year 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 fourth-quarter and full year 2025 earnings press release filed today after the market close.

謝謝，歡迎參加 Motorsport Games 2025 年第四季及全年財報電話會議及網路直播。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股市收盤後查看該公司發布的 2025 年第四季和全年收益新聞稿。

This is available on the Investor Relations section of Motorsport Games website at www.motorsportgames.com. During the course of this call, management will make certain forward-looking statements. which are any statements that are not historical facts within the meaning of US federal securities laws.

您可以在Motorsport Games網站（www.motorsportgames.com）的投資者關係頁面查看此資訊。在本次電話會議中，管理階層將做出一些前瞻性陳述，這些陳述並非美國聯邦證券法意義上的歷史事實。

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. Except as required by law, the company undertakes no obligation to update any forward-looking statements made on the call or to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

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。除法律另有規定外，本公司不承擔更新電話會議中作出的任何前瞻性陳述或更新、修改其前瞻性陳述的義務，無論是因為新資訊、未來事件或其他原因。

Please refer to today's press release and the company's filings with the SEC, including its most recent annual report on Form 10-K for the year ended December 31, 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.

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 12 月 31 日的最新年度報告（10-K 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 fourth-quarter and full year 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 will also be available on the Investor Relations section of Motorsport Games' website at www.motorsportgames.com.

在今天的電話會議中，我們將討論 2025 年第四季和全年財務表現時，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.motorsportgames.com 的投資者關係部分找到。

And now I'd like to turn over the call to Stephen Hood, Chief Executive Officer of Motorsport Games. Stephen?

現在，我想把電話交給 Motorsport Games 的執行長 Stephen Hood。史蒂芬？

Thank you, Ben. Good afternoon, everyone. Thanks for joining the Motorsport Games fourth-quarter and full year 2025 earnings call. I'm delighted to report that we've achieved record profitability with 30% year-over-year revenue growth, generated consistent positive quarterly cash flow, and have substantially improved our cash position, which will enable us to accelerate our progress.

謝謝你，本。大家下午好。感謝您參加 Motorsport Games 2025 年第四季及全年財報電話會議。我很高興地報告，我們實現了創紀錄的盈利能力，年收入同比增長 30%，產生了持續的正季度現金流，並且大幅改善了我們的現金狀況，這將使我們能夠加快發展步伐。

Despite the challenges experienced across the wider gaming market, we have delivered a significant turnaround and stand before you today in a tremendously healthy state. The last quarter of 2025 saw us generate 95% higher revenues than the same period in the prior year. At the end of 2025, we had cash and cash equivalents of $5 million, which increased to $6 million as of the end of February 2026.

儘管整個遊戲市場都面臨著挑戰​​，但我們已經實現了重大轉變，今天我們以非常健康的狀態站在大家面前。2025 年最後一個季度，我們的營收比去年同期成長了 95%。截至 2025 年底，我們擁有現金及現金等價物 500 萬美元，到 2026 年 2 月底，這一數字增加到 600 萬美元。

The company generated an average monthly positive cash flow from operations, driven primarily by an increase in profitability. We also secured a revolving line of credit in February 2026. This line of credit is primarily in place on very good terms to ensure we are able to deliver on our multi-platform plans for Le Mans Ultimate without tempering our plan to initiate the build of a new gaming title.

該公司平均每月從經營活動中產生正現金流，這主要得益於獲利能力的提高。2026年2月，我們也獲得了循環信貸額度。這項信貸額度主要以非常優惠的條件提供，以確保我們能夠實現 Le Mans Ultimate 的多平台計劃，同時又不影響我們啟動新遊戲開發的計劃。

12-months ago, I spoke on this call acknowledging the very real challenges our business faced, limited cash availability, and a company in transition following the strategic sale of our NASCAR license. Today, we are in a fundamentally different position. Le Mans Ultimate has captured the attention of the simulation racing community and validated the strategic decision we made to focus the company around a smaller, more disciplined development team and clear long-term platform strategy.

12 個月前，我曾在這次電話會議上承認，我們的業務面臨著非常現實的挑戰，現金可用性有限，而且在戰略性出售 NASCAR 許可證後，公司正處於轉型期。如今，我們所處的境地已截然不同。《勒芒終極版》吸引了模擬賽車界的關注，也驗證了我們當初將公司重心放在規模更小、紀律更嚴明的開發團隊和清晰的長期平台戰略上的戰略決策是正確的。

For Motorsport Games, 2025 was the year we proved this model works. During the year, we delivered 5 major updates to Le Mans Ultimate in February, June, July, September, and December. This cadence of meaningful improvements is unusual in our racing segment and reflects both the commitment of our development team and the advantages of operating a live service product at pace.

對於賽車運動遊戲來說，2025 年是我們證明這種模式行之有效的一年。今年，我們在二月、六月、七月、九月和十二月對 Le Mans Ultimate 進行了 5 次重大更新。這種持續進行有意義的改進的節奏在我們賽車領域並不常見，這不僅體現了我們開發團隊的投入，也體現了快速運作即時服務產品的優勢。

In July, the game successfully exited early access. Since then, we have continued to invest aggressively in improving the player experience, expanding content, and strengthening the underlying technology that powers our simulation experience. In September, we introduced the first content from the European Le Mans Series, responding directly to player demand for additional circuits and categories.

7 月，遊戲成功結束了搶先體驗階段。從那時起，我們持續加大投入，致力於改善玩家體驗、擴展內容，並加強支撐我們模擬體驗的底層技術。9 月，我們推出了歐洲勒芒系列賽的首批內容，直接回應了玩家對更多賽道和組別的需求。

In December, we released version 1.2, which represented one of the most comprehensive updates to the platform to date. While new content such as Circuit Paul Ricard and the Ginetta G61 LMP3 race car were important additions, the larger story was the investment we continue to make in our proprietary simulation technology. These technical improvements are the foundation of our approach to building long-term trust and retention in the core of our immediate market.

12 月，我們發布了 1.2 版本，這是迄今為止該平台最全面的更新之一。雖然像保羅·里卡德賽道和吉內塔 G61 LMP3 賽車這樣的新內容是重要的補充，但更重要的故事是我們持續投資於我們專有的模擬技術。這些技術改進是我們建立長期信任和在核心市場留住客戶的基礎。

We also made substantial progress in strengthening the competitive integrity of online racing. Version 1.2 introduced Easy Anti-Cheat integration, the launch of our driver badge reputation system, and the first phase of Live Steward, an automated incident detection system designed to identify unsafe or unsporting driving behavior.

我們在加強線上賽車比賽的公平性方面也取得了實質進展。1.2 版本引入了簡易反作弊整合、推出了我們的駕駛員徽章信譽系統，以及 Live Steward 的第一階段，這是一個旨在識別不安全或不道德駕駛行為的自動事件偵測系統。

These systems are critical to building a healthy and sustainable online competitive environment, and further demonstrates Motorsport Games intention to improve the experience for not only our core market today, but those players we believe we will reach over time. Alongside this, we introduced team online championships, enabling organized multi-race seasons and engineer mode, which allows teammates to manage pit strategy remotely during endurance races.

這些系統對於建立健康、可持續的線上競技環境至關重要，也進一步表明了 Motorsport Games 的意圖，不僅要改善我們當前核心市場的體驗，還要改善我們相信未來會接觸到的玩家的體驗。同時，我們推出了團隊線上錦標賽，實現了有組織的多場比賽賽季和工程師模式，讓隊友在耐力賽期間遠端管理進站策略。

These types of features are intended to deepen engagement and reinforce Le Mans Ultimate's position as a premier endurance racing simulation. It's also important to recognize that over the past year, competitor racing titles have launched into the market. Some were highly anticipated. We welcome that competition. It pushes the genre forward, and we've seen renewed energy within this market segment.

這些功能旨在加深玩家的參與度，並鞏固勒芒終極版作為頂級耐力賽模擬遊戲的地位。同樣重要的是要認識到，在過去一年裡，競爭對手的賽車遊戲也陸續進入市場。有些事情備受期待。我們歡迎這種競爭。它推動了該類型片的發展，我們已經看到這個細分市場煥發了新的活力。

What is particularly encouraging is that despite those launches, Le Mans Ultimate has continued to grow its player base and engagement at an accelerated pace. In other words, we have competed in a very active market environment, and the response from players has demonstrated that our focus on authenticity, technology and community is winning meaningful support.

尤其令人鼓舞的是，儘管有這些新版本推出，Le Mans Ultimate 的玩家群和參與度仍然以更快的速度持續成長。換句話說，我們在一個非常活躍的市場環境中競爭，玩家的回饋表明，我們對真實性、技術和社群的關注正在贏得有意義的支持。

Players are recognizing our passion and celebrate the utility of our chosen content. Average concurrent players in Steam increased from approximately 786 in January 2025 to nearly 3,000 by December that same year, almost a four-fold increase. I'm pleased to report that momentum has continued into 2026. In January, we recorded an all-time peak of over 8,700 concurrent players with an average player count exceeding 4,200.

玩家們認可了我們的熱情，並讚賞我們所選內容的實用性。Steam 的平均同時線上玩家人數從 2025 年 1 月的約 786 人增加到同年 12 月的近 3000 人，增加了近四倍。我很高興地報告，這股勢頭延續到了 2026 年。1 月份，我們創下了同時線上玩家人數超過 8700 人的歷史最高紀錄，平均玩家人數超過 4200 人。

For a PC-only title, which right now is where Le Mans Ultimate sits, and one that operates within a specialized simulation category, these numbers are strong and compare favorably with many long-established competitors. Importantly, this growth has been entirely organic. We have not invested significantly in marketing during this period.

對於一款僅限 PC 平台的遊戲（目前《勒芒終極版》就是如此），而且它還是一款專門的模擬遊戲，這些數據非常出色，與許多歷史悠久的競爭對手相比也毫不遜色。重要的是，這種成長完全是自然發生的。在此期間，我們在行銷方面沒有投入大量資金。

In areas where we do not have dedicated talent and experience, we limit spend. There will come a time where we push our message to a wider audience, and as such, we're actively recruiting for exceptional marketing talent to join our team and raise awareness of our strong product offering, not least in the run-up to Le Mans Ultimate arriving on gaming consoles.

在缺乏專業人才和經驗的領域，我們會限制支出。總有一天，我們會將我們的訊息傳遞給更廣泛的受眾，因此，我們正在積極招募傑出的行銷人才加入我們的團隊，提高人們對我們強大的產品系列的認識，尤其是在 Le Mans Ultimate 即將登陸遊戲主機之際。

In the meantime, product quality, word-of-mouth advocacy, and a highly engaged community are helping us reach new heights. This brings me to RaceControl, which is rapidly becoming a central pillar of our financial model. RaceControl is our proprietary matchmaking and competitive racing platform that powers the online experience for those products we choose to integrate. Both rFactor 2 and Le Mans Ultimate benefit from this platform.

同時，產品品質、口碑宣傳和高度活躍的社群正在幫助我們達到新的高度。這讓我想到了 RaceControl，它正迅速成為我們財務模式的核心支柱。RaceControl 是我們專有的匹配和競技賽車平台，為我們選擇整合的產品提供線上體驗。rFactor 2 和 Le Mans Ultimate 都受益於這個平台。

Beyond enabling online play, it provides an optional subscription layer that allows us to deliver additional services and features to our most dedicated players. This platform has allowed us to transition from a traditional video game business model, where revenue is largely front-loaded around launch, toward a hybrid model combining game sales, DLC content, and recurring subscription revenues.

除了支援線上遊戲外，它還提供了一個可選的訂閱層，使我們能夠為最忠實的玩家提供額外的服務和功能。這個平台使我們能夠從傳統的電玩商業模式（收入主要集中在遊戲發布前後）過渡到結合遊戲銷售、DLC 內容和經常性訂閱收入的混合模式。

By the end of 2025, RaceControl had over 400,000 registered accounts, more than 26,000 active paying subscribers, and was generating approximately $0.2 million in monthly recurring revenue. Importantly, the first two months of 2026 have been among the strongest monthly recurring revenue growth periods we have seen to date.

到 2025 年底，RaceControl 擁有超過 40 萬個註冊帳戶，超過 26,000 個活躍付費用戶，每月經常性收入約 20 萬美元。值得注意的是，2026 年的前兩個月是迄今為止我們所見到的月度經常性收入成長最強勁的時期之一。

Many of the features we have introduced, such as team championships, driver badges, Live Steward, and engineer mode, are designed to specifically increase the value of this platform and strengthen subscriber retention. This combination of recurring revenue, active player engagement, and ongoing content expansion creates a much more stable and scalable financial model for the company.

我們推出的許多功能，例如車隊錦標賽、車手徽章、即時賽事管理、工程師模式等，都是為了專門提高該平台的價值並加強用戶留存率。經常性收入、活躍玩家參與度和持續內容擴展的結合，為公司創造了一個更穩定和可擴展的財務模式。

Beyond direct player revenue, RaceControl is also becoming a platform that global brands and rights holders want to utilize. Through RaceControl, we can provide a turnkey competitive infrastructure for online racing events, including matchmaking, scheduling, anti-cheat, broadcasting tools, and official classification. This creates opportunities for automotive manufacturers, Motorsport series, and consumer brands to activate directly with highly engaged gaming audiences through our platform.

除了直接為玩家帶來收入外，RaceControl 也正在成為全球品牌和版權持有者想要利用的平台。透過 RaceControl，我們可以為線上賽車賽事提供一站式競技基礎設施，包括配對、日程安排、反作弊、廣播工具和官方排名。這為汽車製造商、賽車系列賽事和消費品牌創造了機會，讓他們能夠透過我們的平台直接與高度活躍的遊戲受眾互動。

The conversations we are having in this area are encouraging, and we'll share more on these developments in the future. Speaking of the future, we continue to make progress on bringing Le Mans Ultimate to PlayStation and Xbox gaming consoles. Our external development partners are working alongside our internal teams to deliver the first console versions while simultaneously improving the underlying game engine for our existing and very supportive PC player base.

我們目前在這個領域的對話令人鼓舞，未來我們將分享更多相關進展。說到未來，我們正在繼續努力，爭取將《勒芒終極版》帶到 PlayStation 和 Xbox 遊戲主機平台。我們的外部開發合作夥伴正與我們的內部團隊一起努力，推出首批主機版本，同時改進底層遊戲引擎，以滿足我們現有且非常支持我們的 PC 玩家群體的需求。

Console represents a significant expansion of the addressable market for Le Mans Ultimate, and we are taking a careful quality first approach as we execute on this opportunity. Finally, with the financial stability we have now achieved, we are beginning to explore the next phase of growth for Motorsport Games. Le Mans Ultimate has demonstrated that our technology, our development approach, and our community engagement strategy can deliver a profitable and sustainable business.

Console 代表 Le Mans Ultimate 可觸達市場的顯著擴展，我們在把握這一機會的過程中，始終堅持品質至上的原則。最後，憑藉我們目前實現的財務穩定性，我們開始探索賽車遊戲發展的下一個階段。Le Mans Ultimate 已經證明，我們的技術、我們的開發方法和我們的社區參與策略可以帶來盈利和可持續發展的業務。

We are now evaluating opportunity to extend that model to additional titles in the future. While it is still early, our goal is clear: to build a portfolio of racing experiences supported by the same technology platform, live service infrastructure, and competitive ecosystem that powers Le Mans Ultimate today. To support that next phase of growth, we have begun strengthening the team with targeted hires across engineering, platform development, and strategic leadership.

我們正在評估未來將該模式推廣到其他遊戲的可能性。雖然現在還處於早期階段，但我們的目標很明確：建立一系列賽車體驗，這些體驗由與 Le Mans Ultimate 相同的技術平台、即時服務基礎設施和競爭生態系統提供支援。為了支持下一階段的成長，我們已經開始透過在工程、平台開發和策略領導等方面進行有針對性的招募來加強團隊。

These additions will help accelerate our ability to expand on the RaceControl platform and support the development of future products. I'm also pleased to welcome Peter Hanson-Chambers to work alongside our management team in a consultancy role as we shape the company's next steps. Peter was previously co-CEO and CFO of Hutch Games and brings deep experience in building and scaling successful game businesses, having operated with top-tier IP such as Formula One and other recognizable licenses in the Motorsport space for many years.

這些新增功能將有助於加速我們擴展 RaceControl 平台的能力，並支援未來產品的開發。我也很高興地歡迎 Peter Hanson-Chambers 以顧問的身份與我們的管理團隊一起工作，共同規劃公司的下一步發展方向。Peter 曾擔任 Hutch Games 的聯合執行長兼財務長，在建立和擴展成功的遊戲業務方面擁有豐富的經驗，多年來一直與一級方程式賽車和其他賽車運動領域的知名 IP 合作。

He has already made a positive contribution towards our forward plans, and we're excited about the perspective and expertise he brings to Motorsport Games and hope to speak more on this in the future. With the foundation now firmly in place and operating as we have planned, we are confident in our ability to continue building momentum through 2026 and beyond. The turnaround phase is behind us. Now our focus is on scaling the platform we have built.

他已經為我們未來的計劃做出了積極貢獻，我們對他為賽車運動遊戲帶來的視角和專業知識感到興奮，並希望將來能就此進行更多討論。鑑於目前基礎已經穩固，並且按照我們的計劃運作，我們有信心在 2026 年及以後繼續保持發展勢頭。轉型階段已經過去。現在我們的重點是擴展我們已經建立的平台。

I will now turn the call over to Sandy Beckley, our Chief Financial Officer, to discuss the financial results for the fourth-quarter full year 2025.

現在我將把電話交給我們的財務長桑迪貝克利，讓她來討論2025年第四季和全年的財務表現。

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 fourth-quarter and full year 2025. Revenues for the quarter were $3.8 million, up $1.8 million or 95% when compared to the same period in the prior year.

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 年第四季和全年的財務表現和亮點。本季營收為 380 萬美元，較上年同期成長 180 萬美元，增幅達 95%。

Higher digital game sales from the release of Le Mans Ultimate, our core gaming title, along with higher downloadable content sales, were primary drivers for the increase. Net income for the quarter of 2025 was $0.8 million, compared to net loss of $2.9 million for the same period in the prior year, an increase of $3.7 million.

核心遊戲《勒芒終極版》發售後數位遊戲銷售量增加，以及下載內容銷售量增加，是推動成長的主要因素。2025 年第一季淨收入為 0.8 百萬美元，而去年同期淨虧損為 2.9 百萬美元，淨虧損增加了 3.7 百萬美元。

Higher revenues, lower cost of goods sold, and operating expenses were key contributors to the increase in net income for the full year 2025 when compared to the prior year period. Consequently, net income attributable to Class A common stock was $0.15 for the fourth-quarter of 2025, compared to a loss per share of $0.89 for the same period in the prior year.

與去年同期相比，2025 年全年淨收入成長的主要原因是收入增加、銷售成本和營運費用降低。因此，2025 年第四季歸屬於 A 類普通股股東的淨收入為每股 0.15 美元，而去年同期每股虧損 0.89 美元。

We are reporting an adjusted EBITDA of $1.9 million for the fourth-quarter of 2025, compared to an adjusted EBITDA loss of $2.5 million for the same period in the prior year. The reasons for the increase in adjusted EBITDA are the same as those discussed in respect of the change in net income for the period and comparative quarter.

我們報告稱，2025 年第四季調整後 EBITDA 為 190 萬美元，而去年同期調整後 EBITDA 虧損為 250 萬美元。調整後 EBITDA 增加的原因與本期及上一季淨利變動的原因相同。

For full year 2025, revenues were $11.3 million, up $2.6 million or 30% when compared to the prior year period, primarily due to a $5.8 million increase in 2025 from sales of our Le Mans Ultimate racing title released in February 2024, particularly DLC sales, which were higher compared to 2024 and $1.2 million from RaceControl, offset by a $4.4 million decrease in revenues in 2025 related to NASCAR, a gaming title the company decided to sell so that we might concentrate our efforts elsewhere.

2025 年全年營收為 1,130 萬美元，較上年同期成長 260 萬美元，增幅達 30%。這主要得益於 2024 年 2 月發布的賽車遊戲《勒芒終極版》在 2025 年的銷售額增長了 580 萬美元，尤其是 DLC 的銷售額高於 2024 年，此外，《RaceControl》也帶來了 120 萬美元的收入。然而，由於公司決定出售遊戲《NASCAR》，以便專注於發展其他業務，導致 2025 年的收入減少了 440 萬美元。

As a result, we were not selling the NASCAR titles from the start of 2025. Net income was $6.8 million for 2025, compared to net loss of $3.1 million for 2024. Higher revenues, lower cost of goods sold, and operating expenses were key contributors to the increase in net income for the full year 2025 when compared to the prior year period.

因此，從 2025 年初開始，我們將不再出售 NASCAR 冠軍頭銜。2025 年淨收入為 680 萬美元，而 2024 年淨虧損為 310 萬美元。與去年同期相比，2025 年全年淨收入成長的主要原因是收入增加、銷售成本和營運費用降低。

Adjusted EBITDA was $7.3 million for the full year 2025, compared to an adjusted EBITDA loss of $3.9 million for the same period in the prior year, an improvement of $11.2 million. The increase in adjusted EBITDA was primarily due to the same factors driving the previously discussed change in net income for the full year 2025 when compared to the prior year period, as well as the reduction in the non-recurring gains being excluded from adjusted EBITDA.

2025 年全年調整後 EBITDA 為 730 萬美元，而上年同期調整後 EBITDA 虧損 390 萬美元，改善了 1,120 萬美元。調整後 EBITDA 的成長主要是由於與上年同期相比，先前討論的 2025 年全年淨收入變化的相同因素，以及從調整後 EBITDA 中排除的非經常性收益的減少。

Net income attributable to Class A common stock was $1.43 in 2025, compared to a net loss of $0.94 in the prior year. As it relates to liquidity, as of December 31, 2025, we had cash and cash equivalents of $5.0 million, which increased to $6.0 million as of February 28, 2026. For the year ended December 31, 2025, we generated an average positive cash flow from operations of approximately $0.3 million per month.

2025 年歸屬於 A 類普通股股東的淨利為 1.43 美元，而前一年淨虧損為 0.94 美元。就流動性而言，截至 2025 年 12 月 31 日，我們擁有現金及現金等價物 500 萬美元，到 2026 年 2 月 28 日，這一數字增加到 600 萬美元。截至 2025 年 12 月 31 日止年度，我們平均每月從營運活動中產生約 30 萬美元的正現金流。

That was primarily due to increased profitability, $0.8 million from the Wesco Insurance Company settlement in June 2025, and $0.5 million from a settlement agreement with HC2 Holdings Inc. in March 2025. We currently have no outstanding debt or purchase commitment liabilities. Furthermore, our working capital as of December 31, 2025, was $4.2 million versus negative working capital of $2.2 million as of December 31, 2024, underscoring a much improved balance sheet and liquidity position.

這主要歸功於獲利能力的提高，2025 年 6 月從 Wesco 保險公司獲得的 80 萬美元和 2025 年 3 月從與 HC2 Holdings Inc. 達成的和解協議中獲得的 50 萬美元。我們目前沒有任何未償債務或購買承諾負債。此外，截至 2025 年 12 月 31 日，我們的營運資金為 420 萬美元，而截至 2024 年 12 月 31 日，我們的營運資金為負 220 萬美元，這凸顯了資產負債表和流動性狀況的極大改善。

We also secured a $3 million revolving line of credit from Citibank in February 2026. There is currently no balance due to Citibank under the revolving line of credit. Thank you all for your time.

2026 年 2 月，我們也從花旗銀行獲得了 300 萬美元的循環信貸額度。目前，該循環信用額度下，您無需償還花旗銀行的任何餘額。感謝各位抽出時間。

Now I will turn the call back to Stephen for closing remarks.

現在我將把電話轉回給史蒂芬，請他作總結發言。

Thank you again, everyone, for joining this call today. If I can summarize all the progress we've delivered over the last 12-months, it would be through the lens of our turnaround. We've had multiple profitable quarters, delivering a strong cash position. We have a scalable model in our race control platform, which is building an audience and paying subscribers at a steady rate.

再次感謝各位今天參加本次電話會議。如果要總結我們過去 12 個月的所有進展，那就是從我們實現扭虧為盈的角度來看。我們已經連續多個季度獲利，現金流狀況良好。我們的賽事控制平台擁有可擴展的模式，能夠以穩定的速度累積用戶群和付費訂閱用戶。

We have architected strong organic demand without significant marketing spend. We are hard at work on bringing our most recent game to the console market and are close to incubating the next product from the company that brought you the evergreen Le Mans Ultimate. We have moved beyond stabilizing the business. We have demonstrated that our model works, and now our focus is on scaling it. Thank you for joining us today.

我們無需投入大量行銷費用，就打造了強勁的自然需求。我們正在努力將我們最新的遊戲帶到主機市場，並且即將孵化出這家為您帶來經久不衰的《勒芒終極版》的公司推出的下一款產品。我們已經超越了穩定業務的階段。我們已經證明我們的模型是有效的，現在我們的重點是擴大其規模。感謝您今天蒞臨。

I will now turn it back to the operator.

現在我將把它交還給操作員。

(Operator Instructions) Anja Soderstrom, Sidoti.

（操作說明）安雅·索德斯特羅姆，西多蒂。

Congratulations on the nice performance. I'm just curious, with the development costs declining year-over-year, what's the main driver for that?

恭喜你表現出色。我只是好奇，隨著開發成本逐年下降，其主要驅動因素是什麼？

Yes. Anja, thanks for the question. So as we disclosed in our Form 10-K, we capitalized about $1.1 million of development costs. These were costs related to significant upgrades and enhancements to the game. We've released a lot of content to LMU since the game's launch in February of 2024. To date, we've released about seven individual downloadable content packs, including the European Le Mans Series pack 1 that was released in September, and pack 2 that was released in December.

是的。安雅，謝謝你的提問。正如我們在 10-K 表格中所揭露的那樣，我們將約 110 萬美元的開發成本資本化了。這些費用與遊戲的重大升級和改進有關。自 2024 年 2 月遊戲發布以來，我們已經向 LMU 發布了大量內容。到目前為止，我們已經發布了大約七個獨立的下載內容包，包括 9 月發布的歐洲勒芒系列賽包 1 和 12 月發布的包 2。

Pack 3 is scheduled for release later this month. That's the main reason for the decrease in development cost. We also have -- in the past couple of years, we've gone through some restructuring. Our payroll costs are also down for developers and contractors.

第三彈預計將於本月晚些時候發布。這是開發成本下降的主要原因。過去幾年，我們也進行了一些重組。我們的開發商和承包商的薪資成本也下降了。

Okay. And is AI any sort of driver to the development costs coming down? Or how are you implementing AI?

好的。人工智慧會成為降低開發成本的驅動因素？或者，你們是如何應用人工智慧的？

A very good question. AI is everywhere at the moment. It certainly features in multiple games business. I think a lot of companies are kind of driving forward, trying to figure things out. We're a high-tech software engineering business by nature, and AI has always featured in our development pipelines and in our products. The way that we utilize it at the moment is in a lot of rapid iteration.

問得好。人工智慧現在無所不在。它無疑在多個遊戲產業中扮演著重要角色。我認為很多公司都在努力向前發展，試圖找到解決方案。我們本質上是一家高科技軟體工程公司，人工智慧一直是我們開發流程和產品中的重要組成部分。我們目前使用它的方式是快速迭代。

Like, one of the benefits of Le Mans Ultimate at the moment as a live service is the rate at which we're putting out these updates. It's a live service that is very much in front of the community, who are welcoming the regular updates, the regular pack updates, the new content coming out, and AI is already forming a part of that development experience.

目前，《勒芒終極版》作為即時服務的優勢之一，就是我們發布這些更新的速度很快。這是一個面向社群的即時服務，社群對定期更新、定期禮包更新、新內容的推出都非常歡迎，而人工智慧已成為開發體驗的一部分。

We're obviously not going to give away our secrets at the moment, but, we're leveraging it, I think an ever-growing extent. I think it does bring down development costs, but actually, the biggest advantage for us is that we can more readily put out updates that resonate with our players. It's beneficial to us because it enables us to really drive home the creative advantage that we have.

我們目前顯然不會洩露我們的秘密，但是，我認為我們正在越來越多地利用它。我認為這確實降低了開發成本，但實際上，對我們來說最大的優勢是我們可以更輕鬆地推出能引起玩家共鳴的更新。這對我們有利，因為它使我們能夠真正發揮我們所擁有的創造優勢。

Okay. And as you mentioned the Le Mans Ultimate for PlayStation and Xbox. It's progressing. Are you still expecting to launch that in late 2026 or early 2027? How meaningful do you think that's going to be to revenue, and what sort of impact is it going to have on margins?

好的。正如你所提到的，還有適用於 PlayStation 和 Xbox 的《勒芒終極版》。進展順利。你們仍然計劃在 2026 年底或 2027 年初推出該產品嗎？你認為這對收入會有多大影響？對利潤率又會產生什麼樣的影響？

All right. I'll take that again, Anja. I think the product is very much on track. We are going to drill down as we get closer to release with an exact release date. I think the key thing that I would like to project at the moment is it's less of a technical challenge for us now because we've been in this business for some time. It's actually about picking the right window for release.

好的。安雅，我再要一份。我認為產品進展非常順利。隨著發布日期的臨近，我們將公佈確切的發布日期，並進行更詳細的說明。我認為目前最需要強調的是，對我們來說，這不再是一個技術難題，因為我們已經在這個行業摸起來了一段時間。實際上，關鍵在於選擇合適的發布視窗。

What's the most beneficial window for release? Do we pair it with a major Motorsport event? What are competitor titles doing? It's very much on track for either early- to mid-'27. I think it's going to have a big impact. I would say that because I've been in this industry for some time, I've worked on many a console product, and the addressable market is huge.

最佳發佈時間視窗是什麼時候？我們是否應該將其與一項大型賽車賽事結合？競爭對手的產品在做什麼？很有可能在 2027 年初至年中完成。我認為這將產生重大影響。我想說，因為我在這個行業已經待了一段時間，參與過很多遊戲主機產品的開發，所以潛在市場非常龐大。

There's actually a real lack of high-end racing simulations available on console, and that's been a traditional problem for many, many years. There are lots of different racing games out there. They're more arcade titles. In order for the average consumer to engage in the kind of simulation experience, the depth of simulation racing experience that we provide, people are having to spend upwards of $2,000, $3,000, $4,000 on a high-end PC, a wheel and the pedals.

實際上，主機平台上真正缺乏高階賽車模擬遊戲，而這已經是一個存在多年的傳統問題了。市面上有許多不同類型的賽車遊戲。它們更像是街機遊戲。為了讓普通消費者體驗到我們提供的這種模擬體驗，這種深度的模擬賽車體驗，人們不得不花費 2000 美元、3000 美元、4000 美元購買一台高端 PC、一個方向盤和踏板。

That's a major investment that not a lot of people are willing to do for their first-time experience in racing simulation. As soon as you go to console, where you can pick up a console for a few hundred dollars. If you can engage through that medium, which is more readily accessible to most people, and you can experience our titles, it stands to reason that we can hit a much larger audience because the price of entry is dramatically reduced.

這是一筆不小的投資，很多人並不願意在第一次體驗賽車模擬遊戲時就進行這樣的投入。你只要去遊戲機區，就能花幾百美元買到一台遊戲機。如果你能透過這種更容易被大多數人接受的媒介參與進來，並且能夠體驗我們的遊戲，那麼我們就能吸引到更廣泛的受眾，因為入門門檻大大降低了。

It may mean that people come into our ecosystem. It may mean that they come into contact with RaceControl in great numbers, and they may wish to step up to the PC product. But we're going to put out a high-quality product on console, on PlayStation and Xbox, that will be available worldwide, and we're very excited about that. We're not putting out any guidance in terms of the addressable audience that we expect to reach, but --

這可能意味著人類進入了我們的生態系統。這可能意味著他們會大量接觸 RaceControl，並且他們可能希望升級到 PC 產品。但我們將在主機平台，也就是 PlayStation 和 Xbox 上推出一款高品質的產品，這款產品將在全球發售，我們對此感到非常興奮。我們不會就預期觸達的目標受眾發布任何指導意見，但是--

Can you hear me? Sounds like it dropped off.

你聽得到我嗎？聽起來像是斷線了。

Yes. It looks like Stephen got cut off there, but I think he was just finishing up his thoughts.

是的。看起來史蒂芬的話被打斷了，但我認為他只是在總結他的想法。

Okay. So then I'm just also curious about the customer acquisition cost and also maybe how you anticipate AI to maybe be sort of a positive for you there, how you can work with AI to become more efficient there.

好的。所以，我還想了解客戶獲取成本，以及您認為人工智慧在這方面能為您帶來哪些正面影響，您如何利用人工智慧來提高效率。

So as relates to customer acquisition costs, we have invested very little in marketing over the past two years, and our growth has been primarily organic during this time. However, as we seek to get our message out to a wider audience, we're actively looking for suitable marketing talent to join our team. With very little to no marketing spend, there's not much in terms of customer acquisition costs there.

因此，就客戶獲取成本而言，過去兩年我們在行銷方面的投入非常少，而且在此期間我們的成長主要來自內生成長。然而，為了將我們的訊息傳遞給更廣泛的受眾，我們正在積極尋找合適的行銷人才加入我們的團隊。由於幾乎沒有行銷支出，因此在客戶獲取成本方面也幾乎不需要投入。

The second question about the use of AI, I believe Stephen may have addressed that earlier, but you know, AI, the use of AI is used to some extent in by the development team and with regards to you know, answering customer queries. Stephen is back, and I think he can get into more details on that. Stephen, are you there?

關於人工智慧的第二個問題，我相信 Stephen 可能之前已經回答過了，但你知道，人工智慧，開發團隊在某種程度上使用了人工智慧，例如回答客戶的諮詢。史蒂芬回來了，我想他可以就此提供更多細節。史蒂芬，你在嗎？

Yes, I managed to reconnect. Are you talking about AI?

是的，我成功重新連結了。你指的是人工智慧嗎？

Yes.

是的。

Yes. I mean leveraging it across the business. I mean, not to replace the creative direction that we have and the expertise, but actually to just bring elements to market faster is the primary use right now. Shortcutting things enables us to really punch above our weight, and that's the important utilization of AI for us. We are a relatively small team by choice right now. We're getting the wheels turning. AI enables us to deliver at far more rapid rate and bring more content and choices to players, which is clearly working for us.

是的。我的意思是在整個業務範圍內加以利用。我的意思是，它的主要用途不是取代我們現有的創意方向和專業知識，而是更快地將產品推向市場。走捷徑能讓我們真正發揮出超乎自身實力的影響力，這對我們來說就是人工智慧最重要的用途。我們目前有意保持團隊規模相對較小。我們正在啟動相關工作。人工智慧使我們能夠以更快的速度交付內容，並為玩家帶來更多的內容和選擇，這顯然對我們很有幫助。

Okay. And then you've been driving quite nice revenue growth driven by the Le Mans release. How should we think about continued growth there and profitability, the sustained profitability? You improved the balance sheet and sort of your priorities for cash and capital allocation. Are you expected to remain cash flow positive?

好的。然後，勒芒系列的發布帶動了你們相當不錯的營收成長。我們應該如何看待該地區的持續成長和獲利能力，以及可持續的獲利能力？你改善了資產負債表，並重新調整了現金和資本配置的優先事項。預計您能維持正現金流嗎？

So I'll address the latter half of that question first. Our cash flow and our liquidity position is much stronger, right, over the past year than it has been since our inception. As we disclosed in our Form 10-K that was released, filed after market close today, we generated an average monthly positive cash flow of $0.3 million per month in 2025 or $4.1 million cash generated from operations for the entire year compared to an average monthly cash burn of $0.2 million or $2.8 million used in 2024.

那我先回答這個問題的後半部。過去一年，我們的現金流和流動性狀況比公司成立以來任何時候都要好得多，對吧？正如我們在今天收盤後提交的 10-K 表格中所披露的那樣，我們在 2025 年平均每月產生 30 萬美元的正現金流，或全年運營產生的現金為 410 萬美元，而 2024 年平均每月現金消耗為 20 萬美元，或全年使用的現金為 280 萬美元。

We had a robust cash balance as well of $6 million at the end of February. We recently secured a $3 million revolving line of credit facility from Citibank. This line of credit facility will be more than sufficient for us to fully port the development of LMU to console. As relates to the revenue mix our LMU franchise has more than made up for the loss of revenues from the sale of our NASCAR license.

截至2月底，我們還有600萬美元的充裕現金餘額。我們最近從花旗銀行獲得了一筆 300 萬美元的循環信貸額度。這項信貸額度足以讓我們把 LMU 的開發完全移植到主機平台。就收入組成而言，我們的 LMU 特許經營權已經彌補了出售 NASCAR 許可證所造成的收入損失。

In 2025, for example, revenues from our Le Mans franchise consisted of about 78% of our annual revenues, and you know versus 34% the previous year. The mix of our LMU revenues in addition to growing RaceControl subscriptions, which made up 11% of our total revenues in 2025 versus less than 1% in 2024. Our RaceControl subscription, that platform was launched in December of 2024, has led to a bit more balancing and diversification of our revenue stream, and we expect that to continue to grow into the future.

例如，到 2025 年，我們勒芒特許經營權的收入約占我們年度收入的 78%，而前一年這一比例為 34%。除了 LMU 的收入外，RaceControl 訂閱收入也不斷成長，到 2025 年，RaceControl 訂閱收入占我們總收入的 11%，而 2024 年這一比例還不到 1%。我們的 RaceControl 訂閱服務平台於 2024 年 12 月推出，使我們的收入來源更加平衡和多元化，我們預計未來將繼續成長。

Thank you. This does conclude the Q&A portion of today's call and also the meeting today. Thank you. We appreciate your time and participation. You may now disconnect.

謝謝。至此，今天的電話會議問答環節和會議結束。謝謝。感謝您抽空參與。您現在可以斷開連線了。