Motorsport Games Inc (MSGM) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to Motorsport Games Inc's first quarter 2026 earnings call. As a reminder, today's conference is being recorded.

感謝各位耐心等候，歡迎參加 Motorsport Games Inc 2026 年第一季財報電話會議。提醒各位，今天的會議將進行錄音。

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

我想將會議交給 Motorsport Games 的 Ben Rossiter-Turner。請開始。

Thank you, and welcome to Motorsport Games first quarter 2026 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 first quarter 2026 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，歡迎收聽 Motorsport Games 2026 年第一季財報電話會議與網路直播。今天出席的有 Motorsport Games 執行長 Stephen Hood，以及財務長 Stanley Beckley。此時各位應已可取得公司 2026 年第一季財報新聞稿，該新聞稿已於今日收盤後提交。您可至 Motorsport Games 官網 www.motorsportgames.com 的投資人關係（Investor Relations）專區查閱。

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

在本次電話會議過程中，管理層可能會在美國聯邦證券法所定義的範圍內作出前瞻性陳述。這些陳述係基於管理層目前的預期與信念，並涉及可能導致實際結果與該等前瞻性陳述所描述內容出現重大差異的風險與不確定性。除法律要求外，公司不承擔更新本次電話會議中所作任何前瞻性陳述，或因新資訊、未來事件或其他原因而更新或修改其前瞻性陳述之義務。

Please refer to today's press release and the company's filings with the SEC, including its most recent quarterly report on Form 10-Q for the quarter ended March 31, 2026, for a detailed discussion on certain risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

請參閱今日新聞稿以及公司向美國證券交易委員會（SEC）提交的文件（包括截至 2026 年 3 月 31 日季度的最新 Form 10-Q 季度報告），以了解可能導致實際結果與今日任何前瞻性陳述所明示或暗示內容出現重大差異之若干風險的詳細討論。

In today's conference call, we will refer to certain non-GAAP financial measures, such as adjusted EBITDA, as we discuss the first quarter 2026 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.motorsportgames.com.

在今天的電話會議中，我們在討論 2026 年第一季財務結果時，將提及若干非 GAAP 財務衡量指標，例如調整後 EBITDA。您可在公司今日稍早發布的新聞稿中，找到這些非 GAAP 指標與其最直接可比的 GAAP 指標之調節表，以及其他相關揭露；該新聞稿亦可於 Motorsport Games 官網 www.motorsportgames.com 的投資人關係專區取得。

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

接下來我想把電話會議交給 Motorsport Games 執行長 Stephen Hood。Stephen？

Thank you, Ben. Good afternoon, everyone, and thank you for joining the Motorsport Games first quarter 2026 earnings call. We have started 2026 from a position of real financial strength. Revenues of $4 million in Q1 have more than doubled year on year. We have once again generated positive operating income, posted significantly improved adjusted EBITDA and continue to grow our cash position from operations. The ongoing delivery of Le Mans Ultimate content or downloadable content or DLC, plus the ever-improving monetization of RaceControl are key to those revenues.

謝謝你，Ben。各位下午好，感謝各位參加 Motorsport Games 2026 年第一季財報電話會議。我們以真正強勁的財務狀態開啟 2026 年。第一季營收為 400 萬美元，較去年同期增加逾一倍。我們再次實現正的營業利益，調整後 EBITDA 顯著改善，並持續透過營運增加現金部位。《Le Mans Ultimate》內容（或可下載內容 DLC）的持續交付，加上 RaceControl 變現能力的持續提升，是帶動這些營收的關鍵。

The financial independence we have now built driven principally by the consistent commercial success of our primary gaming title, Le Mans Ultimate and the recurring revenue we are generating through RaceControl is what has given us the ability to act decisively in the early weeks of this quarter, both for the benefit of all our shareholders and to set the company up for its next stage of growth. I will come back to that shortly.

我們如今建立的財務自主性，主要來自核心遊戲作品《Le Mans Ultimate》持續穩定的商業成功，以及我們透過 RaceControl 所創造的經常性收入。這也讓我們能在本季初的幾週內果斷採取行動，既為全體股東帶來利益，也為公司下一階段成長做好布局。我稍後會再回到這點。

First, on Le Mans Ultimate. Player engagement continues to accelerate. On March 31, we once again recorded a new all-time player peak, more than 8,800 concurrent players on Steam. This new peak was determined around the release of Version 1.3, introducing Circuit de Barcelona-Catalunya, the Duqueine LMP3 race car, and Logitech Trueforce support.

首先談《Le Mans Ultimate》。玩家參與度持續加速成長。3 月 31 日，我們再次創下 Steam 平台同時在線玩家數的歷史新高，超過 8,800 人。這一新高出現在 1.3 版發布前後，該版本新增了巴塞隆納-加泰隆尼亞賽道（Circuit de Barcelona-Catalunya）、Duqueine LMP3 賽車，以及 Logitech Trueforce 支援。

This growth in player numbers is not a one-off. We have consistently reported player growth since launch. In the first quarter of 2025, we had a peak of 4,000 players and an average of just over 1,300. Peak concurrent players grew 118% year over year. However, the metric we track most closely is average concurrent users because it strips out the spikes from content releases and shows whether people are actually sticking around. That number grew 169%. The floor is rising, not just the ceiling.

玩家數的成長並非一次性的。我們自上市以來持續回報玩家成長。2025 年第一季，我們的同時在線峰值為 4,000 人，平均略高於 1,300 人。同時在線峰值年增 118%。然而，我們最密切追蹤的指標是平均同時在線用戶數，因為它能排除內容發布帶來的尖峰，並顯示玩家是否真的持續留存。該數字年增 169%。提升的是底部，而不只是天花板。

Looking ahead to the second quarter, we have an update planned for release in June to coincide with the real-world 24 Hours of Le Mans, the highlight of the World Endurance Championship upon which our game is based. The persistent cadence of meaningful improvements that has defined our work over the past 2 years continues and continues to be funded by the company's own operating performance.

展望第二季，我們計畫於 6 月推出更新，以配合現實世界的利曼 24 小時耐力賽（24 Hours of Le Mans）——這是世界耐力錦標賽（WEC）的年度焦點，而我們的遊戲正是以此為基礎。過去兩年來定義我們工作的「持續且有意義的改進節奏」仍在延續，並且持續由公司自身的營運表現提供資金支持。

I want to take a moment to speak about RaceControl specifically because I think it deserves to be understood not just as a feature supporting Le Mans Ultimate, but as a stand-alone platform business in its own right. RaceControl is our proprietary matchmaking, competition and live service platform. It is the infrastructure layer that powers organized racing for our community and increasingly, for those partners who want to reach that community.

我想花點時間特別談談 RaceControl，因為我認為它值得被理解為不僅是支援《Le Mans Ultimate》的功能，而是一個獨立的平臺型業務。RaceControl 是我們自有的配對、競賽與即時服務（live service）平臺。它是基礎設施層，為我們社群提供有組織的賽事運作，並且日益成為那些希望觸及該社群之合作夥伴的動力來源。

Monthly recurring revenues have exceeded $0.2 million and the first three months of 2026 have been among the strongest periods of growth we have seen since launch. But what excites us the most is not where RaceControl is today; it is how quickly it can add meaningfully to our growth profile as we continue to layer in features and functionality. The road map ahead is substantial, and each addition compounds the platform's value to both our players and our commercial partners.

每月經常性收入已超過 20 萬美元，而 2026 年前三個月是我們自上線以來所見最強勁的成長期之一。但最令我們振奮的不是 RaceControl 今天的規模，而是隨著我們持續疊加功能與特性，它能以多快的速度對我們的成長輪廓做出實質貢獻。未來的產品路線圖相當龐大，而每一次新增都會使該平臺對玩家與商業合作夥伴的價值產生複利效應。

What makes RaceControl particularly attractive from a financial perspective is its margin profile. As a platform business built on infrastructure we already own and operate, incremental revenue carries significantly more favorable EBITDA contribution than our content business. It is, in the truest sense, a high-quality revenue stream, recurring, scalable and deeply embedded in the daily behavior of our most engaged players.

從財務角度來看，RaceControl 特別具吸引力之處在於其利潤率結構。作為建立在我們既有且自營之基礎設施上的平臺型業務，其增量收入對 EBITDA 的貢獻顯著優於內容業務。就最真實的意義而言，這是一條高品質的收入來源：經常性、可擴展，並深度嵌入我們最投入玩家的日常行為之中。

Beyond direct subscription revenue, RaceControl is becoming the activation layer of choice for automotive manufacturers, motorsports series and global consumer brands seeking direct engagement with a highly targeted, highly passionate audience.

除了直接的訂閱收入之外，RaceControl 正逐步成為汽車製造商、賽車系列賽事以及全球消費品牌的首選啟動層（activation layer），以便與高度精準、熱情度極高的受眾進行直接互動。

Our recent collaboration with Genesis, the luxury automotive brand and WEC newcomer, demonstrates what that looks like in practice, and we are delighted that Logitech, one of the world's leading gaming hardware manufacturers, has chosen RaceControl as a platform to power the Logitech G Challenge Esports series. These are not peripheral partnerships. They are a validation that RaceControl has become an infrastructure that serious organizations want to access.

我們近期與豪華汽車品牌、同時也是 WEC 新加入者的 Genesis 的合作，展示了實務上會是什麼樣貌；我們也很高興 Logitech——全球領先的遊戲硬體製造商之一——選擇 RaceControl 作為平臺，為 Logitech G Challenge 電競系列賽提供支援。這些並非邊緣性的合作關係，而是對 RaceControl 已成為嚴肅機構希望接入之基礎設施的驗證。

The combination of Le Mans Ultimate's ongoing commercial momentum, RaceControl's growing recurring revenue layer and our consistent operating profitability provides us with useful flexibility going forward. Progress on bringing Le Mans Ultimate to PlayStation and Xbox, in collaboration with our development partners, continues as planned. We are deepening investment in our proprietary simulation technology, which is the long-term retention engine for the core of our market. We are strengthening the team with targeted hires across engineering, platform and strategic leadership, and we are in the formative stages of preparing a new long-term project.

《Le Mans Ultimate》持續的商業動能、RaceControl 不斷成長的經常性收入層，以及我們一貫的營運獲利能力，為我們未來提供了有用的彈性。與開發合作夥伴協作下，將《Le Mans Ultimate》帶到 PlayStation 與 Xbox 的進展仍按計畫推進。我們正加大對自有模擬技術的投資，這是我們核心市場長期留存的引擎。我們也透過在工程、平臺與策略領導等領域的精準招募來強化團隊，並正處於籌備一個新的長期專案的初期階段。

This new title will leverage everything we have built from our simulation technology, our live service infrastructure, our RaceControl platform and the community relationships we have cultivated through our popular racing game, Le Mans Ultimate. This is not a speculative greenfield project, but one that is being designed to take another giant stride in the company's output with the same accessible discipline that has defined our reemergence as a premier racing game developer. We believe this represents a significant long-term value creation opportunity, and we look forward to sharing more in due course.

這款新作品將運用我們在模擬技術、即時服務基礎設施、RaceControl 平臺，以及透過熱門賽車遊戲《Le Mans Ultimate》所培養的社群關係等方面所建立的一切。這不是一個投機性的全新綠地專案，而是以同樣可落地的紀律來設計，旨在讓公司的產出再向前邁出一大步；這種紀律也正是我們重新崛起為頂尖賽車遊戲開發商的關鍵。我們相信這代表一個重要的長期價值創造機會，並期待在適當時機分享更多資訊。

On console specifically, our exact timing for the release of Le Mans Ultimate remains subject to further development progress. The work undertaken is complex. Realistically, we expect to announce more details on launch as we enter 2027 as we move into the latter stages of the project and build confidence in our expected launch window. As previously mentioned, we are taking a careful quality-first approach and plan to select the best release window rather than deliver out of financial necessity. Our existing and future player base is very vocal about their desire for a console release for Le Mans Ultimate, and we are pleased to confirm that development is progressing well.

就主機平台而言，《Le Mans Ultimate》發行的確切時程仍取決於後續的開發進度。我們正在進行的工作相當複雜。務實地說，隨著我們在 2027 年進入專案後期並對預期的上市時間窗建立更高信心，我們預計將在那時公布更多關於上市的細節。如先前所提，我們採取謹慎、以品質優先的策略，並計畫選擇最佳的發行窗口，而非因財務需求而倉促推出。我們現有及未來的玩家社群對《Le Mans Ultimate》推出主機版的期待非常強烈，我們也很高興確認開發進展良好。

I would now like to turn to a series of corporate actions we executed in the past few weeks, which mark a significant step forward for the company. We repurchased 904,395 shares of our Class A common stock from Driven Lifestyle Group, LLC. As part of that transaction, all Class B shares, which have carried a 10x voting advantage were retired, meaning every share now holds equal voting power. Shareholders also approved an expansion of the awards available under our employee equity plan, giving us an important tool to incentivize and retain the people driving our growth.

接下來我想談談我們在過去幾週執行的一系列公司行動，這些行動標誌著公司向前邁出重要一步。我們自 Driven Lifestyle Group, LLC 回購了 904,395 股 A 類普通股。作為該交易的一部分，所有原本享有 10 倍表決權優勢的 B 類股份已被註銷，意味著現在每一股都擁有相同的表決權。股東亦核准擴大員工股權計畫下可授予的獎勵額度，為我們提供一項重要工具，以激勵並留任推動公司成長的人才。

Before I hand over to Stanley, I want to step back and reflect on what this moment represents for Motorsport Games. The corporate actions we executed this quarter, the repurchase of shares from Driven Lifestyle, the retirement of Class B voting rights, the Citibank credit facility are not simply transactional steps. They are a direct reflection of how far this company has come.

在我把時間交給 Stanley 之前，我想退一步回顧這一刻對 Motorsport Games 的意義。我們本季所執行的公司行動——向 Driven Lifestyle 回購股份、註銷 B 類表決權、以及花旗銀行的信貸額度——不僅僅是交易層面的步驟。它們直接反映了這家公司一路走來所取得的進展。

And I want to take a moment to thank Driven Lifestyle. They were with us at inception and their early support was critical in getting Motorsport Games to where we are today. Their decision to retain a minority shareholding in the company is not only a vote of confidence in our future; it was also a pragmatic outcome from our balance sheet. By retaining an equity stake rather than a full cash exit, we were able to achieve the same strategic result, the retirement of all Class B super voting shares and the return of equal voting rights to all shareholders while deploying less cash to do so.

我也想藉此機會感謝 Driven Lifestyle。他們在公司創立之初就與我們同行，早期的支持對於 Motorsport Games 能走到今天至關重要。他們決定保留公司少數股權，不僅是對我們未來的信任投票；同時也符合我們資產負債表的務實考量。透過保留股權而非完全以現金退出，我們得以在投入較少現金的情況下達成相同的策略結果——註銷所有 B 類超級表決權股份，並讓所有股東恢復同等表決權。

These actions also point forward. Our strengthened financial position built from operations has given us the ability to act decisively. We have returned greater ownership and strategic influence at the company, secured additional flexibility through the Citibank facility and positioned ourselves for the next phase of growth.

這些行動也指向未來。我們由營運所建立的更強健財務狀況，使我們能夠果斷行動。我們已讓公司回到更高程度的所有權與策略影響力，同時透過花旗銀行的額度取得額外彈性，並為下一階段的成長做好定位。

Everything we have built has been purposeful: the simulation technology, the live service infrastructure, RaceControl, the community, the commercial partnerships, we have been building a foundation, one that we continue to advance all whilst demonstrating its value supporting products like La Mans Ultimate. We are not yet in a position to share the full detail of what that foundation will support next, but I want to be direct. We have a product road map, we believe has the potential to drive a very meaningful revenue and profit growth in 2027 and beyond. and we expect to discuss it in detail on our Q3 earnings call.

我們所打造的一切都具有明確目的：模擬技術、即時服務基礎設施、RaceControl、社群、商業合作夥伴關係——我們一直在建立一個基礎，並持續推進，同時也透過支援《La Mans Ultimate》等產品來證明其價值。我們目前尚未能分享這個基礎接下來將支援哪些完整細節，但我想直言不諱：我們有一份產品路線圖，我們相信它有潛力在 2027 年及之後帶來非常顯著的營收與獲利成長。我們預計在第三季財報電話會議上進一步詳細說明。

What I can tell you today is that our next stage of growth will not require us to start from scratch. It will leverage everything we have already proven: our technology, our platform, our audience and our operational discipline. The risk profile of what comes next is fundamentally different from the traditional game development bet because the foundation is already in existence and generating returns. We look forward to telling you much more.

我今天可以告訴各位的是，我們下一階段的成長不需要從零開始。我們將運用所有已被驗證的成果：我們的技術、平台、受眾以及營運紀律。接下來的風險輪廓與傳統遊戲開發的押注本質上不同，因為這個基礎已經存在並且正在產生回報。我們期待之後能與各位分享更多。

For now, I'll hand over to Stanley Beckley, our Chief Financial Officer.

接下來我把時間交給我們的財務長 Stanley Beckley。

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 first quarter of 2026. Revenues for the quarter were $4.0 million, up by $2.3 million or 129.3% when compared to the same period in the prior year. The increase in revenues was primarily due to a $1.6 million increase from sales of Le Mans Ultimate and a $0.7 million increase in RaceControl subscriptions compared to the same prior year period.

謝謝你，Stephen，各位晚安。與以往的財報電話會議一樣，我今天不會提供任何前瞻性指引。相反地，我將專注於更新我們 2026 年第一季的財務結果與重點。該季營收為 400 萬美元，較去年同期增加 230 萬美元，增幅為 129.3%。營收增加主要來自《Le Mans Ultimate》銷售增加 160 萬美元，以及 RaceControl 訂閱收入較去年同期增加 70 萬美元。

Monthly recurring revenues for RaceControl subscriptions now exceed $0.2 million. Management plans to grow this important revenue stream as we continue to diversify our product mix and work towards our goal of becoming a multi-format and multi-title video game developer and publisher. Net income for the first quarter of 2026 and 2025 was approximately $1.0 million, respectively. Net income attributable to Class A common stock was $0.06 per share for the first quarter of 2026 compared to net income per share of $0.33 for the same period in the prior year.

RaceControl 訂閱的月度經常性收入目前已超過 20 萬美元。管理團隊計畫持續擴大這項重要的收入來源，因為我們將持續多元化產品組合，並朝成為多平台、多作品的電玩遊戲開發商與發行商之目標邁進。2026 年與 2025 年第一季的淨利各約為 100 萬美元。2026 年第一季歸屬於 A 類普通股的每股淨利為 0.06 美元，去年同期每股淨利為 0.33 美元。

We are reporting adjusted EBITDA of $1.5 million for the first quarter of 2026 compared to $0.6 million for the same period in the prior year. The improvement in adjusted EBITDA of $0.9 million was primarily due to the same factors driving the previously discussed change in net income for the first quarter of 2026 when compared to the same period in the prior year as well as an increase in stock-based compensation compared to the prior year period.

我們報告 2026 年第一季調整後 EBITDA 為 150 萬美元，去年同期為 60 萬美元。調整後 EBITDA 改善 90 萬美元，主要原因與先前所述、推動 2026 年第一季相較去年同期淨利變動的因素相同，此外也包含相較去年同期股票基礎給付費用的增加。

As it relates to liquidity, as of March 31, 2026, we had cash and cash equivalents of $5.9 million, which decreased to $3.8 million as of April 2026 due to the company's $3.7 million repurchase of its shares from Driven Lifestyle Group LLC on April 22, 2026, partially offset by cash inflows from operations. Management believes that this share repurchase from Driven Lifestyle will strengthen our corporate governance structure and position the company for its next stage of growth whilst underscoring our confidence in our business and liquidity position.

就流動性而言，截至 2026 年 3 月 31 日，我們持有現金及約當現金 590 萬美元；由於公司於 2026 年 4 月 22 日以 370 萬美元向 Driven Lifestyle Group LLC 回購股份，截至 2026 年 4 月現金及約當現金降至 380 萬美元，部分由營運現金流入所抵銷。管理團隊認為，這次向 Driven Lifestyle 的股份回購將強化我們的公司治理架構，並在彰顯我們對業務與流動性狀況信心的同時，使公司為下一階段成長做好準備。

During the 3 months ended March 31, 2026, we generated an average positive cash flow from operations of approximately $0.5 million per month that was primarily due to increased profitability and the capitalization of internally developed software. We currently have no purchase commitment liabilities.

在截至 2026 年 3 月 31 日止的 3 個月期間內，我們自營運產生的平均每月正向現金流約為 50 萬美元，主要來自獲利能力提升以及內部開發軟體的資本化。我們目前沒有任何採購承諾負債。

Furthermore, our working capital as of March 31, 2026, was $5.2 million versus $4.2 million as of December 31, 2025, underscoring a much improved balance sheet and liquidity position. Management remains confident in the company's product road map as we work towards porting Le Mans Ultimate and console over the next several months.

此外，截至 2026 年 3 月 31 日，我們的營運資金為 520 萬美元，而截至 2025 年 12 月 31 日為 420 萬美元，凸顯資產負債表與流動性狀況大幅改善。管理團隊對公司的產品路線圖仍具信心，並將在未來數月持續推進《Le Mans Ultimate》移植至主機平台的工作。

We also secured a $3 million revolving line of credit from Citibank in February 2026. As of March 31, 2026, there was no amount owed to Citibank under the revolving line of credit. As of April 30, 2026, there was $1.2 million owed to Citibank under this revolving line of credit.

我們也於 2026 年 2 月自花旗銀行取得 300 萬美元的循環信用額度。截至 2026 年 3 月 31 日，該循環信用額度下並無任何對花旗銀行的欠款。截至 2026 年 4 月 30 日，該循環信用額度下對花旗銀行的欠款為 120 萬美元。

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

感謝各位撥冗參與。接下來我把電話會議交回 Stephen 進行結語。

In closing, the story of Q1 is a simple one. Le Mans Ultimate continues to grow. Our financial position continues to strengthen, and that strength is now actively translating into action. For our shareholders, that means meaningfully improved governance. For the long-term health of the business, it means continued investment in our team, our technology and the opportunities we are now in a position to pursue.

最後，第一季的故事很簡單：《Le Mans Ultimate》持續成長。我們的財務狀況持續強化，而這份強健如今正積極轉化為行動。對股東而言，這代表公司治理獲得實質改善。對企業的長期健康而言，這意味著我們將持續投資於團隊、技術，以及我們如今有能力追求的各項機會。

We are no longer running multiple games from a position of necessity. We are running it from a position of strength with options, with conviction and with a clear sense of where we are taking this company. The future we are building is not just for the next quarter; it is for the next decade.

我們不再是出於不得已而同時推進多款遊戲。我們是以更強勢的姿態在運作：有選項、有信念，並且清楚知道要把這家公司帶往何處。我們正在打造的未來不只是為了下一季；而是為了未來十年。

Thank you all for joining us today. I look forward to updating you on our continued progress. I'll now hand it back to the operator.

感謝各位今天加入我們。我期待向各位更新我們持續取得的進展。接下來我把時間交還給接線員。

(Operator Instructions)

（接線員指示）

Anja Soderstrom, Sidoti & Company.

Anja Soderstrom，Sidoti & Company。

This is Alex on for Anja. My first question is on the Le Mans Ultimate Version 1.3 that you mentioned. It drew a record 8,800 player peak in March, which is an impressive milestone. And I'm curious, how has engagement trended since the launch? And could you talk a little bit about what the road map may look like for the remainder of 2026?

我是代替 Anja 的 Alex。我第一個問題是關於你提到的《Le Mans Ultimate》1.3 版。它在 3 月創下 8,800 名玩家同時在線峰值的紀錄，這是令人印象深刻的里程碑。我想請教，自推出以來玩家參與度的趨勢如何？另外，你能否談談 2026 年剩餘時間的路線圖大概會是什麼樣子？

Alex, it's Stephen. Thank you for your question. I think, to be perfectly honest, it's trending upward. We talked specifically not just about the peaks but actually the average concurrent -- the stickiness of the product. And what we've seen over the history of the product, and certainly since 1.3 remains true, is that with more content and more exposure, we're building a record number of players sitting around buying the content and participating.

Alex，我是 Stephen。謝謝你的提問。我想坦白說，趨勢是向上的。我們特別談到的不只是峰值，還包括平均同時在線——也就是產品的黏著度。我們在產品的整個歷史中看到的情況，而且自 1.3 以來仍然成立的是：隨著更多內容與更多曝光，我們正在建立創紀錄數量的玩家，他們會持續回來購買內容並參與其中。

We're seeing that ground swell, starting to follow the product. We haven't proactively really spent marketing dollars in trying to accelerate that. So it's really organic growth of those player numbers. We do have new content packs that are planned for this year. which will be no surprise to anybody. They've proven very popular. Every time we add more cars, more track content and expand the game offering, which is built around Le Mans and the World Endurance Championship, by its nature, is quite singular.

我們看到那股聲勢正在形成，開始跟著產品走。我們並沒有主動投入行銷預算去加速這件事，所以玩家數的成長基本上是自然增長。我們確實規劃在今年推出新的內容包，這對任何人來說都不會意外，而且它們已被證明非常受歡迎。每次我們加入更多車輛、更多賽道內容並擴充遊戲內容時——而這款遊戲是圍繞 Le Mans 與世界耐力錦標賽打造的——就其本質而言相當獨特。

We found that we reach new players. So we have an idea and a concept for new track content that will reach additional markets because typically, we found we're incredibly strong in Europe, which is no surprise given Le Mans's history and its location, and we've dined out very well on that. But in order to take this game internationally, we're starting to look at additional content that would attract people that aren't naturally bought into the Le Mans concept or European content. So we have got more things to reveal in the future, but I'm quite excited about that. I think it will keep climbing.

我們發現這能觸及新的玩家。因此我們對新的賽道內容有一些想法與概念，能夠觸及更多市場；因為通常我們發現自己在歐洲非常強勢，這並不令人意外，考量到 Le Mans 的歷史與地理位置，我們也確實從中受益良多。但為了把這款遊戲推向國際，我們開始尋找能吸引那些本來不一定對 Le Mans 概念或歐洲內容有興趣的人之額外內容。未來我們還會揭露更多內容，我對此相當興奮。我認為它會持續攀升。

Great context. And you spoke about this in the prepared remarks a little bit that RaceControl continues to expand as another recurring revenue driver. Could you tell us a little bit about where you see recurring revenue as a percentage of the total business going and over the next 12 months or so?

很有幫助的背景說明。你在事先準備的講稿中也稍微提到，RaceControl 持續擴張，成為另一個經常性收入的驅動因素。你能否談談你如何看待經常性收入占整體業務的比重走向，以及未來大約 12 個月左右的情況？

Alex, I can take that. So we currently don't provide forward-looking guidance. What I can speak about is how well RaceControl has done. And in Q1 2026, for example, it was the biggest share of our revenues. Q1 2026 saw us generating RaceControl subscription revenues of $0.8 million, which was 19% of the total revenues of $4 million for the quarter, compared to RaceControl subscriptions only accounting for 6% of our revenues in Q1 2025.

Alex，我來回答。我們目前不提供前瞻性指引。我能談的是 RaceControl 的表現有多好。以 2026 年第一季為例，它是我們營收中占比最大的部分。2026 年第一季我們的 RaceControl 訂閱營收為 80 萬美元，占該季總營收 400 萬美元的 19%；相比之下，2025 年第一季 RaceControl 訂閱僅占我們營收的 6%。

So I can't speak too much about where we see it going in terms of specific numbers, but we do expect it to continue growing as the game becomes more popular and more units are sold. But we are getting to the point where our revenue stream is more diversified with RaceControl subscriptions encompassing a greater share of our total revenues.

因此我無法就我們認為它會走到哪裡提供太多具體數字，但我們確實預期，隨著遊戲更受歡迎、銷售更多套數，它將持續成長。不過我們正逐步走到一個階段：我們的收入來源更加多元化，而 RaceControl 訂閱在總營收中的占比也在提高。

Got it. And last one from us. Can you talk a little bit about the Formula 1 opportunity, what you're doing there today and how you see it evolving? And what sort of pipeline and other related revenue opportunities look like for that?

了解。最後一題。你能否談談一級方程式（Formula 1）的機會：你們目前在那邊做些什麼、你如何看待它的演進？以及相關的產品管線與其他相關的營收機會會是什麼樣子？

Alex, I guess this one is probably for me. The Formula 1 opportunity, I think, is always interesting. Formula 1 is a huge motorsport, the world over, international markets. It's a no-brainer for us to be interested in that space. That's one of the reasons why we were more than happy to provide our technology to power Formula 1 Arcade.

Alex，我想這題大概由我來回答。Formula 1 的機會一直都很有意思。Formula 1 是全球性的巨大賽車運動，涵蓋國際市場。我們對這個領域感興趣是理所當然的。這也是我們非常樂意提供技術來支援 Formula 1 Arcade 的原因之一。

So every arcade venue and every activity that they provide around the world in all their facilities, including the new pop-up facility, is powered by technology owned by and operated by Motorsport Games. That technology actually powers Le Mans Ultimate, a later version of that technology anyhow.

因此，他們在全球各地所有場館的每一個街機據點與所提供的各項活動——包括新的快閃場館——都是由 Motorsport Games 擁有並營運的技術所驅動。那套技術其實也驅動《Le Mans Ultimate》（無論如何，是該技術的較新版本）。

So one of the reasons we did that was to overcome this concept that our technology as a boutique sim racing software developer, which is what we are today, very specialized software company, can produce something that is accessible for a much larger market because people typically think that sim racing software is the preserve of maybe a kid in a bedroom with a simulator rig. This is the kind of stuff I have at home. But anybody can walk in off the street and enjoy our technology in an F1 Arcade venue from grandmas to 10-year-old kids to mom, dad, friends. It's a family entertainment experience powered by sim racing software.

我們這麼做的原因之一，是為了打破這種觀念：我們作為一家精品級的模擬賽車軟體開發商——也就是我們目前的定位，一家非常專精的軟體公司——能夠做出可供更大眾市場使用的產品。因為人們通常認為模擬賽車軟體是某個在臥室裡、擁有一套模擬器設備的孩子才會玩的東西。我家裡也有這種設備。但任何人都可以直接走進 F1 Arcade 場館，享受我們的技術，從祖母、10 歲小孩到媽媽、爸爸、朋友都可以。這是一種由模擬賽車軟體所驅動的家庭娛樂體驗。

That foot in the door with F1 Arcade, the group behind that and Liberty, who are part of that operation, is just part of our strategy to build our relationship with Formula 1: demonstrate the viability of the software, the advantage and the power of the software. I mean, bear in mind F1 Arcade chose not to use the official Formula 1 game, but instead chose Motorsport Games' software, software produced by our developers, Studio 397. And that is a crucial kind of positive step in building relationship, surfacing the technology and really enabling our engineers to provide Formula 1 through F1 Arcade cutting-edge software.

透過 F1 Arcade 這個切入點——其背後的團隊以及 Liberty（也是該營運的一部分）——只是我們建立與 Formula 1 關係策略的一環：展示軟體的可行性、優勢與威力。請記住，F1 Arcade 選擇不使用官方的 Formula 1 遊戲，而是選擇了 Motorsport Games 的軟體，也就是由我們的開發團隊 Studio 397 所製作的軟體。這是在建立關係、讓技術被看見，並真正讓我們的工程師透過 F1 Arcade 為 Formula 1 提供尖端軟體的一個關鍵正向步驟。

And whilst there is an exclusive agreement in place with Electronic Arts at the moment, like any software developer, we would be interested in expanding our offerings in the future. F1 Arcade is set to grow, but we're exploring possibilities about what we could support in terms of single-seater racing in the future, one element of which could be Formula 1. So I think it would be speculation right now. There isn't anything definitive, but we'd certainly be interested in expanding our offering.

此外，雖然目前與 Electronic Arts 之間存在一項獨家協議，但如同任何軟體開發商，我們也會有興趣在未來擴大我們的產品供給。F1 Arcade 預計會成長，而我們也在探索未來在單座賽車方面我們能支援哪些可能性，其中一個元素可能就是 Formula 1。所以我認為現在談還屬於推測，沒有任何定案，但我們肯定有興趣擴大我們的供給。

Thank you. At this time, there are no further questions in queue. This will bring us to the end of the Motorsport Games first quarter 2026 earnings call. We appreciate your time and participation. You may now disconnect.

謝謝。目前排隊中沒有其他問題。這也將帶我們來到 Motorsport Games 2026 年第一季財報電話會議的尾聲。感謝各位的時間與參與。各位現在可以掛線。