Motorsport Games Inc.

Motorsport Games Inc. announced that its Board of Directors increased its size to five individuals and appointed Stephen Hood, the Company's Chief Executive Officer and President, to serve on the Board. This appointment is effective immediately, with Mr. Hood serving as a Class II director until the 2028 annual meeting of stockholders. He will not receive additional compensation for his role as a director.

Motorsport Games Inc. entered into an Amendment to Business Loan Agreement and an Amendment to Promissory Note with Citibank, N.A. on June 15, 2026. The amendments modify an affirmative covenant by revising the definition of Fixed Charge Coverage Ratio to include cash interest expenses in the denominator. Additionally, the maturity date of the promissory note was extended by one year, from February 20, 2027, to February 20, 2028.

Motorsport Games Inc. announced the appointment of Peter Hansen-Chambers as its new Chief Financial Officer, effective July 1, 2026. This leadership change is part of the company's strategy to expand its product portfolio and diversify revenue lines. Current CFO Stanley Beckley will transition to a new role as Chief Accounting and Compliance Officer, ensuring continued focus on financial governance and compliance as the business scales. Mr. Hansen-Chambers brings extensive experience in the video games industry, including scaling a games business and managing significant M&A activities.

Motorsport Games Inc. announced that amendments to its Certificate of Incorporation and Bylaws became effective on May 24, 2026. These amendments, previously approved by stockholders, modify the company's governance structure. Key changes include reserving the right to amend the Certificate of Incorporation and allowing the Board or a simple majority of voting shares to alter the Bylaws. Significantly, the amendments eliminate the ability for stockholders to take action by written consent, requiring all actions to be effected at duly called annual or special meetings.

Motorsport Games Inc. reported a significant increase in revenues for the three months ended March 31, 2026, reaching $4.03 million, a 129% rise from the prior year. Despite this strong top-line growth, net income attributable to the company decreased to $0.32 million, resulting in basic EPS of $0.06. The company also repurchased $3.7 million of its shares in April 2026 and secured a new $3.0 million revolving line of credit with Citibank, which had its maturity extended to February 2028. Cash flows from operations saw a substantial increase to $1.65 million.

Motorsport Games Inc. reported strong financial results for the first quarter ended March 31, 2026, with revenues more than doubling year-over-year to $4.0 million. The company achieved positive operating income and a significant improvement in Adjusted EBITDA to $1.5 million. Key developments include the release of Le Mans Ultimate Version 1.3, securing a new $3.0 million revolving line of credit, and a $3.7 million share repurchase from Driven Lifestyle Group LLC.

Motorsport Games Inc. reported strong financial results for Q1 2026, with revenues more than doubling year-on-year to $4.0 million. The company achieved positive operating income and a significant improvement in Adjusted EBITDA to $1.5 million. Key milestones included the successful release of Le Mans Ultimate Version 1.3, securing a $3.0 million revolving line of credit, and a strategic share repurchase of 904,395 Class A shares for $3.7 million.

Motorsport Games Inc. announced it will release its financial results for the first quarter of 2026 on Wednesday, May 13, 2026, after market close. Following the release, management will host a conference call and webcast on the same day at 5:00 p.m. ET to discuss the results. The webcast will be available live and as a recording for 12 months on the company's investor relations website.

Motorsport Games Inc. announced the repurchase of 904,395 shares of Class A Common Stock from Driven Lifestyle Group LLC at $4.11 per share. This transaction is a significant step in strengthening the company's corporate governance, including the retirement of all Class B shares to establish equal voting rights for all shareholders. Additionally, shareholders approved an increase in awards for the employee equity plan to incentivize and retain talent. The company highlighted its recent turn to profitability and expects a continued strengthening of its financial outlook.

Motorsport Games Inc. stockholders approved the exercise of warrants to purchase up to 949,310 shares of Class A Common Stock at the Annual Meeting on April 23, 2026. This approval makes the warrants, issued on July 29, 2024, immediately exercisable. The warrants include Series A and Series B warrants, primarily at an exercise price of $2.17 per share, with new expiry dates set for October 23, 2031, and October 25, 2027, respectively.