Motorsport Games Inc. (NASDAQ: MSGM) is a racing video game developer, publisher, and esports provider focused on official motorsport racing licenses. The company generates revenue primarily through the sale of PC and console games, with Steam accounting for approximately 64% of total revenue and Genba approximately 18% for the year ended December 31, 2025. Motorsport Games was formed in 2018 by Driven Lifestyle as a subsidiary, initially built around the NASCAR license, which was sold to iRacing.com Motorsport Simulations, LLC in October 2023. The company's current portfolio centers on Le Mans Ultimate, based on its exclusive license for the 24 Hours of Le Mans and the FIA World Endurance Championship, held through a 51%-owned joint venture with ACO. Additional products include KartKraft and the rFactor 2 simulation platform, operated through Studio 397 B.V. Console sales fell to approximately 2% of total revenue for the year ended December 31, 2025, down from 45% in 2024, reflecting a sharp shift toward PC distribution.

Revenue model

Transactional game sales via Steam (approximately 64% of FY2025 revenue) and Genba (approximately 18% of FY2025 revenue), with minor console sales on PlayStation and Xbox (approximately 2% of FY2025 revenue). Revenue also includes downloadable content (DLC) sales tied to existing titles.

Products and services

Le Mans Ultimate (PC racing game based on the 24 Hours of Le Mans and WEC license), KartKraft (karting simulation), rFactor 2 (realistic racing simulator platform operated through Studio 397 B.V.), and esports league and event organization for WEC and 24 Hours of Le Mans. rFactor 2 powers F1 Arcade through a partnership with Kindred Concepts. NASCAR game sales ended as of December 31, 2024 under the NASCAR New Limited License.

Customers and end markets

PC and console gamers with a focus on motorsport simulation enthusiasts. Distribution is concentrated through Steam and Genba digital platforms. The company previously served NASCAR fans but exited that license in 2023. End market demand is tied to consumer acceptance of PC and console gaming platforms.

Value-chain role

Licensee, developer, and publisher. Motorsport Games holds exclusive licenses from rights holders such as ACO (for Le Mans and WEC), develops games internally and through subsidiaries, and distributes digitally through third-party platforms including Steam and Genba. The company does not manufacture hardware.

Geographic exposure

The filing does not specify revenue by geography. Studio 397 B.V. is a Netherlands-based subsidiary. The Le Mans joint venture, Le Mans Esports Series Limited, operates internationally tied to WEC and 24 Hours of Le Mans events.

Competitors

iRacing.com Motorsport Simulations

Source: SEC 10-K, filed 2026-03-10

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