US-based video game developer, publisher, and esports organiser Motorsport Games has reported a fall in revenue to US$2 million for Q2 2022.
The ten per cent quarter-over-quarter decrease reflects a US$300,000 decrease in sales, partially offset by a US$100,000 increase in esports revenue.
The increase in esports revenue was primarily driven by the 24 Hours of Le Mans event held in January 2022.
Net losses for the three-month period increased US$1.5 million from last year to US$7.5 million, resulting in adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) losses of US$4.9 million.
Adjusted EBITDA losses grew US$1.2 million compared to 2021, driven primarily by a US$900,000 increase in development expenditures, a US$800,000 increase in sales and marketing spend, and a US$600,000 increase in foreign currency losses.