Motorsport Games down after Q2 loss widens

Motorsport Games

11/08/2022 13:10

** Shares of game developer Motorsport Games  MSGM.O  down
14.7% to 58 cents before the bell
    ** Posts Q2 revenue of $2 mln vs $2.2 mln a year ago
    ** Says net loss was $7.5 mln, wider than $6 mln a year ago
due to higher costs 
    ** Existing cash on hand will be insufficient to fund its
minimum liquidity requirements for at least the next 12 months -
co 
    ** Adds that it will need additional debt, equity financing
or cost control initiatives to help
    ** "We expect a quick resolution to the liquidity crunch,
given the company's current burn rate," brokerage Canaccord
Genuity says; maintains "hold" rating on MSGM
    ** As of last close, stock down ~79% YTD 

 (Reporting by Eva Mathews in Bengaluru)
 ((Eva.mathews@thomsonreuters.com))