Motorsport Games (MSGM) Q3 2026 Earnings Call Transcript

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DATE

Thursday, Nov. 12, 2026

CALL PARTICIPANTS

• Investor Relations - Stanley Beckley
• Chief Executive Officer - Stephen Hood
• Chief Financial Officer - Peter Hansen-Chambers

TAKEAWAYS

• Revenue -- $3.8 million in the third quarter, an increase of 21.8% year over year driven by downloadable content sales and RaceControl subscriptions.
• Gross Margin -- 88% for the third quarter compared to 80.7% in the prior-year period, reflecting a higher mix of high-margin subscription revenue.
• Adjusted EBITDA -- $1.8 million in the third quarter, representing 75.7% year-over-year growth due to increased revenue efficiency.
• Net Income -- $0.7 million for the quarter, marking the seventh consecutive quarter of profitability for the company.
• RaceControl Subscription Revenue -- $2 million for the first nine months, an increase of 186.2% year over year as the platform expanded its share of total revenue to 17.3%.
• Annual Recurring Revenue (ARR) -- $3.4 million as of October, an increase from $2.9 million reported in August 2026 based on monthly recurring revenue of $282,000.
• Paid Subscribers -- 45,000 at the end of September, a 157% increase year over year achieved through organic growth within the Le Mans Ultimate ecosystem.
• Le Mans Ultimate Sales -- 2 million combined units since launch, comprising 520,000 base game copies and 1.5 million individual downloadable content units.
• Concurrent Players -- 11,941 peak users during the October special event, setting a new all-time high for the Le Mans Ultimate title.
• Deferred Revenue -- $1.6 million at quarter end, the highest balance since the initial public offering due to content prepayments and annual subscriptions.
• Operating Cash Flow -- $4.1 million generated in the first nine months, an increase from $2.8 million in the prior-year period supported by increased profitability.
• Cash and Cash Equivalents -- $5.4 million as of Sept. 30, up from $4.1 million a year earlier following warrant exercises and operational cash generation.
• Working Capital -- $4.2 million at the end of the third quarter, improving from a negative $2.2 million balance at the end of 2024.
• Accounts Payable -- $0.4 million as of Sept. 30, a reduction from $3 million at the close of 2024 as the company normalized vendor obligations.
• Capitalized Development -- $1.7 million for the first nine months, an increase from $0.7 million in the prior-year period due to investment in console versions and RaceControl.
• U.K. Video Games Tax Relief -- $0.69 million recognized in the third quarter, which served to reduce reported development expenses.
• Non-GAAP Adjusted Diluted EPS -- $0.19 for the third quarter, compared to $0.18 in the prior-year period.
• Console Development Milestone -- A playable version of Le Mans Ultimate is now running on PlayStation and Xbox, which was achieved ahead of the internal December 2024 schedule.
• Operating Income -- $1.2 million for the third quarter, a 52.4% increase year over year and the sixth consecutive quarter of positive operating results.
• Stockholders Equity -- $8.2 million as of Sept. 30, up from $1.2 million at the end of 2024 following capital structure improvements.
• Line of Credit -- $1.2 million was drawn on a $3 million revolving facility with Citibank as of the end of the third quarter.
• Average Monthly Cash Flow -- An average of $0.5 million was generated per month from operating activities during the first nine months.

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RISKS

• Hansen-Chambers stated, "The main item below operating income this quarter was a $0.5 million tax provision, mainly relating to Studio397, our Dutch subsidiary," which impacted the reported net income for the period.
• Hansen-Chambers stated, "our results are driven by our release calendar as well as by real-world Motorsport events and normal seasonality. So results won't simply rise in a straight line from one quarter to the next."

SUMMARY

Motorsport Games Inc. (NASDAQ:MSGM) reported the completion of its turnaround phase and its transition into a growth-oriented strategic chapter designated as Season 3. Management stated that the company is focused on building a diversified business model to reduce reliance on any single product or licensing relationship. The company reported that its RaceControl platform has matured into a predictable recurring revenue stream, with plans to expand its features to drive higher subscriber conversion rates. CEO Stephen Hood indicated that the company is evaluating several strategic options and potential partnerships to accelerate growth and maximize shareholder value.

• Management announced the December launch of a new in-house web portal for racecontrol.gg, which allows players to engage with the ecosystem via mobile and desktop devices.
• CEO Hood stated, "Bringing RaceControl fully in-house reflects our belief that we should build a moat around the part of the business that has performed extremely well since its inception."
• The company reported a subscription conversion rate of approximately 10% among Le Mans Ultimate owners, which management believes compares well with industry standards.
• CEO Hood confirmed that the console version of Le Mans Ultimate remains on track for a 2027 launch, noting that "it is a complex project, and we are going to define that window as we get closer to launch."
• Management indicated that it does not plan to expand Le Mans Ultimate into unrelated racing categories, opting instead to add content to the existing simulation for several years.
• The company simplified its capital structure during the third quarter by retiring Class B shares and reducing the number of outstanding warrants through exercises in August.
• Management reported that the relationship with Kindred Concepts for F1 Arcade remains active, with discussions ongoing regarding further technology utilization in 2027.

INDUSTRY GLOSSARY

• RaceControl: A proprietary online platform for racing gamers that provides competition management and premium subscription services.
• Le Mans Ultimate: The official video game title developed by the company for the FIA World Endurance Championship.
• DLC (Downloadable Content): Paid or free additional content released for a video game after its initial launch.
• ARR (Annual Recurring Revenue): The projected annual value of recurring revenue from a subscription-based business model.
• MRR (Monthly Recurring Revenue): The total predictable revenue generated by active subscriptions in a single month.
• Adjusted EBITDA: A financial metric that adjusts net income by adding back interest, taxes, depreciation, and other non-cash or one-time items.
• Deferred Revenue: Payments received by the company for products or services that have not yet been delivered or recognized as income.
• U.K. Video Games Tax Relief: A government incentive in the United Kingdom that provides tax credits to developers of culturally British video games.
• Kindred Concepts: The operator and technology partner responsible for the global rollout of F1 Arcade venues.

Full Conference Call Transcript

Operator: Thank you, and welcome to the Motorsport Games Inc.'s Third Quarter 2026 Earnings Call. [Operator Instructions] As a reminder, today's conference is being recorded. I would like to now turn the conference over to Stanley Beckley from Motorsport Games. Please go ahead.

Stanley Beckley: Thank you, and welcome to Motorsport Games Third Quarter 2026 Earnings Conference Call and Webcast. On today's call is Motorsport Games' Chief Executive Officer, Stephen Hood; and Chief Financial Officer, Peter Hansen-Chambers. By now, everyone should have access to the company's third quarter 2026 earnings press release filed today after market close. This is available on the Investor Relations section of Motorsport Games' website at motorsportgames.com. During the course of this call, management may make forward-looking statements within the meaning of U.S. 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. 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 September 30, 2026, for a detailed discussion of certain of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. In today's conference call, we will refer to certain non-GAAP financial measures such as adjusted EBITDA, as we discuss the third 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 motorsportgames.com. And now I'd like to turn the call over to Stephen Hood, Chief Executive Officer of Motorsport Games. Stephen?

Stephen Hood: Thank you, Stanley, and good afternoon to everyone joining us for the Motorsport Games Third Quarter 2026 Earnings Call. This is our seventh consecutive quarter of positive net income. Revenue for the first 9 months was $11.3 million, up 52% on last year. Gross margin rose to almost 86% from 80% and adjusted EBITDA for the quarter grew by more than 75% year-on-year, more revenue with more of each dollar staying in the business. Our CFO, Peter, will later walk through the detail. Le Mans Ultimate and RaceControl continue to drive those gains, and I will come back to RaceControl shortly. I want to pause on a milestone.

Le Mans Ultimate has now passed 2 million sales across all channels, more than 520,000 copies of the base game and as of today, 1.5 million pieces of downloadable content or DLC. DLC is additional paid content. So that is close to 3 pieces of DLC for every copy of the base game with players coming back to spend again on a game they already own. Congratulations, and thank you to the whole Studio397 team and everyone at Motorsport Games. This is a great result and one we should all be proud of.

Every one of those players competing online holds a RaceControl account inside a platform that we own and operate that lets us welcome them more smoothly, speak to them directly and keep reinvesting in their experience. RaceControl is a business in its own right, and it is maturing steadily. The revenue is recurring and predictable. It carries high margins, and it does not rise and fall with the game release cycles the way a traditional title does. It keeps players engaged. It lets us earn from our most committed fans, and it channels that income back into the service and into what we build next.

Close to 1 in 10 Le Mans Ultimate owners now pays for a subscription, which we believe compares well with a typical subscription conversion rate. RaceControl is already central to what we offer, and it will form the backbone of our class-leading experience for years to come. It has matured well in about 2 years, yet we are still at the beginning of a very exciting journey. In December, we released our new web portal in racecontrol.gg, owned and run entirely in-house for the first time. It works on mobile, tablet and desktop and lets our players access and engage with our ecosystem without even opening the game.

To mark the launch, we will have a celebratory offering for our players, and we hope to see a spike in players and subscribers through December and into the first quarter of 2027. Bringing RaceControl fully in-house reflects our belief that we should build a moat around the part of the business that has performed extremely well since its inception. We expect competitors to try to recreate it, but most will look for shortcuts around that investment and understanding needed to deliver a complete platform experience. We have that knowledge. Our platform is operational, it's proven and monetizing well. And anyone trying to copy our success would be starting a long way behind. And crucially, RaceControl is not standing still.

We will keep expanding what it offers with new features and more reasons to subscribe, and we are planning new titles that will build on the recurring subscription success it has driven. Our American content packs have been very well received with Pack 1 delivering the biggest DLC launch day in Le Mans Ultimate's history and Pack 2 following on schedule in September. American Pack 3 remains on track to release in December, and exciting new content will arrive throughout 2027. We do not plan to stretch Le Mans Ultimate into unrelated racing categories, but there is plenty of room to keep adding content for years to come.

Each expansion shows us what attracts players beyond endurance racing, and we plan to use that knowledge in new products aimed at similar and broader audiences in the future. Turning to console. We have reached another major milestone with the playable development version of Le Mans Ultimate now running on console, slightly ahead of our December schedule. It is demanding work, but it opens the game to a much larger audience and what we learn will benefit our future releases. Looking further ahead, the long-term project we had described on our last call is moving.

We are working on several fronts, some evolving partners and licensing, some building new capability, all pointing towards a larger, more diversified business that is less dependent on any single product or relationship. We have more options than at any point in our recent history, and we are very close to deciding which to accelerate. Le Mans Ultimate showed what this team can do. We built that success, and we know how to repeat it. What comes next could go further still, and we will put our effort where it creates the most value for shareholders. We will not announce anything until agreements are signed, but we hope to say more on our next earnings call.

All of this belongs to a bigger shift in how we think about the company. In Seasons, season 1 was the start-up; and season 2, the turnaround, a chapter that is now behind us. This team have achieved great things against the odds. Season 3 is the leap forward, and it is an evolution, not a total reset. We will carry forward everything our people have done well and build on it towards a bigger, brighter future. Every decision I have described today is made with that in mind. And a word on our team before I pass over. Peter Hansen-Chambers has completed his first full quarter as Chief Financial Officer, and it has been a pleasure working with him.

My thanks also go to Stanley Beckley and the finance team for this quarter's reporting and to our studio teams for 2 American content packs and successful Le Mans 24-hour event held in October, which Peter will talk about shortly. And with that, over to Peter.

Peter Hansen-Chambers: Thank you, Stephen, and good evening, everyone. As on our last call, I won't be giving forward-looking guidance today. Instead, I will walk you through our third quarter and 9-month results and what they tell us about the business. Revenue for the first 9 months was $11.3 million, which already exceeds what we delivered in the whole of 2025 with a quarter still to go. Our balance sheet is also in a fundamentally different place from the end of 2024, as I'll come to. That is a result of hard work by a talented and committed team, and it is worth celebrating. However, Stephen and I are very clear: the turnaround is the foundation, not the destination.

What matters from here is how we build a business that is less dependent on any single title, and that work is already underway. First, the numbers. As I said last quarter, our results are driven by our release calendar as well as by real-world Motorsport events and normal seasonality. So results won't simply rise in a straight line from one quarter to the next. That remains the right way to look at us, judge us on the trend over several quarters, which is clearly upwards. On that note, third quarter revenue was $3.8 million, up 21.8% on the same quarter last year and up 6.7% on the second quarter. For the 9 months, revenue was $11.3 million, up 52.3%.

The drivers were downloadable content for Le Mans Ultimate and RaceControl subscriptions. Over the 9 months, Le Mans Ultimate sales rose $2.8 million, mainly from DLC; and RaceControl subscriptions rose 1.3 million. The U.S. Track Pack is a good example of why we keep investing in content. The U.S. Track Pack 1 launched with version 1.4 on July 28 and delivered the biggest downloadable content launch day in Le Mans Ultimate's history. Pack 2 followed on September 22, bringing Road Atlanta and Long Beach. It also shows how we work. We stay close to our community, act on their feedback and keep improving the game. Players' commitment to the game also shows up on our balance sheet.

Deferred revenue, meaning cash players have already paid us for content and services we have yet to deliver, reached $1.6 million at the end of September. That is the highest quarter end balance since our IPO and up from $1.1 million a year ago. After the quarter end, we also saw a strong demonstration of our online service. On October 23 and 24, we ran our 24-hour Le Mans special event, a live 24-hour race for players around the world, entirely on our own RaceControl platform. It put the service to the test, and we delivered it successfully with 11,941 concurrent players, a new all-time high for Le Mans Ultimate.

Stephen has described where RaceControl is heading, so let me give you the numbers behind it. RaceControl subscription revenue for the first 9 months was approximately $2 million, up from approximately $0.7 million a year ago, an increase of 186%. It now represents around 17.3% of our total revenue, nearly double its 9.2% share in the same period last year, and the overall business revenues grew more than 50% over the same period. Based on monthly recurring revenue for October of approximately $282,000, RaceControl is now generating approximately $3.4 million in annual recurring revenue, up from approximately $2.9 million when we reported back in August. We ended September with more than 45,000 paid subscribers, up more than 157% year-on-year.

And to be clear, all this growth continues to be organic. As Stephen explained, our new web portal on racecontrol.gg goes live in December and is owned and managed entirely in-house. The revenue share we have paid to our original technology partner falls away. In financial terms, that is a 10% of RaceControl revenue we've been sharing to date, which from then on stays in the business. Bringing the platform fully in-house also gives us more control and brings RaceControl closer to our product teams. Growth is important, but I'm particularly pleased that we are growing efficiently.

Gross margin for the third quarter was 88%, up from 80.7% a year ago and was 85.8% for the first 9 months against 79.6% last year. Income from operations for the quarter was $1.2 million, up 52.4% year-on-year. That is our sixth consecutive quarter of positive operating income. For the 9 months, operating income was $2.9 million against $2.7 million. It's worth remembering that last year's figure included $1.6 million of one-off other operating income, mostly from settlements. Excluding that, the improvement is substantially greater. Turning to development costs. You will notice the development expense line is lower this quarter. That is not because we have pulled back on the investment, quite the opposite.

We capitalized $1.7 million of development over the 9 months against $0.7 million last year, reflecting continued investment in Le Mans Ultimate, RaceControl and console. In the third quarter, we also recognized approximately $0.69 million of U.K. video games tax relief, which reduced reported development expense. That relief incentivizes the development work we do in the U.K., and we expect to continue claiming it, although the timing and amounts will vary. The main item below operating income this quarter was a $0.5 million tax provision, mainly relating to Studio397, our Dutch subsidiary. The result is net income of $0.7 million for the quarter, our seventh consecutive profitable quarter.

Net income attributable to Motorsport Games was $0.3 million for the quarter or $0.07 a share and $0.21 per share for the 9 months. On an adjusted basis, which we believe better reflects the underlying business, adjusted EBITDA for the quarter was $1.8 million. That is up 75.7% year-on-year and more than double the $0.8 million we reported in the second quarter. For the 9 months ended September 2026, adjusted EBITDA was $4 million, up 99% from the same period last year. Non-GAAP adjusted diluted EPS was $0.19 for the quarter and $0.51 for the 9 months against $0.45 last year.

Reconciliations between net income and adjusted EBITDA, including one-off professional fees that we've excluded this quarter are outlined in our press release and earnings materials posted on the Investor Relations section of our website. The balance sheet is where the progress of the last 2 years is clearest. We generated $4.1 million of cash from operations in the first 9 months of 2026, close to $0.5 million a month, versus $2.8 million during the same 9-month period in the prior year. To put that in context, the cash generated by the business from operating activities this year more than paid from $3.7 million buyback of the Driven Lifestyle shares in the second quarter.

We ended September with $5.4 million of cash, $1.3 million more than a year ago, which included $0.9 million of proceeds from the warrant exercise in August. The comparison with where we were at the end of 2024 is striking. Back then, working capital was negative at around minus $2.2 million. Today, it is $4.2 million. We owed our suppliers and vendors around $3 million at the end of 2024. Today, accounts payable stand at around $0.4 million. Total stockholders' equity has grown from $1.2 million at the end of 2024 to $8.2 million as of September 30, 2026. We also have a $3 million revolving credit facility with Citibank running into February 2028, of which $1.2 million is drawn.

The capital structure is simpler, too. All shares now carry equal voting rights following the retirement of the Class B shares and that all this warrant exercises reduced the number of warrants outstanding. In short, we are no longer managing for survival. We have a solid financial foundation to invest with intent. So where do we go from here? As Stephen mentioned, we are moving into season 3, and the business is well into its strategic initiative to prepare for it. Put simply, this is about shifting from a business shaped by survival to one organized for growth. We are starting where any company should with purpose.

Defining our vision, mission and values, which will guide the big cause ahead of what we build, where we invest and how we structure the business. Through this process, we will build on the strength of our brand, our people and culture. In addition, we are reviewing our corporate structure to resolve legacy matters so that the group is simpler, more efficient and ready to scale. The aim is to set a very deliberate course for growth. Season 3 will also guide how we use our capital. Our stronger balance sheet provides us with the means to act and clarity on our strategy will allow us to move decisively when we see the right opportunities.

We will invest where we see scope for clear returns with pace and discipline. We are already actively pursuing partnerships with other opportunities to accelerate the business. Consider what we have achieved this year, largely from a single title, and you can see what a broader portfolio would mean for this business. We will share more as the work progresses. To wrap up the quarter, revenue of $3.8 million, up almost 22%; a gross margin of 88%; adjusted EBITDA of $1.8 million, up almost 76%; and our seventh consecutive quarter of positive net income. Over the 9 months, we generated $4.1 million of cash from operations.

We ended September with $5.4 million in cash, and we have a record quarter end balance of deferred revenue of $1.6 million. We would encourage you to judge us on the trend, not any single quarter. Thank you. I'll now hand back to Stephen for closing remarks.

Stephen Hood: To sum up the first 9 months. Le Mans Ultimate keeps growing. RaceControl has established itself as a genuine platform business that rivals will try to imitate. And our margins and cash are moving in the right direction. That consistency reflects how we run this business. We now enter season 3 with a strong foundation, real options and a clear ambition, and we look forward to updating you on our next call. Thank you for joining us and for your interest in Motorsport Games. Operator, back to you.

Operator: [Operator Instructions] We'll take our first question from Anja Soderstrom with Sidoti.

Anja Soderstrom: Congrats on the nice progress here. I'm curious with the new version of RaceControl coming up in December, what could that mean in terms of revenue contribution and how does that play into your model?

Stephen Hood: Anja, it's Stephen. Thank you for the congratulations. It's been a great quarter for us. Well, we're not giving forward guidance on what it actually means for the new update for RaceControl. But I think the important thing is you will have seen the historic growth in RaceControl. That growth of RaceControl has been almost entirely organic since its inception. It's done phenomenally well for the business and is a major revenue driver now. Obviously, it's paired to the success of Le Mans Ultimate, our current game. The intention is, and I think we have said this in the last couple of earnings, to really start investing in that RaceControl platform.

Because it's done so well organically, we want to get closer to that technology and get closer to the platform and find a way to drive the uptake of RaceControl to a broader percentage of the players that are playing Le Mans Ultimate. So in order to really get the grips of that and start marketing to the players, adding new features, increasing the uptake because it's been doing so well, we don't want to let that slide. We've decided to start investing into that platform and bring new features and services to it. So I think it's hard to predict exactly how it's going to go. But it's fair to say that we're not letting it slide.

We're going to keep pushing that forward. I don't know if Peter, you want to add anything further to it.

Peter Hansen-Chambers: Sure. Thanks, Stephen. Yes, I think -- I mean, Stephen has covered it pretty well. I think it's clearly strategically very important for us. We're not just thinking about where the role that RaceControl plays today with LMU. The role is pretty obvious. But we do think RaceControl will play a big part in the future of our product lineup, and we're already sort of considering that, anticipating that. And with that in mind, I think it's smart for us to have the expertise fully in-house. I think we mentioned in the script about bringing the RaceControl closer to the product teams.

I think that helps in terms of the team absorbing sort of learnings that come from sort of managing a service like RaceControl, which is a little bit different to sort of selling boxes of games, if you like. And as Stephen said, there's a lot of opportunity for us in terms of improving take-up of the service. And yes, I think I'd say having that in-house is only going to help us to sort of become more mindful as we make plans going forward.

Anja Soderstrom: Okay. And then in terms of the gross margin, it was nice performance there. How sustainable is that, and how should we think about the gross margin? Is there expansion potential from here as you scale up or...

Peter Hansen-Chambers: I mean I think the gross margin, I guess we've been on a bit of a journey with it, probably in part -- well, probably a big part benefiting from RaceControl because we -- the share that we give away is a lot less on RaceControl. So that helps the mix, that helps the business. And as I say, our plan is to continue to sort of nurture RaceControl and to continue monetizing that way. At the same time, other distribution is important. Steam still represents a significant piece for us. And as we've mentioned, our intention is to go on console later in 2027.

And I guess in terms of how that impacts margin will depend how many units we sell. But we still anticipate that RaceControl will continue to sort of help us with that.

Anja Soderstrom: And talking about the console launch, are you still on track for that in the second half or...

Stephen Hood: Yes, I can take that. On the console, yes, we are still on track for '27. I think I've maintained for quite some time. It is a complex project, and we are going to define that window as we get closer to launch, as we get closer to a public launch. The key milestone for us really actually to prove that it is doing phenomenally well is we do have a playable version of that console build now that is available on both PlayStation and Xbox, which it will launch on next year. And it's a vital milestone, actually delivered ahead of time because we're still in November, and we were expecting it for December to close out the year.

So it's a big win for everybody in the studio and our technology partner that is currently pushing ahead of schedule, which is very nice to say. We look forward to that console product coming to market next year.

Anja Soderstrom: Okay. Sounds good. And then in terms of the Formula One Arcade, how many venues are now live and sort of what is the revenue contribution there and what's the potential? And also has that opened up to other discussions with Liberty Media?

Stephen Hood: So I believe they have 13 venues around the world. I might have to double check that because it is something that is sort of constantly changing. But they've grown significantly. We are due to sort of have a conversation with them as we come to the end of 2026 regarding sort of future. As it stands right now -- sorry, just to correct as well because the deal is not actually with Liberty Media, Liberty who own Formula One are an investor in the company. I think the company...

Anja Soderstrom: Okay, I'm so sorry. [indiscernible]

Peter Hansen-Chambers: No, no, no. I think the company is Kindred Concepts. But yes, we have a relationship with them. And actually, we do have dialogue with Formula One anyway. So it is a relationship that we value. It's a relationship that's worked for us over the last few years. I think, yes, in terms of its contribution, it helps. It's not a huge part of our sort of day-to-day. But we continue to service that under the contract that we have and the contract continues into next year. Sorry, I was just going to ask you, Stephen, had anything he wanted to say more about the F1 opportunity.

Stephen Hood: No, I think you also covered that well. I was going to say the Formula One deal, I think, is with Kindred Concepts, is important to the business. We've been very pleased as they utilized our technology. And understandably, given our history, mine indeed with Formula One and of course, Peter's, we're both intimately involved in that project many years ago. But -- we're always looking for new opportunities, and there is an ongoing conversation there with Kindred about what we could do in the future.

And I think actually F1 Arcade is probably at the beginning of its journey as to how they could utilize their technology, and we'd like them to use more of that, including platforms like RaceControl to reach a wider audience. So I think there are many exciting things to discuss, and that's all I was going to add to the conversation. But I think you summarized it well, Peter. Thank you.

Operator: [Operator Instructions] I'm showing no additional questions at this time. This will bring us to the end of today's Q&A session and today's Motorsports Games, Inc.'s Third Quarter 2026 Earnings Call. We appreciate your time and participation. You may now disconnect.

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