Thank you for standing by and welcome to Motorsport Games Inc.'s Fourth Quarter and Full Year 2024 Earnings Call. A section of our call has been prerecorded. As such, cash used in operations for the year ended December 31, 2024, and our average monthly net cash burn from operations have been adjusted. This information will be updated at the end of the call during the Q&A session. As a reminder, today's conference is being recorded. I would like to turn the conference over to Ben Rossiter-Turner from Motorsport Games. Please go ahead.

Thank you and welcome to Motorsport Games fourth quarter and full year 2024 earnings conference call and webcast. On today's call is Motorsport Games Chief Executive Officer, Stephen Hood; and Chief Financial Officer, Stanley Beckley. By now, everyone should have access to the company's fourth quarter and full year 2024 earnings press release filed today after market close. This is available on the Investor Relations section of Motorsport Games' website at www.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 statement 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 filing to the SEC, including its most recent annual report on Form 10-K for the year ended December 31, 2024, for a detailed discussion of certain 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 fourth quarter and full year 2024 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 www.motorsportgames.com. And now I'd like to turn over the call to Stephen Hood, Chief Executive Officer of Motorsport Games. Stephen?

Thank you, everyone, for joining today's conference call. Our last earnings call in November came at a pivotal moment for Motorsport Games. While our latest title, Le Mans Ultimate had launched with strong potential, we faced the necessary headcount reductions the prior month and publicly stated our intent to explore strategic alternatives. We never thought our turnaround would happen overnight. I think we've been incredibly diligent and unwavering in doing what needed to be done to right-size the company. Costs, be they associated with headcount or prior licensing deals, we've analyzed with a cool head and changed the organization and output of the business. We had to balance aggressive cost reductions with an unwavering commitment to improving product quality. Despite the challenges, Le Mans Ultimate was resonating positively with both consumers and industry influences. However, as an early access title, it remained a work in progress, requiring us to build and sustain goodwill in the face of a difficult corporate backdrop. On December 10, we launched a planned yet significant update to Le Mans Ultimate, which sparked a surge of positivity around the game. Player numbers climbed to levels not seen since our initial launch in February 2024, and in the lead-up to the 24 Hours of Le Mans, Motorsports' most iconic endurance event, and the inspiration behind our game. For months, the game had been increasingly well-received in many circles, but this update helped us break through to an even wider audience. Many players who were previously skeptical of our brand and our ability to deliver a game worthy of its prestigious name gave it a chance and came away impressed. Remarkably, this momentum was achieved without investment in paid marketing, demonstrating the power of organic word of mouth from influencers, media, and passionate players. Some may view this…

Thank you, Stephen, and good evening, everyone. As with previous earnings calls, I won't be offering any forward-looking guidance today. Instead, I will focus on providing an update on our financial results and highlights from the fourth quarter and full year 2024. Revenues for the quarter were $2.0 million, up $0.3 million, or 13% when compared to the same period in the prior year. Higher digital game sales from the release of Le Mans Ultimate in February 2024. We are primary drivers for the increase. Net loss for the fourth quarter of 2024 was $2.9 million, compared to net income of $2.7 million for the same period in the prior year, a decrease of $5.6 million. The increase in net loss is driven by an increase in other expenses of $2.2 million, which is primarily comprised of foreign currency gains incurred in measuring transactions denominated in a currency other than U.S. dollars. Furthermore, in Q4 2023, other operating income included a $3.0 million gain related to the sale of a NASCAR license to iRacing in October 2023. Consequently, net loss attributable to Class A common stock was 0.89 for the fourth quarter of 2024 compared to net income of 0.97 for the same period in the prior year. We are reporting an adjusted EBITDA loss of $2.5 million for the fourth quarter of 2024 compared to an adjusted EBITDA of $0.4 million for the same period in the prior year. The reasons for the decline in adjusted EBITDA are the same as those discussed in respect of the change in net income or loss for the period and comparative quarter, as well as the decrease in stock-based compensation compared to the prior year period. A full year 2024 revenues were $8.7 million, up $1.8 million when compared to the prior…

Thank you, Stanley, and thank you to everyone joining us on this call today. In November, I stated that with the right financing, we had the opportunity to grow this business. That belief remains stronger than ever. In the sim racing industry, respect is earned, not bought, and we are earning it. Motorsport Games, with Studio 397 firmly at the heart of who we are today, is no longer going in circles. With our recent successes a drastically improved financial position and strong momentum, we are a revitalized boutique entertainment studio, poised for the next stage of development and growth. We're certainly not short of suitors, and we're excited for the road ahead. Net cash used in operations for the year ended December 31, 2024 was approximately $2.8 million, representing an average monthly net cash burned from operations of $0.2 million, down $0.9 million when compared to the average monthly cash burn of $1.1 million for the year ended December 31, 2023.

[Operator Instructions] : : It appears that we have no questions at this time. That will conclude today's Motorsport Games, Inc.'s fourth quarter and full year 2024 earnings call. Thank you for your participation. You may disconnect at any time. [No formal Q&A for this event]