Thank you for standing by, and welcome to Motorsport Games Inc.’s First Quarter 2025 Earnings Call. All lines have been placed on mute to prevent any background noise. 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 first quarter 2025 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 first quarter 2025 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 filings with the SEC including its most recent quarterly report on Form 10-Q for the quarter ended March 31, 2025, 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 first quarter 2025 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 this conference call today. I am pleased to address you today with our company’s outlook in a much improved state. As previously mentioned that the company was not short of suitors following the public sharing of the message we were considering strategic alternatives. This, along with the hard work undertaken by management to reduce costs and liabilities twinned with the positive progress in sales and player numbers for our early access game, Le Mans Ultimate, meant that the company became a realistic and enticing proposition for investment. As a result of this, we recently announced on April 15 a $2.5 million investment into our resurgent business, led by virtual reality headset manufacturers, Pimax. This investment, coupled with the expectation of continued sales performance of our titles has given our business a significant additional breathing room as we further develop our products and continue to assess and act upon the future potential of our company. Thus far, it also appears to have helped increase confidence in the business on the market with shares trading more than 2.5x higher than the period prior to the announcement of the investment. Net revenues from our Le Mans Ultimate racing title were $0.4 million higher in Q1 2025 versus the same prior year period despite Q1 2024 being the release quarter for the game, which is a positively surprising result. Although total revenues for Q1 2025 were lower than the same period in the prior year, primarily due to the reduction in the back catalog of games we have available following the sale of the NASCAR license. It is pleasing to be growing new revenue growth through the Le Mans franchise, but also through our RaceControl subscription platform. RaceControl was and is a major component of our mission to build…

Thanks, 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 first quarter of 2025. Revenues for the quarter were $1.8 million, down by $1.3 million or 41.9% when compared to the same period in the prior year. The decrease in revenues was primarily due to a $1.5 million decrease in NASCAR-related revenues in 2025. A gaming title, we are no longer authorized to sell starting in 2025. A $0.2 million decrease in our rFactor 2 title, offset by a $0.4 million increase in 2025 from sales of Le Mans Ultimate compared to 2024. Net income for the quarter was $1.0 million compared to a net loss of $1.7 million for the same period in the prior year, an improvement of $2.7 million. The increase in net income is driven by an increase in other operating income of $0.5 million, which represents the amount to be reimbursed to the company for legal fees pursuant to the Innovate Settlement Agreement entered on March 27, 2025, a $1.7 million reduction in total operating expenses, primarily related to headcount reductions in Q4 2024 and a $0.2 million gain from the settlement agreement entered into with Luminis on February 20, 2025. Net income attributable to Class A common stock was $0.33 per share in the first quarter of 2025 compared to a net loss of $0.61 for the same period in the prior year. We are reporting adjusted EBITDA of $0.6 million for the first quarter of 2025 compared to an adjusted EBITDA loss of $1.0 million for the same period in the prior year. The improvement in adjusted EBITDA of $1.6 million was primarily due to the same factors…

Thank you again for everyone joining this call today. We are incredibly pleased to have hit this major milestone in receiving our latest investment and remain confident that with our expertise and experiences there will be opportunities to grow this business in the coming years, and we are on the right path to success. I’ll now pass it back to the operator.

Thank you. And this concludes today’s program. We thank you for your participation. You may disconnect at any time.