Thank you for standing by, and welcome to Motorsport Games, Inc.'s Second Quarter 2025 Earnings Call. [Operator Instructions] As a reminder, today's conference is being recorded. I would now like to turn the conference over to Ben Rossiter-Turner from Motorsport Games. Please go ahead.

Thank you, and welcome to Motorsport Games Second 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 second 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 the 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 the most recent quarterly report on Form 10- Q for the quarter ended June 30, 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 second 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.motorportgames.com. And now I'd like to turn the call over to Stephen Hood, Chief Executive Officer of Motorsport Games. Stephen?

Thank you, everyone, for joining this conference call today. We have some exciting turnaround news, product and Software as a Service or SaaS developments to lay out today as part of our overview of ongoing progress made by the company in the second quarter of the year. Work continues at pace on our primary game title, Le Mans Ultimate. A major update was delivered by Studio 397, our development arm during the run-up to the real-world 24 hours of Le Mans held in June. The game title was demonstrated on site to thousands of people attending Le Mans. Our activation was further enhanced alongside Pimax, a recent lead investor in Motorsport Games with simulators running their latest VR headsets. In our product update, significant gameplay improvements were pushed into the product, including support for teams and driver swap races. In most racing titles, everyone is out for themselves. But with Endurance racing, there are 3 drivers per team, each driving parts of a race. It's a real team effort. And as such, Le Mans Ultimate now delivers upon this collaborative distinction, bringing some of what makes popular multiplayer games playing with friends as a squad, as opposed to against one another to the sim racing genre. Players within the team can customize their car livery to bring their own identity to the racetrack. Liveries can be freely shared around with other players. Some of the designs are very complex works of art. We are planning a delivery market, enabling players to host and trade their custom designs with others through an easy platform extended from our existing race control platform designed to reduce the complexity of sim racing. Now that team events have been incorporated into the product experience, we can accelerate our plan to bring the world's biggest racing…

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 second quarter of 2025. Revenues for the quarter were $2.6 million, up by $0.7 million or 37.7% when compared to the same period in the prior year. The increase in revenues was primarily due to a $1.3 million increase in 2025 from sales of our Le Mans Ultimate Racing title, particularly DLC sales, a $0.2 million increase from Race Control and a $0.1 million increase in our rFactor 2 title compared to 2024, offset by a $0.9 million decrease in NASCAR-related revenues, a gaming title we are no longer authorized to sell starting in 2025. Net income for the quarter was $4.2 million compared to a net income of $2.1 million for the same period in the prior year, an improvement of $2.1 million or 103%. The increase in net income is driven by an increase in revenues, lower operating expenses as well as $0.8 million from the Wesco insurance company settlement in June 2025. Net income attributable to Class A common stock was $0.82 per share for the second quarter of 2025 compared to $0.77 for the same period in the prior year. I am pleased to report that after adjusting for other nonrecurring other operating income of $1.1 million, Q2 2025 was the first quarter in the company's history that income from operations was generated. We are reporting adjusted EBITDA of $3.7 million for the second quarter of 2025 compared to an adjusted EBITDA loss of $0.5 million for the same period in the prior year. The improvement in adjusted EBITDA of $4.2 million was primarily due to the same factors driving the previously discussed change in net income for the second quarter of 2025 when compared to the same period in the prior year as well as a decrease in stock-based compensation compared to the prior year period. As it relates to liquidity, as of June 30, 2025, we had cash and cash equivalents of $2.4 million, which increased to $2.8 million as of July 31, 2025. For the 6 months ended June 30, 2025, we generated an average positive cash flow from operations of approximately $46,000 per month to $0.8 million from the Wesco Insurance Company settlement in June 2025 and $0.5 million from a settlement agreement with HC2 Holdings II, Inc. in March 2025. Thank you all for your time. And now I will turn the call back to Stephen for closing remarks.

Thank you again for everyone joining this call today. You can no doubt tell, we're happy to bring you this update, showing our turnaround is really kicking into gear. This provides us with great satisfaction, but it's partly a much bigger story we're going to be telling over the next few quarters. Motorsport Games has an evergreen gaming product on its hands. We're seeing record player numbers. Our subscription service has added a SaaS component to the business, and we're investing in driving that component forward to the benefit of our loyal customers. I'll now pass it back to the operator.

And there are no questions on the line at this time, so we will conclude today's program. Thank you for your participation in Motorsport Games' Second Quarter 2025 Earnings Call. You may now disconnect.