I'm happy to welcome Stephen Hood, CEO of the company, and Stanley Beckley, CFO at MSGM. We have about 30 minutes today, including the Q&A. If you have any questions, please feel free to submit them at the Q&A section at the bottom of your screen. With that, I will let you take over, Stephen. Thank you. A company overview, Motorsport Games. From the title alone, I'm sure you can understand we create video games, predominantly on the PC platform today, so desktop computers, which are very popular at home, especially in the racing segment and the simulation segment in which we operate. We produce the racing games, we produce a platform to serve those racing games, and we provide additional services. I'll try to walk you through that. Motorsport Games, MSGM, as a public ticker has just been mentioned, we produce the entire product experience from the delivery of the game through to the online component where we bring players together to enjoy our games as groups of friends do online. It's a very popular pastime these days. We produce additional services and the entire wrapper around that entire experience. The reason we do that is to have complete control over the user experience. Instead of just producing a title and publishing that through a third party, instead of just producing a platform that brings players together online to play, we want to deliver the whole thing so that we can ensure it's of a sufficient quality for the kind of experience that we're trying to deliver today and going forward. We have about 41 staff across the U.K., U.S., and Europe, of which there are 32 developers. We're not the biggest game developer in the world, but we are more of a boutique racing game developer, if you like. The last couple of years have marked a significant change for the business since I returned as CEO, with Stanley alongside me as CFO. We've worked on folding away the distractions, the other projects that weren't really working, and doubling down on our main development arm called Studio 397, an operation we bought many years ago. Those staff are the best of the best in the racing segment. I would describe them as the scientists in white coats, the great of the technology, the secret sauce that makes a racing game so compelling that makes players want to turn another lap as soon as they've tried it. Our main games at the moment are served through the Steam platform. Steam is a marketplace, if you like, that all of the PC gamers go to in order to purchase their titles. It's got a global audience in Steam. It's really the shopping mall, if you like. Further to that, we have an online platform called RaceControl, which is the matchmaking service for players that brings them into our racing games and enables them to find other users that are also trying to play the same game, gets them on track together. It makes things very simple for our players. They just boot up the game and everything else feels very seamless. Le Mans Ultimate is our core title at the moment. This is our main game. It's an officially licensed game. You will have probably heard of the Le Mans 24 Hour Race, a very famous race that takes place in June every year in France. It's officially licensed with the people behind the Le Mans 24 Hour Race and the accompanying World Endurance Championship that sees the likes of reputable manufacturers like Ferrari, Porsche, or Aston Martin competing in different categories of cars. Endurance racing is not just one type of car on track. It's actually a mixed grid. You have hypercars, the fastest cars. You have LMP2s, which are the mid-ground, and then you have, very similar to road-going cars, GT3 cars, competing on the same track at the same time. Quite interestingly, in endurance racing, and particularly Le Mans, you have multiple drivers per car because it's an endurance race. Sometimes the races are four hours, up to 24 hours. This, for us, is a very novel, innovative thing to bring into the racing market. Sharing a car, instead of friends going to the track, you know, suddenly becoming enemies because only one person can win, you can work with your buddies. Like a lot of very popular gaming titles these days, you can form a squad and go online and compete together. That's exactly what we provide in Le Mans Ultimate. You can play it solo, but you can also play it with friends. You can paint the cars, you can enter into different competitions, you can find these competitions easily through our RaceControl platform. This has been a very popular game for us. It just entered Version 1.0, which in the games industry means, you know, we're tying a knot in that version and adding additional content afterwards. That went into Version 1.0 last July. We're constantly producing updates to this. It's an evergreen title, so we don't expect there to be a Le Mans Version 2, 3, and 4. It's continually updated and it reflects every season. The base game has sold over 240,000 units right now. We have a very small marketing department. We don't put a lot of money behind the marketing vehicle itself, but it's done incredibly well. People are buying additional content and services in this product. This is just a very quick overview of Le Mans Ultimate. The way that we see this product working and our experience over the last 18 months has been phenomenal. Normally, when you release an officially licensed title, you're very much in tune with the real-world calendar. When the big races enter the fray, you see player numbers going up. We see the same kind of things. For example, the L e Mans 24 Hour R ace in June, there was a big peak of new player numbers, but we also pushed out new updates. We weren't sure whether or not players are flocking to the title because of the real race or because there were new updates into the title. Subsequently to that race, we've pushed out new updates and we see player numbers climbing and breaking new records. For us, it's very gratifying to see that players are very interested in new updates and new content coming to the title rather than just what happens in the real world. Though it is an officially based and licensed title, players are interested in the game itself rather than just following the season. RaceControl is our online platform. I mentioned that despite having a very slim team, you know, we keep the best of the best in the operation and we only add people as and when it's necessary. That's our cost-conscious approach these days. In turning a corner, we decided to produce the game, publish the game, and produce the online platform because in the racing segment, some elements of the racing sim market are, how shall I put it, somewhat antiquated. In order to bring about change, we realized we needed to put our hands around all of these services and make sure they were of sufficient quality and better integrated into the product. At the end of the day, the users don't really care for lots of different apps, lots of different services, different websites to go to, where to buy the content, where to find a player base. They want it to be kept as simple as possible. People have a lot of choice these days. We make those things a no-brainer. You just come into our service, you launch our game, it interfaces with the RaceControl platform in the background, it keeps hold of your statistics, it finds other players, it tells you how you're doing in terms of progress. As of last December, we added a subscription component so you can buy new content, subscribe to new perks, enter specific championships. That subscription service has generated near $1 million in annual recurring revenue since it launched just seven months ago. That is a big step forward for the company. We produce the game, we generate those revenues, we produce the content like new tracks and cars. Now we have an online component and an online service that people seem to be flocking to. We have over 250,000 users in this platform alone, and that's growing month over month. rFactor 2 is another title in our portfolio. rFactor 2 is a much-loved racing simulation. It's really, for us, it's for the hardcore audience. It wasn't built with an entertainment experience in mind. It was a sandbox of different racing content, and it's still much loved in the gaming space today. Le Mans Ultimate was built on top of rFactor 2. All of our learnings from the video games industry were applied to this great technology where they've got the secret sauce, the really compelling elements that make our simulation driving experience first class. That comes from rFactor 2 and is upgraded into Le Mans Ultimate. You can see the lineage here. It started with something that was very special. Le Mans Ultimate was built on top of that. This technology is also deployed elsewhere. You will have probably heard of F1 Arcade from Kindred Concepts. This is an officially licensed kind of social experience with Liberty Media, the group behind Formula 1. F1 Arcade came to Motorsport Games and Studio 397, our development operation, and asked to use our rFactor 2 technology for their F1 Arcade experiences. There's a modified version of this technology base that is leveraged in their six sites that I think they have now across the U.S. and a couple in the U.K. It's extremely popular. You get people walking in off the street who go there for the dining and bar experience, who also participate in these F1 races. All of that software comes from us. There are conversations around how we expand that in the future, migrating this technology to Le Mans Ultimate because it's even better, and possibly even getting this closer to Liberty Media, which gives us a play on Formula 1 in the future. The technology, not to bore anybody with the technology, this is really the secret sauce stuff behind the curtain that makes one racing game more compelling to play than another. The physics model, the tire model, the really hardcore stuff that makes things feel different is completely owned and operated by Studio 397. Driving one car, say a Ferrari hypercar, and then jumping into a Porsche hypercar, feels very different. We deliver that entire experience. This has many, many years of time and effort behind it, and it's deployed to great effect in Le Mans Ultimate and will be utilized going forward. I mentioned RaceControl. We're very proud of the online platform because it gives us control over the ecosystem. We have our own renderer, which is the graphics that you see on screen, and all of our engine. We produce all of the content, the tracks, the cars, all of the art content. That gives us complete control over the pipeline. We can turn this technology to other racing games, other driving experiences, anything with two wheels. That's really our forte. Financial timeline, Stanley. Yes. This slide shows Motorsport Games' financial timeline from when we went public in January of 2021 through our last quarterly earnings report filed on Form 10-Q for Q2 2025. Prior to the last few quarters, and with the exception of Q4 2023, when we sold our NASCAR license, the company had incurred significant operating losses, which were as high as $16 million in Q1 2021 and a negative EPS of $12.97 during that quarter. Prior to the last few quarters, adjusted EBITDA has also been historically negative, and it rose to as high as - $6.6 million in Q3 2022. Over the past couple of years, as Stephen alluded to, management has made a concerted effort to trim operating costs by implementing a cost-cutting plan and focusing on driving revenues and growth related to our core Le Mans Ultimate and rFactor 2 titles, as well as a subscription offering via RaceControl. During Q2 2025, our most recent quarter, we reported a net income of $4.2 million and a net income of $1 million during Q1 of this year. Furthermore, Q2 2025 revenues were 37% higher than the same period in the prior year, despite the fact that we no longer generate revenues from NASCAR games, the license we sold in 2023, and the title we no longer sell starting in 2025. Earnings per share for Q2 2025, our most recent quarter, was $0.82, and it was $0.33 during Q1 2025. Adjusted EBITDA in Q2 of 2025 was $3.7 million and $0.6 million during Q1 of 2025. It is also important to note that after adjusting for non-recurring other operating income of $1.1 million, Q2 2025 was the first quarter in the company's history that income from operations was generated. As we recently created for the six months ended June 2025, we generated an average monthly positive cash flow from operations of $46,000, which included $0.8 million from a Wesco Insurance settlement that was paid to the company and $0.5 million from another company called Innovate. However, even after adjusting for non-recurring cash inflows during the first six months of 2025, a monthly cash burn was less than $0.1 million, which was significantly lower than the $0.2 million during the first six months of 2024, and even lower than the negative monthly cash burn of $1.5 million incurred during the first six months of 2023. We see our cost cutting, our efforts towards focusing on Le Mans and rFactor coming to fruition here with these recent financial results. You can go to the next slide soon. Stephen and I are the core members of the management team. Stephen previously worked in the F1 franchise for U.K. developers, Codemasters, in a prior life. He's out of the U.K. I'm out of our Miami office with over 20 years of experience in accounting and finance. I started my career in public accounting, spending nine and a half years with KPMG, where I was a Senior Manager in the audit practice. These are the members of our board of directors: John, Andrew, and Nav. Paul Huang, he's our most recent board member. He joined the board after the Pimax transaction. Paul is currently a Professor of Mechanical Engineering and Computer and Information Sciences at the University of Delaware, and he provides, he's an advisor to Pimax, the virtual LED headset manufacturer, with regards to their products. The racing games market has continued to grow. It was valued at $5.05 billion in 2024, and it's expected to grow to $6.9 billion by 2032. The racing simulator market, which we currently operate in, is forecasted to grow at 15.6%. That's all reflecting the valuation of companies, the most recent being Codemasters, being acquired by EA for $1.2 billion a few years ago. Thank you, Stanley. The last slide is to talk about upcoming opportunities, like the growth opportunities. We've resolved the challenges around the business and turned the company into a team that produces high-quality titles that seem to be resonating incredibly well with the playing audience. There are innovative features coming to that product on a month-by-month basis, and obviously, new services and subscriptions coming to the fore that seem to be going down very well. That's righted the ship. The big thing for us is to move off the PC platform, which we operate on right now, and we're doing very well there. We've been working on the technology to prepare it for coming across to gaming consoles. The main targets there are the Microsoft Xbox and the Sony PlayStation game consoles to reach a much larger audience because we think not only is that audience much larger, but they're starved of these kind of high-quality experiences. We know what the competitors are doing. We know what other people very close to us are doing, what platform providers are trying to deliver for their audience. We think Le Mans Ultimate, or LMU as we call it, will go down very well with those audiences. That porting process is already underway and probably has another 12 - 18 months left to run before we can roll that out and really build a franchise here. It's a single title right now, but we think it can be a long-term franchise. Beyond that, we may bring back older titles like rFactor 2 to produce a third version of this because there's already a brand name there. We're also looking at driving experiences, high-end driving experiences that really leverage the advantage that our technology provides, and also at the same time, furthering our relationship with Liberty and F1 Arcade, producing similar things to our other providers, licensing our technology elsewhere. We've righted the ship. There's a rosy upside, I'm sure, coming further down the line through use of our technology. I think that sums it up very nicely. Thank you. Thank you so much for the presentation. Can you tell us what is the current focus for MSGM right now? Is it game development, expansion into eSports, licensing? How should investors weigh these priorities? Yes, I think the focus for the company right now is to continue advancing Le Mans Ultimate, the most recent gaming title, because it's doing very well for the company. It's doing very well despite the fact that we're very conservative on our marketing spend. We don't put much effort behind that at all because we're conserving cash. Because it's doing so well in the community, word of mouth has taken us so far. It's resonated across the industry. We have lots of approaches all the time to buy into the license, invest in some capacity, acquire the studio. Now we're in a much stronger financial position. What we want to do is drive home the advantage of Le Mans Ultimate because it's still in its infancy. There's a much bigger market to reach on PC, a tremendous audience to reach on gaming consoles, and it would be foolish of us to avoid that. At the same time, we're trying to advance our online platform because that's a subscription mechanic that seems to be doing very well. Further to that, we want to explore building a new title. Because we've got the wheel turning, we want to double down on the existing title and then utilize that experience on new titles going forward. Is there an operational disadvantage to doing continuous game updates, like for Le Mans Ultimate, versus releasing multiple versions or sequels? It really comes down to whether or not you can derive revenues from those updates. Instead of it being, I mean, for us as a company, and I call Studio 397 and Motorsport Games a boutique game developer because we don't have 500 - 1,000 developers in each title, we're much smaller, but what we are doing is very dynamic and it resonates with the consumer, is producing updates that have a primary focus on revenue generation. Whenever we push out new updates to the product, it's predominantly new content and features that we can monetize. You see these spikes every couple of months with new updates. We're not necessarily doing anything for free. Sometimes we drop free components in there in order to win favor from the community, but we monetize these updates. We are generating revenue all the time. If we were not, we would have a stereotypical model of releasing an annual version of the title. We don't think Le Mans Ultimate is that kind of product. It's more of an evergreen title that we can continually monetize, and that's what we're doing to great effect. Right. Can you talk a little bit about the current development status of the NASCAR 25 and other upcoming releases, and what the timelines for those look like? Yes. NASCAR 25 is produced by a completely different company. We sold the license some time ago. We used to produce the NASCAR franchise. That's how Motorsport Games really started out by buying into a company called 704 Games. The NASCAR license sold to a gaming audience that has certain expectations of a product that weren't met by the company some years ago. Instead of trying to course-correct that title at enormous expense, we decided to sell the license to a company called iRacing in the U.S. who've used another developer to produce a console title that comes out later this year. We're completely out of NASCAR, and that enabled us to focus the entirety of our efforts onto Le Mans Ultimate and RaceControl and actually generate some evergreen revenue by leaving NASCAR behind. Right. Switching gears a little bit and talking about your cash position, can you talk us through your current cash runway and how you manage liquidity while funding development projects? Yes, I can speak on that. As we certainly disclosed in our last filing, our cash as of the end of July was $2.8 million, right? For the first six months of 2025, we generated an average positive monthly cash flow. However, we had one-time cash inflows there. Like I mentioned, we had $0.8 million from an insurance company settlement that was paid to us and $0.5 million from another settlement that was paid to us. Even after adjusting for these non-recurring cash flows, our monthly cash burn was less than $100,000, which is significantly less than it was just a couple of years ago. It was $1.5 million monthly for the first six months of 2023, for example. As it relates to the question about how we fund our development costs, you know, LMU, the gaming title, was released in early access last year. A lot of the development cost for that initial early access release has been incurred. It was taken out of early access and put into Version 1.0 in July. Now it's just, you know, DLC updates, additional content like Stephen alluded to. The bulk of the development expenses for LMU has been funded. Whenever we put out a new update, they're usually significant and we try to monetize them. It usually brings in additional or incremental cash flows that we can then tap into for future updates. Stephen can speak a bit more about this, but one of the most significant updates that will be coming into LMU is the incorporation of the European Le Mans Series in Q4 of this year, I believe. I guess that addresses a couple of the questions that you asked, actually. Will you need any additional financing in the next 12-2 4 months? In the next 12 months to fund our cash from operations, to fund our operating expenses, given our monthly cash burn of less than $100,000 and our cash on hand of $2.8 million as of July, we don't need any cash funding to fund operations, right? If we need to invest in a new title or to port LMU to console, which we're in discussions about, right, we'll need to talk about those finance-related matters. Right. Just one more on the profitability side, will you be able to build on the Q2 profitability and the operating cash flow, or will we be seeing another spike down in the coming quarters for 2025 at least? It's hard to say. We take the position of being optimistic about our product. We believe in LMU and we feel confident about the way it's been received over the past several months, but it's hard for me to say that we'll be able to maintain that level of profitability or that level of cash. It's just hard to say, but we feel really good about the product. Do you guys see any seasonality in revenues, like first half stronger than the second half or the other way around or anything like that? It's more to do with what we decide to release content-wise. There are some sports titles that follow very closely the seasonality of that particular sport. Like if you build a Formula 1 game, then at the beginning of the season, there are a load of players and people tend to fall off towards the end of the season when there's less interest in it. People just gravitate to other things. With Le Mans and a World Endurance Championship, there is a hardcore following for that, and everybody loves endurance racing because they can recognize the cars that they might see on the road or what they dream to own. It's very unique in that sense. People are more attracted to what we're doing to the product. It's actually within our power to drive that seasonality if there is any. We tend to focus on, well, when is the next big update? What is the big theme that we're pushing for? The next theme for Le Mans Ultimate is built around eSports, which we've been very successful with in the past with big Le Mans Virtual shows that attracted the real-world drivers, the real-world manufacturers. We just put on a great kind of long-term championship and show, some of which was televised. We want to do that again because we're trying to double down on the concept of teams of players, groups of friends competing within one car and going online against other people. There's a real kind of novel approach to this in Le Mans Ultimate that probably brings something very interesting to the racing market that isn't experienced elsewhere. Those are the themes that we're in control of. We have new big updates coming out all the time, and we're not short of them. Stanley mentioned European Le Mans. There's a lot more associated series and content and tracks that players are always willing to buy and new cars. We can't build them fast enough. We know we've got a long roadmap ahead of us. Right. What is the company's relationship with the user community? If you decide to join the community Discord, would they be yelling at you or thanking you? Very good question and very good time to ask because a couple of years ago, I think people would have been waiting for us with flaming torches and pitchforks. The reputation of Motorsport Games was not great. I think the company did some things that were questionable some time ago, and we've worked incredibly hard to turn that around to the point where, you know, just a few months ago, I'd say now people are defending us online. We care greatly about what the community says because that's what we've leveraged in order to bring a turnaround to the company. Players want to see the succeeding. They're seeing a beautiful product that's in front of them that they're all enjoying. All of the big streamers and influencers are jumping into this. They're leaving other racing titles to come to ours because we're continually updating it. We've cultivated that relationship with the community to great effect, and I think we'll continue doing that. Yeah. Stephen, to that point, I would encourage everyone to just go to YouTube and search for Le Mans Ultimate. You can go to our web page, look at the comments and the feedback to our product releases and to the gameplay, and LMU in particular. As we all know, people are not sure about expressing their feelings online, and you'll be able to see that the feedback is overwhelmingly positive, right, in terms of what we've put out over the past year or two. Right. Thank you so much. We're at time, but I'd like to thank you very much for sharing your story with us. I'd also like to thank everybody in the audience for listening and spending time with us today. Thank you so much. Thank you. Thank you, everyone.