During a financial earnings call for the third quarter of 2022 for Motorsport Games on 18th November 2022, CEO Dmitry Kozko moved to reiterate its development plan for 2023.
“Everything that we anticipated with our 2022 restructuring plan has been already executed,” clarified Kozko on the call, when quizzed about the game developer’s recent cost-cutting changes.
“Of course, we will continue to explore additional areas of savings to reduce our cash burn potentially further.
“However, the company is currently in its lean position and focused on the [game] development resources. In those particular departments, we are expanding and investing in.”
This follows a September reshuffle, whereby laying off management team members aimed to deliver $4 million of cost reductions by the end of 2023.
Game development investment continues unabated
“Anything towards the better good of our product and future product roadmap is where the focus and resources are all going,” said Kozko.
“We will not look for making any reduction in those areas, because quite honestly that’s our livelihood.”
Speculation has been rife of late with regard to the Miami-headquartered businesses’ current and future gaming projects, following recent board changes and today’s (18th November) financial results.
Between July to September 2022 (ending 30th September), the company’s net loss was $8.5 million and its adjusted EBITDA loss was $6.5 million.
“We continue to explore all options available,” said Kozko on the call regarding the firm’s liquidity.
“We are a product-based company and we have to bring those good products to market. Until we do so, we will continue to invest.”
2023 game line-up currently unchanged
When speaking to the 2023 slate of upcoming games, which include IndyCar, NASCAR and a 24 Hours of Le Mans experience, as it stands, Kozko is adamant that the projects remain on track.
“We haven’t made any changes to the anticipated delivery dates [to our] products,” he said on the investment call.
“What we have done is optimised the amount of tools we invested in, so basically focused on making our development processes more efficient.
“We currently do not anticipate delays from what we have previously said would be our 2023 releases.”
Related: Motorsport Games continues to burn cash
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