Motorsport Games Inc.
MSGM Communication Services Electronic Gaming & Multimedia
Motorsport Games Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.3 million, up 30.0% from fiscal 2024. In the quarter to June 2026, revenue grew 36.6%, EPS fell 90.2% and free cash flow grew 381.2%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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Motorsport Games Inc. (MSGM) Beneish M-score
Motorsport Games Inc.'s Beneish M-score for fiscal 2025 is −0.92; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −0.92 | 1.07 |
| FY2024 | −2.00 | 1.50 |
| FY2023 | −3.49 | 4.81 |
| FY2022 | −8.30 | (4.43) |
| FY2021 | −3.87 | (0.31) |
| FY2020 | −3.56 | (0.36) |
| FY2019 | −3.21 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.19 | — | 1.10 | |
| Gross margin index | 0.77 | — | 0.41 | |
| Asset quality index | 0.67 | — | 0.27 | |
| Sales growth index | 1.30 | — | 1.16 | |
| Depreciation index | 1.01 | — | 0.12 | |
| SG&A index | 0.58 | — | −0.10 | |
| Total accruals to total assets | 0.23 | — | 1.08 | |
| Leverage index | 0.35 | — | −0.11 | |
| Beneish M-score | Flagged by the model | −0.92 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SNAL Snail, Inc. compare | −4.8× |
| MYPS PLAYSTUDIOS, Inc. compare | −3.6× |
| GAME GameSquare Holdings, Inc. compare | −3.1× |
| GMHS Gamehaus Holdings Inc. compare | −2.7× |
| GCL GCL Global Holdings Ltd. compare | −2.3× |
| CTW CTW Cayman compare | −2.0× |
| MSGM Motorsport Games Inc. | −0.9× |
| GIGM GigaMedia Limited compare | 0.9× |
| HODO House of Doge Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI