Motorsport Games announced in an earnings call on Friday that its dedicated IndyCar game will not be released in 2023, as the company’s 2022 fourth-quarter financial report painted a grim picture of its financial state.
“Based on this cash and cash equivalents position, and the Company’s average cash burn, we do not believe we have sufficient cash on hand to fund our operations for the remainder of 2023 and that additional funding will be required in order to continue operations,” the announcement read.
Motorsport Games acquired the exclusive license to IndyCar video game-related products in 2021 and announced that a game would be released in 2023. Controversially, the deal spelled the end of IndyCar’s relationship with iRacing, the popular sim-racing platform.
“For our IndyCar game, we continue to make strides in our development efforts but we do not believe we will be in a satisfactory position to release it to the community this year,” Motorsport Games’ CEO Dmitry Kozko said on the earnings call. “The IndyCar community has not had a dedicated IndyCar game in over a decade and we want to make sure that our IndyCar game is on par with other major racing games out there.”
In response to a request for comment, RACER received the following statement from INDYCAR:
“Motorsport Games has reported that they continue to make strides in their development efforts but they do not believe they will be in a satisfactory position to release an INDYCAR game this year.
“We are evaluating this information and remain thoroughly committed to bringing the best quality video game products to the INDYCAR community.”