Corsair Gaming Reports Third Quarter 2025 Financial Results
Adjusted EBITDA More than Doubles and Revenue Exceeds
Q3 2025 Financial Highlights (compared to Q3 2024)
-
Revenue increased
14% to$345.8 million -
Gross profit increased
34% to$93.1 million -
Adjusted EBITDA improved
236% to$16.2 million -
Net Income (loss) per share attributable to common stockholders improved to
$(0.09) $0.06 $(0.56) $(0.29)
First Nine Months 2025 Financial Highlights (compared to First Nine Months 2024)
-
Revenue increased
15% to$1.0 billion -
Gross profit increased
28% to$281.3 million -
Adjusted EBITDA improved
117% to$47.0 million -
Net Income (loss) per share attributable to common stockholders improved to
$(0.35) $0.19 $(0.97) $(0.27)
Definitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to their nearest GAAP equivalents are included below under the heading “Use and Reconciliation of Non-GAAP Financial Measures.”
Business Segment Highlights
Gaming Components and Systems Segment
Corsair’s Gaming Components and Systems segment grew over
The launch of Corsair Air 5400, an award-winning triple-chamber airflow-optimized chassis, marked a key milestone in our case portfolio. The DDR5 product line also broke the overclocking world record multiple times during the quarter.
Gamer and Creator Peripherals Segment
The Gamer and Creator Peripherals segment grew over
Momentum in Fanatec-branded sim racing products remained strong, supported by ongoing operational improvements and expanded distribution. New products announced in October, including the advanced Podium Series precision pedal set and wheelbase, and the enhanced CSL Steering Wheel GT3, serve as proof points of successful roadmap execution, which will continue to expand into 2026 and beyond.
Elgato continued to lead in the creator market, highlighted by the launch of Facecam 4K, a studio-grade webcam delivering 4K60 video performance. Core products like Stream Deck and Elgato’s capture solutions saw sustained demand, supported by a growing community on the Elgato marketplace and broader ecosystem integrations.
Management Commentary:
Thi La, Chief Executive Officer of Corsair, commented, “We delivered strong results in Q3 with double-digit revenue growth and even stronger profit expansion, supported by disciplined execution and operational focus. Our performance reflects continued momentum across our ecosystem of brands and products.”
“We’re seeing great traction from recent product releases, including the Vanguard 96, Saber Pro, both of which feature Elgato Virtual Streamdeck technology, the latest 4K cameras and video capture products, and innovative PC case design, all of which position us to grow in a robust market. Early sell-through and community response have been among the strongest we've seen in recent launches.”
“We also continued to execute on our M&A integration where we’re expanding both our roadmap and global reach. Fanatec’s partnerships with leading motorsport brands including BMW, Porsche, Red Bull, and Sparco highlight our position as a trusted innovator in sim racing. Together, we’re delivering authentic, high-performance experiences that bridge real-world racing and simulation. At the SimRacing Expo in
Michael G. Potter, Chief Financial Officer of Corsair, added, “We grew profitability faster than revenue in the quarter, underscoring the significant operating leverage within our business model. While the global tariff environment remains fluid, we do not anticipate a material net impact from known or announced tariffs through year-end, so we have provided an outlook for the remainder of this year. During the quarter, we strategically increased inventory in line with typical seasonal patterns to support robust anticipated demand across all Corsair brands in the important Q4 holiday season, while maintaining a strong balance sheet to fund our long-term growth initiatives.”
Updated Full-Year 2025 Outlook
Corsair is updating its full-year 2025 guidance due to greater clarity around market dynamics and the ongoing changes in global trade policy developments.
-
Net revenue is expected to be in the range of
$1.42 5 billion$1.47 5 billion -
Adjusted operating income to be in the range of
$76 million $81 million -
Adjusted EBITDA is projected between
$85 million $90 million
This adjustment assumes a conservative outlook for Q4, primarily to account for a tight DDR5 memory market and reflects latest estimated customer spending patterns. While Corsair has a strong mitigation plan in place for memory availability, we believe it is prudent to temper expectations on the upside in this category.
Gaming and creator peripherals continue to grow year-over-year, tracking in the high single digits for 2025. As gamers focus on high-end PC builds, particularly with the adoption of NVIDIA 5000 series GPUs starting in late Q2 2026, we expect peripheral upgrades to follow as new builds normalize, supporting continued momentum into 2026.
Despite
Conference Call and Webcast Information
Corsair will host a conference call to discuss the third quarter 2025 financial results today at 2:00 p.m. Pacific Time. The conference call will be accessible on Corsair’s Investor Relations website at https://ir.corsair.com, or by dialing 1-877-407-0784 (
About Corsair Gaming
Corsair (Nasdaq: CRSR) is a leading global developer and manufacturer of high-performance products and technology for gamers, content creators, and PC enthusiasts. From award-winning PC components and peripherals to premium streaming equipment and smart ambient lighting, Corsair delivers a full ecosystem of products that work together to enable everyone, from casual gamers to committed professionals, to perform at their very best. Corsair also sells products under its Fanatec brand, the leading end-to-end premium Sim Racing product line; Elgato brand, which provides premium studio equipment and accessories for content creators; SCUF Gaming brand, which builds custom-designed controllers for competitive gamers; Drop, the leading community-driven mechanical keyboard brand; and ORIGIN PC brand, a builder of custom gaming and workstation desktop PCs.
Forward-Looking Statements
This press release contains express and implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company’s financial outlook for the full year 2025, the market position and growth of the Company’s various products; the growth and rate of growth of gaming and creator peripherals for full year 2025; future product launches; and the Company exiting 2025 with year-over-year improvement in EBITDA margin and being positioned for profitable growth in 2026. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and information currently available to them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: the Company’s limited operating history, which makes it difficult to forecast the Company’s future results of operations; current macroeconomic conditions, including the impacts of high inflation and risk of recession, on demand for our products, consumer confidence and financial markets generally; changes in trade regulations, policies, and agreements and the imposition of tariffs that affect our products or operations, including potential new tariffs that may be imposed on
Use and Reconciliation of Non-GAAP Financial Measures
To supplement the financial results presented in accordance with GAAP, this earnings release presents certain non-GAAP financial information, including adjusted operating income (loss), adjusted net income (loss), adjusted net income (loss) per diluted share and adjusted EBITDA. These are important financial performance measures for us, but are not financial measures as defined by GAAP. The presentation of this non-GAAP financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use adjusted operating income (loss), adjusted net income (loss), adjusted net income (loss) per share and adjusted EBITDA to evaluate our operating performance and trends and make planning decisions. We believe that these non-GAAP financial measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses and other items that we exclude in such non-GAAP measures. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects, and allowing for greater transparency with respect to the key financial metrics used by our management in our financial and operational decision-making. We also present these non-GAAP financial measures because we believe investors, analysts and rating agencies consider it useful in measuring our ability to meet our debt service obligations.
Our use of these terms may vary from that of others in our industry. These non-GAAP financial measures should not be considered as an alternative to net revenue, operating income (loss), net income (loss), cash provided by operating activities, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these measures to the most directly comparable GAAP financial measures are presented in the attached schedules.
We calculate these non-GAAP financial measures as follows:
- Adjusted operating income (loss), non-GAAP, is determined by adding back to GAAP operating income (loss), the impact from amortization, stock-based compensation, one-time costs related to legal and other matters, acquisition and related integration costs, restructuring and other charges, and acquisition accounting impact related to recognizing acquired inventory at fair value.
- Adjusted net income (loss), non-GAAP, excludes the impact from amortization, stock-based compensation, one-time costs related to legal and other matters, acquisition and related integration costs, restructuring and other charges, acquisition accounting impact related to recognizing acquired inventory at fair value and the reversal of bargain purchase gain on business acquisition, as well as the related tax effects of each of these adjustments.
- Adjusted net income (loss) per diluted share, non-GAAP, is determined by dividing adjusted net income (loss), non-GAAP by the respective weighted average shares outstanding, inclusive of the impact of other dilutive securities.
- Adjusted EBITDA excludes the impact from amortization, stock-based compensation, one-time costs related to legal and other matters, acquisition and related integration costs, restructuring and other charges, acquisition accounting impact related to recognizing acquired inventory at fair value, and the reversal of bargain purchase gain on business acquisition, depreciation, interest expense, net, and tax expense (benefit).
We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view these non-GAAP financial measures in conjunction with the related GAAP financial measures.
Corsair Gaming, Inc. Condensed Consolidated Statements of Operations (Unaudited, in thousands, except per share amounts)
|
||||||||||||||||
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net revenue |
|
$ |
345,763 |
|
|
$ |
304,199 |
|
|
$ |
1,035,625 |
|
|
$ |
902,756 |
|
Cost of revenue |
|
|
252,667 |
|
|
|
234,538 |
|
|
|
754,296 |
|
|
|
683,371 |
|
Gross profit |
|
|
93,096 |
|
|
|
69,661 |
|
|
|
281,329 |
|
|
|
219,385 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales, general and administrative |
|
|
82,032 |
|
|
|
74,072 |
|
|
|
254,304 |
|
|
|
224,677 |
|
Product development |
|
|
16,691 |
|
|
|
16,533 |
|
|
|
51,838 |
|
|
|
50,585 |
|
Total operating expenses |
|
|
98,723 |
|
|
|
90,605 |
|
|
|
306,142 |
|
|
|
275,262 |
|
Operating loss |
|
|
(5,627 |
) |
|
|
(20,944 |
) |
|
|
(24,813 |
) |
|
|
(55,877 |
) |
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
(2,053 |
) |
|
|
(3,011 |
) |
|
|
(7,205 |
) |
|
|
(10,138 |
) |
Interest income |
|
|
197 |
|
|
|
297 |
|
|
|
1,407 |
|
|
|
3,020 |
|
Other expense, net |
|
|
(829 |
) |
|
|
(910 |
) |
|
|
(6,632 |
) |
|
|
(1,887 |
) |
Total other expense, net |
|
|
(2,685 |
) |
|
|
(3,624 |
) |
|
|
(12,430 |
) |
|
|
(9,005 |
) |
Loss before income taxes |
|
|
(8,312 |
) |
|
|
(24,568 |
) |
|
|
(37,243 |
) |
|
|
(64,882 |
) |
Income tax expense |
|
|
(2,080 |
) |
|
|
(27,018 |
) |
|
|
(3,772 |
) |
|
|
(21,240 |
) |
Net loss |
|
|
(10,392 |
) |
|
|
(51,586 |
) |
|
|
(41,015 |
) |
|
|
(86,122 |
) |
Less: Net income attributable to noncontrolling interest |
|
|
237 |
|
|
|
122 |
|
|
|
935 |
|
|
|
1,345 |
|
Net loss attributable to Corsair Gaming, Inc. |
|
$ |
(10,629 |
) |
|
$ |
(51,708 |
) |
|
$ |
(41,950 |
) |
|
$ |
(87,467 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Calculation of net loss per share attributable to common stockholders of Corsair Gaming, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss attributable to Corsair Gaming, Inc. |
|
$ |
(10,629 |
) |
|
$ |
(51,708 |
) |
|
$ |
(41,950 |
) |
|
$ |
(87,467 |
) |
Change in redemption value of redeemable noncontrolling interest |
|
|
1,095 |
|
|
|
(6,684 |
) |
|
|
5,348 |
|
|
|
(13,044 |
) |
Net loss attributable to common stockholders of Corsair Gaming, Inc. |
|
$ |
(9,534 |
) |
|
$ |
(58,392 |
) |
|
$ |
(36,602 |
) |
|
$ |
(100,511 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss per share attributable to common stockholders of Corsair Gaming, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
(0.09 |
) |
|
$ |
(0.56 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.97 |
) |
Diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.56 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.97 |
) |
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
106,289 |
|
|
|
104,397 |
|
|
|
105,802 |
|
|
|
103,974 |
|
Diluted |
|
|
106,289 |
|
|
|
104,397 |
|
|
|
105,802 |
|
|
|
103,974 |
|
Corsair Gaming, Inc. Segment Information (Unaudited, in thousands, except percentages)
|
||||||||||||||||
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gamer and Creator Peripherals |
|
$ |
112,660 |
|
|
$ |
101,966 |
|
|
$ |
327,275 |
|
|
$ |
303,168 |
|
Gaming Components and Systems |
|
|
233,103 |
|
|
|
202,233 |
|
|
|
708,350 |
|
|
|
599,588 |
|
Total Net revenue |
|
$ |
345,763 |
|
|
$ |
304,199 |
|
|
$ |
1,035,625 |
|
|
$ |
902,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gamer and Creator Peripherals |
|
$ |
44,292 |
|
|
$ |
39,032 |
|
|
$ |
131,795 |
|
|
$ |
118,374 |
|
Gaming Components and Systems |
|
|
48,804 |
|
|
|
30,629 |
|
|
|
149,534 |
|
|
|
101,011 |
|
Total Gross Profit |
|
$ |
93,096 |
|
|
$ |
69,661 |
|
|
$ |
281,329 |
|
|
$ |
219,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gamer and Creator Peripherals |
|
|
39.3 |
% |
|
|
38.3 |
% |
|
|
40.3 |
% |
|
|
39.0 |
% |
Gaming Components and Systems |
|
|
20.9 |
% |
|
|
15.1 |
% |
|
|
21.1 |
% |
|
|
16.8 |
% |
Total Gross Margin |
|
|
26.9 |
% |
|
|
22.9 |
% |
|
|
27.2 |
% |
|
|
24.3 |
% |
Corsair Gaming, Inc. Condensed Consolidated Balance Sheets (Unaudited, in thousands)
|
||||||||
|
|
September 30,
|
|
|
December 31,
|
|
||
|
|
|
|
|
|
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and restricted cash |
|
$ |
65,804 |
|
|
$ |
109,385 |
|
Accounts receivable, net |
|
|
191,882 |
|
|
|
218,648 |
|
Inventories |
|
|
314,455 |
|
|
|
259,979 |
|
Prepaid expenses and other current assets |
|
|
35,540 |
|
|
|
35,376 |
|
Total current assets |
|
|
607,681 |
|
|
|
623,388 |
|
Restricted cash, noncurrent |
|
|
249 |
|
|
|
246 |
|
Property and equipment, net |
|
|
30,669 |
|
|
|
29,742 |
|
Goodwill |
|
|
357,787 |
|
|
|
354,222 |
|
Intangible assets, net |
|
|
135,763 |
|
|
|
164,319 |
|
Other assets |
|
|
66,350 |
|
|
|
63,912 |
|
Total assets |
|
$ |
1,198,499 |
|
|
$ |
1,235,829 |
|
Liabilities |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Debt maturing within one year, net |
|
$ |
6,118 |
|
|
$ |
12,229 |
|
Accounts payable |
|
|
246,188 |
|
|
|
207,215 |
|
Other liabilities and accrued expenses |
|
|
157,718 |
|
|
|
176,869 |
|
Total current liabilities |
|
|
410,024 |
|
|
|
396,313 |
|
Long-term debt, net |
|
|
116,753 |
|
|
|
161,310 |
|
Deferred tax liabilities |
|
|
8,111 |
|
|
|
7,379 |
|
Other liabilities, noncurrent |
|
|
53,036 |
|
|
|
51,375 |
|
Total liabilities |
|
|
587,924 |
|
|
|
616,377 |
|
Temporary equity |
|
|
|
|
|
|
||
Redeemable noncontrolling interest |
|
|
10,345 |
|
|
|
15,149 |
|
Stockholders' equity |
|
|
|
|
|
|
||
Common stock and additional paid-in capital |
|
|
695,970 |
|
|
|
667,627 |
|
Accumulated deficit |
|
|
(95,367 |
) |
|
|
(58,765 |
) |
Accumulated other comprehensive loss |
|
|
(373 |
) |
|
|
(4,559 |
) |
Total stockholders' equity |
|
|
600,230 |
|
|
|
604,303 |
|
Total liabilities, temporary equity and stockholders' equity |
|
$ |
1,198,499 |
|
|
$ |
1,235,829 |
|
Corsair Gaming, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands)
|
||||||||||||||||
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss |
|
$ |
(10,392 |
) |
|
$ |
(51,586 |
) |
|
$ |
(41,015 |
) |
|
$ |
(86,122 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stock-based compensation |
|
|
5,187 |
|
|
|
7,424 |
|
|
|
23,844 |
|
|
|
23,125 |
|
Depreciation |
|
|
3,479 |
|
|
|
3,314 |
|
|
|
10,203 |
|
|
|
9,494 |
|
Amortization |
|
|
10,109 |
|
|
|
9,566 |
|
|
|
29,744 |
|
|
|
28,582 |
|
Provision for doubtful accounts |
|
|
— |
|
|
|
66 |
|
|
|
2,828 |
|
|
|
— |
|
Reversal of bargain purchase gain on business acquisition |
|
|
— |
|
|
|
— |
|
|
|
2,581 |
|
|
|
— |
|
Deferred income taxes, net of valuation allowance |
|
|
96 |
|
|
|
28,031 |
|
|
|
(3,207 |
) |
|
|
12,766 |
|
Other |
|
|
(7 |
) |
|
|
1,342 |
|
|
|
2,279 |
|
|
|
2,789 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable |
|
|
(14,020 |
) |
|
|
(1,561 |
) |
|
|
24,003 |
|
|
|
74,258 |
|
Inventories |
|
|
(19,542 |
) |
|
|
16,301 |
|
|
|
(63,280 |
) |
|
|
(9,569 |
) |
Prepaid expenses and other assets |
|
|
726 |
|
|
|
(7,118 |
) |
|
|
4,744 |
|
|
|
216 |
|
Accounts payable |
|
|
(11,260 |
) |
|
|
10,702 |
|
|
|
38,299 |
|
|
|
(61,316 |
) |
Other liabilities and accrued expenses |
|
|
(1,367 |
) |
|
|
8,620 |
|
|
|
(19,071 |
) |
|
|
(13,901 |
) |
Net cash provided by (used in) operating activities |
|
|
(36,991 |
) |
|
|
25,101 |
|
|
|
11,952 |
|
|
|
(19,678 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Acquisition of business, net of cash acquired |
|
|
— |
|
|
|
(43,131 |
) |
|
|
— |
|
|
|
(43,131 |
) |
Purchase of property and equipment |
|
|
(4,339 |
) |
|
|
(3,322 |
) |
|
|
(10,124 |
) |
|
|
(8,351 |
) |
Purchase of intangible asset |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(100 |
) |
Purchase price adjustment related to business acquisition |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,041 |
|
Settlement of bridge Loan receivable |
|
|
— |
|
|
|
12,310 |
|
|
|
— |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(4,339 |
) |
|
|
(34,143 |
) |
|
|
(10,124 |
) |
|
|
(50,541 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Repayment of debt and debt issuance cost |
|
|
(2,253 |
) |
|
|
(3,125 |
) |
|
|
(51,253 |
) |
|
|
(21,250 |
) |
Borrowings from line of credit |
|
|
11,500 |
|
|
|
21,500 |
|
|
|
11,500 |
|
|
|
21,500 |
|
Repayment of line of credit |
|
|
(11,500 |
) |
|
|
(21,500 |
) |
|
|
(11,500 |
) |
|
|
(21,500 |
) |
Purchase of additional ownership interest |
|
|
— |
|
|
|
(19,750 |
) |
|
|
— |
|
|
|
(19,750 |
) |
Payment of deferred and contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,942 |
) |
Proceeds from issuance of shares through employee equity incentive plans |
|
|
2,052 |
|
|
|
1,810 |
|
|
|
5,493 |
|
|
|
5,110 |
|
Payment of taxes related to net share settlement of equity awards |
|
|
(164 |
) |
|
|
(147 |
) |
|
|
(1,144 |
) |
|
|
(562 |
) |
Dividend paid to noncontrolling interest |
|
|
— |
|
|
|
(3,262 |
) |
|
|
(494 |
) |
|
|
(5,222 |
) |
Net cash used in financing activities |
|
|
(365 |
) |
|
|
(24,474 |
) |
|
|
(47,398 |
) |
|
|
(46,616 |
) |
Effect of exchange rate changes on cash |
|
|
299 |
|
|
|
535 |
|
|
|
1,992 |
|
|
|
(123 |
) |
Net decrease in cash and restricted cash |
|
|
(41,396 |
) |
|
|
(32,981 |
) |
|
|
(43,578 |
) |
|
|
(116,958 |
) |
Cash and restricted cash at the beginning of the period |
|
|
107,449 |
|
|
|
94,587 |
|
|
|
109,631 |
|
|
|
178,564 |
|
Cash and restricted cash at the end of the period |
|
$ |
66,053 |
|
|
$ |
61,606 |
|
|
$ |
66,053 |
|
|
$ |
61,606 |
|
Corsair Gaming, Inc. GAAP to Non-GAAP Reconciliations
Non-GAAP Operating Income (Loss) Reconciliations (Unaudited, in thousands, except percentages)
|
||||||||||||||||
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating Loss - GAAP |
|
$ |
(5,627 |
) |
|
$ |
(20,944 |
) |
|
$ |
(24,813 |
) |
|
$ |
(55,877 |
) |
Amortization |
|
|
10,110 |
|
|
|
9,567 |
|
|
|
29,745 |
|
|
|
28,583 |
|
Stock-based compensation |
|
|
5,187 |
|
|
|
7,424 |
|
|
|
23,844 |
|
|
|
23,125 |
|
One-time costs related to legal and other matters |
|
|
2,490 |
|
|
|
29 |
|
|
|
4,483 |
|
|
|
7,499 |
|
Acquisition and related integration costs |
|
|
528 |
|
|
|
2,281 |
|
|
|
4,228 |
|
|
|
4,660 |
|
Restructuring and other charges |
|
|
849 |
|
|
|
3,369 |
|
|
|
2,716 |
|
|
|
4,935 |
|
Acquisition accounting impact related to recognizing acquired inventory at fair value |
|
|
— |
|
|
|
695 |
|
|
|
613 |
|
|
|
1,073 |
|
Adjusted Operating Income - Non-GAAP |
|
$ |
13,537 |
|
|
$ |
2,421 |
|
|
$ |
40,816 |
|
|
$ |
13,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
As a % of net revenue - GAAP |
|
|
-1.6 |
% |
|
|
-6.9 |
% |
|
|
-2.4 |
% |
|
|
-6.2 |
% |
As a % of net revenue - Non-GAAP |
|
|
3.9 |
% |
|
|
0.8 |
% |
|
|
3.9 |
% |
|
|
1.6 |
% |
Corsair Gaming, Inc. GAAP to Non-GAAP Reconciliations
Non-GAAP Net Income (Loss) and Net Income (Loss) Per Share Reconciliations (Unaudited, in thousands, except per share amounts)
|
||||||||||||||||
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Net loss attributable to common stockholders of Corsair Gaming, Inc. (1) |
|
$ |
(9,534 |
) |
|
$ |
(58,392 |
) |
|
$ |
(36,602 |
) |
|
$ |
(100,511 |
) |
Less: Change in redemption value of redeemable noncontrolling interest |
|
|
1,095 |
|
|
|
(6,684 |
) |
|
|
5,348 |
|
|
|
(13,044 |
) |
Net loss attributable to Corsair Gaming, Inc. |
|
|
(10,629 |
) |
|
|
(51,708 |
) |
|
|
(41,950 |
) |
|
|
(87,467 |
) |
Add: Net income attributable to noncontrolling interest |
|
|
237 |
|
|
|
122 |
|
|
|
935 |
|
|
|
1,345 |
|
Net Loss - GAAP |
|
|
(10,392 |
) |
|
|
(51,586 |
) |
|
|
(41,015 |
) |
|
|
(86,122 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amortization |
|
|
10,110 |
|
|
|
9,567 |
|
|
|
29,745 |
|
|
|
28,583 |
|
Stock-based compensation |
|
|
5,187 |
|
|
|
7,424 |
|
|
|
23,844 |
|
|
|
23,125 |
|
One-time costs related to legal and other matters |
|
|
2,490 |
|
|
|
29 |
|
|
|
4,483 |
|
|
|
7,499 |
|
Acquisition and related integration costs |
|
|
528 |
|
|
|
2,281 |
|
|
|
4,228 |
|
|
|
4,660 |
|
Restructuring and other charges |
|
|
849 |
|
|
|
3,369 |
|
|
|
2,716 |
|
|
|
4,935 |
|
Reversal of bargain purchase gain on business acquisition |
|
|
— |
|
|
|
— |
|
|
|
2,581 |
|
|
|
— |
|
Acquisition accounting impact related to recognizing acquired inventory at fair value |
|
|
— |
|
|
|
695 |
|
|
|
613 |
|
|
|
1,073 |
|
Non-GAAP income tax adjustment |
|
|
(1,983 |
) |
|
|
(2,031 |
) |
|
|
(6,793 |
) |
|
|
(11,317 |
) |
Adjusted Net Income (Loss) - Non-GAAP |
|
$ |
6,789 |
|
|
$ |
(30,252 |
) |
|
$ |
20,402 |
|
|
$ |
(27,564 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP |
|
$ |
(0.09 |
) |
|
$ |
(0.56 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.97 |
) |
Adjusted, Non-GAAP |
|
$ |
0.06 |
|
|
$ |
(0.29 |
) |
|
$ |
0.19 |
|
|
$ |
(0.27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average common shares outstanding - Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP |
|
|
106,289 |
|
|
|
104,397 |
|
|
|
105,802 |
|
|
|
103,974 |
|
Adjusted, Non-GAAP |
|
|
107,977 |
|
|
|
104,397 |
|
|
|
107,554 |
|
|
|
103,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) Numerator for calculating net income (loss) per share-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corsair Gaming, Inc. GAAP to Non-GAAP Reconciliations
Adjusted EBITDA Reconciliations (Unaudited, in thousands, except percentages)
|
||||||||||||||||
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Net Loss - GAAP |
|
$ |
(10,392 |
) |
|
$ |
(51,586 |
) |
|
$ |
(41,015 |
) |
|
$ |
(86,122 |
) |
Amortization |
|
|
10,110 |
|
|
|
9,567 |
|
|
|
29,745 |
|
|
|
28,583 |
|
Stock-based compensation |
|
|
5,187 |
|
|
|
7,424 |
|
|
|
23,844 |
|
|
|
23,125 |
|
One-time costs related to legal and other matters |
|
|
2,490 |
|
|
|
29 |
|
|
|
4,483 |
|
|
|
7,499 |
|
Acquisition and related integration costs |
|
|
528 |
|
|
|
2,281 |
|
|
|
4,228 |
|
|
|
4,660 |
|
Restructuring and other charges |
|
|
849 |
|
|
|
3,369 |
|
|
|
2,716 |
|
|
|
4,935 |
|
Reversal of bargain purchase gain on business acquisition |
|
|
— |
|
|
|
— |
|
|
|
2,581 |
|
|
|
— |
|
Acquisition accounting impact related to recognizing acquired inventory at fair value |
|
|
— |
|
|
|
695 |
|
|
|
613 |
|
|
|
1,073 |
|
Depreciation |
|
|
3,479 |
|
|
|
3,314 |
|
|
|
10,203 |
|
|
|
9,494 |
|
Interest expense, net of interest income |
|
|
1,856 |
|
|
|
2,714 |
|
|
|
5,798 |
|
|
|
7,118 |
|
Income tax expense |
|
|
2,080 |
|
|
|
27,018 |
|
|
|
3,772 |
|
|
|
21,240 |
|
Adjusted EBITDA - Non-GAAP |
|
$ |
16,187 |
|
|
$ |
4,825 |
|
|
$ |
46,968 |
|
|
$ |
21,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA margin - Non-GAAP |
|
|
4.7 |
% |
|
|
1.6 |
% |
|
|
4.5 |
% |
|
|
2.4 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20251104273608/en/
Investor Relations Contact:
David Pasquale
ir@corsair.com
914-337-8801
Media Contact:
media@corsair.com
510-657-8747
Source: Corsair Gaming, Inc.
