Profit rebound and record margins at Corsair (Nasdaq: CRSR)

Rhea-AI Filing Summary

Corsair Gaming reported a sharp turnaround in the first quarter of 2026, moving from a loss to net income of $13.1 million, with diluted EPS of $0.11 versus a loss of $0.10 a year earlier. Net revenue was $354.5 million compared with $369.8 million in the prior-year quarter, but profitability improved significantly.

Gross margin reached a record 32.7%, up from 27.7%, and adjusted EBITDA rose 58% year over year to $35.8 million, a 10.1% margin. Gamer and Creator Peripherals revenue grew to $123.3 million, while Gaming Components and Systems revenue declined to $231.2 million but delivered stronger margins.

Corsair generated $29.7 million in operating cash flow, lifted cash and restricted cash to $119.7 million, and repurchased about $5 million of stock. For Q2 2026, the company forecasts net revenue of $295–$320 million, adjusted EBITDA of $12.5–$15.5 million, and non-GAAP EPS of $0.05–$0.07, while maintaining full-year guidance.

Positive

• Strong profitability turnaround: Corsair moved from a net loss of $10.3 million to net income of $13.1 million, with adjusted EBITDA up 58% year over year to $35.8 million and record gross margin of 32.7%.

Negative

• None.

Insights

Equity research analyst

Corsair swung to profit with record margins and strong cash generation.

Corsair delivered a notable earnings improvement in Q1 2026. Net revenue was $354.5 million, slightly below last year, but net income improved from a loss to $13.1 million. Record gross margin of 32.7% and disciplined expenses drove this shift.

Profitability metrics strengthened across the board. Adjusted EBITDA rose 58% year over year to $35.8 million, a 10.1% margin, while GAAP diluted EPS reached $0.11. Cash from operations of $29.7 million increased cash and restricted cash to $119.7 million and allowed $5 million in share repurchases and modest debt reduction.

Guidance for Q2 2026 calls for net revenue of $295–$320 million, adjusted EBITDA of $12.5–$15.5 million, and non-GAAP EPS of $0.05–$0.07. Management also kept full-year guidance unchanged, suggesting confidence in sustaining higher margins despite softer demand in Gaming Components and Systems and ongoing semiconductor supply constraints.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net revenue: $354.5 million Net income: $13.1 million GAAP diluted EPS: $0.11 +5 more

8 metrics

Net revenue $354.5 million Three months ended March 31, 2026

Net income $13.1 million GAAP, Q1 2026 vs $10.3 million loss in Q1 2025

GAAP diluted EPS $0.11 Three months ended March 31, 2026; prior-year $(0.10)

Adjusted EBITDA $35.8 million Q1 2026, up 58% year over year; 10.1% margin

Total gross margin 32.7% Q1 2026 vs 27.7% in Q1 2025

Cash and restricted cash $119.7 million As of March 31, 2026; up from $98.8 million at Dec 31, 2025

Share repurchases Approximately $5 million Under $50 million share repurchase program in Q1 2026

Q2 2026 revenue guidance $295–$320 million Net revenue outlook for second quarter 2026

Key Terms

Adjusted EBITDA, non-GAAP, Redeemable noncontrolling interest, bargain purchase gain on business acquisition, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA increased 58% YoY to $35.8 million, above the high end of guidance"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-GAAP financial

"$0.11 / $0.27 GAAP / Non-GAAP EPS, Above Guidance"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

Redeemable noncontrolling interest financial

"Redeemable noncontrolling interest | | | 13,167"

A redeemable noncontrolling interest is a minority ownership stake in a business that the minority owner can require to be bought back for cash or that must be redeemed under set conditions. Investors care because it is not permanent equity: it represents a foreseeable cash obligation and can reduce the parent company’s reported equity and available cash, much like a loan from a roommate you must repay on request rather than shared ownership of the house.

bargain purchase gain on business acquisition financial

"Reversal of bargain purchase gain on business acquisition | | | — | | | | 2,581"

semiconductor supply constraints technical

"Ongoing global semiconductor supply constraints have reduced component availability"

Semiconductor supply constraints are shortages or slow availability of computer chips and related components that make it harder for manufacturers to get the parts they need when they need them. For investors this matters because limited chip supply can delay product launches, raise costs, and squeeze profit margins across many industries—like a traffic jam for parts that slows production lines and can change a company’s sales and earnings outlook.

Earnings Snapshot

Net revenue: $354.5 million · Guidance included

Q1 2026

Net revenue $354.5 million $23.4 million YoY net income increase mentioned; revenue compared to $369.8 million prior year

Net income $13.1 million $23.4 million YoY increase in net income

GAAP diluted EPS $0.11 Up 210% year over year

Non-GAAP diluted EPS $0.27 Up 145% year over year

Adjusted EBITDA $35.8 million Up 58% year over year; 10.1% margin

Gross margin 32.7% Record first quarter gross margin, up 500 basis points YoY

Guidance

For Q2 2026, Corsair guides net revenue of $295–$320 million, adjusted EBITDA of $12.5–$15.5 million, and non-GAAP EPS of $0.05–$0.07, with full-year 2026 guidance unchanged.

Understanding 8-K Material Events →

0001743759falseCorsair Gaming, Inc.00017437592026-05-072026-05-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 07, 2026

CORSAIR GAMING, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-39533	82-2335306
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
115 N. McCarthy Boulevard
Milpitas, California				95035
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (510) 657-8747

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.0001 par value per share		CRSR		The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On May 7, 2026, Corsair Gaming, Inc. (“Corsair” or the “Company”) issued a press release announcing its financial results for the fiscal quarter ended March 31, 2026. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. A presentation regarding the Company’s fiscal quarter ended March 31, 2026 is furnished as Exhibit 99.2 hereto.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
99.1		Press Release dated May 7, 2026, titled “Corsair Reports Strong Profit Growth for First Quarter 2026”
99.2		Investor Presentation dated May 7, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

The information in this Current Report on Form 8-K and Exhibit 99.1 and Exhibit 99.2 attached hereto shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained herein and in the accompanying exhibits shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by Corsair Gaming, Inc., whether made before or after the date hereof, regardless of any general incorporation language in such filing.

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		CORSAIR GAMING, INC.
Date: May 7, 2026		By:	/s/ Gordon Mattingly
			Gordon Mattingly
			Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

2

Exhibit 99.1

Corsair Reports Strong Profit Growth for First Quarter 2026

Record First Quarter Gross Margin of 32.7%

$23.4 Million YoY increase in Net Income

58% YoY Increase in Adjusted EBITDA to $35.8 Million, Above Guidance

$0.11 / $0.27 GAAP / Non-GAAP EPS, Above Guidance

MILPITAS, CA, May 7, 2026 – Corsair Gaming, Inc. (Nasdaq: CRSR) (“Corsair” or the “Company”), a leading global provider and innovator of high-performance products for gamers, streamers, content-creators, gaming PC builders, and sim racing enthusiasts, today announced financial results for the first quarter 2026, and guidance for the second quarter 2026.

First Quarter 2026 Select Financial Highlights (compared to first quarter 2025 unless otherwise stated)

•Gross profit increased 13% YoY to $116.0 million, with growth driven by both segments, despite tariff-related headwinds in Gamer and Creator Peripherals.

•Gross margin expanded 500 basis points YoY to 32.7%, reflecting continued shift toward higher-margin products and disciplined cost management.

•Net income increased $23.4 million YoY.

•Adjusted EBITDA increased 58% YoY to $35.8 million, above the high end of guidance, representing our second consecutive quarter of double-digit adjusted EBITDA margin.

•GAAP diluted earnings per share increased 210% YoY to $0.11, while non-GAAP diluted earnings per share increased 145% YoY to $0.27.

•Revenue of $354.5 million, above the midpoint of our guided range, reflecting strong growth in Gamer and Creator Peripherals, partially offset by softer demand in Gaming Components and Systems driven by ongoing semiconductor supply constraints and elevated pricing.

•Cash and restricted cash increased sequentially by $20.9 million to $119.7 million, providing flexibility for continued investment and capital returns.

•Approximately $5 million repurchased under our $50 million share repurchase program.

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:

Gamer and Creator Peripherals Segment

Revenue grew 10% year over year to $123.3 million, with strong demand across gaming peripherals, streaming components, and Sim Racing solutions. Growth reflects market share gains, successful new product introductions, and continued ecosystem expansion.

Gross profit increased 8% year over year to $50.3 million, despite tariff-related headwinds, with the segment continuing to benefit from a favorable shift toward higher-margin categories.

Elgato continued to build momentum across both hardware and software. The Elgato Marketplace delivered double-digit sequential growth in new accounts and digital products, driven by increasing engagement from creators and developers. The rise of AI-assisted development has meaningfully lowered the barrier to building and distributing tools within the Stream Deck ecosystem, accelerating platform adoption and reinforcing Elgato Marketplace as the hub for content creation.

During the quarter, we launched Wave Next, the most ambitious evolution of our Elgato audio platform to date. Wave Next unifies fragmented audio workflows into a single, scalable ecosystem, integrating professional-grade software, purpose-built hardware with the new Wave FX engine, onboard digital signal processing for reduced latency, and intuitive tactile control. This integrated approach simplifies the creator’s experience while delivering meaningfully higher performance and extensibility.

Sim Racing also had a strong quarter with double digit year over year revenue growth supported by community engagement, channel expansion, and continued product innovation across the Fanatec portfolio. We recently signed a strategic partnership with Formula 1®, naming Fanatec as both a licensed partner of the F1® brand and F1® Esports Official Partner. This helps to open doors, in terms of product authenticity, brand reach, and community engagement, that we intend to capitalize on. Combined with continued channel expansion and product innovation across the Fanatec portfolio, Sim Racing is a category where we see sustained momentum ahead.

Gaming Components and Systems Segment

Revenue declined 10% year over year to $231.2 million, reflecting softer demand in the DIY PC market. Ongoing global semiconductor supply constraints have reduced component availability, while elevated pricing has weighed on consumer demand, both dynamics we expect to persist through the near term.

Despite the revenue decline, the segment delivered meaningful margin expansion, with gross margin improving year over year to 28.4% from 21.7%, an increase of 670 basis points. Gross profit grew 18% year over year to $65.7 million, reflecting disciplined operational execution and a favorable product mix.

Within the segment, memory revenue grew 6% year over year, supported by prior inventory investments, strong supply chain execution, and sequential market share gains in North America.

Within the pre-build PC segment, we are seeing early demand begin to ramp for AI-focused workstations, particularly among prosumer and SMB customers requiring high-performance, locally run AI compute. This represents an estimated $22 billion global annual market opportunity that continues to grow and aligns directly with Corsair’s and ORIGIN PC’s strengths in custom, high-performance desktop solutions roadmap. We are encouraged by these early signals and believe this category will become an increasingly meaningful contributor as adoption continues to mature.

Management Commentary:

Thi La, Chief Executive Officer of Corsair, stated, “We delivered a strong start to 2026, with record first quarter gross margin and adjusted EBITDA and EPS well above the high end of our guidance. The profit story this quarter reflects the quality of our business transformation, our continued shift toward higher-margin products, ecosystem growth with our Stream Deck technology expanding to more product lines, and the operational discipline our teams have demonstrated across both segments.

In Gamer and Creator Peripherals, we believe the flywheel is accelerating, as AI-assisted development is bringing a new generation of creators and builders into our Stream Deck ecosystem, expanding our platform reach in exciting ways that weren’t possible even two years ago. Wave Next is our most ambitious hardware-software integration to date, and we believe it sets the stage for the next chapter of Elgato’s audio platform growth.

In Gaming Components and Systems, we are navigating an industry-wide constrained supply environment with discipline. The significant margin expansion this quarter reflects that discipline. And while near-term demand headwinds in DIY components are real, we are encouraged by the early traction in our AI workstations and remain confident in the long-term trajectory of that segment.”

Gordon Mattingly, Chief Financial Officer of Corsair, stated, “Our first quarter results demonstrate the progress we have made in building a more profitable, more resilient business. We delivered a record first quarter gross margin of 32.7%, net income growth of $23.4 million, adjusted EBITDA significantly above expectations, and generated nearly $21 million in cash, enabling us to reduce net debt to near zero and return $5 million to shareholders through buybacks, all in the same quarter.

Looking ahead, we remain focused on disciplined cost and working capital management, and we are well-positioned to deploy our increased financial flexibility efficiently across the business as the year progresses.”

Second Quarter and Full Year 2026 Financial Outlook:

For the second quarter of 2026, we expect:

•Net revenue to be in the range of $295 million to $320 million.

•Adjusted EBITDA to be in the range of $12.5 million to $15.5 million.

•Non-GAAP EPS to be in the range of 5 to 7 cents.

We expect revenue to be down by about 4% year-over-year at the assumed midpoint of our guided range, with expected low-teens year-over-year growth in our Gamer and Creator Peripherals segment, offset by a more cautious outlook for our Gaming Components and Systems segment, driven by the ongoing global semiconductor shortages. Adjusted EBITDA is expected to grow more than 70% year-over-year at the assumed midpoint of our guided range, as we continue to focus on margin expansion and operating expense management. The sequential decline in our revenue from Q1 reflects the normal seasonal pattern of our business.

Our full-year guidance remains unchanged.

Conference Call and Webcast Information

Corsair will host a conference call to discuss the first quarter of 2026 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 1-844-676-2245 (USA) or 1-412-634-6652 (International) with conference ID 10207948. A replay will be available approximately 3 hours after the live call ends on Corsair’s Investor Relations website, or through May 14, 2026 by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International), with passcode 10207948.

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 second quarter 2026 and the full year 2026; potential future growth in certain product categories; future headwinds and tailwinds that may impact the Company’s sales and results of operations including semiconductor supply constraints and demand for AI-focused workstations; and the potential growth and the long-term trajectory of our segments. 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 U.S. imports and our ability to mitigate; the Company’s ability to build and maintain the strength of the Company’s brand among gaming, streaming and content creator enthusiasts and ability to continuously develop and successfully market new products and improvements to existing products; the introduction and success of new third-party high-performance computer hardware, particularly graphics processing units and central processing units as well as sophisticated new video games; fluctuations in operating results; the loss or inability to attract and retain key management; the impacts from geopolitical events and unrest; delays or disruptions at the Company or third-parties’ manufacturing and distribution facilities; and the other factors described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) and our subsequent filings with the SEC. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances. Our results for the quarter ended March 31, 2026 are also not necessarily indicative of our operating results for any future periods.

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 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 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.

Investor Relations Contact: David Pasquale ir@corsair.com 914-337-8801 Media Contact: media@corsair.com 510-657-8747

Corsair Gaming, Inc.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share amounts)

		Three Months Ended March 31,
		2026				2025
Net revenue		$	354,512			$	369,750
Cost of revenue			238,483				267,388
Gross profit			116,029				102,362
Operating expenses:
Sales, general and administrative			84,988				86,992
Product development			17,245				17,633
Total operating expenses			102,233				104,625
Operating income (loss)			13,796				(2,263	)
Other (expense) income:
Interest expense			(1,691	)			(2,676	)
Interest income			421				630
Other (expense) income, net			374				(3,947	)
Total other expense, net			(896	)			(5,993	)
Income (loss) before income taxes			12,900				(8,256	)
Income tax benefit (expense)			157				(2,061	)
Net income (loss)			13,057				(10,317	)
Less: Net income attributable to noncontrolling interest			273				142
Net income (loss) attributable to Corsair Gaming, Inc.		$	12,784			$	(10,459	)
Calculation of net income (loss) per share attributable to common stockholders of Corsair Gaming, Inc.:
Net income (loss) attributable to Corsair Gaming, Inc.		$	12,784			$	(10,459	)
Change in redemption value of redeemable noncontrolling interest			(920	)			392
Net income (loss) attributable to common stockholders of Corsair Gaming, Inc.		$	11,864			$	(10,067	)
Net income (loss) per share attributable to common stockholders of Corsair Gaming, Inc.:
Basic		$	0.11			$	(0.10	)
Diluted		$	0.11			$	(0.10	)
Weighted-average common shares outstanding:
Basic			106,867				105,240
Diluted			107,774				105,240

Corsair Gaming, Inc.

Segment Information

(Unaudited, in thousands, except percentages)

		Three Months Ended March 31,
		2026				2025
Net revenue:
Gamer and Creator Peripherals		$	123,310			$	111,973
Gaming Components and Systems			231,202				257,777
Total Net revenue		$	354,512			$	369,750
Gross Profit:
Gamer and Creator Peripherals		$	50,290			$	46,414
Gaming Components and Systems			65,739				55,948
Total Gross Profit		$	116,029			$	102,362
Gross Margin:
Gamer and Creator Peripherals			40.8	%			41.5	%
Gaming Components and Systems			28.4	%			21.7	%
Total Gross Margin			32.7	%			27.7	%

Corsair Gaming, Inc.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands)

		March 31, 2026				December 31, 2025
Assets
Current assets:
Cash and restricted cash		$	119,497			$	98,583
Accounts receivable, net			178,375				233,900
Inventories			273,466				303,336
Prepaid expenses and other current assets			28,021				29,639
Total current assets			599,359				665,458
Restricted cash, noncurrent			251				250
Property and equipment, net			31,165				31,514
Goodwill			357,399				357,765
Intangible assets, net			115,269				125,210
Other assets			73,897				73,587
Total assets		$	1,177,340			$	1,253,784
Liabilities
Current liabilities:
Debt maturing within one year, net		$	6,121			$	6,120
Accounts payable			157,628				212,547
Other liabilities and accrued expenses			180,348				212,275
Total current liabilities			344,097				430,942
Long-term debt, net			113,691				115,222
Deferred tax liabilities			4,977				6,071
Other liabilities, noncurrent			53,766				55,795
Total liabilities			516,531				608,030
Temporary equity
Redeemable noncontrolling interest			13,167				12,197
Stockholders' equity
Common stock and additional paid-in capital			708,529				705,372
Accumulated deficit			(59,366	)			(71,230	)
Accumulated other comprehensive loss			(1,521	)			(585	)
Total stockholders' equity			647,642				633,557
Total liabilities, temporary equity and stockholders' equity		$	1,177,340			$	1,253,784

Corsair Gaming, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

		Three Months Ended March 31,
		2026				2025
Cash flows from operating activities:
Net income (loss)		$	13,057			$	(10,317	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation			6,694				9,322
Depreciation			3,551				3,373
Amortization			9,806				9,782
Reversal of bargain purchase gain on business acquisition			—				2,581
Deferred income taxes, net of valuation allowance			(2,769	)			(1,016	)
Other			737				3,031
Changes in operating assets and liabilities:
Accounts receivable			54,214				201
Inventories			30,180				(22,237	)
Prepaid expenses and other assets			1,024				2,247
Accounts payable			(54,583	)			34,253
Other liabilities and accrued expenses			(32,183	)			(12,470	)
Net cash provided by operating activities			29,728				18,750
Cash flows from investing activities:
Purchase of property and equipment			(3,669	)			(3,072	)
Net cash used in investing activities			(3,669	)			(3,072	)
Cash flows from financing activities:
Repayment of debt			(1,563	)			(25,000	)
Repurchases of common stock			(5,011	)			—
Proceeds from issuance of shares through employee equity incentive plans			2,055				3,440
Payment of taxes related to net share settlement of equity awards			(630	)			(390	)
Dividend paid to noncontrolling interest			(175	)			(304	)
Net cash used in financing activities			(5,324	)			(22,254	)
Effect of exchange rate changes on cash			180				(526	)
Net increase (decrease) in cash and restricted cash			20,915				(7,102	)
Cash and restricted cash at the beginning of the period			98,833				109,631
Cash and restricted cash at the end of the period		$	119,748			$	102,529

Corsair Gaming, Inc.

GAAP to Non-GAAP Reconciliations

Non-GAAP Operating Income (Loss) Reconciliations

(Unaudited, in thousands, except percentages)

		Three Months Ended March 31,
		2026				2025
Operating income (loss) - GAAP		$	13,796			$	(2,263	)
Amortization			9,806				9,782
Stock-based compensation			6,694				9,322
Restructuring and other charges			1,580				1,095
Acquisition and related integration costs			—				2,185
Acquisition accounting impact related to recognizing acquired inventory at fair value			—				515
Adjusted Operating Income - Non-GAAP		$	31,876			$	20,636
As a % of net revenue - GAAP			3.9	%			-0.6	%
As a % of net revenue - Non-GAAP			9.0	%			5.6	%

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 March 31,
		2026				2025
Net income (loss) attributable to common stockholders of Corsair Gaming, Inc. (1)		$	11,864			$	(10,067	)
Less: Change in redemption value of redeemable noncontrolling interest			(920	)			392
Net income (loss) attributable to Corsair Gaming, Inc.			12,784				(10,459	)
Add: Net income attributable to noncontrolling interest			273				142
Net income (loss) - GAAP			13,057				(10,317	)
Adjustments:
Amortization			9,806				9,782
Stock-based compensation			6,694				9,322
Restructuring and other charges			1,580				1,095
Acquisition and related integration costs			—				2,185
Reversal of bargain purchase gain on business acquisition			—				2,581
Acquisition accounting impact related to recognizing acquired inventory at fair value			—				515
Non-GAAP income tax adjustment			(1,983	)			(2,844	)
Adjusted net income - Non-GAAP		$	29,154			$	12,319
Diluted net income (loss) per share:
GAAP		$	0.11			$	(0.10	)
Adjusted, Non-GAAP		$	0.27			$	0.11
Weighted-average common shares outstanding - Diluted:
GAAP			107,774				105,240
Adjusted, Non-GAAP			107,774				107,367
(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 March 31,
		2026				2025
Net income (loss) - GAAP		$	13,057			$	(10,317	)
Amortization			9,806				9,782
Stock-based compensation			6,694				9,322
Restructuring and other charges			1,580				1,095
Acquisition and related integration costs			—				2,185
Reversal of bargain purchase gain on business acquisition			—				2,581
Acquisition accounting impact related to recognizing acquired inventory at fair value			—				515
Depreciation			3,551				3,373
Interest expense, net of interest income			1,270				2,046
Income tax (benefit) expense			(157	)			2,061
Adjusted EBITDA - Non-GAAP		$	35,801			$	22,643
Adjusted EBITDA margin - Non-GAAP			10.1	%			6.1	%

Exhibit 99.2

FAQ

How did Corsair Gaming (CRSR) perform financially in Q1 2026?

Corsair returned to profitability in Q1 2026, reporting net income of $13.1 million versus a loss a year earlier. Net revenue was $354.5 million, and gross margin reached a record 32.7%, helping drive GAAP diluted EPS to $0.11.

What were Corsair Gaming (CRSR) segment results for Q1 2026?

Gamer and Creator Peripherals revenue grew to $123.3 million with gross margin of 40.8%. Gaming Components and Systems revenue declined to $231.2 million, but gross margin improved to 28.4%. Together, segments produced total gross profit of $116.0 million.

What guidance did Corsair Gaming (CRSR) provide for Q2 2026?

For Q2 2026, Corsair expects net revenue between $295 million and $320 million, adjusted EBITDA of $12.5–$15.5 million, and non-GAAP EPS of $0.05–$0.07. The company also noted that its full-year 2026 guidance remains unchanged.

How did Corsair Gaming’s cash and debt position change in Q1 2026?

Corsair generated $29.7 million in cash from operating activities, lifting cash and restricted cash to $119.7 million at March 31, 2026. The company modestly reduced debt and repurchased about $5 million of common stock under its buyback program.

What were Corsair Gaming’s Q1 2026 non-GAAP results?

Adjusted net income was $29.2 million, with adjusted diluted EPS of $0.27, up from $0.11 a year earlier. Adjusted operating income reached $31.9 million, or 9.0% of net revenue, and adjusted EBITDA was $35.8 million, a 10.1% margin.

How did Q1 2026 revenue compare to Q1 2025 for Corsair Gaming?

Net revenue in Q1 2026 was $354.5 million, compared with $369.8 million in Q1 2025. Despite this decline, stronger gross margin and cost discipline allowed Corsair to significantly improve profitability and swing to positive net income and higher adjusted EBITDA.

Filing Exhibits & Attachments

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