Q3:NOVEMBER 2025 INVESTOR PRESENTATION DISCLAIMER 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; a ...

Financial Performance - Net revenue for Q3 2025 was $345.8 million, a 13.7% increase from $304.2 million in Q3 2024[107] - Net revenue for the nine months ended September 30, 2025, reached $1,035.6 million, reflecting a 14.7% increase from $902.8 million in the same period last year[126] - For the three months ended September 30, 2025, total net revenue was $345.76 million, an increase of 13.7% compared to $304.19 million in the same period last year[146] - Net revenue for the three months ended September 30, 2025, was $345.8 million, representing a 13.7% increase compared to the same period in 2024, while net revenue for the nine months ended September 30, 2025, was $1.036 billion, up 14.7% year-over-year[126] Profitability - Gross margin improved to 26.9% in Q3 2025 from 22.9% in Q3 2024[107] - Gross profit for Q3 2025 was $93.1 million, with a gross margin of 26.9%, up from 22.9% in Q3 2024, representing a 400 basis points improvement[129] - Total gross profit for the three months ended September 30, 2025, was $93.1 million with a gross margin of 26.9%, compared to $69.7 million and 22.9% in the same period last year[149] - The gross margin of the Gamer and Creator Peripherals segment increased by 100 basis points to 39.3% for the three months ended September 30, 2025, attributed to an improved product mix[150] - The gross margin of the Gaming Components and Systems segment increased by 580 basis points to 16.8% for the three months ended September 30, 2025, due to higher average selling prices[153] Loss and Expenses - Net loss decreased to $10.4 million in Q3 2025 from $51.6 million in Q3 2024[107] - Operating loss for Q3 2025 was $(5.6) million, significantly improved from $(20.9) million in Q3 2024[126] - Sales, general and administrative expenses increased by $8.0 million, or 10.7%, for Q3 2025, primarily due to higher marketing and personnel-related costs[132] - Product development expenses for Q3 2025 were $16.7 million, a slight increase of 1.0% compared to $16.5 million in Q3 2024[134] - The company’s net loss attributable to Corsair Gaming, Inc. for the three months ended September 30, 2025, was $10.6 million, compared to a net loss of $51.7 million in the same period in 2024[124] Cash Flow and Liquidity - Cash generated from operations was $12.0 million for the nine months ended September 30, 2025, compared to cash used in operations of $19.7 million in the same period of 2024[108] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $12.0 million, compared to a net cash used of $(19.68) million in the same period last year[158] - Cash used in investing activities was $10.1 million for the nine months ended September 30, 2025, primarily for capital expenditures[162] - Cash used in financing activities was $47.4 million for the nine months ended September 30, 2025, mainly for debt repayment[164] - As of September 30, 2025, the company had cash and restricted cash of $66.1 million and a borrowing capacity of $99.8 million under the June 2030 Revolving Facility[155] Market and Product Development - The company released 80 new products in the nine months ended September 30, 2025, contributing positively to net revenue[118] - The introduction of new GPUs in early 2025 led to a resurgence in demand for gaming components and systems, expected to continue for the rest of 2025[116] - Corsair Gaming's acquisition of Fanatec has expanded its product offerings in the enthusiast gaming market, contributing to growth in the Gamer and Creator peripherals segment[115] - Sales for the Gaming Components and Systems segment increased by 15.3% for the three months and 18.1% for the nine months ended September 30, 2025, while the Gamer and Creator Peripherals segment saw increases of 10.5% and 8.0%, respectively[127] External Factors - Integrated circuits pricing fluctuations can significantly impact net revenue and gross margins, particularly for high-performance memory products[122] - The company is actively monitoring the volatile global tariff environment, which may affect its financial condition and operations[112] - A significant portion of net revenue is concentrated, with Amazon accounting for 29.3% and sales to the top ten customers representing approximately 50.4% for the nine months ended September 30, 2025[117]

Revenue and Profitability - Revenue increased 14% year-over-year to $345.8 million in Q3 2025, with a 15% increase to $1.0 billion for the first nine months of 2025[4] - Adjusted EBITDA improved 236% to $16.2 million in Q3 2025, and 117% to $47.0 million for the first nine months of 2025[4] - Gross profit rose 34% to $93.1 million in Q3 2025, and 28% to $281.3 million for the first nine months of 2025, driven by improved product mix and operational efficiency[4] - Net revenue for Q3 2025 reached $345.763 million, a 13.7% increase from $304.199 million in Q3 2024[23] - Gross profit for Q3 2025 was $93.096 million, up 33.6% from $69.661 million in Q3 2024, resulting in a total gross margin of 26.9%[25] - The net loss attributable to Corsair Gaming, Inc. for Q3 2025 was $10.629 million, compared to a net loss of $51.708 million in Q3 2024, indicating a significant improvement[23] - The net loss attributable to Corsair Gaming, Inc. for the nine months ended September 30, 2025, was $41,950, a decrease from $87,467 in the same period of 2024[34] - Corsair Gaming's adjusted net income for the nine months ended September 30, 2025, was $20,402, a significant increase from a loss of $(27,564) in the same period of 2024[34] Segment Performance - The Gaming Components and Systems segment grew over 15% year-over-year, driven by demand for memory products and high-performance PC builds[2] - The Gamer and Creator Peripherals segment grew over 10% year-over-year, supported by successful new product launches like the Saber Pro and Vanguard 96[5] - The company reported a gross margin of 39.3% for Gamer and Creator Peripherals and 20.9% for Gaming Components and Systems in Q3 2025[25] Future Outlook - Corsair expects full-year 2025 net revenue to be in the range of $1.425 billion to $1.475 billion, with adjusted EBITDA projected between $85 million and $90 million[15] - The company anticipates continued growth in gaming and creator peripherals, tracking in the high single digits for 2025[11] - Corsair's new product launches, including the Facecam 4K and advanced sim racing products, are expected to drive future growth and market expansion[6][7] - Management highlighted strong community response and early sell-through for recent product releases, indicating robust market demand[8] Financial Position - Cash and restricted cash at the end of Q3 2025 totaled $66.053 million, a decrease from $107.449 million at the beginning of the period[29] - Total current assets decreased to $607.681 million as of September 30, 2025, down from $623.388 million at the end of 2024[27] - Total liabilities decreased to $587.924 million as of September 30, 2025, compared to $616.377 million at the end of 2024[27] Operating Performance - Operating loss for Q3 2025 was $5.627 million, a significant improvement from an operating loss of $20.944 million in Q3 2024[23] - Cash flows from operating activities showed a net cash used of $36.991 million in Q3 2025, compared to a net cash provided of $25.101 million in Q3 2024[29] - For the three months ended September 30, 2025, Corsair Gaming reported an adjusted operating income of $13,537, compared to $2,421 in the same period of 2024, reflecting a significant improvement[31] - Adjusted EBITDA for the three months ended September 30, 2025, was $16,187, representing an adjusted EBITDA margin of 4.7%, up from 1.6% in the same period of 2024[36] Costs and Expenses - Despite $12 million in unforeseen tariff costs since May, Corsair achieved significant margin progress through agile supply chain management[12] - The company incurred one-time costs related to legal and other matters amounting to $2,490 for the three months ended September 30, 2025, compared to $29 in the same period of 2024[34] - Stock-based compensation expenses decreased to $5,187 for the three months ended September 30, 2025, from $7,424 in the same period of 2024[34] - The company recognized amortization expenses of $10,110 for the three months ended September 30, 2025, compared to $9,567 in the same period of 2024[31] - The company incurred interest expense of $2.053 million in Q3 2025, down from $3.011 million in Q3 2024[23] - The company reported acquisition and related integration costs of $528 for the three months ended September 30, 2025, down from $2,281 in the same period of 2024[34]

Core Insights - The article discusses the investment positions held by the author in CRSR and LOGI, indicating a long position in these stocks [1] Group 1 - The author expresses personal opinions on the stocks mentioned, emphasizing that the article is not financial advice [2][3] - There is a note on the importance of due diligence and research for investors before making investment decisions [2] - The article highlights the risks associated with short-term trading and options trading, suggesting they may not be suitable for all investors [2]

Core Insights - The article discusses the investment positions held by the author in CRSR and LOGI, indicating a long position in these stocks [1] - It emphasizes the importance of conducting personal due diligence before making investment decisions, particularly in high-risk trading styles [2] - The article clarifies that past performance does not guarantee future results and that opinions expressed may not reflect the views of Seeking Alpha as a whole [3] Company Insights - CRSR and LOGI are highlighted as companies of interest, with the author holding beneficial long positions in their shares [1] - The article suggests that investors should be aware of the specific risks associated with investing in European and Scandinavian stocks, including withholding tax risks [2] Industry Insights - The article implies a broader context of investment strategies, particularly focusing on the risks associated with short-term trading and options trading [2] - It notes that the investment landscape is influenced by various factors, including regulatory considerations and market performance, which can affect investor sentiment and stock valuations [3]

Core Insights - Corsair Gaming Inc. (NASDAQ:CRSR) is recognized as a promising tech stock priced under $10, recently launching the FRAME 4500X PC case aimed at high-end PC builders [1] - The FRAME 4500X features a panoramic glass design, modular flexibility, and enhanced airflow, supporting reverse-connector motherboards from major brands [1][2] - Corsair continues to strengthen its position in the premium PC hardware segment, focusing on product innovation and global expansion, with expectations of benefiting from a strong upgrade cycle due to new GPU launches [3][4] Product Features - The FRAME 4500X enhances Corsair's modular case system, allowing for extensive cooling options, including support for up to 10 fans and GPU clearance of 460mm [2] - The case includes a built-in stabilization arm, multiple USB ports, Type-C connectivity, and storage flexibility, designed for both performance and user convenience [2] Strategic Focus - Corsair's management emphasizes ongoing product innovation and global expansion as key strategies for growth [3] - The company anticipates a strong upgrade cycle driven by new GPU launches and an increase in gaming content, which is expected to positively impact its market position [3]

Core Viewpoint - Corsair has launched the FRAME 4500X, a new modular PC case designed for high-end builds, featuring a panoramic glass design and enhanced airflow capabilities, reinforcing the company's commitment to innovation in the PC building market [1][2][6]. Product Features - The FRAME 4500X expands on Corsair's earlier FRAME Modular Case System, offering a larger mid-tower solution with advanced airflow and cable management features, and compatibility with the latest motherboards from ASUS, Gigabyte, and MSI [2][3]. - It supports up to 10x 120mm fans or 5x 140mm fans, ensuring effective cooling, and includes a built-in adjustable GPU Anti-sag Stabilization Arm for larger graphics cards [3][4]. - The case features a customizable layout with a removable glass panel, QuikTurn screws for easy installation, and modern front panel I/O connections including USB 3.2 Gen 1 and Gen 2 ports [5][6]. Market Positioning - The launch of the FRAME 4500X highlights Corsair's strategy to deepen its ecosystem and increase attach rates, positioning the company as a leader in the premium PC segment [1][2][6]. - Corsair's products cater to a wide range of users, from casual gamers to professional content creators, enhancing its brand presence in the gaming and streaming markets [7].

Company Overview - Corsair Gaming is one of the largest global providers and innovators of high-performance products for gamers, streamers, content creators, gaming PC builders, and SIM driving enthusiasts [1] - The company has built a full ecosystem of products that work together to enhance performance for both casual gamers and committed professionals [2] Product Portfolio - Corsair's portfolio includes several brands such as Fanatec, Elgato, SCUF, Drop, and ORIGIN [2]

Summary of Corsair Gaming Conference Call Company Overview - **Company**: Corsair Gaming (NasdaqGS:CRSR) - **Industry**: Gaming and Streaming Products - **Key Brands**: Fanatec, Elgato, SCUF Gaming, Drop, ORIGIN PC - **CEO**: Thi La, who has been with the company for 15 years and took over as CEO in July 2025 [2][4] Core Strategic Priorities 1. **Accelerate Product Cadence**: Focus on bringing impactful products to market more quickly [4] 2. **Unlock Margin Opportunities**: Improve operational efficiency, particularly through AI capabilities and M&A synergies [4] 3. **Global Expansion**: Target underserved markets in Asia and Latin America while enhancing direct-to-consumer engagement [4] Market Opportunities - **SIM Racing Market**: Estimated at $1 billion and growing at double digits annually, with Fanatec integrated into Corsair's ecosystem [6][7] - **GPU Launch Impact**: The NVIDIA 5000 series and AMD 9000 series launches contributed to a 30% growth in gaming components and systems in Q2 [8] - **Content Cycle**: Anticipation for major game releases like Grand Theft Auto VI is expected to drive hardware sales, leading to a multi-upgrade cycle for gamers [9][10] Competitive Landscape - **Peripherals Market**: Corsair differentiates itself by integrating productivity solutions (e.g., Elgato Stream Deck) into its gaming products, enhancing overall value [14][15] Go-to-Market Strategy - **Channel Strategy**: Focus on expanding presence in Asia through local influencers and partnerships, leveraging popular games for marketing [16][17] Creator Economy Exposure - **Market Size**: The creator economy is projected to reach 250 million by 2024, with Elgato holding a significant market share [18] - **Product Initiatives**: Development of tools for creators, such as the Elgato marketplace, which offers customizable content and plugins [20] Tariff and Supply Chain Management - **Tariff Impact**: Minimal short-term impact from tariffs, with a strategy to expand the supply chain in East Asia and Mexico to mitigate risks [21] Consumer Demand Trends - **Resilience of Enthusiast Economy**: The gaming market is stable, with a growing number of gamers across generations, although growth rates may slow from double digits to single digits in a softer macroeconomic environment [23][24] AI Integration - **Internal AI Initiatives**: AI is being integrated into various business processes, improving efficiency and customer satisfaction by 10% [39] - **Product Development**: AI is being used to enhance consumer experiences, such as in the ORIGIN PC AI workstation and Elgato smart teleprompter [40][41] Capital Allocation and M&A Strategy - **Growth Focus**: Capital will be primarily allocated to product development and potential M&A opportunities that align with Corsair's strategic goals [44][54] - **Debt Management**: Current debt stands at $125 million, with no immediate pressure to pay down further unless growth opportunities arise [48] Long-term Vision - **Product Ecosystem**: Corsair aims to position itself as a comprehensive platform for gaming and streaming, integrating all necessary components for a seamless user experience [59][61] - **Global Market Expansion**: Plans to increase revenue contributions from Asia and Latin America while maintaining strong positions in North America and Europe [61][62]

Financial Data and Key Metrics Changes - In Q2 2025, the company achieved a 23% year-over-year revenue growth, totaling $320 million, with EBITDA of $8.1 million, surpassing consensus expectations [4][14] - Gross profit increased by 36% year-over-year, reflecting improved margin performance across the portfolio, with gross margin rising to 26.8% from 24.1% in Q2 2024 [4][16] - The net loss attributable to common shareholders was $17 million, or $0.16 per diluted share, compared to a net loss of $29.6 million, or $0.28 per diluted share in Q2 2024 [19] Business Segment Data and Key Metrics Changes - The Gaming Components and Systems segment generated $217.5 million in revenue during Q2 2025, up from $167.1 million in Q2 2024, with memory products contributing $105 million [15] - The Gamer and Creator Peripheral segment revenue increased to $102.6 million in Q2 2025 from $94.2 million in Q2 2024, with gross margin improving to 40% from 37.9% [14][17] Market Data and Key Metrics Changes - The APAC region contributed 13.5% of total revenues in Q2 2025, up from 11.3% in Q1 2025, indicating growth in this market [14] - The company gained market share in both keyboard and headset categories, driven by new product launches and increased demand for system upgrades [5] Company Strategy and Development Direction - The company is focusing on three strategic priorities: accelerating new product innovation, margin expansion, and channel expansion in underserved markets like Asia and Latin America [12] - The integration of Fanatec branded sim racing products is a key initiative, with plans for new product releases in Q4 2025 [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in business fundamentals and reaffirmed the full-year 2025 net revenue outlook of $1.4 billion to $1.6 billion [23] - The company is actively managing tariff impacts and expects to mitigate new country-specific tariffs through various strategies [22] Other Important Information - The company ended Q2 with a cash balance of $107.5 million and reduced debt from approximately $550 million to $125 million since the IPO [20][21] - The company is committed to maintaining a healthy balance sheet while navigating new tariffs and expanding its product portfolio [21] Q&A Session Summary Question: What are the next steps for Fanatec to continue momentum? - The company has completed the integration phase and is now focusing on product roadmap expansion and increasing availability, with new products expected in Q4 2025 [27] Question: Does the commentary include the tariffs that went into effect today? - Yes, the commentary includes the new country-specific tariffs that went into effect, while the semiconductor tariff's impact remains uncertain [30][31]