sair Gaming(US:CRSR)2024-08-01 20:05Financial Performance - Net revenue for Q2 2024 was $261.3 million, a decrease of 19.7% compared to $325.4 million in Q2 2023[2] - Net loss attributable to common shareholders was $29.6 million, or $0.28 per diluted share, compared to net income of $1.1 million, or $0.01 per diluted share, in Q2 2023[2] - Adjusted EBITDA for Q2 2024 was a loss of $1.2 million, down from an adjusted EBITDA of $17.8 million in Q2 2023[2] - Operating loss for the three months ended June 30, 2024, was $24.7 million, compared to an operating loss of $2.7 million in the prior year[16] - The net loss attributable to Corsair Gaming, Inc. was $24.2 million for the three months ended June 30, 2024, compared to a net loss of $4.5 million for the same period in 2023[16] - Corsair Gaming reported a net loss of $23,507 thousand for the three months ended June 2024, compared to a net loss of $4,079 thousand for the same period in 2023[20] - The adjusted operating loss for the three months ended June 2024 was $3,821 thousand, significantly lower than the adjusted operating income of $15,851 thousand in the same period last year[21] - Corsair's adjusted EBITDA for the three months ended June 2024 was $(1,244) thousand, a decline from $17,753 thousand in the same period last year[23] - The adjusted net income (loss) for the three months ended June 2024 was $(6,828) thousand, compared to an adjusted net income of $9,821 thousand in the same period last year[22] Revenue Segmentation - The Gaming Components and Systems segment net revenue was $167.1 million, down from $246.7 million in Q2 2023, while the Gamer and Creator Peripherals segment net revenue increased to $94.2 million from $78.8 million[2] - The Gamer and Creator Peripherals segment grew by 19.6% year-over-year in Q2 2024, marking the third consecutive quarter of strong growth[6] - The company reported a gross margin of 37.9% for Gamer and Creator Peripherals, up from 32.4% in the prior year, indicating improved profitability in that segment[18] Cash and Assets - Cash and restricted cash as of June 30, 2024, was $94.6 million[2] - Cash and restricted cash decreased to $94.3 million as of June 30, 2024, from $178.3 million at the end of 2023[19] - Total current assets decreased to $579.6 million as of June 30, 2024, down from $711.6 million at the end of 2023[19] - Corsair's accounts receivable increased by $28,891 thousand for the three months ended June 2024, compared to a decrease of $697 thousand in the same period last year[20] Future Outlook - Corsair expects full-year 2024 net revenue to be in the range of $1.25 billion to $1.35 billion[7] - Adjusted EBITDA for the full year 2024 is projected to be between $60 million and $75 million[7] - Corsair anticipates a natural refresh cycle in the self-built PC market, likely starting later than expected due to new GPU launches and game releases[5] - Corsair plans to continue exploring a potential acquisition of the Sim racing brand Fanatec, which recently filed for insolvency[6] Other Financial Metrics - The gross profit for the same period was $63.1 million, down 23.9% from $82.8 million year-over-year, resulting in a gross margin of 24.1%[18] - Corsair Gaming, Inc. had a diluted net loss per share of $0.28 for the three months ended June 30, 2024, compared to a diluted net income per share of $0.01 in the same period last year[17] - The company’s total net revenue for the six months ended June 30, 2024, was $598.6 million, a decrease of 11.9% from $679.4 million for the same period in 2023[16] - The company incurred one-time costs related to legal and other matters amounting to $1,056 thousand for the three months ended June 2024[22] - The company reported stock-based compensation of $8,010 thousand for the three months ended June 2024, consistent with $8,174 thousand in the same period of 2023[21] - The company reported a GAAP operating loss margin of -9.5% for the three months ended June 2024, compared to -0.8% for the same period in 2023[21]