sair Gaming(CRSR)2025-02-12 21:05Revenue Performance - Net revenue for Q4 2024 was $413.6 million, a slight decrease from $417.3 million in Q4 2023, with a 20% year-over-year growth in the Gamer and Creator Peripherals segment[5]. - Full year 2024 net revenue totaled $1,316.4 million, down from $1,459.9 million in 2023, with Gamer and Creator Peripherals segment revenue increasing to $472.7 million from $394.9 million[5]. - Net revenue for Q4 2024 was $413.6 million, a decrease of 0.2% from $417.3 million in Q4 2023[23]. - The segment of Gaming Components and Systems generated $244.1 million in revenue, down from $280.5 million in Q4 2023[25]. Profitability - Net loss attributable to common shareholders for 2024 was $99.2 million, or $0.95 per diluted share, compared to a net income of $3.2 million, or $0.03 per diluted share in 2023[5]. - Adjusted EBITDA for Q4 2024 was $33.1 million, slightly down from $33.7 million in Q4 2023, while full year adjusted EBITDA decreased to $54.7 million from $95.1 million in 2023[5]. - Operating income for Q4 2024 was $5.9 million, down from $12.1 million in Q4 2023, while the total operating expenses rose to $102.3 million from $90.6 million[23]. - Net loss attributable to Corsair Gaming, Inc. was $2.3 million in Q4 2024, compared to a net income of $7.0 million in Q4 2023[23]. - Net income for the three months ended December 31, 2024, was $2,728,000, a decrease of 64% compared to $7,576,000 for the same period in 2023[29]. - Adjusted Operating Income for the three months ended December 31, 2024, was $31,725,000, representing 7.7% of net revenue, compared to $31,792,000 or 7.6% in the same period of 2023[31]. - The diluted net income per share for the three months ended December 31, 2024, was $0.01, down from $0.06 in the same period of 2023[34]. - The company reported a net loss attributable to common stockholders of $99,175,000 for the year ended December 31, 2024, compared to a net income of $3,187,000 in 2023[34]. Cash Flow and Assets - Cash and restricted cash decreased to $109.4 million from $178.3 million year-over-year[27]. - Net cash provided by operating activities for the three months ended December 31, 2024, was $55,555,000, slightly down from $57,093,000 in the same period of 2023[29]. - The company reported a net cash increase of $48,025,000 for the three months ended December 31, 2024, compared to an increase of $30,794,000 in the same period of 2023[29]. - The net cash used in investing activities for the year ended December 31, 2024, was $52,705,000, compared to $26,981,000 in 2023[29]. - Total assets decreased to $1.236 billion as of December 31, 2024, from $1.357 billion a year earlier[27]. - Corsair Gaming's total liabilities decreased to $616.4 million from $663.5 million year-over-year[27]. Segment Performance - The Gamer and Creator Peripherals segment's gross profit now exceeds that of the Gaming Components and Systems segment, indicating a shift in profitability focus[6]. - The company reported a gross profit of $63.9 million from Gamer and Creator Peripherals, up from $50.9 million in Q4 2023, indicating a gross margin of 37.7%[25]. - Gross profit increased to $108.2 million in Q4 2024, up from $102.7 million in Q4 2023, resulting in a gross margin of 26.2% compared to 24.6%[25]. Future Outlook - Corsair expects revenue for 2025 to be in the range of $1.4 billion to $1.6 billion, with adjusted EBITDA projected between $80 million and $100 million[11]. - The company anticipates a rebound in demand for high-performance gaming gear, driven by new GPU launches and a growing market for PC upgrades[8]. - Corsair's recent acquisition of Fanatec is expected to contribute to revenue growth, with new products like the ClubSport GT Cockpit being introduced[6]. - The company plans to continue organic growth alongside strategic acquisitions in high-value peripherals[6]. - Corsair's K65 Wireless keyboard and M75 Gaming mouse have been selected by Apple for retail, enhancing brand visibility and market reach[12].