sair Gaming(US:CRSR)2025-11-04 21:20Financial 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]