sair Gaming(US:CRSR)2026-02-12 21:01Financial Performance - Full Year 2025 revenue increased by 12% to $1,472.5 million[1] - Full Year 2025 GAAP gross profit rose by 30% to $425.9 million, achieving a record gross margin of 28.9%[1][4] - Adjusted EBITDA for Full Year 2025 increased by 84% to $100.6 million, exceeding guidance[1][4] - Q4 2025 revenue grew by 6% to $436.9 million, with gross profit up 34% to $144.6 million[4] - Net revenue for Q4 2025 was $436.855 million, a 5.7% increase from $413.623 million in Q4 2024[22] - Gross profit for Q4 2025 reached $144.554 million, up 33.5% from $108.212 million in Q4 2024[22] - Operating income for Q4 2025 was $26.889 million, compared to $5.923 million in Q4 2024, indicating significant improvement[22] - Net income attributable to Corsair Gaming, Inc. for Q4 2025 was $25.791 million, a substantial increase from $2.286 million in Q4 2024[22] - Total net revenue for the year ended December 31, 2025, was $1.472 billion, a 11.9% increase from $1.316 billion in 2024[22] - The gross margin for Q4 2025 was 33.1%, up from 26.2% in Q4 2024, reflecting improved profitability[24] Segment Performance - Gaming Components and Systems segment revenue grew by 16% year-over-year for Full Year 2025, driven by strong demand for memory products[5] - Gamer and Creator Peripherals segment revenue increased by 4% year-over-year for Full Year 2025, despite a 3% decline in Q4 2025[6] Future Guidance - For Q1 2026, the company expects revenue to decline by about 5% year-over-year, with double-digit growth anticipated in the Gamer and Creator Peripherals segment[9] - Full Year 2026 revenue guidance is projected to be between $1.33 billion and $1.47 billion, with adjusted EBITDA expected between $100 million and $115 million[13] Shareholder Actions - The company approved a $50 million share repurchase program, marking its first such authorization[2][8] Debt and Cash Management - The company reduced its debt by $52.1 million during 2025, focusing on margin expansion and cost discipline[8] - Cash and restricted cash at the end of Q4 2025 was $98.833 million, down from $109.631 million at the end of Q4 2024[28] - Total assets as of December 31, 2025, were $1.254 billion, slightly up from $1.236 billion in 2024[26] - Current liabilities increased to $430.942 million in 2025 from $396.313 million in 2024, indicating a rise in short-term obligations[26] - The company reported a net cash provided by operating activities of $38.169 million for Q4 2025, down from $55.555 million in Q4 2024[28] Operating Metrics - For the three months ended December 31, 2025, Corsair Gaming reported an operating income of $26,889 thousand, a significant increase from $5,923 thousand in the same period of 2024[30] - Adjusted operating income for the same period was $49,772 thousand, up from $31,725 thousand year-over-year, representing a 56.8% increase[30] - The net income attributable to Corsair Gaming, Inc. for the three months ended December 31, 2025, was $25,791 thousand, compared to $2,286 thousand in the prior year, marking an increase of over 1,000%[33] - Adjusted EBITDA for the three months ended December 31, 2025, was $53,628 thousand, reflecting a margin of 12.3%, compared to 8.0% in the same quarter of 2024[35] - The company reported a diluted net income per share of $0.22 for the three months ended December 31, 2025, compared to $0.01 in the same period of 2024[33] - Corsair Gaming's adjusted net income for the year ended December 31, 2025, was $67,211 thousand, a significant recovery from a loss of $2,744 thousand in 2024[33] - The company incurred one-time costs related to legal matters amounting to $1,484 thousand in the latest quarter, compared to $31 thousand in the previous year[33] - Stock-based compensation expenses increased to $9,268 thousand for the three months ended December 31, 2025, from $7,466 thousand in the same period of 2024[33] - Corsair Gaming's adjusted operating income as a percentage of net revenue was 11.4% for the three months ended December 31, 2025, compared to 7.7% in the prior year[30] - The company experienced a significant reduction in restructuring and other charges, which were $899 thousand for the latest quarter, down from $1,789 thousand in the same quarter of 2024[33]