Question-and-Answer SessionSo maybe, Thi, if we start with you, pretty new to the CEO role, too still. So talk a little bit about kind of strategic vision and kind of lessons learned so far in key focus areas.Thi LaCEO, President, COO & Director Yes. So my vision for the company is to evolve Corsair and now house of brands from a premium hardware company into an enthusiast lifestyle platform that supports gaming, streaming, content creation SIM sports and also productivity and we are looking at building out ...

Summary of Corsair Gaming FY Conference Call Company Overview - **Company**: Corsair Gaming (NasdaqGS:CRSR) - **Date**: December 10, 2025 - **Speakers**: T. Law (CEO), Gordon Mattingly (CFO) Core Industry Insights - **Industry Focus**: Gaming, streaming, content creation, and productivity - **Market Dynamics**: Corsair is transitioning from a premium hardware company to an enthusiast lifestyle platform, emphasizing an ecosystem of hardware, software, and services [3][26] Strategic Vision and Priorities - **Vision**: Evolve into an enthusiast lifestyle platform supporting various sectors including gaming and streaming [3] - **Key Priorities**: 1. **Margin Acceleration**: Focus on high-margin product families and optimizing product mix [4] 2. **Operational Discipline**: Leverage AI for scaling and managing operational expenses (OPEX) [4] 3. **Direct-to-Consumer Growth**: Expand the direct-to-consumer business model [4] 4. **Revenue Platform Scaling**: Increase recurrent revenue through Elgato products and marketplace [4][32] 5. **Market Share Expansion**: Accelerate innovation and product cadence to capture market share [5] Financial Performance and Market Position - **Recent Performance**: Corsair is gaining market share, particularly in the components and gaming peripherals sectors [5] - **Investment in Underserved Markets**: Focus on growth in Asia and Latin America, showing promising year-on-year growth [6] M&A Strategy - **M&A as Growth Strategy**: Corsair will continue to evaluate M&A opportunities for channel acquisition and complementary brands [6] Product and Market Dynamics - **Product Segments**: Growth in Elgato streaming products and gaming peripherals, independent of memory market fluctuations [12] - **Consumer Behavior**: Shift in spending towards accessories as consumers face budget constraints for building PCs [12] - **Gaming and Peripheral Upgrade Cycles**: New gaming titles and platforms drive demand for upgrades in GPUs and peripherals [20][22] Challenges and Opportunities - **Supply Chain Issues**: Tariffs and semiconductor shortages are impacting the market, but Corsair's established manufacturing capabilities position it favorably [11][12] - **Promotional Activity**: Limited discounts due to tight inventory and tariff situations, with Corsair managing inventory effectively [15][19] Future Growth Drivers - **SIM Racing Market**: Projected to be a $1 billion total addressable market (TAM) in 2024, with double-digit growth expected [23] - **AI Integration**: Corsair is exploring AI applications for both internal operations and product offerings, including AI workstations [24][25] Transition to Recurring Revenue Models - **Recurring Revenue Opportunities**: The Elgato marketplace is a key area for growth, with over two million active users [32] - **Consumer SaaS Potential**: Exploring vertical solutions and partnerships to enhance offerings [32] Conclusion - Corsair Gaming is strategically positioned to leverage its strengths in the gaming and streaming markets while navigating current challenges. The focus on transitioning to a lifestyle platform and enhancing recurring revenue models presents significant growth opportunities moving forward.

Core Insights - MelGeek has launched the MADE68 Ultra+ Hall Effect Keyboard to meet the demands of professional CS:GO players, focusing on frame-accurate movement and ultra-low latency [1] - The keyboard incorporates advanced switch technology and high-frequency scanning, making it suitable for competitive gaming [1] Group 1: Technical Framework - CS:GO requires a unique keyboard architecture due to its sensitivity to keyboard behavior, where movement timing is crucial for gameplay [2] - A keyboard's ability to transition between key states with minimal latency is essential to avoid instability in movement [3] - The ideal keyboard for CS:GO must analyze components such as switch physics, scanning systems, and firmware timing [4] Group 2: Ideal Characteristics - The keyboard should utilize magnetic or Hall-effect switch architecture to eliminate mechanical contacts and enhance performance [6] - Extremely high polling and scan rates are necessary to ensure rapid state changes and minimize movement errors [7][8] - Features like adjustable actuation points and minimal hysteresis are critical for consistent performance [9] Group 3: Performance Metrics - Competitive keyboards achieving 0.125 ms response times represent the upper tier of performance for CS:GO [11] - A reset distance of 0.01 mm allows for near-instant re-triggering of keys, enhancing gameplay responsiveness [12] - Structural consistency during high-intensity use is vital for maintaining accuracy [13] Group 4: Competitive Implications - The architecture of the keyboard directly impacts gameplay, improving counter-strafe accuracy and movement micro-adjustments [20][21] - Predictable key-off events help stabilize recoil control, aligning it with firing timing [22] - Consistent feel across sessions is supported by structural damping and rigid materials [23] Group 5: Industry Trends - The rise of magnetic switches and high polling rates indicates a shift in engineering priorities towards precision in competitive gaming keyboards [24] - Emerging hardware aligns with the needs of high-speed FPS gameplay, setting new benchmarks for evaluating CS:GO keyboards [25] Group 6: Conclusion - A CS:GO-optimized keyboard is defined by its ability to deliver consistent, ultra-low-latency input and maintain structural precision [26][27] - The MelGeek MADE68 Ultra+ Hall Effect Keyboard exemplifies the integration of ideal traits for a fully optimized CS:GO input device [26]

Core Insights - Valve is launching a new line of gaming hardware, including the Steam Machine, Steam Controller, and Steam Frame, aiming to reshape perceptions of gaming PCs and consoles [2][3] Steam Machine Overview - The Steam Machine represents Valve's second attempt in the PC hardware market, following an unsuccessful initial launch a decade ago due to poor game support and varying specifications [4][5] - The new Steam Machine is designed to run most Windows games on the Linux-based SteamOS, leveraging the success of the Steam Deck and its Proton compatibility layer [5] - The hardware features a compact design, significantly smaller than the Xbox Series X, with customizable face plates and an LED strip for aesthetic appeal [6] Technical Specifications - The Steam Machine will be powered by a semi-custom AMD Zen 4 CPU with a maximum clock speed of 4.8GHz and an AMD RDNA3 GPU running at up to 2.45GHz, claiming six times the graphical power of the Steam Deck [7] - It will offer two models: one with 512GB SSD storage and another with 2TB SSD storage, both featuring a microSD card slot for additional storage [8] - Connectivity includes Gigabit Ethernet, Wi-Fi 6E, Bluetooth 5.3, and multiple USB ports, although some aspects are considered underwhelming [9] Multi-Functionality - The Steam Machine is positioned as a versatile PC capable of running various software, not limited to gaming, with a desktop mode based on Arch Linux [10] Steam Controller Features - The new Steam Controller integrates a 2.4GHz wireless adapter and features dual touchpads for enhanced control, along with traditional buttons and additional grip buttons [11][12] - Each controller includes a charging "Puck" and boasts a battery life of nearly 36 hours [12] Steam Frame VR Headset - The Steam Frame is a new VR headset designed for streaming, featuring a Wi-Fi 6 dongle and the ability to run games directly on SteamOS [13] - It offers a resolution of 2,160 x 2,160 per eye and a maximum refresh rate of 144Hz, with a field of view of up to 110 degrees [14] Pricing and Availability - The Steam Machine, Controller, and Frame are set to launch in early 2026, with pricing expected to be competitive with similar-spec PCs [15] - If priced between $500-$750, the Steam Machine could compete effectively with current gaming consoles from Microsoft and Sony [16]

Financial Data and Key Metrics Changes - Q3 2025 net revenue increased 14% to $345.8 million compared to $304.2 million in Q3 2024 [9] - For the first nine months of 2025, net revenue increased 15% to $1.04 billion from $902.8 million in the year-ago period [9] - Overall gross profit in Q3 increased 33.6% to $93.1 million compared to $69.7 million in Q3 2024 [11] - Third quarter adjusted EBITDA increased 236% to $16.2 million compared to $4.8 million in Q3 2024 [13] Business Line Data and Key Metrics Changes - Gamer and creator peripheral segment revenue was $112.7 million in Q3 2025 compared to $102 million in Q3 2024 [10] - Gaming components and systems segment revenue was $233.1 million in Q3 2025 compared to $202.2 million in Q3 2024 [10] - Memory products contributed $117.2 million in Q3 2025 compared to $97 million in Q3 2024 [10] Market Data and Key Metrics Changes - European markets contributed 40% of Q3 2025 revenues compared to 34% in Q2 2025 [9] - APAC region accounted for 13% of Q3 2025 revenues compared to 14% in Q2 2025 [9] - North American market growth was single digits, slower than Europe and Asia which grew double digits [32] Company Strategy and Development Direction - The company is focused on executing its business strategy and building smarter products faster for gamers, creators, and professionals [8] - Corsair is expanding its product roadmap and global reach through M&A integration [6] - The company sees sim sports as a multi-year growth driver with more products in development for 2026 and beyond [8] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer spending patterns are shifting, with a delay in increased spending for gaming peripherals expected into Q4 and 2026 [19] - The company is tempering expectations for the DDR5 memory market due to tightness expected to last into the first half of next year [22] - Despite unforeseen tariff costs, Corsair delivered meaningful margin progress through agile supply chain management and disciplined spending [16] Other Important Information - The company ended Q3 with a cash balance of $65.8 million and $123.4 million of debt at face value [14] - Full year 2025 net revenue is expected to be in the range of $1.425 billion to $1.475 billion [14] Q&A Session Summary Question: Insights on consumer spending patterns - Management indicated that consumer spending on DIY components and systems began to increase in Q3, with a delay in spending for gaming peripherals expected [19][20] Question: Visibility into the tight memory market - Management noted that DDR5 memory tightness is expected to last into the first half of next year, and they have already taken action to mitigate this [22] Question: Clarification on tariff costs - Management confirmed that the $12 million in tariff costs is unmitigated, but they have managed to mitigate most of the impact [26][30] Question: North American market performance - Management acknowledged that North America is growing slower than Europe and Asia, but Corsair is performing better than the market overall [32] Question: Performance of Elgato products - Management reported double-digit growth for Elgato capture cards and Stream Deck, particularly due to the success of the Nintendo Switch 2 [35] Question: Divergence in growth rates - Management explained that the gaming components and systems segment growth is influenced by game releases and that they expect future titles like GTA 6 to drive hardware sales [40][41] Question: Sim racing opportunity post-Fanatec acquisition - Management expressed excitement about the Fanatec opportunity, including expanding product roadmaps and entering new categories [44][45]

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 Insights - Logitech G is set to unveil its latest gaming gear and innovations during a global livestream event called Logitech G PLAY on September 17, 2025 [2][3] - The event will feature product launches aimed at gamers of all levels and will include interactive entertainment [3][6] - Logitech G PLAY will take place in multiple cities worldwide, including Madrid and Shanghai, highlighting the company's commitment to the gaming community [6][7] Event Details - The livestream will begin at 7:00 p.m. CET and last for approximately three hours [3] - The flagship event in Madrid will feature a "blue carpet" entrance and will be hosted by notable figures in the gaming community [5] - Following the Madrid event, a mainstage event will occur in Shanghai on September 19 [6] Community Engagement - Over 80 well-known gaming creators will participate in Logitech G PLAY, collectively reaching an audience of over 120 million followers [9] - A special panel session for sim racing enthusiasts will be hosted by car enthusiast SebDelanney [9] Promotions - Logitech G PLAY Days will coincide with the event, offering exclusive deals and savings of up to 40% on various gaming products from September 17 to 29 [11] - The promotions will be available both online and in-store, enhancing accessibility for gamers [11] Company Background - Logitech G is a leading brand under Logitech International, known for its innovative gaming gear, including keyboards, mice, headsets, and simulation products [12] - Founded in 1981 and headquartered in Lausanne, Switzerland, Logitech International is publicly traded on the SIX Swiss Exchange and Nasdaq [12]

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]

Core Insights - HP Inc. has launched the next evolution of its OMEN and HyperX gaming ecosystem, focusing on AI integration and enhanced performance for gamers and creators [2][3] - The new lineup includes the OMEN MAX 45L desktop and HyperX's personalized audio products, addressing gamers' demands for high FPS and customization options [3][4] Product Innovations - The OMEN MAX 45L features patented CRYO CHAMBER™ cooling technology, achieving a 7.5°C reduction in CPU temperatures under full load compared to traditional models [6][7] - OMEN AI, a one-click performance optimization tool, now supports popular games like Valorant and Fortnite, enhancing real-time performance and thermal management [11][6] - The HyperX Cloud Alpha 2 headset offers double the battery life of competitors, with up to 250 hours of usage in 2.4GHz mode, and includes a reprogrammable RGB Base Station [6][20] Market Trends - 85% of gamers prioritize high FPS, while 76% prefer brands that offer personalized options, indicating a strong market demand for customizable gaming gear [3][12] - The gaming industry is increasingly focused on performance optimization and personalization, with 96% of gamers emphasizing the importance of maximizing performance [4][12] Strategic Partnerships - HP's collaboration with Riot Games continues, with the OMEN 35L Stealth Edition being the official PC for League of Legends Esports and VALORANT Champions Tour [9][10] - This partnership highlights HP's commitment to providing high-performance hardware for competitive gaming events [10][9] Pricing and Availability - The OMEN MAX 45L is expected to be available in December, with pricing to be announced later [23] - The OMEN 35L and its Stealth Edition will be available in October, starting at $1,499.99, while the HyperX Cloud Alpha 2 headset will retail for $299.99 [23]

Financial Performance Highlights - Corsair's Q2 2025 revenue increased by 23% year-over-year, reaching $320 million[24] - Gross profit for Q2 2025 increased by 36% year-over-year to $85.9 million[24] - Adjusted EBITDA for Q2 2025 was $8.1 million, a significant increase compared to $(1.2) million in Q2 2024[24] - Adjusted operating income for Q2 2025 was $6.6 million, compared to $(3.8) million in Q2 2024[24] - Adjusted EPS (diluted) for Q2 2025 was $0.01, compared to $(0.07) in Q2 2024[24] Segment Performance - Gaming Components & Systems segment revenue grew by 30% year-over-year in Q2 2025[28], reaching $217.5 million[60] - Gamer & Creator Peripherals segment revenue increased by 9% year-over-year in Q2 2025[32], reaching $102.6 million[60] - Gaming Components and Systems gross profit increased 63.5% year-over-year in Q2 2025, reaching $44.8 million[60] - Gamer and Creator Peripherals gross profit increased 15.1% year-over-year in Q2 2025, reaching $41.1 million[60] Debt Reduction and Financial Guidance - Corsair reduced its term loan by $24 million in Q2 2025, bringing the remaining balance to $125 million[52] - Corsair's 2025 revenue guidance is between $1.4 billion and $1.6 billion[71]