Business
Corsair Gaming Reports First Quarter 2024 Financial Results
Achieved 20% Year-Over-Year Revenue Growth in Gamer and Creator Segment with Record 40% Gross Margin MILPITAS, Calif.--(BUSINESS WIRE)-- Corsair Gaming, Inc.
About this update from Corsair Gaming, Inc.
[{"type":"text","content":"\nAchieved 20% Year-Over-Year Revenue Growth in Gamer and Creator Segment with Record 40% Gross Margin\n\n\n MILPITAS, Calif.--(BUSINESS WIRE)--\nCorsair Gaming, Inc. (Nasdaq: CRSR) (“Corsair” or the “Company”), a leading global provider and innovator of high-performance products for gamers, streamers, content-creators, and gaming PC builders, today announced financial results for the first quarter ended March 31, 2024.\n\n\nFirst Quarter 2024 Select Financial Metrics\n\n\n\nNet revenue was $337.3 million compared to $417.3 million in the fourth quarter of 2023 and $354.0 million in the first quarter of 2023. Gaming Components and Systems segment net revenue was $230.3 million compared to $280.5 million in the fourth quarter of 2023 and $265.0 million in the first quarter of 2023, while Gamer and Creator Peripherals segment net revenue was $107.0 million compared to $136.8 million in the fourth quarter of 2023 and $88.9 million in the first quarter of 2023.\n\n\n\nNet loss attributable to common shareholders was $12.5 million, or net loss of $0.12 per diluted share, compared to net income of $6.2 million, or net income of $0.06 per diluted share, in the fourth quarter of 2023 and a net loss of $1.1 million, or a net loss of $0.01 per diluted share, in the first quarter of 2023.\n\n\n\nAdjusted net income was $9.5 million, or net income of $0.09 per diluted share, compared to adjusted net income of $23.2 million, or net income of $0.22 per diluted share in the fourth quarter of 2023 and adjusted net income of $11.9 million, or net income of $0.11 per diluted share, in the first quarter of 2023.\n\n\n\nAdjusted EBITDA was $18.0 million, compared to $33.7 million in the fourth quarter of 2023, and $20.6 million in the first quarter of 2023.\n\n\n\nCash and restricted cash was $130.2 million as of March 31, 2024.\n\n\n\nDefinitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to their nearest GAAP equivalents are included below under the heading “Use and Reconciliation of Non-GAAP Financial Measures.”\n\n\nAndy Paul, Chief Executive Officer of Corsair, stated, “2024 is starting out as expected with new products driving healthy peripherals growth for us. Our Gamer and Creator Peripherals segment has continued its impressive performance, achieving 20% year-over-year revenue growth ...