Corsair Gaming, Inc. · NASDAQ:CRSR
Corsair Gaming — Q1 2025 Earnings Presentation
26 slides from Corsair Gaming's earnings presentation, May 6, 2025
Slide 1: Q1 2025 Update
PACORSAIR Qi UPDATE May 6, 2025
Slide 2: Disclaimer
DISCLAIMER Forward Looking Statements This presentation contains express and implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company’s financial outlook for the full year 2025; mark
Slide 3: Our Company
OUR COMPANY CORSAIR is a leading global provider of high-performance gear and technology for gamers, content creators, and PC enthusiasts. Founded in 1994, the company offers a diverse range of products, including gaming peripherals, PC components, streaming equipment, custom-built gaming PCs, SIM r
Slide 4: Our Products
OUR PRODUCTS CORSAIR products allow our customers to stream, game, work, and perform better. For over 30 years we have provided high quality components to PC gaming enthusiasts. Our product range today consists of a wide range of gaming and streaming peripherals as well as Sim Racing solutions.
Slide 5: General Update
GENERAL UPDATE CORSAIR CONFIDENTIAL
Slide 6: Q1 Highlights
Q1 HIGHLIGHTS We met our Q1 Revenue and Margin expectations, reflecting strong execution across the business with continued growth in Gamer and Creator Peripherals Segment and rebound in growth in Gaming Components and Systems Segment. Our latest innovations won ‘Best of CES’* awards from Tom’s Hard
Slide 7: Partnerships
PARTNERSHIPS CORSAIR has recently elevated its brand through key partnerships with Call of Duty: Warzone, Porsche, and Bentley. Our collaboration with Activision connects CORSAIR directly with the gaming community, reinforcing its position as a top choice for high- performance gaming gear during one
Slide 8: Gaming Market
GAMING MARKET The introduction of new Nvidia and AMD graphics cards has catalyzed an upgrade cycle among consumers. In Q1, we witnessed increased demand for our Gaming Component and Memory products as enthusiasts built new gaming PCs based on the latest high-performance GPUs. The new Nvidia 50 serie
Slide 9: Fanatec On Track
FANATEC ON TRACK FANATEC is now integrated into our global infrastructure and eCommerce platform. Looking ahead, we are targeting selected key retail partners and system integrators to start soon. We estimate the Sim Racing category global TAM at $1B+ and expanding at a double-digit annual growth ra
Slide 10: Fanatec Porsche Steering Wheel
FANATEC PORSCHE STEERING WHEEL This officially licensed steering wheel, inspired by the Porsche Vision Gran Turismo concept car in Gran Turismo® 7, brings Porsche’s visionary design to sim racers worldwide. Featuring an intuitive input layout, premium materials and exceptional craftsmanship. Suitabl
Slide 11: Elgato Stream Deck Studio
ELGATO STREAM DECK STUDIO Elgato hardware powered by Bitfocus software. Meet Stream Deck Studio, a hyper- customizable control surface for pro broadcast systems. Built to simplify complex workflows. PRODUCT OF THE YEAR 2025 Awarded by the National Association of Broadcasters (NAB). BEST OF SHOW Vote
Slide 12: Xeneon Edge
XENEON EDGE The CORSAIR XENEON EDGE 14.5" LCD Touchscreen is designed to complement any build and showcase its full potential. It offers multiple installation options—it can be mount internally, externally, or used with the magnetic desktop stand for a standalone setup.
Slide 13: Gamer and Creator Peripherals segment continues to show growth with margins increasing
OUR GAMER AND CREATOR PERIPHERALS SEGMENT CONTINUES TO SHOW GROWTH WITH MARGINS INCREASING TO TARGET LEVELS $169.6 $136.8 $107.0 $102.0 $112.0 $88.9 $90.4 $94.2 $78.8 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Net Revenue (millions) 40.8% 41.5%* 37.2% 37.9% 38.3% 37.7%* 32.4% 33.1% 30.0%
Slide 14: Financial Results
FINANCIAL RESULTS
Slide 15: Q1 2025 Results
Q1 2025 RESULTS(1) Solid growth in both segments, with increased margins %, resulting in 25% YoY increase in adjusted EBITDA ($ in millions except EPS and percentages) Q1’25 Q1’24 Y/Y Net Revenue $369.8 $337.3 9.6% Gross Profit $102.4 $86.6 18.1% Gross Profit Margin 27.7% 25.7% 200 bps Operating Los
Slide 16: Q1 2025 Segment Results
Q1 2025 SEGMENT RESULTS GAMING COMPONENTS AND SYSTEMS ($ in millions except percentages) Q1’25 Q1’24 Y/Y Net Revenue $257.8 $230.3 11.9% % of Total Net Revenue 69.7% 68.3% 140 bps Gross Profit $55.9 $43.0 30.1% Gross Profit Margin 21.7% 18.7% 300 bps GAMER AND CREATOR PERIPHERALS* ($ in millions exc
Slide 17: Revenue by Segment
REVENUE $417M $414M $399M $381M $363M $370M $354M $137M $337M $118M $325M $312M $90M $304M $170M $134M $89M $112M $284M $79M $107M $261M $97M $102M $89M $94M REVENUE BY SEGMENT $281M $273M $280M $265M $258M $247M $247M $244M $230M $215M $195M $202M $167M Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4
Slide 18: GAAP Segment Gross Margin %
GAAP SEGMENT GROSS MARGIN % 40.8% *41.5% 37.2% 37.9% 38.3% 37.7%* 32.4% 33.1% 30.0% 27.7% 25.5% 25.7% 26.2% 24.1% 24.6% 24.6% 24.1% 22.9% 22.2% 23.2% 21.8% 21.7% 18.5% 18.7% 18.1% 16.4% 15.1% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Gamer & Creator Peripherals Gaming Components & System
Slide 19: Adjusted EBITDA
ADJUSTED EBITDA(1) $34M $33M $32M $23M $23M $21M $18M $18M $15M $10M $5M Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 -$1M -$11M (1) See appendix for reconciliation of non-GAAP metrics to most comparable GAAP metrics.
Slide 20: Cash and Debt Summary
CASH AND DEBT SUMMARY ($ in millions) March 31, 2025 Cash (Excluding restricted cash) $99.8 Term Loan (face value) $149.0 Total Debt $149.0 Net Debt $49.2
Slide 21: Appendix
APPENDIX
Slide 22: Use of Non-GAAP Financial Measures
USE OF NON-GAAP FINANCIAL MEASURES To supplement the financial results presented in accordance with GAAP, this presentation includes certain non-GAAP financial information, including Adjusted Operating Income (Loss), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Loss) and Adjusted Ne
Slide 23: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Non-GAAP Operating Income Reconciliations (Unaudited, in thousands, except percentages) Three Months Ended March 31, 2025 2024 Operating Loss - GAAP $ (2,263) $ (10,219) Amortization 9,782 9,515 Stock-based compensation 9,322 7,691 One-time costs related to legal and
Slide 24: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Non-GAAP Net Income and Net Income Per Share Reconciliations (Unaudited, in thousands, except per share amounts) Three Months Ended March 31, 2025 2024 Net loss attributable to common stockholders of Corsair Gaming, Inc. (1) $ (10,067) $ (12,540) Less: Change in rede
Slide 25: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Adjusted EBITDA Reconciliations (Unaudited, in thousands, except percentages) Three Months Ended March 31, 2025 2024 Net loss - GAAP $ (10,317) $ (11,029) Amortization 9,782 9,515 Stock-based compensation 9,322 7,691 One-time costs related to legal and other matters
Slide 26: Corsair
ph CORSAIR