Corsair Gaming’s 2023 Financial Results Unveiled: Q4 and Full Year Insights

Corsair Gaming, Inc. reports strong financial results for Q4 and full year 2023, with a 16% increase in Gamer and Creator Peripherals segment and plans for continued growth in 2024 through new product categories and expansion of iCUE LINK Ecosystem.

16% year-over-year increase in Gamer and Creator Peripherals segment reflects market's return to normalcy after pandemic surge in demand
Net revenue of $417.3 million for Q4 2023 and $1,459.9 million for full year 2023, with projected growth in 2024
Successful product launches in 2023, including new PC controllers, teleprompters, headsets, and power supplies, as well as the Elgato Marketplace for Stream Deck users

Corsair Gaming, Inc. has released its financial results for the fourth quarter and full year of 2023, along with guidance for 2024. The company, known for its high-performance products for gamers and content creators, reported a 16% year-over-year increase in its Gamer and Creator Peripherals segment for Q4 2023. This growth reflects the market’s return to normalcy after the surge in demand during the pandemic. Corsair’s CEO, Andy Paul, expressed excitement about the gaming market’s growth and the company’s market share gains.

In terms of financial metrics, Corsair reported a net revenue of $417.3 million for Q4 2023, compared to $363.2 million in Q3 2023 and $398.7 million in Q4 2022. The Gaming Components and Systems segment contributed $280.5 million in net revenue, while the Gamer and Creator Peripherals segment generated $136.8 million. Net income attributable to common shareholders was $6.2 million, with adjusted net income of $23.2 million and adjusted EBITDA of $33.7 million.

For the full year 2023, Corsair’s net revenue reached $1,459.9 million, an increase from $1,375.1 million in 2022. The Gaming Components and Systems segment accounted for $1,065.0 million in net revenue, while the Gamer and Creator Peripherals segment contributed $394.9 million. Net income attributable to common shareholders was $3.2 million, with adjusted net income of $58.3 million and adjusted EBITDA of $95.1 million.

Corsair’s CEO highlighted the successful product launches in 2023, including PC controllers, teleprompters, headsets, and power supplies. The company also launched the Elgato Marketplace, which offers apps and plug-ins for its Stream Deck. This marketplace has already seen strong adoption, with 35% of Stream Deck users opening accounts.

Looking ahead to 2024, Corsair expects the Gaming Components and Systems segment to remain stable, while the Gamer and Creator Peripherals segment is projected to experience significant growth. The company plans to enter two new product categories: SIM Racing and mobile controllers. Corsair anticipates a new growth phase in the gaming market as consumer spending normalizes and expects to reach over $2 billion in revenue with double-digit percentage EBITDA margins.

Corsair’s Chief Financial Officer, Michael G. Potter, highlighted the company’s financial achievements, including doubling adjusted EBITDA to $95.1 million and turning profitable on a GAAP basis. Gross margin also increased, driven by demand for new products and improved inventory levels. Corsair aims to build on this positive momentum in 2024, with strong demand for new products, improved profitability, and continued growth in adjusted EBITDA.

In terms of recent developments, Corsair expanded its iCUE LINK Ecosystem with the introduction of new flagship All-in-One Coolers, featuring LCD screens capable of displaying real-time coolant temperatures and images. The company also launched the iCUE LINK Hydro X, an innovative Pump/Reservoir Combo lineup with a customizable display. Additionally, Corsair launched its fastest SSD ever, the MP700 PRO, offering impressive sequential read and write speeds. The company also introduced the K70 CORE RGB mechanical keyboard and the M75 AIR ultra-lightweight wireless mouse.

Overall, Corsair’s financial results reflect its strong position in the gaming market, with positive growth and successful product launches. The company’s focus on innovation and expanding its product lineup is expected to drive further growth in 2024.

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Background Information

About Corsair: Corsair, founded in 1994, is a manufacturer of high-performance gaming and enthusiast PC components and peripherals. The company specializes in producing top-tier gaming keyboards, mice, headsets, as well as computer cases, power supplies, and memory modules. Corsair has earned a strong reputation in the industry for its commitment to quality and innovation, catering to gamers and PC enthusiasts worldwide.

About Elgato: Elgato, founded in 2010, is a German manufacturer of gaming and video capture hardware. Elgato's products are popular among gamers and content creators, offering tools for capturing, streaming, and enhancing gaming experiences. In 2018 Elgato was taken over by Corsair.

Technology Explained

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