Corsair Gaming’s Q1 2024 Financial Report Unveils Promising Numbers

Corsair Gaming, Inc. released its financial results for the first quarter of 2024, reporting a decrease in net revenue but a net income loss, while CEO Andy Paul expressed satisfaction with the growth of the Gamer and Creator Peripherals segment and discussed plans for innovation and expansion in the future.

Impressive growth in the Gamer and Creator Peripherals segment
Plans for innovation and new product launches in 2024
Expansion in regional and retail markets

Corsair Gaming, Inc. (Nasdaq: CRSR), a important player in the gaming industry, has released its financial results for the first quarter of 2024. The company reported net revenue of $337.3 million, a decrease from the previous quarter but a slight increase compared to the same period last year. The Gaming Components and Systems segment accounted for $230.3 million of the net revenue, while the Gamer and Creator Peripherals segment contributed $107.0 million.

However, Corsair experienced a net loss of $12.5 million for the quarter, compared to a net income of $6.2 million in the previous quarter. Adjusted net income was $9.5 million, and adjusted EBITDA stood at $18.0 million.

Andy Paul, CEO of Corsair, expressed satisfaction with the company’s performance in the first quarter. He highlighted the impressive growth of the Gamer and Creator Peripherals segment, which achieved a 20% year-over-year revenue increase. Paul attributed this success to the launch of new products, including Elgato’s Stream Deck devices, SCUF Gaming’s PC controllers, and Corsair’s keyboards, headsets, and mice.

Paul also mentioned Corsair’s plans for innovation in 2024, with upcoming product launches such as a mobile gaming controller and a SIM Racing product line. These new categories are expected to generate consumer interest and contribute to Corsair’s growth.

Furthermore, Corsair is focused on expanding its presence in regional and retail markets. The company has successfully increased its retail footprint, introduced the Drop product line to retail channels, expanded SCUF Gaming’s product lines in retail, and strengthened partnerships with major online retailers. These efforts position Corsair for continued growth in the future.

Michael G. Potter, CFO of Corsair, discussed the company’s financial performance in more detail. He highlighted the increase in gross margin, driven by the success of new products and despite challenges such as increased freight costs. Potter also mentioned Corsair’s ongoing efforts to reduce debt and invest in new products and potential mergers and acquisitions.

Corsair reiterated its financial outlook for the full year 2024, expecting revenue growth, improved adjusted EBITDA, and further margin expansion. The company anticipates net revenue to be in the range of $1.45 billion to $1.60 billion, adjusted operating income to be in the range of $92 million to $112 million, and adjusted EBITDA to be in the range of $105 million to $125 million.

In terms of recent product developments, Corsair introduced its new Neo hardware line, which combines high-end performance with plug-and-play simplicity. The line includes a microphone, webcam, LED light, capture card, and Stream Deck. Additionally, Corsair launched the Elgato Facecam MK.2 with improved image quality and features, the K65 Plus Wireless keyboard, the Corsair ONE i500 PC, and the iCUE LINK RX Series Fans. The company also launched the 2500 & 6500 Series Cases, offering multiple customization options and panels for building eye-catching systems.

Overall, Corsair remains optimistic about its future growth prospects, driven by innovative products, retail expansion, and strategic investments.

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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.

About SCUF Gaming: SCUF Gaming is an American company with a history dating back to 2011. SCUF is widely recognized for its custom and high-performance gaming controllers designed for competitive and professional gaming. They offer a range of customizable features, including interchangeable thumbsticks and paddles, allowing gamers to tailor their controllers to their specific preferences. In December 2019, SCUF Gaming was acquired by CORSAIR, and remains a separate brand within CORSAIR.