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Jun 30, 2023
Corsair Q2 2023 Earnings Report
Corsair's Q2 2023 financial results were announced, exceeding expectations and reaffirming the full-year financial outlook.
Key Takeaways
Corsair Gaming, Inc. reported a 14.6% increase in net revenue for Q2 2023, reaching $325.4 million. The company achieved a net income of $1.1 million, or $0.01 per diluted share, a significant improvement from the previous year's net loss. Adjusted EBITDA was $17.8 million, compared to a loss in the same quarter of the previous year. The company also acquired certain assets of Drop.
Net revenue increased by 14.6% to $325.4 million compared to Q2 2022.
Net income attributable to common shareholders was $1.1 million, or $0.01 per diluted share.
Adjusted EBITDA was $17.8 million, a significant improvement from the loss in Q2 2022.
The company acquired certain assets of Drop, an e-commerce company specializing in customized DIY keyboards.
Revenue by Segment
Forward Guidance
The Company reiterated its outlook for the full year 2023 for revenue to be flat to slightly up in a softer economic environment as compared to 2022. Corsair continues to expect an improvement for the full year 2023 in adjusted EBITDA led by an improvement in margin, normalized shipping costs, and continued tight operating expense controls.
Positive Outlook
- Net revenue for the full year 2023 is expected to be in the range of $1.35 billion to $1.55 billion.
- Adjusted operating income to be in the range of $75 million to $95 million.
- Adjusted EBITDA to be in the range of $90 million to $110 million.
- Expect significant opportunities and synergies with Drop.
- Liquidity is expected to remain excellent for the rest of 2023.
Challenges Ahead
- Revenue to be flat to slightly up in a softer economic environment as compared to 2022.
- Current macroeconomic conditions, including the impacts of high inflation and risk of recession on demand for our products, consumer confidence and financial markets generally.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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