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Sep 30, 2023
Corsair Q3 2023 Earnings Report
Corsair reported revenue growth and improved profitability.
Key Takeaways
Corsair Gaming, Inc. announced financial results for the third quarter ended September 30, 2023, with a 16.5% increase in net revenue compared to the third quarter of 2022. The company reported a net loss attributable to common shareholders of $3.1 million, or a net loss of $0.03 per diluted share, and an adjusted EBITDA of $23.0 million.
Net revenue increased by 16.5% to $363.2 million compared to $311.8 million in Q3 2022.
Net loss attributable to common shareholders was $3.1 million, or a net loss of $0.03 per diluted share.
Adjusted net income was $13.4 million, or net income of $0.13 per diluted share.
Adjusted EBITDA was $23.0 million, compared to $10.1 million in the third quarter of 2022.
Revenue by Segment
Forward Guidance
Corsair is updating its outlook for the full year 2023, with tightened ranges. The Company expects revenue growth on a year-over-year basis and an improvement in adjusted EBITDA.
Positive Outlook
- Net revenue for the full year 2023 is expected to be in the range of $1.4 billion to $1.5 billion.
- Adjusted operating income is expected to be in the range of $80 million to $90 million.
- Adjusted EBITDA is expected to be in the range of $95 million to $105 million.
- Revenue growth on a year-over-year basis is expected.
- Improvement for the full year 2023 in adjusted EBITDA led by an improvement in margin, normalized shipping costs, and continued tight operating expense controls is expected.
Challenges Ahead
- Softer economic environment as compared to 2022.
- The GAAP measures are not accessible on a forward-looking basis.
- We are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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