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Sep 30, 2024
Corsair Q3 2024 Earnings Report
Corsair's financial performance declined compared to the same quarter last year, but showed growth in the Gamer and Creator Peripherals segment and completed the acquisition of Fanatec.
Key Takeaways
Corsair Gaming, Inc. reported a decrease in net revenue and a net loss for Q3 2024, with overall revenue down 16.2% year-over-year. However, the Gamer and Creator Peripherals segment saw a 13% increase in revenue. The company completed the acquisition of Fanatec and anticipates a strong 2025 with new product launches and a rebound in the components product lines.
Net revenue decreased by 16.2% to $304.2 million compared to Q3 2023.
Gamer and Creator Peripherals segment revenue increased by 13% year-over-year.
Net loss attributable to common shareholders was $58.4 million, or $0.56 per diluted share.
Completed the acquisition of the Fanatec Sim Racing brand to expand into the Sim Racing market.
Revenue by Segment
Forward Guidance
Corsair updated its financial outlook for the full year 2024, expecting revenue to improve with further improvement in adjusted EBITDA led by margin improvements, stabilized shipping costs, and tight operating expense controls.
Positive Outlook
- Revenue for the full year 2024 expected to be in the range of $1.25 billion to $1.35 billion.
- Includes approximately $20 million of EBITDA-neutral revenue in Q4 2024 from the Fanatec acquisition.
- Anticipates a further improvement in adjusted EBITDA.
- Expects margin improvements.
- Shipping costs are expected to stabilize.
Challenges Ahead
- Adjusted operating income is now expected to be in the range of $28 million to $43 million, compared to $48 million to $63 million previously.
- Adjusted EBITDA is now expected to be in the range of $40 million to $55 million, compared to $60 million to $75 million previously.
- The Company's Gaming Components and Systems business segment continues to show challenging results
Historical Earnings Impact
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Avg. Return Before/After Earnings
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