In This Article:
-
Net Revenue: $304.2 million in Q3 2024, down from $363.2 million in Q3 2023.
-
Gross Profit: $69.7 million in Q3 2024, compared to $89.4 million in Q3 2023.
-
Gross Margin: 22.9% in Q3 2024, down from 24.6% in Q3 2023.
-
Gamer and Creator Peripheral Revenue: $102 million in Q3 2024, up from $90.4 million in Q3 2023.
-
Gaming Components and Systems Revenue: $202.2 million in Q3 2024, down from $272.8 million in Q3 2023.
-
Net Loss: $58.4 million or $0.56 per diluted share in Q3 2024, compared to a net loss of $3.1 million or $0.33 per diluted share in Q3 2023.
-
Adjusted EBITDA: $4.8 million in Q3 2024, down from $23 million in Q3 2023.
-
Cash Balance: $61.6 million at the end of Q3 2024.
-
Debt: $177.8 million at face value at the end of Q3 2024.
-
Full Year 2024 Revenue Outlook: Expected to be in the range of $1.25 billion to $1.35 billion.
-
Full Year 2024 Adjusted EBITDA Outlook: Expected to be in the range of $40 million to $55 million.
Release Date: November 06, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Corsair Gaming Inc (NASDAQ:CRSR) anticipates a surge in high-end gaming PC builds in early 2025, driven by expected new GPU launches from NVIDIA.
-
The company has shown 17% growth in its gaming peripherals segment year-to-date, outperforming market trends.
-
Corsair Gaming Inc (NASDAQ:CRSR) has launched several new products, including the Virtuoso Max headset and small form factor keyboards, which have received positive market feedback.
-
The acquisition of Fanatec is expected to add approximately $20 million to Q4 2024 revenue and positions Corsair Gaming Inc (NASDAQ:CRSR) in the growing sim racing market.
-
Corsair Gaming Inc (NASDAQ:CRSR) has been selected as the exclusive launch partner for the Call of Duty Black Ops Six title, enhancing its brand visibility and market reach.
Negative Points
-
Corsair Gaming Inc (NASDAQ:CRSR) reported a decrease in net revenue for Q3 2024 compared to Q3 2023, with a notable decline in the gaming components and systems segment.
-
The company experienced a GAAP operating loss of $20.9 million in Q3 2024, compared to a smaller loss in the same quarter of the previous year.
-
Gross margins decreased in the gaming components and systems segment, impacting overall profitability.
-
Corsair Gaming Inc (NASDAQ:CRSR) has revised its full-year 2024 adjusted EBITDA expectations downward, reflecting challenges in achieving previous financial targets.
-
The company is facing a shift towards lower-margin products as consumers defer building higher-end systems, affecting overall gross profit.