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- **Revenue Growth**: Q3 2025 revenue up 14% YoY to $345.8M, with Gaming Components & Systems segment growing 15% YoY.
- **Profit Expansion**: Adjusted EBITDA surged 236% YoY to $16.2M, driven by cost control and higher-margin products.
- **DDR5 Market Risk**: Tight memory supply expected through Q4 2025, but Corsair secured inventory to meet demand.
- **SimRacing Growth**: Fanatec's AI-driven coaching features and partnerships with premium motorsport brands position for multiyear expansion.
- **Tariff Mitigation**: $12M in tariffs fully offset via pricing and supply chain agility, maintaining 2025 EBITDA margin improvement.

**【CEO Summary Section】**
- Q3 2025 revenue grew 14% YoY to $345.8M, driven by double-digit growth in Gaming Components & Systems (15% YoY) and strong demand for high-performance PC builds with NVIDIA 5000 series GPUs.
- Key product launches include Vanguard 9 gaming keyboard, Saber Pro FPS mouse, and Valor Pro controller, praised for competitive value and enthusiast appeal.
- Elgato's Stream Deck and 4K Capture Cards saw double-digit YoY growth, benefiting from Nintendo Switch 2 adoption and creator ecosystem expansion.
- Fanatec's SimRacing products (Podium DD wheelbase, pedals) gained traction, with AI-driven coaching features in development for 2026.

**【CFO Financial Commentary】**
- Gross profit rose 33.6% YoY to $93.1M, with gross margin improving 400bps to 26.9% due to higher-margin product mix.
- Adjusted EBITDA increased 236% YoY to $16.2M, driven by cost control and supply chain agility.
- FY2025 updated guidance: revenue $1.425B-$1.475B, adjusted EBITDA $85M-$90M, reflecting cautious outlook on tight DDR5 memory market.
- Mitigated $12M in tariffs through pricing actions and inventory management, exiting Q3 with $65.8M cash and $123.4M debt.

**【Q&A Highlights】**
- DDR5 memory supply tight through Q4 2025, but Corsair secured inventory to fulfill demand despite market constraints.
- North America market growth lagged Europe (40% Q3 revenue) and APAC (13%), but Corsair maintained 15% YoY segment growth vs. single-digit U.S. market.
- SimRacing partnerships with BMW, Porsche, and Red Bull highlight Fanatec's position as leader in authentic simulation experiences.
- GTA VI launch expected to drive hardware upgrades, aligning with NVIDIA 5000 series GPU adoption trends.


Corsair Gaming, Inc. (CRSR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CRSR

CRSR fundamentals

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