CRSRMEDIUM SIGNALFINANCIAL10-K

CRSR achieved a dramatic operational turnaround, swinging from a $50M operating loss to $2.1M operating income while growing revenue 12% and significantly improving cash generation.

This represents a fundamental improvement in CRSR's operational efficiency and profitability trajectory, suggesting management's cost structure optimization and integration efforts are paying off. The company appears to have successfully navigated previous operational challenges while maintaining growth momentum in their core gaming and creator peripheral markets.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

CRSR delivered strong across-the-board improvements with revenue growing 12% to $1.5B, gross profit expanding 30% to $426M, and a remarkable swing from $50M operating loss to $2M operating income. The company strengthened its balance sheet by reducing total debt 30% to $121M while generating 40% higher operating cash flow of $50M, though inventory increased 17% likely reflecting growth preparation. Overall, the financial picture signals a successful operational turnaround with improved profitability, stronger cash generation, and a healthier capital structure positioning the company for continued growth.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+104.2%
-$50.0M$2.1M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+81%
-$85.2M-$16.2M

Net income grew 81% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
+56.1%
$9.8M$15.4M

Capital expenditure jumped 56.1% — major investment cycle underway; assess returns on deployment.

Operating Cash Flow
Cash Flow
+39.7%
$35.9M$50.1M

Operating cash flow surged 39.7% — exceptional cash generation, highest quality earnings signal.

Total Debt
Balance Sheet
-30.1%
$173.5M$121.3M

Debt reduced 30.1% — deleveraging strengthens balance sheet and reduces financial risk.

Gross Profit
P&L
+30%
$327.6M$425.9M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Inventory
Balance Sheet
+16.7%
$260.0M$303.3M

Inventory built 16.7% — monitor whether demand supports this build or if write-downs may follow.

SG&A Expense
P&L
+14.4%
$310.0M$354.7M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Revenue
P&L
+11.9%
$1.3B$1.5B

Revenue growing 11.9% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
As of February 12, 2026, 106,662,337 shares of the r egistrant s common stock, $0.0001 par value per share, were issued and outstanding.
We also offer digital services to enhance the customer experience by integrating esports, Elgato's marketplace, customer care and extended warranty into our product offerings.
We group our products into two categories (operating segments): Gamer and Creator Peripherals .
Includes our high-performance gaming keyboards, mice, headsets, controllers, and streaming products, which includes capture cards, Stream Decks, microphones, teleprompters, and audio interfaces, our Facecam streaming cameras, studio accessories, command center displays, sim racing products, and gaming furniture, among others.
The Fanatec sim racing business is now fully integrated into the larger Corsair operational framework and is leveraging centralized procurement, logistics and an expanding sales channel.
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REMOVED
As of February 13, 2025, 104,855,199 shares o f the registrant s common stock, $0.0001 par value per share, were issued and outstanding.
We also offer digital services to enhance the customer experience by integrating esports, Elgato's marketplace, customer care and extended warranty into our product offerings We group our products into two categories (operating segments): Gamer and Creator Peripherals .
Includes our high-performance gaming keyboards, mice, headsets, controllers, and streaming products, which includes capture cards, Stream Decks, microphones and audio interfaces, our Facecam streaming cameras, studio accessories, sim racing products, and gaming furniture, among others.
The Fanatec sim racing product line fully complements our gaming PCs, gaming and streaming peripherals, and monitors, is expected to expand our business in these markets.
Based on the external analysts' and management's estimates, t he total addressable market for sim racing in 2024 is approximately $1 billion.
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