Corsair Gaming Reports $1.316 Billion Revenue, Net Loss of $85.2 Million for Fiscal Year 2024

Corsair Gaming, Inc. reported a net revenue of $1.316 billion for the fiscal year ending December 31, 2024, a decrease of 9.8% compared to $1.460 billion in 2023. The decline was primarily driven by a 20.8% drop in sales within the Gaming Components and Systems segment, which was partially offset by a 19.7% increase in the Gamer and Creator Peripherals segment. The company's gross margin improved slightly to 24.9% from 24.7% in the previous year, attributed to a favorable product mix and lower costs associated with inventory returns, despite increased promotional spending.

Corsair's financial performance was impacted by macroeconomic challenges, including ongoing geopolitical tensions and inflationary pressures, which affected consumer confidence and spending. The company also faced a mid-cycle period for new GPU platforms, leading to reduced demand in the self-built PC market. As a result, Corsair recorded a net loss of $85.2 million for 2024, compared to a loss of $2.6 million in 2023. The company’s cash and restricted cash totaled $109.6 million at year-end, down from $178.6 million in 2023.

Strategically, Corsair completed the acquisition of Fanatec, a leading sim racing product line, for approximately $43.7 million in September 2024. This acquisition is expected to enhance Corsair's offerings in the growing sim racing market, which is projected to reach a total addressable market of $1 billion in 2024. Additionally, Corsair launched 78 new products in 2024, reflecting its commitment to innovation and market expansion.

Operationally, Corsair's workforce increased to 2,567 employees as of December 31, 2024, and the company continues to leverage its software platforms, iCUE and Elgato, to enhance customer engagement and product integration. The company reported that sales to the Americas, EMEA, and Asia Pacific accounted for 52.9%, 36.2%, and 10.9% of net revenue, respectively, indicating a strong presence in the Americas and Europe.

Looking ahead, Corsair anticipates that the launch of new graphics cards in early 2025 will drive demand for its products, particularly in the Gaming Components and Systems segment. The company remains focused on expanding its market share and product offerings while navigating the challenges posed by the current economic environment. Corsair's management expressed optimism about future growth opportunities, particularly in the gaming and streaming sectors, as consumer engagement continues to rise.