Corsair Gaming (CRSR) 2026 Baird Global Consumer, Technology & Services Conference summary

Business transformation and financial performance

• Undergoing a significant transformation from a PC components company to a broader high-performance ecosystem for gamers, creators, and prosumers, with a focus on peripherals and AI workstations.

• Q1 revenue declined 4% year-over-year due to global semiconductor supply issues, but gross profit rose 13% and gross margin reached a record 32.7%.

• Adjusted EBITDA increased 58% to $35.8 million, with operating expenses held flat, and near zero net debt at quarter-end.

• Strong cash generation enabled $5 million in stock repurchases and increased balance sheet flexibility for growth investments.

Strategic priorities and segment mix shift

• Strategic focus on shifting mix toward higher-margin gamer and creator peripherals, direct-to-consumer (D2C) sales, and disciplined capital allocation.

• Peripheral segment mix increased from 30% to 35% year-over-year, and D2C sales grew from 17% to 20% of total mix in Q1.

• Elgato and Fanatec sim racing, key peripheral brands, are driving higher gross margins and customer engagement.

• D2C channel targets 25% of mix, with enhanced customer data, higher margins, and improved customer lifetime value.

Recurring revenue and ecosystem development

• Building a recurring revenue model through hardware-software integration, content layers, and marketplaces like Elgato.

• Over 2 million Elgato Marketplace accounts and 3–4 million monthly iCUE software users provide a large base for potential subscriptions.

• Attaching even a small percentage of users to subscriptions could yield significant incremental EBITDA.

• KPIs to track include number of accounts, digital products, developers, breadth of offerings, and user engagement.