Corsair Gaming (CRSR) Q4 2024 earnings summary

Executive summary

• Q4 2024 delivered strong revenue and margin performance, with quarterly revenue at $413.6 million and Adjusted EBITDA at $33.1 million, driven by robust growth in Gamer and Creator Peripherals and the first full quarter of Fanatec revenue.

• Full year 2024 net revenue was $1.32 billion, down from $1.46 billion in 2023, reflecting component softness but robust peripherals growth.

• CEO Andy Paul to retire at end of Q2 2025, with President and COO Thi La to become CEO effective July 1, 2025.

• Positive sentiment from customers and partners, with strong demand for high-end components following new GPU launches.

• EBITDA exceeded expectations in Q4, but full-year results were impacted by delayed Nvidia GPU launches and softer consumer spending on gaming systems.

Financial highlights

• Q4 2024 net revenue was $413.6 million, down from $417.3 million in Q4 2023; full year 2024 net revenue was $1,316.4 million, down from $1,459.9 million in 2023.

• Q4 gross profit was $108.2 million, up from $102.7 million in Q4 2023; gross margin increased to 26.2% from 24.6%.

• Q4 net income attributable to shareholders was $1.3 million ($0.01 per diluted share), down from $6.2 million ($0.06 per share) in Q4 2023; full year net loss was $99.2 million ($0.95 per share).

• Q4 adjusted net income was $24.8 million ($0.23 per share), up from $23.2 million ($0.22 per share); full year adjusted net loss was $2.7 million ($0.03 per share).

• Q4 Adjusted EBITDA was $33.1 million, nearly flat year-over-year; full year Adjusted EBITDA was $54.7 million, down from $95.1 million.

Outlook and guidance

• 2025 revenue expected in the range of $1.4 billion–$1.6 billion, adjusted operating income of $67 million–$87 million, and adjusted EBITDA of $80 million–$100 million.

• Management expects margin improvement and a rebound in component demand as new GPUs ship in volume, with EBITDA projected to increase over 60% at midpoint of 2025 guidance.

• Every quarter in 2025 expected to outperform 2024, with the largest year-over-year improvement in Q2 due to new NVIDIA GPU launches.

• Typical seasonality anticipated, with stronger second half.

• Effective tax rate for 2025 projected at 15%–17%.