Corsair Gaming Inc · Q4 2022 earnings

Briefing

Corsair reported results, showing increased net income and adjusted net income compared to the previous quarter, but decreased revenue compared to the same quarter last year.

Corsair Gaming, Inc. reported financial results for Q4 2022, with net revenue of $398.7 million and net income attributable to common shareholders of $12.5 million, or $0.12 per diluted share. The company's adjusted EBITDA was $32.0 million, and it ended the year with cash and cash equivalents of $154.1 million.

• Net revenue was $398.7 million, a decrease from $510.6 million in Q4 2021.
• Net income attributable to common shareholders was $12.5 million, or $0.12 per diluted share, compared to $24.7 million, or $0.25 per diluted share, in Q4 2021.
• Adjusted net income was $20.7 million, or $0.20 per diluted share, compared to $34.7 million, or $0.35 per diluted share, in Q4 2021.
• Cash and cash equivalents were $154.1 million as of December 31, 2022.

Headline financials

Revenue & EPS history

For the full year 2023, Corsair currently expects revenue to be flat to slightly up in a softer economic environment as compared to 2022, and does not expect its revenue to be affected by negative inventory trends in 2023. Corsair expects an improvement for the full year 2023 in adjusted EBITDA led by an improvement in margin, normalized shipping costs and continued tight operating expense controls.