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What changed in Corsair Gaming, Inc.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Corsair Gaming, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+418 added−380 removedSource: 10-K (2026-02-25) vs 10-K (2025-02-26)

Top changes in Corsair Gaming, Inc.'s 2025 10-K

418 paragraphs added · 380 removed · 299 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeBeyond success in gaming, applications for streaming products are proliferating across use cases including podcasting, video blogging, interactive fitness, remote learning, and work-from-home, among others. In 2024, YouTube with 2.7 billion monthly active users and Twitch with an average of 2.5 million concurrent viewers, provided creators with platforms to express themselves, connect with followers and earn an income on-line.
Biggest changePlatforms such as YouTube, TikTok, and Twitch continue to provide global distribution, community building, and income generation opportunities for creators, reinforcing demand for professional-grade streaming hardware and software. Beyond gaming, streaming and content creation applications have expanded across a wide range of use cases including podcasting, video blogging, interactive fitness, remote learning, and work-from-home, among others.
The expansion of our business has required us to protect our trademarks, domain names, copyrights, and patents and, to the extent that we expand our business into new geographic areas, we may be required to protect our trademarks, domain names, copyrights, patents and other intellectual property in an increasing number of jurisdictions, a process that is expensive and sometimes requires litigation.
The expansion of our business has required us to protect our trademarks, domain names, copyrights, and patents. To the extent that we expand our business into new geographic areas, we may be required to protect our trademarks, domain names, copyrights, patents and other intellectual property in an increasing number of jurisdictions, a process that is expensive and sometimes requires litigation.
We believe we can continue to grow by offering market-leading products to gamers, creators, and sim racing enthusiasts, expanding the breadth of our product suite to meet the needs of our customers, continuing to invest in marketing, product innovation and sales, and selectively pursuing accretive acquisitions, such as the ten acquisitions we have completed since 2018, including the recent Fanatec acquisition in September 2024.
We believe we can continue to grow by offering market-leading products to gamers, creators, and sim racing enthusiasts, expanding the breadth of our product suite to meet the needs of our customers, continuing to invest in marketing, product innovation and sales, and selectively pursuing accretive acquisitions, such as the ten acquisitions we have completed since 2018, including the Fanatec acquisition in September 2024.
In addition, our marketing personnel regularly meets with other key industry suppliers such as NVIDIA, Intel, AMD and game publishers in order to ensure that our product development efforts appropriately address the needs of their new products and also to discuss trends and changes in the computer technology market.
In addition, our marketing personnel regularly meets with other key industry suppliers such as NVIDIA, Intel, AMD and game publishers in order to ensure that our product development efforts appropriately address the needs of their new products and to discuss trends and changes in the computer technology market.
We believe that our patents and trademarks and their applications are important for maintaining the competitive differentiation of our products and services, enhancing our freedom of action to sell our products and services in markets in which we choose to participate, and maximizing our return on research and development investments.
We believe that our patents and trademarks and their applications are important for maintaining the competitive differentiation of our products and services, enhancing our freedom to sell our products and services in markets in which we choose to participate, and maximizing our return on research and development investments.
If we do not compete effectively, demand for our products could decline, our net revenues and gross margin could decrease and we could lose market share, which could seriously harm our business, results of operations and financial condition.
If we do not compete effectively, demand for our products could decline, our net revenues and gross margin could decrease and we could lose market share, which would seriously harm our business, results of operations and financial condition.
International employees in several European countries covered by statutory collective bargaining agreements represent approximately 1.3% of our total employee population. To date we have not experienced any work stoppages, and we consider our relationship with our employees to be good. Our human capital resources objectives include, as applicable, identifying, recruiting, retaining, incentivizing and integrating our existing and additional employees.
International employees in several European countries covered by statutory collective bargaining agreements represent approximately 1.7% of our total employee population. To date we have not experienced any work stoppages, and we consider our relationship with our employees to be good. Our human capital resources objectives include, as applicable, identifying, recruiting, retaining, incentivizing and integrating our existing and additional employees.
In our retail channel, we distribute our products either directly to the retailer, such as Amazon and Best Buy, or through distributors. We believe our brand, scale and global reach provide significant competitive advantages and will allow us to continue to capture a growing share of the expanding gaming, streaming and sim racing market.
In our retail channel, we distribute our products either directly to the retailer, such as Amazon and Best Buy, or through distributors. We believe our brand, scale, product ecosystem, and global reach provide significant competitive advantages and will allow us to continue to capture a growing share of the expanding gaming, streaming and sim racing market.
Finally, gamers and creators need the ability to customize their products, which we believe is best delivered via a software platform that seamlessly unifies control across devices. Our two proprietary software ecosystems cover the broadest range of gaming components, peripherals, and streaming products, which we believe are unmatched by anything else in the market.
Finally, gamers and creators need the ability to customize their products, which we believe is best delivered via a software platform that seamlessly unifies control across devices. Our two proprietary software ecosystems, iCue and Elgato software suite, cover the broadest range of gaming components, peripherals, and streaming products, which we believe are unmatched by anything else in the market.
Includes our high-performance power supply units (“PSUs”), cooling solutions, computer cases, and dynamic random access memory (“DRAM”) modules, as well as high-end prebuilt and custom-built gaming PCs and laptops, and gaming monitors, among others. Our products are sold to end users worldwide through our retail channel or our direct-to-consumer channel.
Includes our high-performance power supply units (“PSUs”), cooling solutions, computer cases, and dynamic random access memory (“DRAM”) modules, as well as high-end prebuilt and custom-built gaming PCs and laptops, and AI workstations, among others. Our products are sold to end users worldwide through our retail channel or our direct-to-consumer channel.
Human Capital Resources As of December 31, 2024, we employed 2,567 persons, including contractors working full-time in our manufacturing operations as well as contractors supporting our software and IT development. None of our U.S. direct employees is currently represented by a labor union or is covered by a collective bargaining agreement with respect to his or her employment.
Human Capital Resources As of December 31, 2025, we employed 2,355 persons, including contractors working full-time in our manufacturing operations as well as contractors supporting our software and IT development. None of our U.S. direct employees is currently represented by a labor union or is covered by a collective bargaining agreement with respect to his or her employment.
Our solutions include 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. • Gaming Components and Systems .
Our solutions include our high-performance gaming keyboards, mice, headsets, controllers, and streaming products, which include capture cards, Stream Decks, microphones and audio interfaces, our Facecam streaming cameras, studio accessories, command center displays, sim racing products, and gaming furniture, among others. • Gaming Components and Systems .
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. • Gaming Components and Systems .
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. • Gaming Components and Systems .
We have a diversified product portfolio, with 34 primary product lines. • Gamer and Creator Peripherals . Our gamer and creator peripherals seek to provide the fastest, highest fidelity, and most seamless interface between digital athletes and their game, and content creators and their viewers.
We have an extensive product portfolio, with 34 primary product lines. • Gamer and Creator Peripherals . Our gamer and creator peripherals seek to provide the fastest, highest fidelity, and most seamless interface between digital athletes and their game, and content creators and their viewers.
Our net revenue has generally been lower in the first and second calendar quarters due to lower consumer demand following the fourth quarter holiday season, and because of the decline in sales that typically occurs in anticipation of the introduction of new or enhanced CPUs, GPUs, and other computer hardware products.
Our net revenue has generally been lower in the first half of the year due to lower consumer demand following the fourth quarter holiday season and because of the decline in sales that typically occurs in anticipation of the introduction of new or enhanced CPUs, GPUs, and other computer hardware products.
In recent years, we have added new product categories and we intend to continue to introduce new product categories in the future.
Over the years, we have added new product categories and we intend to continue to introduce new product categories in the future.
Corsair Gaming, Inc. | 2024 Form 10-K | 7 Table of Contents For a discussion of risks attendant to intellectual property rights, see “Risk Factors—Risks Related to our Business—Our future success depends to a large degree upon our ability to defend the Corsair brand and product family brands such as SCUF, Vengeance, K70, Elgato and iCUE from infringement and, if we are unable to protect our brand and other intellectual property, our business may be seriously harmed” and “Risk Factors—Risks Related to our Business—We are, have in the past been, and may in the future be, subject to intellectual property infringement claims, which are costly to defend, could require us to pay damages or royalties and could limit our ability to use certain technologies in the future” in item 1A.
For a discussion of risks attendant to intellectual property rights, see “Risk Factors—Risks Related to our Business—Our future success depends to a large degree upon our ability to defend the Corsair brand and product family brands such as Fanatec, SCUF, Vengeance, K70, Elgato, Origin and iCUE from infringement and, if we are unable to protect our brand and other intellectual property, our business may be seriously harmed” and “Risk Factors—Risks Related to our Business—We are, have in the past been, and may in the future be, subject to intellectual property infringement claims, which are costly to defend, could require us to pay damages or royalties and could limit our ability to use certain technologies in the future” in item 1A.
Our Solutions We design our high-performance products to address the needs of gamers and creators. To help our customers perform at their peak, whether in game or on camera, we have developed the industry’s most complete integrated ecosystem of gamer and creator peripherals and gaming components and systems.
We will remain disciplined in evaluating potential opportunities. Our Solutions We design our high-performance products to address the needs of gamers and creators. To help our customers perform at their peak, whether at work, in game or on camera, we have developed the industry’s most complete integrated ecosystem of gamer and creator peripherals and high-performance gaming components and systems.
Intellectual Property We consider the Corsair brand and its associated sub-brands to be among our most valuable assets. Our future success depends to a large degree upon our ability to defend the Corsair brand and its associated sub-brands from infringement and, to a limited extent, to protect our other intellectual property.
Our future success depends to a large degree upon our ability to defend the Corsair brand and its associated sub-brands from infringement and, to a limited extent, to protect our other intellectual property.
Since our founding in 1994, we have shipped more than 304 million units of gaming and creator products as of December 31, 2024 and actively nurtured a passionate and engaged global customer base by maintaining a long history of delivering innovative, finely engineered products that have expanded the frontiers of gaming performance.
Since our founding in 1994, we have shipped more than 320 million units of gaming and creator products as of December 31, 2025, and actively nurtured a passionate and engaged global customer base by maintaining a long history of delivering innovative, finely engineered Corsair Gaming, Inc. | 2025 Form 10-K | 3 Table of Contents products that have expanded the frontiers of gaming performance.
In 2024, 2023 and 2022, e-retailer Amazon accounted for more than 10% of our net revenue, at 30.9%, 30.7%, and 26.0%, respectively. Production and Operations We believe we have developed a global and scalable production and operations infrastructure that allows us to deliver our products promptly and cost-effectively.
In 2025, 2024 and 2023, e-retailer Amazon accounted for more than 10% of our net revenue, at 27.4%, 30.9%, and 30.7%, respectively. Corsair Gaming, Inc. | 2025 Form 10-K | 6 Table of Contents Production and Operations We believe we have developed a global and scalable production and operations infrastructure that allows us to deliver our products promptly and cost-effectively.
Many of our current and potential competitors, some of which are large, multi-national businesses, have substantially greater financial, technical, sales, marketing, personnel and other resources, and have greater brand recognition than we have. Our ability to compete successfully is fundamental to our success in existing and new markets.
Many of our current and potential competitors, some of which are large, multi-national businesses, have substantially greater financial, technical, sales, marketing, personnel and other resources, and have greater brand recognition than we have.
Our sales also tend to be higher in the fourth quarter due to the introduction of new consoles and high-profile games in connection with the holiday season. As a consequence of seasonality, our net revenue for the second calendar quarter is generally the lowest of the year followed by the first calendar quarter.
Our sales also tend to be higher in the fourth quarter due to the release of high-profile games, including the annual release of popular gaming franchises in connection with the holiday season. As a consequence of seasonality, our net revenue for the second calendar quarter is generally the lowest of the year.
Further, our net revenue tends to be higher in the third and fourth calendar quarters due to seasonal sales such as “Amazon Prime Day”, “Black Friday” and “Cyber Monday,” as well as “Singles Day” in China, as retailers tend to make purchases in advance of these sales.
Further, our net revenue tends to be higher in the second half of the year due to seasonal sales such as “Black Friday” and “Cyber Monday” as well as “Singles Day” in China, as retailers tend to make purchases in advance of these sales.
Corsair Gaming, Inc. | 2024 Form 10-K | 6 Table of Contents In addition to our production capabilities, our corporate planning process places particular emphasis on driving efficiencies in demand forecasting, supply chain planning, procurement cycle times, freight costs and inventory management.
In addition to our production capabilities, our corporate planning process places particular emphasis on driving efficiencies in demand forecasting, supply chain planning, procurement cycle times, freight costs and inventory management.
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 .
These software platforms provide unified, intuitive performance, aesthetic control and customization across their respective product families. 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 .
We operate a facility in Taiwan where we assemble, test, package and ultimately supply nearly all of our DRAM modules and a significant portion of our customized gaming controllers, liquid cooling products and prebuilt gaming systems.
We operate a facility in Taiwan where we assemble, test, package and ultimately supply nearly all of our DRAM modules and a significant portion of our customized gaming controllers and liquid cooling products. We also assemble, test, package and ultimately supply our custom-built PCs and fully built PCs from our U.S. facility in Atlanta, Georgia.
We are an innovation-driven company with a rigorous development process designed to consistently deliver high-performance and quality gaming and creator products to the market. Our focus on innovation and performance has earned us significant industry recognition. Corsair Gaming, Inc. | 2024 Form 10-K | 3 Table of Contents • Differentiated software-driven ecosystem.
We are an innovation-driven company with a rigorous development process designed to consistently deliver high-performance and quality gaming and creator products to the market. Our focus on innovation and performance has earned us significant industry recognition. • Differentiated software-driven ecosystem. We have developed a software-driven ecosystem designed to integrate our hardware products, enhance user performance and workflow efficiency.
In addition, we outsource storage and shipping to several third-party logistics providers around the world which allows us to reduce order fulfillment time, reduce shipping costs and improve inventory flexibility.
All of the other products we sell are produced at factories operated by third parties located in Asia. In addition, we outsource storage and shipping to several third-party logistics providers around the world which allows us to reduce order fulfillment time, reduce shipping costs and improve inventory flexibility.
Our PC components products offer our customers multiple options to build their customized gaming and workstation desktop PCs. We design and sell high-performance gaming and streaming peripherals, components and systems to enthusiasts globally. We have served the market for three decades and many of our products maintain leading market share positions, according to external market data and internal estimates.
Our PC components products offer our customers multiple options to build their customized gaming and workstation desktop PCs. We design and sell high-performance gaming and streaming peripherals, components and systems to enthusiasts globally.
Our Industry Since the traditional arcade games of the 1970s, gaming has evolved into the mainstream and taken a central place in the global entertainment landscape. According to Activate Research, gaming today represents approximately 14% of all American consumer internet and media activity, surpassing activities such as social media and messaging.
Our Industry Since the emergence of arcade games in the 1970s, gaming has evolved into a mainstream form of entertainment and now occupies a central role in the global media landscape. According to the Activate Research 2025 report, gaming represents approximately 15% of total consumer internet and media time, exceeding categories such as social media and messaging.
Our rigorous product development and testing is designed to give us the ability to meet the needs of our end-users consistently with well-designed, high-performance and reliable products. We intend to continue to significantly invest in product development to support the design and development of innovative, high-quality products and solutions to maintain and enhance our competitive position.
We intend to continue to significantly invest in product development to support the design and development of innovative, high-quality products and solutions to maintain and enhance our competitive position.
We believe direct-to-consumer sales represent a significant avenue to increase engagement with our customers to drive growth by facilitating increased market penetration across our product categories.
We believe direct-to-consumer sales represent a significant avenue to increase engagement with our customers and to drive growth by facilitating increased market penetration across our product categories. In addition, during 2025 we opened our first immersive retail experience store in California to further support direct customer engagement and showcase our product ecosystem.
Similarly, creators' broadcast needs are being met with professional audio/visual products as audience demand for high-quality viewing experiences has grown, and continues to grow, significantly. Further, Stream Deck studio control interfaces have become a mainstay in broadcast setups as hardware and software integration has become critical for gamers and creators who need all their devices to work together harmoniously.
Further, Stream Deck studio control interfaces have become a mainstay in broadcast and gaming setups as hardware and software integration has become critical for gamers and creators who need all their devices to work together harmoniously.
Our product offering is enhanced by our two proprietary software platforms: iCUE for gamers and the Elgato streaming suite for content creators, including our Stream Deck control software. These software platforms provide unified, intuitive performance, aesthetic control and customization across their respective product families.
Our product offering is supported by two primary proprietary software ecosystems: iCUE, designed for gamers and PC performance enthusiasts, and the Elgato software suite, designed for content creators and streamers. These platforms provide unified performance management, workflow control, and customization across compatible product families.
We experience aggressive price competition and other promotional activities from competitors, including in response to declines in consumer demand and excess product supply or as competitors seek to gain market share.
We operate in markets that are characterized by rapid technological change, constant price pressure, rapid product obsolescence, evolving industry standards and new demands for features and performance. We experience aggressive price competition and other promotional activities from competitors, including in response to declines in consumer demand and excess product supply or as competitors seek to gain market share.
Our solutions include our PSUs, cooling solutions, computer cases, SSD and DRAM modules, as well as high-end prebuilt and custom-built gaming PCs and laptops, and gaming monitors, among others. • PC Gaming Software . Our product offering is enhanced by our two proprietary software platforms: iCUE for gamers and Elgato streaming suite for content creators.
Our solutions include our PSUs, cooling solutions, computer cases, SSD and DRAM modules, as well as high-end prebuilt and custom-built gaming PCs and laptops, and AI workstations, among others. • PC Gaming Software .
As in other sports, specialized high-performance products such as gaming mice, keyboards, headsets, sim racing products and performance controllers allow digital athletes to perform at their best. Modern games also require significant processing power to render high-resolution graphics, and reward the speed and precision of user inputs, driving demand for powerful gaming components and systems.
Modern games also require significant processing power to render high-resolution graphics and reward the speed and precision of user inputs, driving demand for powerful gaming components and systems.
We have developed a comprehensive worldwide marketing and distribution network. In this global network, we have established a multichannel sales model and have long-standing relationships with distributors and retailers globally, as well as direct-to-consumer sales channels.
In this global network, we have established a multichannel sales model and have long-standing relationships with distributors and retailers globally, as well as direct-to-consumer sales channels. We currently ship to 74 countries across six continents, with our products being sold at leading retailers including Amazon, Best Buy and Walmart.
This process begins with the initial market analysis and product definition phase, where we use our deep knowledge of consumer preferences and feedback to decide the exact specifications of new products desired by our end-users. We then leverage third-party manufacturers and, in some cases, engineering and design firms to help us design, prototype and fabricate our products.
Our product development efforts focus on broadening our portfolio with innovative, value-added products that provide gamers with more immersive experiences. This process begins with the initial market analysis and product definition phase, where we use our deep knowledge of consumer preferences and feedback to decide the exact specifications of new products desired by our end-users.
We have built a passionate base of loyal customers due to our brand authenticity and reputation as a provider of innovative and finely engineered products that deliver a high level of performance. Our solution is the most complete suite of products among our major competitors and addresses the most critical components for both game performance and streaming.
We have served the market for three decades and we believe many of our products maintain leading market share positions, according to external market data and internal estimates. We have built a passionate base of loyal customers due to our brand authenticity and reputation as a provider of innovative and finely engineered products that deliver a high level of performance.
Historical seasonal patterns may not continue in the future and may be further impacted in the future, by macroeconomic factors, increasing supply constraints, GPU shortages, and shifts in customer behavior.
Historical seasonal patterns may not continue in the future and may be further impacted by macroeconomic factors, including trade policy and tariffs, increasing supply constraints, semiconductor shortages, delay in the anticipated launch of new or enhanced GPUs and CPUs, and shifts in customer behavior. Competition We face intense competition in the markets for all of our products.
We select these third-party partners through a comprehensive selection process and subject them to rigorous quality controls. We perform extensive in-house testing of our products with the latest technology to ensure optimal performance and compatibility of our products with the most advanced hardware.
We perform extensive in-house testing of our products with the latest technology to ensure optimal performance and compatibility of our products with the most advanced hardware. Our rigorous product development and testing is designed to give us the ability to meet the needs of our end-users consistently with well-designed, high-performance and reliable products.
These applications represent a promising avenue for continued expansion of the streaming hardware and software market opportunity. Inspiring gamers and creators aim to reach for the next level of performance and content quality, and we seek to meet this need with Corsair solutions. Competitive gaming rewards speed, precision and reliability.
Aspiring gamers and creators aim to reach for the next level of performance and content quality, and we seek to meet this need with Corsair solutions. Competitive gaming rewards speed, precision and reliability. As in other sports, specialized high-performance products such as gaming mice, keyboards, headsets, sim racing products and performance controllers allow digital athletes to perform at their best.
We currently ship to nearly 80 countries across six continents, with our products being sold at leading retailers including Amazon, Best Buy, JD.com, MediaMarkt and Walmart. In 2024, sales to the Americas, EMEA and Asia Pacific represented 52.9%, 36.2% and 10.9% of net revenue, respectively. • Management team of visionary leaders with deep industry experience and proven ability to execute.
In 2025, sales to the Americas, EMEA and Asia Pacific represented 49.1%, 38.4% and 12.5% of net revenue, respectively. • Management team of visionary leaders with deep industry experience and proven ability to execute. We have a strong management team of experienced and talented executives with a track record of execution and deep industry knowledge.
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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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Our solution is the most complete suite of products among our major competitors and addresses the most critical components for both game performance and streaming. Our product offering is enhanced by our two proprietary software platforms: iCUE for gamers and the Elgato software suite for content creators, including our Stream Deck control software.
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We believe this indicates that the majority of the gaming hardware total addressable market is still consumed by a small percentage of gamers, and as a result, there is significant potential opportunity for gaming hardware sales.
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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. Demand for sim racing products remains strong, driven by the growing popularity of Formula 1 (“F1”), new product launches, and channel expansion.
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The gaming hardware industry was negatively impacted in 2024 by continuing global macroeconomic challenges, such as the ongoing conflicts in Ukraine and the Middle East, volatility in exchange rates, inflationary trends, weak consumer confidence globally and evolving dynamics in the global trade environment, as well as a delay in the launch of new graphics cards beyond the typical two-year refresh cycle, and in the release of several new and awaited game titles to early 2025.
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In 2025, we made several executive leadership changes, including the appointment of Thi La, our previous President and Chief Operating Officer, to serve as Chief Executive Officer, effective July 1, 2025, and the appointment of Gordon Mattingly as our new Chief Financial Officer, effective December 2, 2025.
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There are a number of drivers we believe will fuel the gaming market’s growth in 2025. Primary among them is the launch of the new graphics cards in the first quarter of 2025, after an extended cycle of 2.5 years.
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We believe the continued growth in gaming engagement, together with the expansion of game streaming, esports, and content creation platforms, supports sustained demand for high-performance gaming and creator hardware.
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The new cards are expected to use Blackwell artificial intelligence (“AI”) chips that will be able to hit high frame rate gaming at 4K and possibly 8K with ray tracing enabled, supported by AI frame generation for smoother gameplay.
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While a significant portion of premium gaming hardware is currently purchased by a relatively small subset of highly engaged users, we believe broader participation across gaming and creator ecosystems presents a meaningful long-term opportunity for hardware adoption. Corsair Gaming, Inc. | 2025 Form 10-K | 2 Table of Contents The gaming hardware industry experienced a mixed operating environment in 2025.
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The video gaming industry has experienced a significant shift and we believe it is poised for continued growth Corsair Gaming, Inc. | 2024 Form 10-K | 2 Table of Contents and innovation. The convergence of quality content, console availability, favorable regulatory developments, and the expanded implementation of AI are driving such growth and innovation.
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While global macroeconomic conditions remained challenging, including elevated interest rates, persistent inflationary pressures, geopolitical uncertainty, and evolving global trade dynamics, industry demand began to stabilize and improve relative to 2024.
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For instance, with machine learning, a more efficient framework can be generated to build games, which can shorten the game title release cycle. More human-like behavior in AI game characters can also make the gaming experience more immersive; making future games more advanced and compelling.
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In addition, while consumer confidence remained uneven across regions, the gaming market benefited from technology refresh cycles, new product innovation, and continued and heightened engagement driven in part by high-profile game releases and continued strength in leading franchises, including first-person shooter titles such as Call of Duty, Counter-Strike 2, Valorant, and Apex Legends.
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Additionally, AI can be utilized to produce adaptive narrative generation that analyzes player choices and interactions, and adapt storylines, quests, and dialogues accordingly. The integration of Virtual Reality (“VR”) and Augmented Reality (“AR”) technology is taking game development to new heights as it blends real and virtual worlds in new ways.
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A key driver of improved industry momentum in 2025 was the launch of NVIDIA next-generation graphics cards in early 2025, following an extended refresh cycle of approximately 2.5 years. These new 5000 series GPUs, incorporating advanced artificial intelligence (“AI”) architectures, delivered meaningful performance improvements, including higher frame rates at 4K resolution and enhanced ray-tracing capabilities supported by AI-driven frame generation.
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Audiences are progressively engaging more with gaming content across platforms and cloud gaming, and finally, there are decreasing barriers to gaming, with more gamers using mobile devices, and the console and PC platforms represent a natural upgrade path for those seeking a more immersive or competitive gaming environment.
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This technology transition helped stimulate demand for high-performance gaming systems, components, and peripherals, particularly among enthusiasts seeking to upgrade aging hardware. In addition, the release cadence of major game titles improved during 2025, following delays in 2024, which contributed to renewed engagement across PC and console gaming ecosystems.
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In parallel, the digital content creator economy continues to thrive, with more content creators monetizing their audiences. Gaming content creation and streaming is now ubiquitous, with many active gaming channels on YouTube, and live streaming on Twitch, YouTube and other platforms. The proliferation of gaming content is attracting new gamers and increasing the performance focus of existing gamers.
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The launch of the Nintendo Switch 2 in June 2025 also contributed to sustained consumer interest and activity and was associated with increased demand for related accessories, including Elgato video capture products, as new console content was streamed across online platforms.
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Since our inception, we have concentrated our efforts on helping gamers succeed, which has led us to develop what we believe to be the most complete ecosystem of high-performance gaming products in the market, which are connected and controlled through our iCUE software.
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Further, gaming engagement continues to broaden across platforms, including PC, console, cloud gaming, and mobile, with mobile gaming often serving as an entry point and PC and console platforms representing natural upgrade paths for users seeking higher performance and more immersive experiences.
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We have applied the same ethos to our product development for creator products, including the development of streaming software, which helps creators, particularly streamers, to optimize their products and maximize their content quality. This includes our Stream Deck software that streamlines creators' workflow with near infinite shortcuts and controls via fingertip action. • Global sales and distribution network.
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As gaming becomes more accessible across a range of devices and price points, a broader base of users is introduced to interactive entertainment, which we believe expands the overall gaming audience and supports long-term demand for higher-performance gaming hardware and peripherals.
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We have a strong management team of experienced and talented executives with a track record of execution and deep industry knowledge. Our Growth Strategy We intend to grow our business by increasing value to our customers, expanding our market opportunity and further differentiating ourselves from competitors.
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In parallel, the digital content creator economy remained strong in 2025, with gaming-related content creation and live streaming continuing to grow across major platforms. Streaming has become an integral part of the gaming ecosystem, driving both audience engagement and monetization opportunities for creators.
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Key components of our strategy include: • Advance as the global leader in high-performance gaming and creator products. The gaming and creator product category is benefiting from the growing popularity of competitive gaming and streaming, which are driving an increase in gaming and streaming participants as well as spend per participant on high-performance products.
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Leading platforms continue to operate at significant global scale, with YouTube reporting approximately 2.7 billion monthly active users and Twitch averaging approximately of 2.5 million concurrent viewers in 2025, each supporting a large and engaged global creator community.
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We will aim to increase our presence and reach in this category, thus increasing our mix of high margin products and expanding and diversifying our categories.
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Similarly, creators' broadcast needs are being met with professional audio/visual products as audience demand for high-quality viewing experiences has grown, and continues to grow, significantly.
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We believe our brand name, high-performance products and market position will allow us to capture a large share of this market growth and we intend to continue to make significant marketing investments in leading creators, social media influencers and esports teams. • Continue to develop innovative, market-leading gaming and streaming products.
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At the center of our creator and streaming ecosystem is the Stream Deck platform, which enables creators, streamers, and gamers to control applications, automate workflows, and access customizable commands through programmable hardware interfaces and an expanding set of third-party integrations. Stream Deck functions as a scalable control layer across gaming, streaming, and content creation environments.
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We intend to prioritize investment in creating innovative gaming and streaming products and related software to enhance the customer experience by delivering cutting-edge technology. We have an exceptional engineering team and during 2024, approximately one-third of them, including contractors, were working on our software solutions.
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In addition, our iCUE software platform is designed for PC builders and performance-focused users, providing centralized system monitoring, performance optimization, cooling control, and RGB configuration across compatible Corsair components and peripherals. iCUE functionality can also be accessed and controlled through Stream Deck integrations, enabling users to manage system settings and performance workflows within a unified interface. • Elgato Marketplace.
Removed
We believe this strong bench of engineering expertise has helped us introduce 78 new products to the market in 2024. • Expand into new products and services that grow our market opportunity.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeAdditional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below under the heading “Risk Factors” and should be carefully considered, together with other information in this Annual Report on Form 10-K and our other filings with the SEC before making investment decisions regarding our common stock.
Biggest changeAdditional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below under the heading “Risk Factors” and should be carefully considered, together with other information in this Annual Report on Form 10-K and our other filings with the SEC before making investment decisions regarding our common stock. • Our competitive position and success in the market depend to a significant degree upon our ability to build and maintain the strength of our brands among gaming enthusiasts and creators, and any failure to build and maintain our brands may seriously harm our business. • Our success and growth depend on our ability to continuously improve our existing products and develop and successfully market new products.
These factors include: • our competitors marketing products that gain broader acceptance among game streamers, esports participants and content creators; • the rate of growth of PCs and gaming consoles, or the migration of gamers to mobile devices and tablets away from PCs, which historically have been the core focus of our business; • esports amateurs and/or spectators not purchasing our products that are used and advertised by esports athletes and teams or streamers and content creators, including the esports athletes and teams, and streamers we sponsor; • the popularity of esports games that do not utilize many of our products, for example games that run on mobile devices or tablets that replace more traditional esports; and • our research and development and the products we sell failing to satisfy the increasing high-performance requirements of competitive gamers or streamers.
These factors include: • our competitors marketing products that gain broader acceptance among game streamers, esports participants and content creators; • the rate of growth of PCs and gaming consoles, or the migration of gamers to mobile devices and tablets away from PCs, which historically have been the core focus of our business; • esports amateurs and/or spectators not purchasing our products that are used and advertised by esports athletes and teams or streamers and content creators, including the esports athletes and teams, and streamers we sponsor; • the popularity of esports games that do not utilize many of our products, for example games that run on mobile devices or tablets that replace more traditional esports on PCs; and • our research and development and the products we sell failing to satisfy the increasing high-performance requirements of competitive gamers or streamers.
Health crises, including pandemics, have led, and could lead, to quarantines or labor shortages, which may impact the output of key suppliers because of longer production and shipping times, higher product costs, and increased shipping and logistics costs, each of which have historically negatively impacted our gross margins, as well as the need to purchase long-lead time items ahead of demand due to supply constraints.
Health crises, including pandemics, have led, and could led to quarantines or labor shortages, which may impact the output of key suppliers because of longer production and shipping times, higher product costs, and increased shipping and logistics costs, each of which have historically negatively impacted our gross margins, as well as the need to purchase long-lead time items ahead of demand due to supply constraints.
The NIS 2 Directive imposes a robust range cybersecurity obligations, including a list of minimum cybersecurity measures that must be adopted and leaves the door open to EU Member States to impose more stringent requirements on in-scope entities with respect to cybersecurity than provided for under the text of the NIS 2 Directive.
The NIS 2 Directive imposes a robust range of cybersecurity obligations, including a list of minimum cybersecurity measures that must be adopted and leaves the door open to EU Member States to impose more stringent requirements on in-scope entities with respect to cybersecurity than provided for under the text of the NIS 2 Directive.
For example, our amended and restated certificate of incorporation and amended and restated bylaws include anti-takeover provisions that: • authorize our board of directors, without further action by the stockholders, to issue preferred stock in one or more series and, with respect to each series, to fix the number of shares constituting that series and to establish the rights and other terms of that series, which may include dividend and liquidation rights and preferences, conversion rights and voting rights; • require that actions to be taken by our stockholders may only be taken at an annual or special meeting of our stockholders and not be taken by majority written consent when EagleTree owns less than a majority of our outstanding common stock; Corsair Gaming, Inc. | 2024 Form 10-K | 32 Table of Contents • specify that special meetings of our stockholders can be called only by the Secretary at the direction of our board of directors or the Chairman of our board of directors and not by our stockholders or any other persons when EagleTree owns less than a majority of our outstanding common stock; • establish advance notice procedures for stockholders to submit nominations of candidates for election to our board of directors and other proposals to be brought before a stockholders meeting; • provide that directors may be removed only for cause and only by the affirmative vote of at least 66-2/3% in voting power of the then-outstanding shares of capital stock of our company when EagleTree owns less than 50% in voting power of our stock entitled to vote at an election of directors; • provide for the sole power of the board of directors, or EagleTree in the case of a vacancy of one of their respective board designees, to fill any vacancy on the board of directors, whether such vacancy occurs as a result of an increase in the number of directors or otherwise; • divide our board of directors into three classes, serving staggered terms of three years each; • do not give the holders of our common stock cumulative voting rights with respect to the election of directors, which means that the holders of a majority of our outstanding shares of common stock can elect all directors standing for election; • require the affirmative vote by the holders of at least two-thirds of the combined voting power of all shares of our outstanding capital stock entitled to vote generally in the election of our directors (voting as a single class) in order to amend certain provisions of our certificate of incorporation or bylaws, including those provisions changing the size of the board of directors, the removal of certain directors, the availability of action by majority written consent of the stockholders or the restriction on business combinations with interested stockholders, among others; and • when EagleTree owns less than a majority of our outstanding common stock, require the affirmative vote by the holders of at least two-thirds of the combined voting power of all shares of our outstanding capital stock entitled to vote generally in the election of our directors (voting as a single class) for any amendment, alteration, change, addition, rescission or repeal of our amended and restated certificate of incorporation.
For example, our amended and restated certificate of incorporation and amended and restated bylaws include anti-takeover provisions that: • authorize our board of directors, without further action by the stockholders, to issue preferred stock in one or more series and, with respect to each series, to fix the number of shares constituting that series and to establish the rights and other terms of that series, which may include dividend and liquidation rights and preferences, conversion rights and voting rights; • require that actions to be taken by our stockholders may only be taken at an annual or special meeting of our stockholders and not be taken by majority written consent when EagleTree owns less than a majority of our outstanding common stock; • specify that special meetings of our stockholders can be called only by the Secretary at the direction of our board of directors or the Chairman of our board of directors and not by our stockholders or any other persons when EagleTree owns less than a majority of our outstanding common stock; • establish advance notice procedures for stockholders to submit nominations of candidates for election to our board of directors and other proposals to be brought before a stockholders meeting; • provide that directors may be removed only for cause and only by the affirmative vote of at least 66-2/3% in voting power of the then-outstanding shares of capital stock of our company when EagleTree owns less than 50% in voting power of our stock entitled to vote at an election of directors; • provide for the sole power of the board of directors, or EagleTree in the case of a vacancy of one of their respective board designees, to fill any vacancy on the board of directors, whether such vacancy occurs as a result of an increase in the number of directors or otherwise; • divide our board of directors into three classes, serving staggered terms of three years each; • do not give the holders of our common stock cumulative voting rights with respect to the election of directors, which means that the holders of a majority of our outstanding shares of common stock can elect all directors standing for election; • require the affirmative vote by the holders of at least two-thirds of the combined voting power of all shares of our outstanding capital stock entitled to vote generally in the election of our directors (voting as a single class) in order to amend certain provisions of our certificate of incorporation or bylaws, including those provisions changing the size of the board of directors, the removal of certain directors, the availability of action by majority written consent of the stockholders or the restriction on business combinations with interested stockholders, among others; and Corsair Gaming, Inc. | 2025 Form 10-K | 34 Table of Contents • when EagleTree owns less than a majority of our outstanding common stock, require the affirmative vote by the holders of at least two-thirds of the combined voting power of all shares of our outstanding capital stock entitled to vote generally in the election of our directors (voting as a single class) for any amendment, alteration, change, addition, rescission or repeal of our amended and restated certificate of incorporation.
In addition, our business must be conducted in compliance with applicable trade sanctions and export control laws and regulations, such as those administered and enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”), the U.S. Department of State, the U.S. Department of Commerce, the United Nations Security Council and other relevant authorities.
In addition, our business must be conducted in compliance with applicable economic and trade sanctions and export control laws and regulations, such as those administered and enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”), the U.S. Department of State, the U.S. Department of Commerce, the United Nations Security Council and other relevant authorities.
In particular, our access to other debt financing is limited by the negative covenant in our credit agreement restricting our ability to incur other indebtedness, as well as the financial covenants therein prohibiting our Consolidated Total Net Leverage Ratio (“CTNL Ratio”) from exceeding 3.00 to 1.00 beginning 2024 and our Consolidated Interest Coverage Ratio (“CIC Ratio”) being less than 3.00 to 1.00 beginning 2024 (both tested quarterly on a trailing four fiscal quarter basis), with the provision that the maximum CTNL Ratio can be temporarily increased to 3.50 to 1.00 upon the occurrence of a Qualified Acquisition (as defined in, and subject to the requirements of the Credit Agreement (as defined below)).
In particular, our access to other debt financing is limited by the negative covenant in our credit agreement restricting our ability to incur other indebtedness, as well as the financial covenants therein prohibiting our Consolidated Total Net Leverage Ratio (“CTNL Ratio”) from exceeding 3.00 to 1.00 and our Consolidated Interest Coverage Ratio (“CIC Ratio”) being less than 3.00 to 1.00 (both tested quarterly on a trailing four fiscal quarter basis), with the provision that the maximum CTNL Ratio can be temporarily increased to 3.50 to 1.00 upon the occurrence of a Qualified Acquisition (as defined in, and subject to the requirements of the Credit Agreement (as defined below)).
The reserves for such incentive programs are based on our judgment and estimates, using actual sales data, historical experience, forecasted incentives, anticipated volume of future purchases, and inventory levels in the channel. There could be significant differences between the actual costs of such programs and our estimates.
The reserves for such incentive programs are based on our judgment and estimates, using actual sales data, historical experience, forecasted incentives, anticipated volume of future sales, and inventory levels in the channel. There could be significant differences between the actual costs of such programs and our estimates.
As of December 31, 2024, this provision of our amended and restated certificate of incorporation relates only to the EagleTree director designees. These potential conflicts of interest could seriously harm our business if attractive corporate opportunities are allocated by EagleTree to itself or its respective portfolio companies, funds or other affiliates instead of to us.
As of December 31, 2025, this provision of our amended and restated certificate of incorporation relates only to the EagleTree director designees. These potential conflicts of interest could seriously harm our business if attractive corporate opportunities are allocated by EagleTree to itself or its respective portfolio companies, funds or other affiliates instead of to us.
In particular, we believe that our business depends on the introduction and success of computer games with sophisticated graphics that place greater demands on system processing speed and capacity and therefore require more powerful GPUs or CPUs, which in turn drives demand for our DRAM modules, PSUs, cooling solutions and other components and peripherals.
In particular, our business depends on the introduction and success of computer games with sophisticated graphics that place greater demands on system processing speed and capacity and therefore require more powerful GPUs or CPUs, which in turn drives demand for our DRAM modules, PSUs, cooling solutions and other components and peripherals.
We must comply with covenants under our current credit facilities, which require the maintenance of a maximum CTNL Ratio of 3.00 to 1.00 and a minimum CIC Ratio of 3.00 to 1.00 beginning 2024 (as defined in our credit facilities), with the provision that the maximum CTNL Ratio can be temporarily increased to 3.50 to 1.00 upon the occurrence of a Qualified Acquisition (as defined in, and subject to the requirements of the Credit Agreement).
We must comply with covenants under our current credit facilities, which require the maintenance of a maximum CTNL Ratio of 3.00 to 1.00 and a minimum CIC Ratio of 3.00 to 1.00 (as defined in our credit facilities), with the provision that the maximum CTNL Ratio can be temporarily increased to 3.50 to 1.00 upon the occurrence of a Qualified Acquisition (as defined in, and subject to the requirements of the Credit Agreement).
Our performance depends to a significant degree upon the contributions of our management team, particularly our co-founder, Chief Executive Officer and Director. If we lose the services of one or more of our key executives, we may not be able to successfully manage our business, meet competitive challenges or achieve our growth objectives.
Our performance depends to a significant degree upon the contributions of our management team, particularly our Chief Executive Officer and Director. If we lose the services of one or more of our key executives, we may not be able to successfully manage our business, meet competitive challenges or achieve our growth objectives.
The extent and duration of the military action, sanctions and any resulting market disruptions could be significant and could potentially have a substantial impact on the global economy and our business for an unknown period of time. Any of the abovementioned factors could affect our business, financial condition and results of operations.
The extent and duration of the military action, economic and trade sanctions and any resulting market disruptions could be significant and could potentially have a substantial impact on the global economy and our business for an unknown period of time. Any of the abovementioned factors could affect our business, financial condition and results of operations.
In addition, selling prices of our DRAM modules, on the one hand, and market prices of DRAM ICs, on the other hand, may rise or fall at different rates, which may also affect our gross margin. Any of these circumstances could materially adversely affect our net revenue and gross margins.
In addition, selling prices of our DRAM modules, on the one hand, and market prices of DRAM ICs, on the other hand, may rise or fall at different rates, which may also affect our gross margin. Any of these circumstances would materially adversely affect our net revenue and gross margins.
We use AI, machine learning, and automated decision-making technologies, including proprietary AI and machine learning algorithms and models, (collectively “AI Technologies”) throughout our business, and are making significant investments in this area. For example, we use AI Technologies for various internal business uses and in certain customer offerings, such as customer support.
We use AI, machine learning, and automated decision-making technologies, including proprietary AI and machine learning algorithms and models, (collectively “AI Technologies”) throughout our business, and are making significant investments in this area. For example, we use AI Technologies for various internal business functions and in certain customer offerings, such as customer support.
However, the continued growth of the gaming industry will depend on numerous factors, many of which are beyond our control, including but not limited to: • the continued growth of streaming, including its popularity among fans and aspiring content creators and how it impacts their desire to purchase high-performance gaming and streaming products; • the continued growth of esports, including its increasing popularity among fans and amateur esports athletes and how it impacts their desire to purchase high-performance gaming products; • general economic conditions, particularly economic conditions adversely affecting discretionary consumer spending; • social perceptions of gaming, especially those related to the impact of gaming on health and social development; • the introduction of legislation or other regulatory restrictions on gaming and broadcast of live streaming or esports, including restrictions addressing violence in video games and addiction to video games, also referred to as Gaming Disorder by the World Health Organization; • economics or monetization of esports performing below expectations, ultimately causing a decrease in outside investments in esports; • reduced accessibility of streaming and other gaming video content, whether due to platform fragmentation, the erection of paywalls, or otherwise; • the relative availability and popularity of other forms of entertainment which could result in diverting consumer interest away from watching live or streamed broadcasts of competitors playing video games; and • changes in consumer demographics, tastes and preferences.
However, the continued growth of the gaming and content creation industries will depend on numerous factors, many of which are beyond our control, including but not limited to: • the continued growth of streaming, including its popularity among fans and aspiring content creators and how it impacts their desire to purchase high-performance gaming and streaming products; • the continued growth of esports, including its increasing popularity among fans and amateur esports athletes and how it impacts their desire to purchase high-performance gaming products; • general economic conditions, particularly economic conditions adversely affecting consumer sentiment and discretionary consumer spending; • social perceptions of gaming, especially those related to the impact of gaming on health and social development; • the introduction of legislation or other regulatory restrictions on social media, gaming and the broadcast of live streaming or esports, including restrictions addressing violence in video games and addiction to video games, also referred to as Gaming Disorder by the World Health Organization; • economics or monetization of esports performing below expectations, ultimately causing a decrease in outside investments in esports; • reduced accessibility of streaming and other gaming video content, whether due to government regulation or restrictions, platform fragmentation, the erection of paywalls, or otherwise; • the relative availability and popularity of other forms of entertainment which could result in diverting consumer interest away from watching live or streamed broadcasts of competitors playing video games; and • changes in consumer demographics, tastes and preferences.
Our result of operations may be materially adversely affected by factors that directly affect our business and the competitive conditions in our markets, including the following: • changes in demand for our lower margin products relative to demand for our higher margin products; • introduction or enhancement of products by us and our competitors, and market acceptance of these new or enhanced products; • loss of significant retail customers, cancellations or reductions of orders and product returns; • fluctuations in average selling prices of and demand for our products; • change in demand for our products due to our products having higher price-points than products supplied by our competitors; • discounts and price reductions offered by our competitors; • a delay, reduction or cessation of deliveries from one or more of the third parties that manufacture our products; • increased costs or shortages of our products or components used in our products; • changes in the frequency and timing with which new high-performance computer hardware, particularly GPUs and CPUs, and sophisticated new computer games that drive demand for additional DRAM modules, higher wattage PSUs, enhanced cooling solutions and peripherals are introduced; • fluctuations in the available supply of high-performance computer hardware resulting in the increased costs to gamers, which could ultimately lead to decreased demand for our gaming products, due to factors such as component supply shortages or consumers purchasing GPUs for non-gaming purposes such as cryptocurrency mining; • the war between Russia and Ukraine resulting in shipments of resources from these countries being delayed, or even ceasing, which could cause the GPU shortage to last longer as the production of GPUs requires resources that come from these countries such as highly purified neon gas and palladium, of which Ukraine and Russia, respectively, are the world’s leading exporters; • potential changes in trade relations or the implementation of export sanctions, in particular any sanctions between the United States and China; • unexpected changes in laws, including tax and trade laws, and regulatory requirements; • delays or problems in our introduction of new products; • delays or problems in the shipment or delivery of products to customers; • changes in freight costs; • changes in purchasing patterns by the distributors and retailers to which we sell our products; • seasonal electronics product purchasing patterns by our retail and distributor customers, as well as the gamers and creators that purchase their products directly from us; • competitive pressures resulting in, among other things, lower selling prices or loss of market share; and • cost and adverse outcomes of litigation, governmental proceedings or any proceedings to protect our brand or other intellectual property.
Our result of operations may be materially adversely affected by factors that directly affect our business and the competitive conditions in our markets, including the following: • changes in demand for our lower margin products relative to demand for our higher margin products; • introduction or enhancement of products by us and our competitors, and market acceptance of these new or enhanced products; • loss of significant retail customers, cancellations or reductions of orders and product returns; • fluctuations in average selling prices of and demand for our products; • change in demand for our products due to certain of our products having higher price-points than products supplied by our competitors; • discounts and price reductions offered by our competitors; • a delay, reduction or cessation of deliveries from one or more of the third parties that manufacture our products; • increased costs or shortages of our products or components used in our products; • changes in the frequency and timing with which new high-performance computer hardware, particularly GPUs and CPUs, and sophisticated new computer games that drive demand for additional DRAM modules, higher wattage PSUs, enhanced cooling solutions and peripherals are introduced; • fluctuations in the available supply of high-performance computer hardware resulting in the increased costs to gamers, which could ultimately lead to decreased demand for our gaming products, due to factors such as component supply shortages or consumers purchasing GPUs for non-gaming purposes such as cryptocurrency mining, the development of AI or in support of data center infrastructure; • the war between Russia and Ukraine resulting in shipments of resources from these countries being delayed, or even ceasing, which could cause the GPU shortage to last longer as the production of GPUs requires resources that come from these countries such as highly purified neon gas and palladium, of which Ukraine and Russia, respectively, are the world’s leading exporters; • changes in trade relations or the implementation of tariffs or economic and trade sanctions and export restrictions, in particular any tariffs, sanctions or export restrictions affecting trade between the United States and China; • unexpected changes in laws, including tax and trade laws, and regulatory requirements; • delays or problems in our introduction of new products; • delays or problems in the shipment or delivery of products to customers; • changes in freight costs; • changes in purchasing patterns by the distributors and retailers to which we sell our products; • seasonal electronics product purchasing patterns by our retail and distributor customers, as well as the gamers and creators that purchase their products directly from us; • competitive pressures resulting in, among other things, lower selling prices or loss of market share; and • cost and adverse outcomes of litigation, governmental proceedings or any proceedings to protect our brand or other intellectual property.
In addition, declines in the market price of ICs enable our competitors to lower prices and we will likely be forced to lower our product prices in order to compete effectively which could have an adverse effect on our net revenue.
In addition, declines in the market price of ICs enable our competitors to lower prices and we will likely be forced to lower our product prices in order to compete effectively, which would have an adverse effect on our net revenue.
While we were in compliance with all applicable financial covenants under our credit facilities as of December 31, 2024, there can be no assurance that we will not breach these financial covenants in our existing and future credit facilities.
While we were in compliance with all applicable financial covenants under our credit facilities as of December 31, 2025, there can be no assurance that we will not breach these financial covenants in our existing and future credit facilities.
We believe that the introduction of more powerful GPUs, CPUs and similar computer hardware that place increased demands on other system components, such as memory, PSUs or cooling solutions, has a significant effect on the demand for our products. The manufacturers of those products are large, public, independent companies that we do not influence or control.
The introduction of more powerful GPUs, CPUs and similar computer hardware that place increased demands on other system components, such as memory, PSUs or cooling solutions, has a significant effect on the demand for our products. The manufacturers of those products include large, public, independent companies that we do not influence or control.
We do not have long-term supply agreements with most of our manufacturers and suppliers.
Further, we do not have long-term supply agreements with most of our manufacturers and suppliers.
Depressed economic conditions, whether in our key regional markets or globally, could result in a decline in both product prices and the demand for our products, which may seriously harm our business.
Depressed economic conditions, whether in our key regional markets or globally, would result in a decline in both product prices and the demand for our products, which may seriously harm our business.
These risks include the following: • export and import duties, changes to import and export regulations, and restrictions on the transfer of funds; • fluctuating exchange rates; • political and economic instability; • problems with the transportation or delivery of our products; • issues arising from cultural or language differences and labor unrest; • longer payment cycles and greater difficulty in collecting accounts receivable; • compliance with trade and technical standards in a variety of jurisdictions; • difficulties in staffing and managing international operations, including the risks associated with fraud, theft and other illegal conduct; • compliance with laws and regulations, including environmental, employment and tax laws, which vary from country to country and over time, increasing the costs of compliance and potential risks of non-compliance; • difficulties enforcing our contractual and intellectual property rights, especially in those foreign countries that do not respect and protect intellectual property rights to the same extent as the United States and European countries; • the risk that trade to or from some foreign countries, or companies in foreign countries that manufacture our products or supply components that are used in our products, may be affected by political tensions, trade disputes and similar matters, particularly between China and Taiwan, China and the United States, Russia and Ukraine, the United States and Russia, and Israel and Hamas; • United States and foreign trade restrictions, including those that may limit the importation of technology or components to or from various countries or impose tariffs or quotas; • difficulties or increased costs in establishing sales and distribution channels in unfamiliar markets, with local market characteristics and competition; and • imposition of currency exchange controls or taxes that make it impracticable or costly to repatriate funds from foreign countries.
These risks include the following: • export and import duties, changes to import and export regulations, and restrictions on the transfer of funds; • fluctuating exchange rates; • political and economic instability; • problems with the transportation or delivery of our products; • issues arising from cultural or language differences and labor unrest; • longer payment cycles and greater difficulty in collecting accounts receivable; • compliance with trade and technical standards in a variety of jurisdictions; • difficulties in staffing and managing international operations, including the risks associated with fraud, theft and other illegal conduct; • compliance with laws and regulations, including environmental, employment and tax laws, which vary from country to country and over time, increasing the costs of compliance and potential risks of non-compliance; • difficulties enforcing our contractual and intellectual property rights, especially in those foreign countries that do not respect and protect intellectual property rights to the same extent as the United States and European countries; • the risk that trade to or from some foreign countries, or companies in foreign countries that manufacture our products or supply components that are used in our products, may be affected by political tensions, trade disputes, tariffs and similar Corsair Gaming, Inc. | 2025 Form 10-K | 24 Table of Contents matters, particularly between China and Taiwan, China and the United States, Russia and Ukraine, the United States and Russia, and Israel and Hamas; • United States and foreign trade restrictions, including those that may limit or otherwise regulate the importation or exportation of technology or components to or from various countries or impose tariffs or quotas on such technology or components; • difficulties or increased costs in establishing sales and distribution channels in unfamiliar markets, with local market characteristics and competition; and • imposition of currency exchange controls or taxes that make it impracticable or costly to repatriate funds from foreign countries.
Delaware law provides that a corporation may indemnify such person if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of our company and, with respect to any criminal proceeding, had no reasonable cause to believe such person’s conduct was unlawful; • we may, in our discretion, indemnify employees and agents in those circumstances where indemnification is permitted by applicable law; • we are required to advance expenses, as incurred, to our directors and officers in connection with defending a proceeding, except that such directors or officers shall undertake to repay such advances if it is ultimately determined that such person is not entitled to indemnification; • we will not be obligated pursuant to our amended and restated bylaws to indemnify a person with respect to proceedings initiated by that person against us or our other indemnitees, except with respect to proceedings authorized by our board of directors or brought to enforce a right to indemnification; Corsair Gaming, Inc. | 2024 Form 10-K | 33 Table of Contents • the rights conferred in our amended and restated bylaws are not exclusive, and we are authorized to enter into indemnification agreements with our directors, officers, employees and agents and to obtain insurance to indemnify such persons; and • we may not retroactively amend our amended and restated bylaw provisions to reduce our indemnification obligations to directors, officers, employees and agents.
Delaware law provides that a corporation may indemnify such person if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of our company and, with respect to any criminal proceeding, had no reasonable cause to believe such person’s conduct was unlawful; • we may, in our discretion, indemnify employees and agents in those circumstances where indemnification is permitted by applicable law; • we are required to advance expenses, as incurred, to our directors and officers in connection with defending a proceeding, except that such directors or officers shall undertake to repay such advances if it is ultimately determined that such person is not entitled to indemnification; • we will not be obligated pursuant to our amended and restated bylaws to indemnify a person with respect to proceedings initiated by that person against us or our other indemnitees, except with respect to proceedings authorized by our board of directors or brought to enforce a right to indemnification; • the rights conferred in our amended and restated bylaws are not exclusive, and we are authorized to enter into indemnification agreements with our directors, officers, employees and agents and to obtain insurance to indemnify such persons; and • we may not retroactively amend our amended and restated bylaw provisions to reduce our indemnification obligations to directors, officers, employees and agents.
A decision by one or more of our key customers to reduce, delay or cancel its orders from us, either as a result of industry conditions or specific events relating to a particular customer or failure or inability to pay amounts owed to us in a timely manner, or at all, may seriously harm our business.
A decision by one or more of our key customers to change their business requirements or focus, reduce, delay or cancel its orders from us, either as a result of industry conditions or specific events relating to a particular customer or failure or inability to pay amounts owed to us in a timely manner, or at all, may seriously harm our business.
Threat actors may include experienced computer programmers, opportunistic hackers and hacktivists, state-sponsored organizations and employees who, due to malfeasance or error, may penetrate our security controls and misappropriate or compromise our Confidential Information or that of our employees or third parties, which in turn, may create disruptions to our IT Systems or cause shutdowns.
Threat actors who may include experienced computer programmers, opportunistic hackers and hacktivists, state-sponsored organizations and employees who, due to malfeasance or error, have in the past and may in the future penetrate our security controls and misappropriate or compromise our Confidential Information or that of our employees or third parties, which in turn, may create disruptions to our IT Systems or cause shutdowns.
Our total unit shipments have generally been lowest in the first and second calendar quarters due to lower sales following the fourth quarter holiday season and because of the decline in sales that typically occurs in anticipation of the introduction of new or enhanced GPUs, CPUs and other computer hardware products, which usually takes place in the second calendar quarter, and which tends to drive sales in the following two quarters.
Our total unit shipments have generally been lowest in the first and second calendar quarters due to lower sales following the fourth quarter holiday season and associated high-profile game launches and because of the decline in sales that typically occurs in anticipation of the introduction of new or enhanced GPUs, CPUs and other computer hardware products, which usually takes place in the second calendar quarter, and which tends to drive sales in the following two quarters.
Because our products must cross international borders, we are subject to risk of delay if our documentation does not comply with customs rules and regulations or for similar reasons.
Because our products must cross international borders, we are subject to risk of delay if our documentation does not comply with customs rules and regulations or for similar reasons or if geopolitical events close borders.
As we look to respond to evolving standards for identifying, measuring, and reporting ESG metrics, our efforts may result in a significant increase in costs and may nevertheless not meet investor or other stakeholder expectations and evolving standards or regulatory requirements, which may negatively impact our financial results, our reputation, our ability to attract or retain employees, our attractiveness as a service provider, investment, or business partner, or expose us to government enforcement actions, private litigation, and actions by stockholders or stakeholders.
As we look to respond to evolving standards our efforts may result in a significant increase in costs and may nevertheless not meet investor or other stakeholder expectations and evolving standards or regulatory requirements, which may negatively impact our financial results, our reputation, our ability to attract or retain employees, our attractiveness as a service provider, investment, or business partner, or expose us to government enforcement actions, private litigation, and actions by stockholders or stakeholders.
Our primary competitors in the gamer and creator streaming products market include Logitech through its Blue Microphones brand, and AverMedia. Our primary competitors in the performance controller market include Microsoft and Logitech. Our primary competitors in the sim racing market include Moza and Simucube. Competitors in the gaming components and systems market.
Our primary competitors in the gamer and creator streaming products market include Logitech through its Blue Microphones brand, and AverMedia. Our primary competitors in the performance controller market include Microsoft and Logitech. Our primary competitors in the sim racing market include Moza and Simucube.
The market price of our common stock could be subject to wide fluctuations in response to a broad and diverse range of factors, including those described elsewhere in this “Risk Factors” section and the following: • variations in our operating performance and the performance of our competitors; • actual or anticipated fluctuations in our quarterly or annual operating results; • changes in estimates or recommendations by securities analysts concerning us or our competitors; • publication of research reports by securities analysts about us or our competitors or our industry; • our failure or the failure of our competitors to meet analysts’ estimates or guidance that we or our competitors may give to the market; • additions and departures of key personnel; • strategic decisions by us or our competitors, such as acquisitions, divestitures, spin-offs, joint ventures, strategic investments or changes in business strategy; Corsair Gaming, Inc. | 2024 Form 10-K | 31 Table of Contents • developments of new technologies or other innovations; • the passage of legislation or other regulatory developments affecting us or our industry; • speculation in the press or investment community; • changes in accounting principles; • the outbreak of epidemics or pandemics; • natural disasters, terrorist acts, acts of war or periods of widespread civil unrest, such as any military actions taken as a result of the military conflicts in Ukraine and the Middle East; and • changes in general market and economic conditions.
The market price of our common stock could be subject to wide fluctuations in response to a broad and diverse range of factors, including those described elsewhere in this “Risk Factors” section and the following: • variations in our operating performance and the performance of our competitors; • actual or anticipated fluctuations in our quarterly or annual operating results; • changes in estimates or recommendations by securities analysts concerning us or our competitors; • publication of research reports by securities analysts about us or our competitors or our industry; • our failure or the failure of our competitors to meet analysts’ estimates or guidance that we or our competitors may give to the market; • additions and departures of key personnel, including our Chief Executive Officer; • strategic decisions by us or our competitors, such as acquisitions, divestitures, spin-offs, joint ventures, strategic investments or changes in business strategy; • developments of new technologies or other innovations; • the passage of legislation or other regulatory or geopolitical developments affecting us or our industry; • speculation in the press or investment community; • changes in accounting principles; • the outbreak of epidemics or pandemics; • natural disasters, terrorist acts, acts of war or periods of widespread civil unrest, such as any military actions taken as a result of the military conflicts in Ukraine and the Middle East; and • changes in general market and economic conditions.
We use AI in our business, and challenges relating to the development and use of AI, including generative AI, could result in competitive harm, reputational harm, and legal liability, and adversely affect our results of operations.
We use AI in our business, and challenges relating to the development and use of AI, including generative AI, may result in competitive harm, reputational damage, and legal liability, and adversely affect our results of operations.
Likewise, shortages or interruptions in the supply of products or components, including disruptions of shipping lanes or divergence from shipping lanes due to geopolitical events, including recent disruptions in the Red Sea, or any inability to procure these products or components from alternate sources at acceptable prices in a timely manner, could delay shipments to our customers and increase our costs, any of which may seriously harm our business.
Likewise, shortages or interruptions in the supply of products or components, including disruptions of shipping lanes or divergence from shipping lanes due to geopolitical events, including recent disruptions in the Red Sea, and the surrounding areas, and the war between Russia and Ukraine, or any inability to procure these products or components from alternate sources at acceptable prices in a timely manner, could delay shipments to our customers and increase our costs, any of which may seriously harm our business.
Other significant negative effects could include limited growth or reductions in worldwide sales of products that incorporate DRAM modules, such as PCs, smartphones and servers, resulting in excess supply in the worldwide DRAM market and reduced demand for our products from our customers as they limit or lower their spending and inventory levels.
Other significant negative effects could include limited growth or reductions in worldwide sales of certain products that incorporate DRAM modules, such as PCs, smartphones and servers, resulting in reduced demand for our products from our customers as they limit or lower their spending and inventory levels.
If we are unable to integrate our products and proprietary software with third-party hardware, operating system software and other products, the functionality of our products would be adversely affected, which may seriously harm our business.
If we are unable to integrate our products and proprietary software with third-party hardware, operating system software, including open source systems, and other products, the functionality of our products would be adversely affected, which may seriously harm our business.
Although the length, impact and outcome of these wars are highly unpredictable, these wars have contributed to significant market and other disruptions, including significant volatility in commodity prices and supply of energy resources, instability in financial markets, supply chain interruptions, political and social instability, changes in consumer or purchaser preferences as well as an increase in cyberattacks and espionage.
Although the length, impact and outcome of global conflicts including in Ukraine and the Middle East are highly unpredictable, these conflicts have contributed to significant market and other disruptions, including significant volatility in commodity prices and supply of energy resources, instability in financial markets, supply chain interruptions, political and social instability, changes in consumer or purchaser preferences as well as an increase in cyberattacks and espionage.
If newly introduced GPUs, CPUs and sophisticated new video games are not successful, if the rate at which those products are introduced declines, or if such products are not readily available, it may seriously harm our business.
If newly introduced GPUs, CPUs and sophisticated new video games are not successful, if the rate at which those products are introduced declines, or if such products are not readily available, our business may be seriously harmed.
A reduction or interruption in supply, including interruptions due to global pandemics or geopolitical unrest beyond our control, an inability to procure quality raw materials in a cost-effective manner and constrain volatile materials costs, a failure to monitor contract compliance to ensure and sustain sourcing savings, a failure to procure adequate inventory or raw materials from our suppliers or regulatory changes may lead to delays in manufacturing and increases in costs.
Further, a reduction or interruption in supply, including interruptions due to global pandemics or geopolitical unrest beyond our control, an inability to procure quality raw materials in a cost-effective manner and constrain volatile materials costs, a failure to monitor contract compliance to ensure and sustain sourcing savings, a failure to procure adequate inventory or raw materials from our suppliers or regulatory changes, including recent developments in trade regulations and tariff policies, may lead to delays in manufacturing and increases in costs.
If we are unable to protect and enforce our trademarks, domain names, copyrights, patents, trade secrets and other intellectual property rights, or prevent third parties from infringing upon them, our business may be seriously harmed. We have taken steps in the past to enforce our intellectual property rights and expect to continue to do so in the future.
If we are unable to protect and enforce our trademarks, domain names, copyrights, patents, trade secrets and other intellectual property rights, or prevent third parties from infringing upon them, our business could be adversely affected. We have taken steps in the past to enforce our intellectual property rights and expect to continue to do so in the future.
Our effective tax rate could also increase due to several factors, including: • changes in the relative amounts of income before taxes in the various jurisdictions in which we operate that have differing statutory tax rates; • changes in tax rates, tax treaties, and regulations or the interpretation of them; • changes to our assessment about our ability to realize our deferred tax assets that are based on estimates of our future results, the prudence and feasibility of possible tax planning strategies, and the economic and political environments in which we do business; • the outcome of current and future tax audits, examinations, or administrative appeals; and • the effects of acquisitions.
Our effective tax rate could also increase due to several factors, including: • changes in the relative amounts of income before taxes in the various jurisdictions in which we operate that have differing statutory tax rates; • changes in tax rates, tax treaties, and regulations or the interpretation of them; • changes to our assessment about our ability to realize our deferred tax assets that are based on estimates of our future results, the prudence and feasibility of possible tax planning strategies, and the economic and political environments in which we do business; Corsair Gaming, Inc. | 2025 Form 10-K | 25 Table of Contents • the outcome of current and future tax audits, examinations, or administrative appeals; and • the effects of acquisitions.
Under these rules, a company of which more than 50% of the voting power is held by an individual, group or another company is a “controlled company” and may elect not to comply with certain corporate governance requirements, including requirements that: • a majority of our board of directors consist of “independent directors” as defined under the rules of Nasdaq; • our board of directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee purpose and responsibilities; and • our director nominations be made, or recommended to the full board of directors, by our independent directors or by a nominations committee that is composed entirely of independent directors and that we adopt a written charter or board resolution addressing the nominations process.
Under these rules, a company of which more than 50% of the voting power is held by an individual, group or another company is a “controlled company” and may elect not to comply with certain corporate governance requirements, including requirements that: • a majority of our board of directors consist of “independent directors” as defined under the rules of Nasdaq; • our board of directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee purpose and responsibilities; and Corsair Gaming, Inc. | 2025 Form 10-K | 32 Table of Contents • our director nominations be made, or recommended to the full board of directors, by our independent directors or by a nominations committee that is composed entirely of independent directors and that we adopt a written charter or board resolution addressing the nominations process.
Further, pursuant to the terms of an Investor Rights Agreement between us and EagleTree, EagleTree has the right, among other things, to designate the chairman of our board of directors, as well as the right to nominate up to five out of eight directors to our board of directors as long as affiliates of EagleTree beneficially own at least 50% of our common stock, four directors as long as affiliates of EagleTree beneficially own at least 40% and less than 50% of our common stock, three directors as long as affiliates of EagleTree beneficially own at least 30% and less than 40% of our common stock, two directors as long as affiliates of Corsair Gaming, Inc. | 2024 Form 10-K | 30 Table of Contents EagleTree beneficially own at least 20% and less than 30% of our common stock and one director as long as affiliates of EagleTree beneficially own at least 10% and less than 20% of our common stock.
Further, pursuant to the terms of an Investor Rights Agreement between us and EagleTree, EagleTree has the right, among other things, to designate the chairman of our board of directors, as well as the right to nominate up to five out of eight directors to our board of directors as long as affiliates of EagleTree beneficially own at least 50% of our common stock, four directors as long as affiliates of EagleTree beneficially own at least 40% and less than 50% of our common stock, three directors as long as affiliates of EagleTree beneficially own at least 30% and less than 40% of our common stock, two directors as long as affiliates of EagleTree beneficially own at least 20% and less than 30% of our common stock and one director as long as affiliates of EagleTree beneficially own at least 10% and less than 20% of our common stock.
The expansion of our business will require us to protect our trademarks, domain names, copyrights, patents, trade secrets and other intellectual property rights in an increasing number of jurisdictions, a process that is expensive and sometimes requires litigation or other enforcement proceedings.
The expansion of our business will require us to protect our trademarks, domain names, copyrights, patents, trade secrets and other intellectual property rights in an increasing number of jurisdictions, a process that is expensive and sometimes requires litigation or other enforcement proceedings. These enforcement efforts may increase our operating expenses.
Risks Related to Our Common Stock We are controlled by a single stockholder, EagleTree, whose interests in our business may be different than yours. As of December 31, 2024, EagleTree beneficially owned approximately 53.7% of our common stock and is able to control our affairs in all cases.
Risks Related to Our Common Stock We are controlled by a single stockholder, EagleTree, whose interests in our business may be different than yours. As of December 31, 2025, EagleTree beneficially owned approximately 52.8% of our common stock and is able to control our affairs in all cases.
Our growth prospects are, to a certain extent, connected with the ongoing growth of the gaming industry, including live game streaming and esports, and any decline or reduction in the growth or popularity of the gaming industry may seriously harm our business.
Our growth prospects are, to a certain extent, connected with the ongoing growth of the gaming and content creation industries, including live game streaming and esports, and any restriction of or decline or reduction in the growth or popularity of the gaming or content creation industries may seriously harm our business.
Our business may be materially adversely affected by factors relating to global, national and regional economies, including: • uncertainty in economic conditions, either globally or in specific countries or regions; • fluctuations in currency exchange rates; • global pandemics or other public health crises; • the impact of political instability, natural disasters, war and/or events of terrorism, such as the military conflicts in Ukraine and the Middle East, and the corresponding tensions created from such conflict between Russia, the United States and countries in Europe as well as other countries such as China; • macro-economic fluctuations in the United States and global economies, including those that impact discretionary consumer spending, changes in interest rates or inflation; and • changes in business cycles that affect the markets in which we sell our products.
Our business may be materially adversely affected by factors relating to global, national and regional economies, including: • uncertainty in economic conditions, either globally or in specific countries or regions; • fluctuations in currency exchange rates; • global pandemics or other public health crises; Corsair Gaming, Inc. | 2025 Form 10-K | 15 Table of Contents • the impact of political instability, natural disasters, war and/or events of terrorism, such as the military conflicts in Ukraine and the Middle East, and the corresponding tensions created from such conflict between Russia, the United States and countries in Europe as well as other countries such as China; • macro-economic fluctuations in the United States and global economies, including those that impact discretionary consumer spending, trade regulations and tariff policies, changes in interest rates or inflation; and • changes in business cycles that affect the markets in which we sell our products.
Net revenue generated by sales of DRAM modules accounted for a total of 29.2% and 31.2% of our net revenue for the years ended December 31, 2024 and 2023, respectively.
Net revenue generated by sales of DRAM modules accounted for a total of 32.3% and 29.2% of our net revenue for the years ended December 31, 2025 and 2024, respectively.
In addition, in July 2022, approximately 54.2 million shares of our common stock that were held by EagleTree were registered pursuant to a Registration Statement on Form S-3. If we sell shares of our common stock in future financings, stockholders may experience immediate dilution and, as a result, our stock price may decline.
In addition, in August 2025, approximately 56.3 million shares of our common stock that were held by EagleTree were registered pursuant to a Registration Statement on Form S-3. If we sell shares of our common stock in future financings, stockholders may experience immediate dilution and, as a result, our stock price may decline.
Historical seasonal patterns have been impacted in the past, and may be further impacted in the future, by macroeconomic factors, increasing supply constraints, GPU shortages, delay in the anticipated launch of new or enhanced GPUs and CPUs, and shifts in customer behavior.
Historical seasonal patterns have been impacted in the past, and may be further impacted in the future, by macroeconomic factors including trade regulations and tariffs, increasing supply constraints, semiconductor shortages, delay in the anticipated launch of new or enhanced GPUs and CPUs, and shifts in customer behavior.
We have evaluated the impact from the OECD Pillar Two rules and determined that there is no impact to our financial position for the year of 2024.
We have evaluated the impact from the OECD Pillar Two rules and determined that there is no impact to our financial position for both 2024 and 2025.
If we, or our employees, representatives, distributors or agents acting on our behalf, are found to have engaged in practices that violate these laws and regulations, we could suffer severe fines and penalties, profit disgorgement, injunctions on future conduct, securities litigation, bans on transacting government business, delisting from securities exchanges and other consequences that may seriously Corsair Gaming, Inc. | 2024 Form 10-K | 35 Table of Contents harm our business, financial condition and results of operations.
If we, or our employees, representatives, distributors or agents acting on our behalf, are found to have engaged in practices that violate these laws and regulations, we could suffer severe fines and penalties, profit disgorgement, injunctions on future conduct, securities litigation, bans on transacting government business, delisting from securities exchanges and other consequences that may seriously harm our business, financial condition and results of operations.
Sales to customers outside the United States accounted for 53.3% and 54.8% of our net revenue in 2024 and 2023, respectively. In addition, substantially all of the products that we sell are manufactured at facilities in Asia.
Sales to customers outside the United States accounted for 57.0% and 53.3% of our net revenue in 2025 and 2024, respectively. In addition, substantially all of the products that we sell are manufactured at facilities in Asia.
In addition, we carry limited inventory of our products, and the loss of one or more of these manufacturers or suppliers, or a significant decline in production or deliveries by any of them, could significantly limit our shipments of products or prevent us from shipping the products entirely.
In addition, we carry limited inventory of our products, and the loss of one or more of these manufacturers or suppliers, or a significant decline in production or deliveries by any of them, including as a result of the imposition of trade regulations or tariffs, could significantly limit our shipments of products or prevent us from shipping the products entirely.
As such, and because various jurisdictions have different laws and regulations concerning the use, storage, transmission and other processing of such information, we may face Corsair Gaming, Inc. | 2024 Form 10-K | 25 Table of Contents requirements that pose compliance challenges in existing markets as well as new international markets that we seek to enter, potentially requiring additional investment in resources for compliance programs, and impacting business operations and availability of previously available data.
As such, and because various jurisdictions have different laws and regulations concerning the use, storage, transmission and other processing of such information, we may face requirements that pose compliance challenges in existing markets as well as new international markets that we seek to enter, potentially requiring additional investment in resources for compliance programs, and impacting business operations and availability of previously available data.
Our corporate headquarters are located in the San Francisco Bay Area and the testing and packaging of most of our DRAM modules take place in our facility in Taiwan. Both locations are known to experience earthquakes from time to time, some of which have been severe. In addition, typhoons and other severe weather systems frequently affect Taiwan.
Our corporate headquarters are located in the San Francisco Bay Area and the testing and packaging of most of our DRAM modules take place in our facility in Taiwan. Both locations are known to experience earthquakes from time to time, some of which have been severe.
If our management is unable to certify the effectiveness of our internal controls or if our independent registered public accounting firm cannot deliver a report attesting to the effectiveness of our internal controls over financial reporting, or if we identify or fail to remediate material weaknesses in our internal controls, we could be subject to regulatory scrutiny and a loss of public confidence, which could seriously harm our reputation and the market price of our common stock.
If our Corsair Gaming, Inc. | 2025 Form 10-K | 37 Table of Contents management is unable to certify the effectiveness of our internal controls or if our independent registered public accounting firm cannot deliver a report attesting to the effectiveness of our internal controls over financial reporting, or if we identify or fail to remediate material weaknesses in our internal controls, we could be subject to regulatory scrutiny and a loss of public confidence, which could seriously harm our reputation and the market price of our common stock.
Due to concerns about data security and integrity, a growing number of legislative and regulatory bodies have adopted breach notification and other requirements in the event that information subject to such laws is accessed by unauthorized persons.
Due to concerns about data security and integrity, a growing number of legislative and regulatory bodies have adopted breach notification and other requirements in the event that information subject to such laws is accessed by unauthorized persons. We have not been subject to any such notification requirement following any security events.
Other risks resulting from this concentration of our manufacturing facilities and our suppliers in China, Taiwan and Southeast Asia include the following: • the interpretation and enforcement of China’s laws continues to evolve, which may make it more difficult for us to obtain a reliable supply of our products at predictable costs; Corsair Gaming, Inc. | 2024 Form 10-K | 18 Table of Contents • these facilities are located in regions that may be affected by earthquakes, typhoons, other natural disasters, pandemic outbreaks, political instability, military actions, power outages or other conditions that may cause a disruption in supply; • our costs may be increased and deliveries of our products may be decreased or delayed by trade restrictions; and • our reliance on foreign manufacturers and suppliers exposes us to other risks of doing business internationally, some of which are described below under “We conduct our operations and sell our products internationally and the effect of business, legal and political risks associated with international operations may seriously harm our business.” In addition, the current U.S. presidential administration has implemented tariffs on imports from China.
Other risks resulting from this concentration of our manufacturing facilities and our suppliers in China, Taiwan and Southeast Asia include the following: • the interpretation and enforcement of China’s laws continues to evolve, which may make it more difficult for us to obtain a reliable supply of our products at predictable costs; • these facilities are located in regions that may be affected by earthquakes, typhoons, other natural disasters, pandemic outbreaks, political instability, military actions, power outages or other conditions that may cause a disruption in supply; • our costs may be increased and deliveries of our products may be decreased or delayed by trade restrictions; and • our reliance on foreign manufacturers and suppliers exposes us to other risks of doing business internationally, some of which are described below under “We conduct our operations and sell our products internationally and the effect of business, legal and political risks associated with international operations may seriously harm our business.” In addition, the current U.S. presidential administration has implemented tariffs on imports from China, Taiwan, and other countries in Southeast Asia and has announced a formal investigation process to consider new national security-based tariffs on imports of semiconductors and semiconductor manufacturing equipment.
Other negative effects on our business resulting from adverse economic conditions worldwide may include: • higher costs for promotions, customer incentive programs and other initiatives used to stimulate demand; • constraints on consumer spending caused by higher inflation, increased interest rates and exchange rate fluctuations, leading to weaker consumer demand for our products; • increased risk of excess and obsolete inventories, which may require write-downs or impairment charges; Corsair Gaming, Inc. | 2024 Form 10-K | 15 Table of Contents • financial distress or bankruptcy of key suppliers or third-party manufacturers, resulting in insufficient product quantities to meet demand or increases in the cost of producing our products; and • financial distress or bankruptcy of key distributors, resellers or retailers.
Other negative effects on our business resulting from adverse economic conditions worldwide may include: • higher costs for promotions, customer incentive programs and other initiatives used to stimulate demand; • constraints on consumer spending caused by higher inflation, including but not limited to the imposition of tariffs, increased interest rates and exchange rate fluctuations, leading to weaker consumer demand for our products; • increased risk of excess and obsolete inventories, which may require write-downs or impairment charges; • financial distress or bankruptcy of key suppliers or third-party manufacturers, resulting in insufficient product quantities to meet demand or increases in the cost of producing our products; and • financial distress or bankruptcy of key distributors, resellers or retailers.
If one of our exclusive or single-source manufacturers were to stop production, or experience product quality or shortage issues, we may be unable to locate or engage a suitable replacement on terms we Corsair Gaming, Inc. | 2024 Form 10-K | 17 Table of Contents consider acceptable and, in any event, there would likely be significant delays and considerable costs involved in transitioning production to a new manufacturer.
If one of our exclusive or single-source manufacturers were to stop production, or experience product quality or shortage issues, we may be unable to locate or engage a suitable replacement on terms we consider acceptable and, in any event, there would likely be significant delays and considerable costs involved in transitioning production to a new manufacturer.
If the trend of increasing proceedings by litigants and enforcement by regulators of the strict approach in recent guidance and decisions continues, this could lead to substantial costs, require significant systems changes, limit the effectiveness of Corsair Gaming, Inc. | 2024 Form 10-K | 26 Table of Contents our marketing activities, divert the attention of our technology personnel, adversely affect our margins, increase costs and subject us to additional liabilities.
If the trend of increasing proceedings by litigants and enforcement by regulators of the strict approach in recent guidance and decisions continues, this could lead to substantial costs, require significant systems changes, limit the effectiveness of our marketing activities, divert the attention of our technology personnel, adversely affect our margins, increase costs and subject us to additional liabilities.
In addition, Russia’s invasion of Ukraine, poor relations between the United States and Russia, and sanctions by the United States and the European Union against Russia could have an adverse impact on our research and development efforts as we outsource significant research and development activities to companies in Ukraine.
In addition, Russia’s invasion of Ukraine, the evolving and potentially difficult to anticipate state of relations between the United States and Russia, and economic and trade sanctions by the United States and the European Union against Russia could have an adverse impact on our research and development efforts as we outsource significant research and development activities to companies in Ukraine.
In addition, we generally pay our employees located outside the United States in the local currency and, as a result of our foreign sales and operations, we have other expenses, assets and Corsair Gaming, Inc. | 2024 Form 10-K | 12 Table of Contents liabilities that are denominated in foreign currencies and changes in the value of the U.S. dollar could result in significant increases in our expenses that may seriously harm our business.
In addition, we generally pay our employees located outside the United States in the local currency and, as a result of our foreign sales and operations, we have other expenses, assets and liabilities that are denominated in foreign currencies and changes in the value of the U.S. dollar could result in significant increases in our expenses that may seriously harm our business.
From time to time, we pay licensing fees in settlement of certain intellectual property infringement claims made by third parties, which may not be available on commercially acceptable terms. Therefore, there can be no assurance that licensing fees paid under these circumstances will not seriously harm our business.
Corsair Gaming, Inc. | 2025 Form 10-K | 21 Table of Contents From time to time, we pay licensing fees in settlement of certain intellectual property infringement claims made by third parties, which may not be available on commercially acceptable terms. Therefore, there can be no assurance that licensing fees paid under these circumstances will not seriously harm our business.
The covenants and other restrictions in our credit facilities and any debt instruments we may enter into in the future may limit our ability to raise funds for working capital, capital expenditures, acquisitions, product development and other general corporate requirements, which may adversely affect our ability to finance our operations, any acquisitions or investments or other capital needs or engage in other business activities that would be in our interests.
The covenants and other restrictions in our credit facilities and any debt instruments we may enter into in the future may limit our ability to raise funds for working capital, capital expenditures, acquisitions, Corsair Gaming, Inc. | 2025 Form 10-K | 23 Table of Contents product development and other general corporate requirements, which may adversely affect our ability to finance our operations, any acquisitions or investments or other capital needs or engage in other business activities that would be in our interests.
Despite the recent ceasefire deal in the Middle East, we have no way to definitively predict the outcome of the wars in Ukraine and the Middle East or their impacts in Ukraine, Russia or Belarus, the Middle East, or the surrounding areas, as these wars, and any resulting government reactions, are constantly evolving and are beyond our control.
We have no way to definitively predict the outcome of the war in Ukraine and the conflict in the Middle East or their impacts in Ukraine, Russia or Belarus, the Middle East, or the surrounding areas, as these conflicts, and any resulting government reactions, are constantly evolving and are beyond our control.
If integration with the products of those or other companies becomes more difficult, our products would likely be more difficult to use or may not be compatible with key hardware, operating systems or other products, which would seriously harm our reputation and the utility and desirability of our products, and, as a result, would seriously harm our business.
If integration with certain products or open source ecosystems become more difficult, our products would likely be more difficult to use or may not be compatible with key hardware, operating systems or other products, which would seriously harm our reputation and the utility and desirability of our products, and, as a result, would seriously harm our business.
There can be no assurance that the privacy and security related measures and safeguards we have put in place in relation to these third parties will be effective to protect us and/or the relevant personal information from the risks associated with the third-party storage, transmission and other processing of such information.
There can be no assurance that the privacy and security related measures and safeguards we have put in place in relation to these third parties will be effective to protect us and/or the relevant personal information from the risks associated with the third-party storage, transmission and other processing of Corsair Gaming, Inc. | 2025 Form 10-K | 26 Table of Contents such information.
Moreover, if one of our Corsair Gaming, Inc. | 2024 Form 10-K | 27 Table of Contents distributors or retailer customers experiences financial distress or bankruptcy, they may be required to liquidate their inventory of our products, or similar products that compete with our products, at reduced prices, which can result in substantial over-supply and reduced demand for our products over the short term.
Moreover, if one of our distributors or retailer customers experiences financial distress or bankruptcy, they may be required to liquidate their inventory of our products, or similar products that compete with our products, at reduced prices, which can result in substantial over-supply and reduced demand for our products over the short term.
Indebtedness and the terms of our credit facilities may impair our ability to respond to changing business and economic conditions and may seriously harm our business. We had $174.0 million of indebtedness as of December 31, 2024.
Indebtedness and the terms of our credit facilities may impair our ability to respond to changing business and economic conditions and may seriously harm our business. We had $121.9 million of indebtedness as of December 31, 2025.
Additionally, there can be no assurance that we will be able to successfully enforce our intellectual property rights or obtain sufficient remedies if they are breached, against our competitors or third parties.
Additionally, there can be no assurance that we will be able to successfully enforce our intellectual property rights or obtain sufficient remedies if they are breached, against our competitors or third parties, which could adversely affect our competitive position or reputation.
Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
Corsair Gaming, Inc. | 2025 Form 10-K | 35 Table of Contents Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
For instance, a director of our company who also serves as a director, officer or employee of EagleTree, or any of its respective portfolio companies, funds or other affiliates may pursue certain acquisitions or other opportunities that may be complementary to our business and, as a result, such acquisition or other Corsair Gaming, Inc. | 2024 Form 10-K | 34 Table of Contents opportunities may not be available to us.
For instance, a director of our company who also serves as a director, officer or employee of EagleTree, or any of its respective portfolio companies, funds or other affiliates may pursue certain acquisitions or other opportunities that may be complementary to our business and, as a result, such acquisition or other opportunities may not be available to us.
If we fail to meaningfully establish, maintain, protect our proprietary information and enforce our intellectual property rights, our business, financial condition and results of operations could be adversely affected. Some of our products contain open source software, which may pose particular risks to our proprietary software and products.
If we fail to meaningfully establish, maintain, protect our proprietary information and enforce our intellectual property rights, our business, financial condition and results of operations could be adversely affected. Some of our products rely on open source software, which may expose us to additional risks and could impact our proprietary software and products.
As a result, our business results can be materially affected by the timing and frequency with which new high-performance hardware products are introduced by these independent third parties, whether these products achieve widespread acceptance among gamers, whether such products are readily available at affordable prices and whether additional memory, enhanced PSUs or cooling solutions, new computer cases or other peripheral devices are necessary to support those products.
As a result, our business results Corsair Gaming, Inc. | 2025 Form 10-K | 10 Table of Contents have and may in the future be materially affected by the timing and frequency with which new high-performance hardware products are introduced by these independent third parties, whether these products achieve widespread acceptance among gamers, whether such products are readily available at affordable prices and whether additional memory, enhanced PSUs or cooling solutions, new computer cases or other peripheral devices are necessary to support those products.
If other restrictions are placed on Chinese imports or any related counter-measures are taken by China, our business may be seriously harmed if such tariffs or counter-measures affect the manufacturing costs of any of our products.
If other restrictions are placed on such imports or any related counter-measures are taken by China, Taiwan, or other countries subject to new U.S. tariffs, our business may be seriously harmed if such tariffs or counter-measures affect the manufacturing costs of any of our products.
To the extent we incur additional indebtedness under our revolving credit facility or are required to incur indebtedness from other sources (if available and if permitted by the credit facility) to provide working capital, it could increase our interest expense and Corsair Gaming, Inc. | 2024 Form 10-K | 21 Table of Contents expose us to other risks of leverage.
To the extent we incur additional indebtedness under our revolving credit facility or are required to incur indebtedness from other sources (if available and if permitted by the credit facility) to provide working capital, it could increase our interest expense and expose us to other risks of leverage.
As a result, noncompliance or any related enforcement or civil actions could result in governmental sanctions and possible civil or criminal litigation, which could seriously harm our business and result in a significant diversion of management’s attention and resources. Failure to comply with the U.S.
Corsair Gaming, Inc. | 2025 Form 10-K | 36 Table of Contents As a result, noncompliance or any related enforcement or civil actions could result in governmental sanctions and possible civil or criminal litigation, which could seriously harm our business and result in a significant diversion of management’s attention and resources. Failure to comply with the U.S.
Risks Related to Our Business Our competitive position and success in the market depend to a significant degree upon our ability to build and maintain the strength of our brands among gaming enthusiasts and creators, and any failure to build and maintain our brands may seriously harm our business.
Corsair Gaming, Inc. | 2025 Form 10-K | 9 Table of Contents Risks Related to Our Business Our competitive position and success in the market depend to a significant degree upon our ability to build and maintain the strength of our brands among gaming enthusiasts and creators, and any failure to build and maintain our brands may seriously harm our business.
Our sponsorship of individuals, teams and events within the gaming community is subject to numerous risks that may seriously harm our business. We interact with the gaming community in numerous ways, including through the sponsorship of streamers, esports events, tournaments, esports athletes and teams.
Corsair Gaming, Inc. | 2025 Form 10-K | 22 Table of Contents Our sponsorship of individuals, teams and events within the gaming community is subject to numerous risks that may seriously harm our business. We interact with the gaming community in numerous ways, including through the sponsorship of streamers, esports events, tournaments, esports athletes and teams.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeWe have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
Biggest changeCorsair Gaming, Inc. | 2025 Form 10-K | 38 Table of Contents We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
Our cybersecurity risk management program includes: • risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment; • a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; • the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls; • a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents.
Our cybersecurity risk management program includes: • risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment; • a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; • the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls; • a cybersecurity incident response plan that includes procedures for responding to cybersecurity events.
Item 1C. Cybersecurity. Corsair Gaming, Inc. | 2024 Form 10-K | 36 Table of Contents Risk management and strategy We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.
Item 1C. Cybersecurity. Risk management and strategy We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.
Removed
Corsair Gaming, Inc. | 2024 Form 10-K | 37 Table of Contents

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeWe also lease manufacturing and warehousing facilities in Georgia, Florida, Netherlands and Taiwan, as well as properties in various parts of the United States, Europe and Asia for our product development, sales and service support and administrative functions.
Biggest changeWe also lease manufacturing and warehousing facilities in Georgia, Florida, Netherlands, United Kingdom and Taiwan, as well as properties in various parts of the United States, Europe and Asia for our product development, sales and service support and administrative functions.
Item 2. Pro perties. Our current principal executive office is located in Milpitas, California and consists of approximately 118,000 square feet of space under a lease that expires in August 2032.
Item 2. Pro perties. Our current principal executive office is located in Milpitas, California and consists of approximately 118,000 square feet of space under a lease that expires in August 2035.
In addition, we have approximately 327,000 square feet of space dedicated to us in our contracts with various third-party distribution centers in California and China for additional warehouses to store our inventory. Both our Gamer and Creator Peripherals segment and Gaming Components and Systems segment utilize substantially each of our leased facilities.
In addition, we have approximately 375,000 square feet of space dedicated to us in our contracts with various third-party distribution centers in California, Canada and China for additional warehouses to store our inventory. Both our Gamer and Creator Peripherals segment and Gaming Components and Systems segment utilize substantially each of our leased facilities.
Our total property leases as of December 31, 2024, which expire at various dates through August 2032, are for an aggregate of approximately 706,000 square feet (including the Milpitas headquarters lease).
Our total property leases as of December 31, 2025, which expire at various dates through August 2035, are for an aggregate of approximately 743,000 square feet (including the Milpitas headquarters lease).

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeDividend Policy We intend to retain all available funds and any future earnings, if any, to fund the development and expansion of our business, and we do not anticipate paying any cash dividends in the foreseeable future.
Biggest changeDividend Policy We have not paid any cash dividends in the past, and we do not anticipate paying any cash dividends in the foreseeable future.
Holders According to the records of our transfer agent, there were 19 holders of record of our common stock on February 13, 2025. Because many of such shares are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of stockholders represented by these record holders.
Holders According to the records of our transfer agent, there were 21 holders of record of our common stock on February 12, 2026. Because many of such shares are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of stockholders represented by these record holders.
The graph below compares (i) the cumulative total stockholder return on our common stock from September 23, 2020 (the date our common stock commenced trading on Nasdaq Global Select Market) through December 31, 2024 with (ii) the cumulative total return of the Nasdaq Composite Index and the S&P Information Technology Index over the same period, assuming the investment of $100 in our common stock and in both of the indices on September 23, 2020 and the reinvestments of dividends, if any.
The graph below compares (i) the cumulative total stockholder return on our common stock from December 31, 2020 through December 31, 2025 with (ii) the cumulative total return of the Nasdaq Composite Index and the S&P Information Technology Index over the same period, assuming the investment of $100 in our common stock and in both of the indices on December 31, 2020 and the reinvestments of dividends, if any.
Corsair Gaming, Inc. | 2024 Form 10-K | 39 Table of Contents Unregistered Sales of Equity Securities None. Issuer Purchases of Equity Securities None.
Corsair Gaming, Inc. | 2025 Form 10-K | 40 Table of Contents Unregistered Sales of Equity Securities None. Issuer Purchases of Equity Securities None.
Added
Repurchase of Equity Shares On January 30, 2026, our Board of Directors authorized the repurchase up to $50 million of our outstanding common stock. This represents Corsair’s first repurchase authorization. The repurchase program is effective immediately, does not have an expiration date and is subject to market conditions, applicable laws and regulatory guidelines.
Added
The timing and amount of any repurchases will depend on a variety of factors, and the program may be suspended or discontinued at any time and without prior notice.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeYears Ended December 31, 2024 2023 (in thousands) Net revenue $ 1,316,379 $ 1,459,875 Cost of revenue 988,782 1,099,612 Gross profit 327,597 360,263 Operating expenses: Sales, general and administrative 310,008 285,313 Product development 67,543 65,261 Total operating expenses 377,551 350,574 Operating income (loss) (49,954 ) 9,689 Other (expense) income: Interest expense (13,207 ) (17,420 ) Interest income 3,347 6,839 Other expense, net (1,844 ) (2,587 ) Total other expense, net (11,704 ) (13,168 ) Loss before income taxes (61,658 ) (3,479 ) Income tax benefit (expense) (21,736 ) 2,442 Net loss (83,394 ) (1,037 ) Less: Net income attributable to noncontrolling interest 1,787 1,553 Net loss attributable to Corsair Gaming, Inc. $ (85,181 ) $ (2,590 ) Years Ended December 31, 2024 2023 Net revenue 100.0 % 100.0 % Cost of revenue 75.1 75.3 Gross profit 24.9 24.7 Operating expenses: Sales, general and administrative 23.6 19.5 Product development 5.1 4.5 Total operating expenses 28.7 24.0 Operating income (loss) (3.8 ) 0.7 Other (expense) income: Interest expense (1.0 ) (1.2 ) Interest income 0.3 0.5 Other expense, net (0.1 ) (0.2 ) Total other expense, net (0.8 ) (0.9 ) Loss before income taxes (4.6 ) (0.2 ) Income tax benefit (expense) (1.7 ) 0.2 Net loss (6.3 ) (0.0 ) Less: Net income attributable to noncontrolling interest 0.1 0.1 Net loss attributable to Corsair Gaming, Inc.
Biggest changeYears Ended December 31, 2025 2024 (in thousands) Net revenue $ 1,472,480 $ 1,316,379 Cost of revenue 1,046,597 988,782 Gross profit 425,883 327,597 Operating expenses: Sales, general and administrative 354,660 310,008 Product development 69,147 67,543 Total operating expenses 423,807 377,551 Operating income (loss) 2,076 (49,954 ) Other (expense) income: Interest expense (9,350 ) (13,207 ) Interest income 1,660 3,347 Other expense, net (6,535 ) (1,844 ) Total other expense, net (14,225 ) (11,704 ) Loss before income taxes (12,149 ) (61,658 ) Income expense (2,816 ) (21,736 ) Net loss (14,965 ) (83,394 ) Less: Net income attributable to noncontrolling interest 1,194 1,787 Net loss attributable to Corsair Gaming, Inc. $ (16,159 ) $ (85,181 ) Corsair Gaming, Inc. | 2025 Form 10-K | 46 Table of Contents Years Ended December 31, 2025 2024 Net revenue 100.0 % 100.0 % Cost of revenue 71.1 75.1 Gross profit 28.9 24.9 Operating expenses: Sales, general and administrative 24.1 23.6 Product development 4.7 5.1 Total operating expenses 28.8 28.7 Operating income (loss) 0.1 (3.8 ) Other (expense) income: Interest expense (0.6 ) (1.0 ) Interest income 0.1 0.3 Other expense, net (0.4 ) (0.1 ) Total other expense, net (0.9 ) (0.8 ) Loss before income taxes (0.8 ) (4.6 ) Income expense (0.2 ) (1.7 ) Net loss (1.0 ) (6.3 ) Less: Net income attributable to noncontrolling interest 0.1 0.1 Net loss attributable to Corsair Gaming, Inc.
The growth of these markets will not be linear, as these markets are impacted by macroeconomic and consumer confidence conditions, amongst other conditions. Our Gaming Components and Systems segment makes components used for self-built PCs and full gaming systems.
The growth of these markets will not be linear, as these markets are impacted by macroeconomic and consumer confidence, amongst other conditions. Our Gaming Components and Systems segment makes components used for self-built PCs and full gaming systems.
Our customers, including Amazon, typically do not enter into long-term agreements to purchase our products but instead enter into purchase orders with us. As a result of this concentration and the lack of long-term agreements with our customers, a primary driver of our net revenue and operating performance is maintaining good relationships with these retailers and distributors.
Our customers, including Amazon, typically do not enter into long-term agreements to purchase our products but instead enter into purchase orders with us. As a result of this concentration of revenue and the lack of long-term agreements with our customers, a primary driver of our net revenue and operating performance is maintaining good relationships with these retailers and distributors.
Sales and marketing costs relate to the costs to operate our global sales force that works in conjunction with our channel partners, gaming team and event sponsorships, advertising and marketing promotions of our products and services, costs of maintaining our web store and credit card processing fees related to sales on our webstore, personnel-related cost and allocated overhead costs.
Sales and marketing costs relate to the costs to operate our global sales force that works in conjunction with our channel partners, gaming team and event sponsorships, advertising and marketing promotions of our products and services, costs of maintaining our web store, credit card processing fees related to sales on our webstore, personnel-related cost and allocated overhead costs.
Cost of Revenue Cost of revenue consists of product costs, including costs of contract manufacturers, inbound freight costs from manufacturers to our distribution hubs as well as inter-hub shipments, cost of materials and overhead, duties and tariffs, warranty replacement cost to process and rework returned items, depreciation of tooling equipment, warehousing costs, excess and obsolete inventory write-downs, and certain allocated costs related to facilities and information technology (“IT”), and personnel-related expenses and other operating expenses related to supply chain logistics.
Cost of Revenue Cost of revenue consists of product costs, including costs of contract manufacturers, inbound freight costs from manufacturers to our distribution hubs as well as inter-hub shipments, cost of materials and overhead, duties and tariffs, warranty replacement cost to process and rework returned items, depreciation of tooling equipment, warehousing costs, excess and obsolete inventory write-downs, and certain allocated costs related to facilities and information technology (“IT”), personnel, and supply chain logistics related operating expenses.
Our estimates are based on our historical experience and on various other factors that we believe to be applicable and evaluate them on an ongoing basis to ensure they remain reasonable under current conditions. Actual results may differ significantly from those estimates, which could have a material impact on our business, results of operations, and financial condition.
Our estimates are based on our historical experience and on various other factors that we believe to be applicable, which we evaluate on an ongoing basis to ensure they remain reasonable under current conditions. Actual results may differ significantly from those estimates, which could have a material impact on our business, results of operations, and financial condition.
See Note 7 “Debt” to our consolidated financial statements for more information. (2) Amounts represent an estimate of purchase obligations related to inventory. (3) Amounts represent contractual obligations from our operating leases for offices and warehouse spaces. (4) Amounts represent non-cancelable obligations related to capital expenditures, software licenses, marketing and other activities.
See Note 7 “Debt” to our consolidated financial statements for more information. (2) Amounts represent an estimate of non-cancellable purchase obligations related to inventory. (3) Amounts represent contractual obligations from our operating leases for offices and warehouse spaces. (4) Amounts represent non-cancelable obligations related to capital expenditures, software licenses, marketing and other activities.
The net cash inflow from changes in our net operating assets and liabilities was primarily related to a decrease in account receivables from lower revenue in 2024 and a decrease in inventories from our efforts to normalize inventory levels. These cash inflows were partially offset by a decrease in accounts payable mainly due to timing of payments.
The net cash inflow from changes in our net operating assets and liabilities was primarily related to a decrease in accounts receivables from lower revenue in 2024 and a decrease in inventories from our efforts to normalize inventory levels. These cash inflows were partially offset by a decrease in accounts payable mainly due to the timing of payments.
We will continue to evaluate these risks and uncertainties and further our mitigation plans. We are exposed to fluctuations in foreign currency exchange rates. As a result of our foreign sales and operations, we have revenue, payroll and other operating expenses denominated in foreign currencies, in particular the Chinese Yuan, Euro and British Pound.
We will continue to evaluate these risks and uncertainties and further our mitigation plans. We are exposed to fluctuations in foreign currency exchange rates. As a result of our foreign sales and operations, we have revenue, payroll and other operating expenses denominated in foreign currencies, in particular the Euro, British Pound, Taiwan Dollar, and Chinese Yuan.
In addition, within our Gamer and Creator Peripherals and Gaming Components and Systems segments, gross margin varies between products, and significant shifts in product mix within either segment may also significantly impact our overall gross margin. Impact of Fluctuations in Integrated Circuits Pricing. ICs account for most of the cost of producing our high-performance memory products.
In addition, within our Gamer and Creator Peripherals and Gaming Components and Systems segments, gross margin varies between products, and significant shifts in product mix within either segment may also significantly impact our overall gross margin. Impact of Fluctuations in Integrated Circuits Pricing. Integrated circuits (“ICs”) account for most of the cost of producing our high-performance memory products.
The Credit Agreement contains covenants with which we must comply during the term of the agreement, which we believe are ordinary and standard for agreements of this nature, including the maintenance of a maximum Consolidated Total Net Leverage Ratio (“CTNL Ratio”) and a minimum Consolidated Interest Coverage Ratio (“CIC Ratio”) (as defined in the Credit Agreement).
The Amended and Restated Credit Agreement contains covenants with which we must comply during the term of the agreement, which we believe are ordinary and standard for agreements of this nature, including the maintenance of a maximum Consolidated Total Net Leverage Ratio (“CTNL Ratio”) and a minimum Consolidated Interest Coverage Ratio (“CIC Ratio”) (as defined in the Amended and Restated Credit Agreement).
Generally Accepted Accounting Principles (“GAAP”), which requires us to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting periods.
Generally Accepted Accounting Principles (“GAAP”), which requires us to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue and expense during the reporting periods.
Impact of Product Mix . Our Gamer and Creator Peripherals segment has a higher gross margin than our Gaming Components and Systems segment. As a result, our overall gross margin is affected by changes in product mix.
Our Gamer and Creator Peripherals segment has a higher gross margin than our Gaming Components and Systems segment. As a result, our overall gross margin is affected by changes in product mix.
Key Factors Affecting Our Business Our results of operations and financial condition are affected by numerous factors, including those discussed in the section titled “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K and those described below. Corsair Gaming, Inc. | 2024 Form 10-K | 41 Table of Contents Impact of Macroeconomic Conditions.
Key Factors Affecting Our Business Our results of operations and financial condition are affected by numerous factors, including those discussed in the section titled “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K and those described below. Corsair Gaming, Inc. | 2025 Form 10-K | 42 Table of Contents Impact of Macroeconomic Conditions.
We believe that the anticipated cash flows from operations based on our current business outlook, combined with our current levels of cash balances at December 31, 2024, supplemented with the borrowing capacity under our Revolving Facility, if and as needed, will be sufficient to fund our principal uses of cash for at least the next twelve months.
We believe that the anticipated cash flows from operations based on our current business outlook, combined with our current levels of cash balances at December 31, 2025, supplemented with the borrowing capacity under our June 2030 Revolving Facility, if and as needed, will be sufficient to fund our principal uses of cash for at least the next twelve months.
In addition, we believe that the introduction and success of games with sophisticated graphics that place increasing demands on system processing speed and capacity and therefore require more powerful CPUs or GPUs, drives demand for our high-performance gaming components and systems, such as PSUs and cooling solutions, and our gaming PC memory.
In addition, we believe that the introduction and success of games with sophisticated graphics that place increasing demands on system processing speed and capacity and therefore require more powerful CPUs or GPUs, drives demand for our high-performance gaming components and systems, such as power supply units and cooling solutions, and our gaming PC memory.
We believe that the introduction of more powerful CPUs and GPUs that place increased demands on other system components, such as memory, power supply or cooling, has a significant effect on increasing the demand for our products.
We believe that the introduction of more powerful CPUs and GPUs that place increased demands on other system components, such as memory, PSUs or cooling, has a significant effect on increasing the demand for our products.
According to the provisions in the Third Amendment, beginning 2024, we are required to maintain a maximum CTNL Ratio of 3.00 to 1.00 and a minimum CIC ratio of 3.00 to 1.00, with the provision that the maximum CTNL Ratio can be temporarily increased to 3.50 to 1.00 upon the occurrence of a Qualified Acquisition (as defined in, and subject to the requirements of the Credit Agreement).
According to the provisions in the Third Amendment we are required to maintain a maximum CTNL Ratio of 3.00 to 1.00 and a minimum CIC ratio of 3.00 to 1.00, with the provision that the maximum CTNL Ratio can be temporarily increased to 3.50 to 1.00 upon the occurrence of a Qualified Acquisition (as defined in, and subject to the requirements of the Amended and Restated Credit Agreement).
For a discussion of the year ended December 31, 2023 compared to the year ended December 31, 2022, please refer to Part II, Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations ” in our Annual Report on Form 10-K filed with the SEC on February 27, 2024.
For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Part II, Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations ” in our Annual Report on Form 10-K filed with the SEC on February 26, 2025.
Results of Operations In this section, we discuss the results of our operations for the year ended December 31, 2024, compared to the year ended December 31, 2023.
Results of Operations In this section, we discuss the results of our operations for the year ended December 31, 2025, compared to the year ended December 31, 2024.
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. • Gaming Components and Systems.
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. • Gaming Components and Systems.
Cash Flows from Financing Activities Net cash used in financing activities was $50.7 million for 2024 and primarily consisted of $25.0 million repayment of debt, $19.8 million purchase of additional ownership interest in iDisplay (refer to Note 16, "Redeemable Noncontrolling Interest" for more information on the additional ownership interest purchase), $4.9 million settlement of deferred consideration related to a 2019 business acquisition, $5.8 million payment of dividends to noncontrolling interest, and $0.6 million payment of taxes related to net share settlement of equity awards, partially offset by $5.4 million proceeds received from the issuance of shares through the employee equity incentive plans.
Net cash used in financing activities was $50.7 million for 2024 and primarily consisted of $25.0 million repayment of debt, $19.8 million purchase of additional ownership interest in iDisplay, $4.9 million settlement of deferred consideration related to a 2019 business acquisition, $5.8 million payment of dividends to noncontrolling interest, and $0.6 million payment of taxes related to net share settlement of equity awards, partially offset by $5.4 million proceeds received from the issuance of shares through the employee equity incentive plans.
Corsair Gaming, Inc. | 2024 Form 10-K | 50 Table of Contents Recent Accounting Pronouncements Refer to Note 2 to the consolidated financial statements included in this Annual Report on Form 10-K for recent accounting pronouncements adopted and to be adopted.
Corsair Gaming, Inc. | 2025 Form 10-K | 52 Table of Contents Recent Accounting Pronouncements Refer to Note 2 to the consolidated financial statements included in this Annual Report on Form 10-K for recent accounting pronouncements adopted and to be adopted.
Interest Expense Interest expense consists of interest associated with our debt financing arrangements, including our revolving line of credit, and amortization of debt issuance costs and debt discounts. Interest Income Interest income consists of interest earned on interest-bearing bank deposits and interest-bearing Bridge Loan, net of amortization of Bridge Loan origination costs.
Interest Expense Interest expense consists of interest associated with our debt financing arrangements, including our revolving line of credit, and amortization of debt issuance costs and debt discounts. Interest Income Interest income consists of interest earned on interest-bearing bank deposits.
During the year ended December 31, 2024, we borrowed $25.0 million from our Revolving Facility to fund our operations and the full amount was repaid within the same period.
During the year ended December 31, 2025, we borrowed $45.0 million from our revolving facility to fund our operations and the full amount was repaid within the same period.
Further, a limited number of retailers and distributors represent a significant portion of our net revenue, with e-retailer Amazon accounting for 30.9%, 30.7%, and 26.0% of our net revenue for 2024, 2023, and 2022, respectively, and sales to our ten largest customers accounting for approximately 53.1%, 55.4%, and 52.3% of our net revenue for the same periods, respectively.
Further, a limited number of retailers and distributors represent a significant portion of our net revenue, with e-retailer Amazon accounting for 27.4%, 30.9%, and 30.7% of our net revenue for 2025, 2024, and 2023, respectively, and sales to our ten largest customers accounting for approximately 49.3%, 53.1% and 55.4% of our net revenue for the same periods, respectively.
Our principal uses of cash generally include purchases of inventory, payroll and other operating expenses related to the development and marketing of our products, capital expenditure, repayments of debt and related interest, income tax payments, future investments in business and technology, and selective mergers and acquisitions.
Our principal uses of cash generally include purchases of inventory, payroll and other operating expenses related to the development and marketing of our products, capital expenditure, repayments of debt and related interest, income tax payments, future investments in business and technology, selective mergers and acquisitions, and potential share repurchases under our recently authorized share repurchase program.
Further, our net revenue tends to be higher in the third and fourth calendar quarters due to seasonal sales such as “Black Friday” and “Cyber Monday” as well as “Singles Day” in China, as retailers tend to make purchases in advance of these sales.
Further, our net revenue tends to be higher in the second half of the year due to seasonal sales such as “Black Friday” and “Cyber Monday” as well as “Singles Day” in China, as retailers tend to make purchases in advance of these sales.
As of December 31, 2024, we had $3.5 million in non-current income tax payable, including interest and penalties, related to our income tax liability for uncertain tax positions.
As of December 31, 2025, we had $2.7 million in non-current income tax payable, including interest and penalties, related to our income tax liability for uncertain tax positions.
Our product offering is enhanced by our two proprietary software platforms: iCUE for gamers and the Elgato streaming suite for content creators, including our Stream Deck control software, which provide unified, intuitive performance, and aesthetic control and customization across their respective product families.
Our product offering is enhanced by our two proprietary software platforms: iCUE and the Elgato streaming suite for content creators, including our Stream Deck control software, which provide unified, intuitive performance, aesthetic control and customization across our Corsair hardware ecosystem and Elgato streaming products.
As of December 31, 2024, our principal sources of liquidity were cash and restricted cash, in aggregate of $109.6 million, and our borrowing capacity under the Revolving Facility (as defined under ‘Capital Resources’ below) of $99.8 million.
As of December 31, 2025, our principal sources of liquidity were cash and restricted cash, in aggregate of $98.8 million, and our borrowing capacity under the June 2030 Revolving Facility (as defined under ‘Capital Resources’ below) of $99.8 million.
Deferred tax assets are reduced through the establishment of a valuation allowance, if, based upon available evidence, it is determined that it is more likely than not that the deferred tax assets will not be realized. Income taxes are accounted for under the asset and liability method.
Deferred tax assets are reduced through the establishment of a valuation allowance, if, based upon available evidence, it is determined that it is more likely than not that the deferred tax assets will not be realized. Corsair Gaming, Inc. | 2025 Form 10-K | 45 Table of Contents Income taxes are accounted for under the asset and liability method.
To help maintain good relationships, we implement initiatives such as our updated packaging design which helps e-retailers such as Amazon process our packages more efficiently. Further, given our global operations, a significant percentage of our Corsair Gaming, Inc. | 2024 Form 10-K | 42 Table of Contents expenses relate to shipping costs.
To help maintain good relationships, we implement initiatives such as our updated packaging design, which helps e-retailers such as Amazon process our packages more efficiently. Further, given our global operations, a significant percentage of our expenses relate to shipping costs.
Product development costs consist primarily of the costs associated with the design and testing of new products and improvements to existing products. These costs relate primarily to compensation of personnel and consultants involved with product design, definition, compatibility testing and qualification, as well as depreciation costs of equipment used, prototype material costs and allocated overhead costs.
These costs relate primarily to compensation of personnel and consultants involved with product design, definition, compatibility testing and qualification, as well as depreciation costs of equipment used, prototype material costs and allocated overhead costs.
Our net revenue has generally been lower in the first and second calendar quarters due to lower consumer demand following the fourth quarter holiday season and because of the decline in sales that typically occurs in anticipation of the introduction of new or enhanced CPUs, GPUs, and other computer hardware products, which usually take place in the second calendar quarter, and which tend to drive sales in the following two quarters.
Our net revenue has generally been lower in the first half of the year due to lower consumer demand following the fourth quarter holiday season and because of the decline in sales that typically occurs in anticipation of the introduction of new or enhanced CPUs, GPUs, and other computer hardware products.
Other expense, net is primarily comprised of foreign exchange gains and losses on cash, accounts receivable and intercompany balances denominated in currencies other than the functional currencies of our subsidiaries. Our foreign currency exposure is primarily driven by fluctuations in the foreign currency exchanges rates of the Euro, the British Pound and the Chinese Yuan.
The remaining balance is primarily comprised of foreign exchange gains and losses on cash, accounts receivable, and intercompany balances denominated in currencies other than the functional currencies of our subsidiaries. Our foreign currency exposure is primarily driven by fluctuations in exchange rates for the Euro, the British Pound, and the New Taiwan Dollar.
Other (Expense) Income, Net Other (expense) income, net consists primarily of our foreign currency exchange gains and losses relating to transactions and remeasurement of asset and liability balances denominated in foreign currencies, net fair value gains and losses from our foreign currency forward contracts, and the impairment loss on available-for-sale security, offset by bargain purchase gain from business acquisition.
Other (Expense) Income, Net Other (expense) income, net consists primarily of our foreign currency exchange gains and losses relating to transactions and remeasurement of asset and liability balances denominated in foreign currencies, net fair value gains and losses from our foreign currency forward contracts, and the reversal of bargain purchase gain previously recognized from business acquisition.
Gamers demand new technology and product features, and we expect our ability to accurately anticipate and meet these demands will be one of the main drivers for any future sales growth and market share expansion. We believe our net revenue in 2024 was favorably impacted by the release of 78 new products in 2024.
Gamers demand new technology and product features, and we expect our ability to accurately anticipate and meet these demands will be one of the main drivers for any future sales growth and market share expansion.
Corsair Gaming, Inc. | 2024 Form 10-K | 49 Table of Contents Our obligations under the Credit Agreement are guaranteed by substantially all of our U.S. subsidiaries and secured by a security interest in substantially all assets of the Company and the guarantor subsidiaries, subject to certain exceptions detailed in the Credit Agreement and related ancillary documentation.
Our obligations under the Amended and Restated Credit Agreement are guaranteed by substantially all of our U.S. subsidiaries and secured by a security interest in substantially all assets of the Company and the guarantor subsidiaries, subject to certain exceptions detailed in the Amended and Restated Credit Agreement and related ancillary documentation.
As of December 31, 2024, we were not in default under the Credit Agreement.
As of December 31, 2025, we were not in default under the Amended and Restated Credit Agreement.
Our sales also tend to be higher in the fourth quarter due to the introduction of new consoles and high-profile games in connection with the holiday season. As a consequence of seasonality, our net revenue for the second calendar quarter is generally the lowest of the year followed by the first calendar quarter.
Our sales also tend to be higher in the fourth quarter due to the release of high-profile games, including the annual release of popular gaming franchises in connection with the holiday season. As a consequence of seasonality, our net revenue for the second calendar quarter is generally the lowest of the year.
We continue to face global macroeconomic challenges including the ongoing conflicts in Ukraine and the Middle East, the tensions in the Red Sea, and any potential conflicts between China and Taiwan, supply chain constraints, uncertainty in key financial markets and the risk of a recession, inflationary trends, volatility in exchange rates, evolving dynamics in the global trade environment and changes in laws or policies governing the terms of foreign trade, and in particular increased trade restrictions, tariffs or taxes on imports or exports from or to countries where we manufacture or sell our products.
We continue to face global macroeconomic challenges including evolving dynamics in the global trade environment and changes in laws or policies governing the terms of foreign trade, in particular increased trade restrictions, tariffs or taxes on imports or exports from or to countries where we manufacture or sell our products, inflationary trends, uncertainty in key financial markets, and volatility in exchange rates.
Corsair Gaming, Inc. | 2024 Form 10-K | 44 Table of Contents The following tables set forth the components of our consolidated statements of operations, in dollars and as a percentage of total net revenue, for each of the periods presented.
The following tables set forth the components of our consolidated statements of operations, in dollars and as a percentage of total net revenue, for each of the periods presented.
Our effective tax rates were a tax expense of 35.3% and a tax benefit of 70.2% for 2024 and 2023, respectively.
Our effective tax rates were tax expense of 23.2% and 35.3% for 2025 and 2024, respectively.
Gross Profit and Gross Margin Years Ended December 31, 2024 2023 (in thousands, except percentages) Gross profit $ 327,597 $ 360,263 Gross margin 24.9 % 24.7 % Gross margin increased by 20 bps in 2024 as compared to 2023.
Gross Profit and Gross Margin Years Ended December 31, 2025 2024 (in thousands, except percentages) Gross profit $ 425,883 $ 327,597 Gross margin 28.9 % 24.9 % Gross margin increased by 400 bps in 2025 as compared to 2024.
Liquidity and Capital Resources Overview We have financed our operations and acquisitions through cash from operations, and when necessary, through debt facilities and issuance of equity securities.
Liquidity and Capital Resources Overview Corsair Gaming, Inc. | 2025 Form 10-K | 49 Table of Contents We have financed our operations and acquisitions through cash from operations, and when necessary, through debt facilities and issuance of equity securities.
The non-cash adjustments consisted primarily of depreciation and amortization and stock-based compensation expense, which were partially offset by changes in deferred income taxes.
The non-cash adjustments consisted primarily of depreciation and amortization, stock-based compensation expense, reversal of bargain purchase gain related to the Fanatec Acquisition, partially offset by changes in deferred income taxes.
General and administrative costs consist primarily of personnel-related expenses for our finance, legal, human resources, IT and administrative personnel, as well as the costs of professional services related to these functions and allocated overhead costs. Product development . Product development costs are generally expensed as incurred.
General and administrative costs consist primarily of personnel-related expenses for our finance, legal, human resources, facilities, IT and administrative personnel, as well as the costs of professional services related to these functions and allocated overhead costs. Certain shared overhead costs, including facilities and IT expenses, are allocated to product development and cost of revenue based on appropriate allocation methodologies.
The decrease was primarily due to a lower principal balance on our Term Loan combined with lower interest rates on our Term Loan in 2024. Interest income decreased $3.5 million, or 51.1%, in 2024 as compared to 2023 primarily due to a lower cash balance in our interest-bearing account.
The decrease was primarily due to a lower principal balance on our Term Loan, achieved through a $52.1 million repayment of principal during 2025, combined with lower interest rates. Interest income decreased $1.7 million, or 50.4%, in 2025 as compared to 2024 primarily due to a lower cash balance in our interest-bearing account combined with lower interest rates.
Sales, General and Administrative (SG&A) Years Ended December 31, 2024 2023 (in thousands) Sales, general and administrative $ 310,008 $ 285,313 SG&A expenses increased $24.7 million, or 8.7%, in 2024 as compared to 2023.
Sales, General and Administrative (SG&A) Years Ended December 31, 2025 2024 (in thousands) Sales, general and administrative $ 354,660 $ 310,008 SG&A expenses increased $44.7 million, or 14.4%, in 2025 as compared to 2024.
Interest Expense, Interest Income and Other Expense, Net Years Ended December 31, 2024 2023 (in thousands) Interest expense $ (13,207 ) $ (17,420 ) Interest income 3,347 6,839 Other expense, net (1,844 ) (2,587 ) Interest expense decreased $4.2 million, or 24.2%, in 2024 as compared to 2023.
Interest Expense, Interest Income and Other Expense, Net Years Ended December 31, 2025 2024 (in thousands) Interest expense $ (9,350 ) $ (13,207 ) Interest income 1,660 3,347 Other expense, net (6,535 ) (1,844 ) Interest expense decreased $3.9 million, or 29.2%, in 2025 as compared to 2024.
Cash Flows from Investing Activities Cash used in investing activities was $52.7 million for 2024 and primarily consisted of $43.1 million cash used for the Fanatec Acquisition, net of cash acquired (refer to Note 4, “Business Combinations” for more information on the Fanatec Acquisition), $9.8 million of capital expenditure, partially offset by $1.0 million cash received from escrow for the purchase price adjustment related to the Drop Acquisition.
Corsair Gaming, Inc. | 2025 Form 10-K | 50 Table of Contents Cash used in investing activities was $52.7 million for 2024 and primarily consisted of $43.1 million cash used for the Fanatec Acquisition, net of cash acquired, $9.8 million of capital expenditure, partially offset by $1.0 million cash received from escrow for the purchase price adjustment related to the Drop Acquisition.
Income Tax Benefit (Expense) Years Ended December 31, 2024 2023 (in thousands, except percentages) Loss before income taxes $ (61,658 ) $ (3,479 ) Income tax benefit (expense) (21,736 ) 2,442 Effective tax rate (35.3 )% 70.2 % Corsair Gaming, Inc. | 2024 Form 10-K | 46 Table of Contents We are subject to income taxes in the United States and foreign jurisdictions in which we do business.
Income Tax Benefit (Expense) Years Ended December 31, 2025 2024 (in thousands, except percentages) Loss before income taxes $ (12,149 ) $ (61,658 ) Income tax benefit (expense) (2,816 ) (21,736 ) Effective tax rate (23.2 )% (35.3 )% We are subject to income taxes in the United States and foreign jurisdictions in which we do business.
According to the provisions in the Third Amendment to the Credit Agreement (“Third Amendment”), beginning 2024, the Term Loan and the Revolving Facility carry interest at our election at either (a) Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus a percentage spread (ranging from 1.25% to 2.25%) based on our total net leverage ratio, or (b) the base rate (as described in the Credit Agreement as the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.50% and (iii) one-month BSBY plus 1.0%) plus a percentage spread (ranging from 0.25% to 1.25%) based on our total net leverage ratio.
According to the provisions of the Amended and Restated Credit Agreement, the June 2030 Term Loan and June 2030 Revolving Facility each bears interest at our election, at either (a) term Secured Overnight Financing Rate ("SOFR") plus a percentage spread (ranging from 1.50% to 2.50%) based on our total net leverage ratio or (b) the base rate (as described in the Amended and Restated Credit Agreement as the greatest of (i) Bank of America’s prime rate, (ii) the federal funds rate plus 0.50% and (iii) one-month term SOFR plus 1.0%) plus a percentage spread (ranging from 0.50% to 1.50%) based on the our total net leverage ratio.
Segment Gross Profit and Gross Margin The following table sets forth our gross profit expressed in dollars (thousands) and gross margin (which we define as gross profit as a percentage of net revenue) by segment: Years Ended December 31, 2024 2023 Gamer and Creator Peripherals Segment $ 182,293 38.6 % $ 132,982 33.7 % Gaming Components and Systems Segment Memory Products 57,179 13.3 77,436 15.0 Other Component Products 88,125 21.3 149,845 27.4 145,304 17.2 227,281 21.3 Total Gross Profit $ 327,597 24.9 % $ 360,263 24.7 % Gamer and Creator Peripherals Segment The gross margin of the Gamer and Creator Peripherals segment increased by 490 bps in 2024 as compared to 2023.
Segment Gross Profit and Gross Margin The following table sets forth our gross profit expressed in dollars (thousands) and gross margin (which we define as gross profit as a percentage of net revenue) by segment: Years Ended December 31, 2025 2024 Gamer and Creator Peripherals Segment $ 194,116 39.4 % $ 182,293 38.6 % Gaming Components and Systems Segment Memory Products 114,184 22.0 57,179 13.3 Other Component Products 117,583 25.5 88,125 21.3 231,767 23.6 145,304 17.2 Total Gross Profit $ 425,883 28.9 % $ 327,597 24.9 % Gamer and Creator Peripherals Segment The gross margin of the Gamer and Creator Peripherals segment increased by 80 bps in 2025 as compared to 2024.
Liquidity The following table summarizes our cash flows for the periods indicated (in thousands): Years Ended December 31, 2024 2023 Net cash provided by (used in): Operating activities $ 35,877 $ 89,153 Investing activities (52,705 ) (26,981 ) Financing activities (50,680 ) (37,387 ) Cash Flows from Operating Activities Net cash provided by operating activities was $35.9 million for 2024 and consisted net loss of $83.4 million, offset by non-cash adjustments of $97.0 million and a net cash inflow of $22.3 million from changes in our net operating assets and liabilities.
Liquidity The following table summarizes our cash flows for the periods indicated (in thousands): Years Ended December 31, 2025 2024 Net cash provided by (used in): Operating activities $ 50,121 $ 35,877 Investing activities (15,374 ) (52,705 ) Financing activities (48,874 ) (50,680 ) Cash Flows from Operating Activities Net cash provided by operating activities was $50.1 million for 2025 and consisted of non-cash adjustments of $87.8 million, partially offset by a net cash outflow of $22.7 million from changes in our net operating assets and liabilities, and a net loss of $15.0 million.
IC prices are subject to pricing fluctuations which can affect the average sales prices of memory modules, and thus impact our net revenue, and can have an effect on gross margins. The impact on net revenues can be significant as our high-performance memory products, included within our Gaming Components and Systems segment, represent a significant portion of our net revenue.
IC prices are subject to pricing fluctuations, which can affect the average sales prices of memory modules, and thus impact our net revenue, and can have an effect on gross margins.
(6.4 )% (0.1 )% Comparison of Years Ended December 31, 2024 and 2023 Net Revenue Years Ended December 31, 2024 2023 (in thousands) Net revenue $ 1,316,379 $ 1,459,875 Net revenue decreased $143.5 million, or 9.8%, in 2024 as compared to 2023.
(1.1 )% (6.4 )% Comparison of Years Ended December 31, 2025 and 2024 Net Revenue Years Ended December 31, 2025 2024 (in thousands) Net revenue $ 1,472,480 $ 1,316,379 Net revenue increased $156.1 million, or 11.9%, in 2025 as compared to 2024.
Segment Results Segment Net Revenue The following table sets forth our net revenue by segment expressed both in dollars (thousands) and as a percentage of net revenue: Years Ended December 31, 2024 2023 Gamer and Creator Peripherals Segment $ 472,729 35.9 % $ 394,881 27.0 % Gaming Components and Systems Segment Memory Products 429,916 32.7 517,416 35.5 Other Component Products 413,734 31.4 547,578 37.5 843,650 64.1 1,064,994 73.0 Total Net Revenue $ 1,316,379 100.0 % $ 1,459,875 100.0 % Gamer and Creator Peripherals Segment Net revenue of the Gamer and Creator Peripherals segment increased $77.8 million, or 19.7%, in 2024 as compared to 2023.
Corsair Gaming, Inc. | 2025 Form 10-K | 48 Table of Contents Segment Results Segment Net Revenue The following table sets forth our net revenue by segment expressed both in dollars (thousands) and as a percentage of net revenue: Years Ended December 31, 2025 2024 Gamer and Creator Peripherals Segment $ 492,137 33.4 % $ 472,729 35.9 % Gaming Components and Systems Segment Memory Products 519,355 35.3 429,916 32.7 Other Component Products 460,988 31.3 413,734 31.4 980,343 66.6 843,650 64.1 Total Net Revenue $ 1,472,480 100.0 % $ 1,316,379 100.0 % Gamer and Creator Peripherals Segment Net revenue of the Gamer and Creator Peripherals segment increased $19.4 million, or 4.1%, in 2025 as compared to 2024.
The self-built PC market is heavily influenced by the timing of release of new game titles and next-gen CPUs and GPUs, as discussed in the bullet below. As for the peripherals market, our Gamer and Creator Peripherals segment benefited from an improvement in the peripherals market compared to last year.
The self-built PC market is heavily influenced by the timing of release of new game titles and next-generation CPUs and GPUs, as discussed in the bullet below.
Net cash provided by operating activities was $89.2 million for 2023 and consisted of non-cash adjustments of $79.5 million and a net cash inflow of $10.7 million from changes in our net operating assets and liabilities, offset partially by a net loss of $1.0 million.
Net cash provided by operating activities was $35.9 million for 2024 and consisted net loss of $83.4 million, offset by non-cash adjustments of $97.0 million and a net cash inflow of $22.3 million from changes in our net operating assets and liabilities.
The Credit Agreement is available for a period of five years, maturing September 2026, and provides for additional incremental facilities up to a maximum aggregate principal amount of $250.0 million, subject to the satisfaction of certain conditions. We may prepay the Term Loan and the Revolving Facility at any time without premium or penalty.
The Credit Agreement also permitted, subject to conditions stated therein, additional incremental facilities in a maximum aggregate principal amount not to exceed $250.0 million. Prepayment of the September 2026 Term Loan and the September 2026 Revolving Facility was permitted at any time without premium or penalty.
The change in our effective rate was primarily due to a change in the mix of income and losses in the various tax jurisdictions in which we operate, as well as the valuation allowance recorded against our U.S. federal and state deferred tax assets, which were partially offset by a tax benefit recognized for the transfer of customer relationship intangible asset from Hong Kong to the U.K. as a result of our global tax restructuring initiative completed on July 1, 2024.
The change in effective tax rate for 2025 as compared to 2024 was primarily due to the valuation allowance recorded against our U.S. federal and state deferred tax assets in 2024, and a change in the mix of income and losses in the various tax jurisdictions in which we operate.
Operating Expenses Operating expenses consist of sales, general and administrative expenses and product development expenses. Corsair Gaming, Inc. | 2024 Form 10-K | 43 Table of Contents Sales, general and administrative. Sales, general and administrative (“SG&A”) expenses represent the largest component of our operating expenses and consist of distribution costs, sales, marketing and other general and administrative costs.
Operating Expenses Operating expenses consist of sales, general and administrative expenses and product development expenses. Sales, general and administrative. Sales, general and administrative (“SG&A”) expenses represent the largest component of our operating expenses and consist of distribution costs, sales, marketing and other general and administrative costs. Distribution costs include outbound freight and the costs to operate our distribution hubs.
Historical seasonal patterns may not continue in the future and may be further impacted in the future, by macroeconomic factors, increasing supply constraints, GPU shortages, and shifts in customer behavior.
Historical seasonal patterns may not continue in the future and may be further impacted in the future by macroeconomic factors, including trade policy and tariffs, increasing supply constraints, semiconductor shortages, delay in the anticipated launch of new or enhanced GPUs and CPUs, and shifts in customer behavior. Impact of Product Mix .
We had net losses of $85.2 million, $2.6 million, and $54.4 million for the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024 and 2023, we had cash and restricted cash, in the aggregate, of $109.6 million and $178.6 million, respectively.
As of December 31, 2025 and 2024, we had cash and restricted cash, in the aggregate, of $98.8 million and $109.6 million, respectively. Net cash provided by operating activities was $50.1 million, $35.9 million, and $89.2 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Summary of Financial Results Our net revenue was $1,316.4 million, $1,459.9 million, and $1,375.1 million for the years ended December 31, 2024, 2023, and 2022, respectively. Our gross margin was 24.9%, 24.7%, and 21.6% for the years ended December 31, 2024, 2023, and 2022, respectively.
Our gross margin was 28.9%, 24.9%, and 24.7% for the years ended December 31, 2025, 2024, and 2023, respectively. We had net losses of $16.2 million, $85.2 million, and $2.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.
The Credit Agreement provides for a total commitment of $350.0 million, consisting of a $100.0 million revolving credit facility (the “Revolving Facility”) and a $250.0 million term loan facility (the “Term Loan”).
The Amended and Restated Credit Agreement provides for total commitments of $225.0 million, consisting of a $100.0 million five-year revolving credit facility maturing on June 30, 2030 (the “June 2030 Revolving Facility”) and a $125.0 million five-year term loan facility maturing on June 30, 2030 (the “June 2030 Term Loan”).
Net cash provided by operating activities was $35.9 million, $89.2 million, and $66.4 million for the years ended December 31, 2024, 2023, and 2022, respectively. Further information on our industry, our market opportunity and competitive strengths is presented in Part I, Item 1, “Business” of this Annual Report on Form 10-K.
Further information on our industry, our market opportunity and competitive strengths is presented in Part I, Item 1, “Business” of this Annual Report on Form 10-K.
In recent years, we have entered into several new markets, for example the camera market for content creators and the sim racing market for gamers. We continue to expand our product portfolio and in 2024, we launched 78 new products. On September 19, 2024, we completed the acquisition of the Fanatec Business for a purchase consideration of $43.7 million.
We continue to expand our product portfolio and in 2025, we launched 105 new products. On September 19, 2024, we completed the acquisition of the Fanatec Business for $43.7 million. The Fanatec sim racing product line, which fully complements our gaming PCs, gaming and streaming peripherals, has expanded our business in these markets.
Net cash used in financing activities was $37.4 million for 2023 and consisted primarily of $41.0 million repayment of debt, $1.4 million payment of taxes related to net share settlement of equity awards, and $1.0 million payment of dividends to noncontrolling interest.
Cash Flows from Financing Activities Net cash used in financing activities was $48.9 million for 2025 and consisted of $52.8 million repayment of debt and debt issuance costs, $1.2 million payment of taxes related to net share settlement of equity awards, and $0.5 million payment of dividends to noncontrolling interest, partially offset by $5.6 million proceeds received from the issuance of shares through the employee equity incentive plans.
Corsair Gaming, Inc. | 2024 Form 10-K | 45 Table of Contents For further discussions specific to our Gaming Components and Systems and Gamer and Creator Peripherals segments, refer to “Segment Results” section below.
The increase was due to a 16.2% increase in sales for our Gaming Components and Systems segment, and a 4.1% increase in sales for our Gamer and Creator Peripherals segment. For further discussions specific to our Gaming Components and Systems and Gamer and Creator Peripherals segments, refer to “Segment Results” section below.
Includes our high-performance PSUs, cooling solutions, computer cases, and DRAM modules, as well as high-end prebuilt and custom-built gaming PCs and laptops, and gaming monitors, among others. We are committed to continuing to grow in our current markets as well as new markets through the development of innovative technologies and by entering into new categories through organic growth or acquisitions.
We are committed to continuing to grow in our current markets as well as new markets through the development of innovative technologies and by entering into new categories through organic growth or acquisitions. In recent years, we have entered into several new markets, for example the camera market for content creators and the sim racing market for gamers.
Contractual Cash and Other Obligations The following table summarizes our contractual cash and other obligations as of December 31, 2024 (in thousands): Payments Due by Period Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years Debt principal and interest payments (1) $ 189,313 $ 21,996 $ 167,317 $ — $ — Inventory-related purchase obligations (2) 78,698 78,698 — — — Operating lease obligations (3) 73,901 16,697 20,717 15,537 20,950 Other purchase obligations (4) 7,209 5,713 1,041 280 175 Total $ 349,121 $ 123,104 $ 189,075 $ 15,817 $ 21,125 (1) Amounts represent the principal cash payments as of December 31, 2024, of our Term Loan based on the repayment schedule according to the Credit Agreement and the expected interest payments associated with the Term Loan.
Corsair Gaming, Inc. | 2025 Form 10-K | 51 Table of Contents Contractual Cash and Other Obligations The following table summarizes our contractual cash and other obligations as of December 31, 2025 (in thousands): Payments Due by Period Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years Debt principal and interest payments (1) $ 146,058 $ 12,183 $ 23,115 $ 110,760 $ — Inventory-related purchase obligations (2) 96,191 96,191 — — — Operating lease obligations (3) 86,495 17,283 22,262 15,534 31,416 Other purchase obligations (4) 9,588 7,163 2,314 111 — Total $ 338,332 $ 132,820 $ 47,691 $ 126,405 $ 31,416 (1) Amounts represent the principal cash payments as of December 31, 2025, of our Term Loan based on the repayment schedule according to the Amended and Restated Credit Agreement and the expected interest payments associated with the Term Loan.
We have a shelf-registration statement on Form S-3 on file with the SEC, which allows us to offer securities, including common stock, preferred stock and warrants, through August 1, 2025. As of December 31, 2024, $216.7 million remained available for issuance under the shelf-registration statement.
The 2025 Shelf Registration Statement registered securities that may be offered by us, in an amount up to $300.0 million, including common stock, preferred stock and warrants. As of December 31, 2025, $300.0 million remained available for issuance under the 2025 Shelf Registration Statement.
The net cash inflow from changes in our net operating assets and liabilities was Corsair Gaming, Inc. | 2024 Form 10-K | 48 Table of Contents primarily related to an increase in accounts payable mainly due to timing of payments and purchases.
The net cash outflow from changes in our net operating assets and liabilities was primarily related to an increase in account receivables from higher revenue in 2025 and an increase in inventory purchases.
The foreign exchange loss in the year ended December 31, 2024 was partially offset by a $2.6 million bargain purchase gain from the Fanatec Acquisition.
Other expense, net for the year ended December 31, 2025 included a $2.6 million charge related to the reversal of the estimated bargain purchase gain based on the preliminary purchase price allocation for the Fanatec Acquisition. In contrast, other expense, net for the year ended December 31, 2024, was partially reduced by the initial recognition of this $2.6 million gain.
The increase was primarily driven by the success of recent new product launches, increased demand for most of the products in this segment and the inclusion of post-acquisition revenues from our Drop Acquisition in July 2023, and from our Fanatec Acquisition in September 2024.
The increase was primarily attributable to the inclusion of post-acquisition revenues from our September 2024 Fanatec Acquisition, as well as the growth in our creator products, partially offset by lower demand in North America for our gaming peripherals and furniture in the latter half of 2025.
These increases were partially offset by a 50 bps decrease due to higher air freight costs. Gaming Components and Systems Segment The gross margin of the Gaming Components and Systems segment decreased by 410 bps in 2024 as compared to 2023.
Gaming Components and Systems Segment The gross margin of the Gaming Components and Systems segment increased by 640 bps in 2025 as compared to 2024. The increase was primarily attributable to a 450 bps increase driven by price increases and favorable product mix.
We operate a global sales network that consists primarily of retailers (including e-retailers), as well as distributors we use to access certain retailers.
We believe we are well positioned to address this emerging trend by delivering high-performance memory components and fully integrated, purpose-built systems necessary to support local AI processing workloads. Impact of Customer Concentration and Shipping Costs . We operate a global sales network that consists primarily of retailers (including e-retailers), as well as distributors, which we use to access certain retailers.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeAs of December 31, 2024, under the Credit Agreement, we had a $174.0 million Term Loan outstanding (face value), and the Term Loan bears variable market interest rates, primarily SOFR, effective from September 2024. A significant change in these market interest rates may adversely affect our operating results.
Biggest changeAs of December 31, 2025, under the Amended and Restated Credit Agreement, we had $121.9 million (face value) outstanding on the June 2030 Term Loan which bears interest at variable market rates, primarily SOFR. A significant change in these market interest rates may adversely affect our operating results.
Any unfavorable movement in the exchange rate between U.S. dollars and the currencies in which we conduct sales in foreign countries could have an adverse impact on our net revenue and gross margins as we may have to adjust local currency product pricing due to competitive pressures if there is significant volatility in foreign currency exchange rates.
Any unfavorable movement in the exchange rate between the U.S. dollar and the currencies in which we conduct sales in foreign countries could have an adverse impact on our net revenue and gross margins as we may have to adjust local currency product pricing due to competitive pressures if there is significant volatility in foreign currency exchange rates.
We enter into forward currency contracts to reduce the short-term effects of currency fluctuations on Euro, British Pound, and Chinese Yuan denominated cash, accounts receivable, and intercompany receivable and payable balances. These forward contracts generally mature within two to four months, and we do not enter into foreign currency forward contracts for trading purposes.
We enter into forward currency contracts to reduce the short-term effects of currency fluctuations on Euro and British Pound denominated cash, accounts receivable, and intercompany receivable and payable balances. These forward contracts generally mature within two to four months, and we do not enter into foreign currency forward contracts for trading purposes.
Item 7A. Quantitative and Qualitati ve Disclosures About Market Risk. We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk . We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates.
The net impact of changes in foreign currency rates, including the net gains or (losses) on the forward currency contracts, recognized in other (expense) income, net was $(4.6) million, $(2.8) million, and $1.0 million, for the years ended December 31, 2024, 2023, and 2022, respectively.
The net impact of changes in foreign currency rates, including the net gains or (losses) on the forward currency contracts, recognized in other (expense) income, net was $(4.5) million, $(4.6) million, and $(2.8) million, for the years ended December 31, 2025, 2024, and 2023, respectively.
A hypothetical ten percent change in exchange rates between foreign currencies and the U.S. dollar would increase or decrease our gains or losses on foreign currency exchange of approximately $1.3 million in our consolidated financial statements for the year ended December 31, 2024. Corsair Gaming, Inc. | 2024 Form 10-K | 51 Table of Contents
A hypothetical ten percent change in exchange rates between foreign currencies and the U.S. dollar would increase or decrease our gains or losses on foreign currency exchange by approximately $0.3 million in our consolidated financial statements for the year ended December 31, 2025. Corsair Gaming, Inc. | 2025 Form 10-K | 53 Table of Contents
Our market risk exposure is primarily a result of fluctuations in interest rates and foreign currency exchange rates. Interest Rate Risk As of December 31, 2024, we had cash and restricted cash of $109.6 million, which consisted primarily of bank deposits. Our cash is held for working capital purposes.
Our market risk exposure is primarily a result of fluctuations in interest rates and foreign currency exchange rates. Interest Rate Risk As of December 31, 2025, we had cash and restricted cash of $98.8 million, which consisted primarily of bank deposits. Our cash is held for working capital purposes.
The outstanding notional principal amount was $35.2 million and $44.3 million as of December 31, 2024 and 2023, respectively. The gains or losses on these contracts are recognized in earnings based on the changes in fair value of the foreign currency forward contracts.
The outstanding notional principal amount was $28.5 million and $35.2 million as of December 31, 2025 and 2024, respectively. The gains or losses on these contracts are recognized in earnings based on the changes in fair value of the foreign currency forward contracts.
As of December 31, 2024, a hypothetical 100 basis point change in interest rates would result in a change to interest expense for the next twelve months by approximately $1.7 million. Foreign Currency Risk Approximately 21.3% of our net revenue in 2024 was denominated in foreign currencies, primarily Euro and GBP.
As of December 31, 2025, a hypothetical 100 basis point change in interest rates would result in a change to interest expense for the next twelve months by approximately $1.2 million. Foreign Currency Risk Approximately 20.9% of our net revenue in 2025 was denominated in foreign currencies, primarily Euro and GBP.

Other CRSR 10-K year-over-year comparisons