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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission File Number: 001-39533

Corsair Gaming, Inc.

(Exact Name of Registrant as Specified in Its Charter)

     Delaware

     82-2335306

     (State or Other Jurisdiction of
Incorporation or Organization)

     (I.R.S. Employer
Identification No.)


115 N. McCarthy Boulevard
Milpitas, CA 95035
(Address of Principal Executive Offices and zip code)

(510) 657-8747
(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former name, former address and former fiscal year,

if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value per share	CRSR	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 25, 2025, the registrant had 106,036,975 shares of common stock, $0.0001 par value per share, outstanding.

Table of Contents


		Page
PART I.	FINANCIAL INFORMATION	2
Item 1.	Financial Statements (Unaudited)	2
	Condensed Consolidated Statements of Operations	2
	Condensed Consolidated Statements of Comprehensive Loss	3
	Condensed Consolidated Balance Sheets	4
	Condensed Consolidated Statements of Stockholders' Equity	5
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	32
PART II.	OTHER INFORMATION	33
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 3.	Defaults Upon Senior Securities	33
Item 4.	Mine Safety Disclosures	33
Item 5.	Other Information	33
Item 6.	Exhibits	34
Signatures		35

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NOTE ABOUT FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”) that reflect our current views with respect to, among other things, our operations and financial performance. These forward-looking statements are included throughout this Quarterly Report on Form 10-Q and relate to matters such as our industry, business strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. We have used the words “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “foreseeable,” “future,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “will” and similar terms and phrases or the negatives of these words to identify the forward-looking statements.

The forward-looking statements contained in this Quarterly Report on Form 10-Q are based on management’s current expectations and are subject to uncertainty and changes in circumstances. There can be no assurance that future developments affecting us will be those that we have anticipated. Actual results may differ materially from these expectations due to changes in global, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond our control, including uncertainties in the geopolitical environment, recent changes in trade regulations and tariffs, and developments in international trade relations and agreements. We believe that these factors include but are not limited to those described under Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024 and under Part II, Item 1A “Risk Factors” of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as well as other documents that may be filed by us from time to time with the Securities Exchange Commission (the “SEC”). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Quarterly Report on Form 10-Q. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited).

Corsair Gaming, Inc.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share amounts)


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024

Net revenue	$	320,112		$	261,300		$	689,862		$	598,557
Cost of revenue		234,241			198,215			501,629			448,833
Gross profit		85,871			63,085			188,233			149,724
Operating expenses:
Sales, general and administrative		85,280			70,388			172,272			150,605
Product development		17,514			17,411			35,147			34,052
Total operating expenses		102,794			87,799			207,419			184,657
Operating loss		(16,923	)		(24,714	)		(19,186	)		(34,933	)
Other (expense) income:
Interest expense		(2,476	)		(3,436	)		(5,152	)		(7,127	)
Interest income		580			1,158			1,210			2,723
Other expense, net		(1,856	)		(516	)		(5,803	)		(977	)
Total other expense, net		(3,752	)		(2,794	)		(9,745	)		(5,381	)
Loss before income taxes		(20,675	)		(27,508	)		(28,931	)		(40,314	)
Income tax benefit (expense)		369			4,001			(1,692	)		5,778
Net loss		(20,306	)		(23,507	)		(30,623	)		(34,536	)
Less: Net income attributable to noncontrolling interest		556			687			698			1,223
Net loss attributable to Corsair Gaming, Inc.	$	(20,862	)	$	(24,194	)	$	(31,321	)	$	(35,759	)

Calculation of net loss per share attributable to common stockholders of Corsair Gaming, Inc.:
Net loss attributable to Corsair Gaming, Inc.	$	(20,862	)	$	(24,194	)	$	(31,321	)	$	(35,759	)
Change in redemption value of redeemable noncontrolling interest		3,861			(5,385	)		4,253			(6,360	)
Net loss attributable to common stockholders of Corsair Gaming, Inc.	$	(17,001	)	$	(29,579	)	$	(27,068	)	$	(42,119	)

Net loss per share attributable to common stockholders of Corsair Gaming, Inc.:
Basic	$	(0.16	)	$	(0.28	)	$	(0.26	)	$	(0.41	)
Diluted	$	(0.16	)	$	(0.28	)	$	(0.26	)	$	(0.41	)
Weighted-average common shares outstanding:
Basic		105,864			103,956			105,554			103,760
Diluted		105,864			103,956			105,554			103,760

The accompanying notes are an integral part of these condensed consolidated financial statements

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Corsair Gaming, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited, in thousands)


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024

Net loss	$	(20,306	)	$	(23,507	)	$	(30,623	)	$	(34,536	)
Other comprehensive gain (loss):
Foreign currency translation adjustments, net of tax benefit (expense) of $(256) and $43 for the three months ended June 30, 2025 and 2024, respectively, and $(229) and $167 for the six months ended June 30, 2025 and 2024, respectively.		4,876			(216	)		6,542			(1,631	)
Unrealized foreign exchange gain (loss) from long-term intercompany loan, net of tax benefit (expense) of nil and nil for the three months ended June 30, 2025 and 2024, respectively, and nil and $160 for the six months ended June 30, 2025 and 2024, respectively.		(1,319	)		(41	)		(924	)		(17	)
Comprehensive loss		(16,749	)		(23,764	)		(25,005	)		(36,184	)
Less: Comprehensive income attributable to noncontrolling interest		790			603			872			895
Comprehensive loss attributable to Corsair Gaming, Inc.	$	(17,539	)	$	(24,367	)	$	(25,877	)	$	(37,079	)

The accompanying notes are an integral part of these condensed consolidated financial statements

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Corsair Gaming, Inc.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except per share amounts)


	June 30, 2025			December 31, 2024

Assets
Current assets:
Cash	$	104,625		$	107,011
Restricted cash		2,576			2,374
Accounts receivable, net		179,233			218,648
Inventories		295,627			259,979
Prepaid expenses and other current assets		35,182			35,376
Total current assets		617,243			623,388
Restricted cash, noncurrent		248			246
Property and equipment, net		28,811			29,742
Goodwill		359,724			354,222
Intangible assets, net		146,258			164,319
Other assets		69,596			63,912
Total assets	$	1,221,880		$	1,235,829
Liabilities
Current liabilities:
Debt maturing within one year, net	$	6,116		$	12,229
Accounts payable		257,663			207,215
Other liabilities and accrued expenses		162,403			176,869
Total current liabilities		426,182			396,313
Long-term debt, net		118,283			161,310
Deferred tax liabilities		7,945			7,379
Other liabilities, noncurrent		54,299			51,375
Total liabilities		606,709			616,377
Commitments and Contingencies (Note 8)
Temporary equity
Redeemable noncontrolling interest		11,274			15,149
Stockholders' equity
Preferred stock, $0.0001 par value: 5,000 shares authorized, nil and nil shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively		—			—
Common stock, $0.0001 par value: 300,000 shares authorized, 106,000 and 104,763 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively		11			10
Additional paid-in capital		688,834			667,617
Accumulated deficit		(85,833	)		(58,765	)
Accumulated other comprehensive income (loss)		885			(4,559	)
Total stockholders’ equity		603,897			604,303
Total liabilities, temporary equity and stockholders' equity	$	1,221,880		$	1,235,829

The accompanying notes are an integral part of these condensed consolidated financial statements

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Corsair Gaming, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited, in thousands)


	Three Months Ended June 30, 2025
	Common Stock					Additional Paid-in			Accumulated			Accumulated Other Comprehensive			Total Corsair Gaming, Inc. Stockholders’
	Shares			Amount		Capital			Deficit			Income (Loss)			Equity

Balance as of March 31, 2025		105,816		$	11	$	680,016		$	(68,832	)	$	(2,438	)	$	608,757
Net loss		—			—		—			(20,862	)		—			(20,862	)
Other comprehensive income		—			—		—			—			3,323			3,323
Change in redemption value of redeemable noncontrolling interest		—			—		—			3,861			—			3,861
Issuance of common stock in connection with employee equity incentive plans		248			—		1			—			—			1
Shares withheld related to net share settlement		(64	)		—		(590	)		—			—			(590	)
Stock-based compensation		—			—		9,407			—			—			9,407
Balance as of June 30, 2025		106,000		$	11	$	688,834		$	(85,833	)	$	885		$	603,897


	Three Months Ended June 30, 2024
	Common Stock					Additional Paid-in			Retained Earnings (Accumulated			Accumulated Other Comprehensive			Total Corsair Gaming, Inc. Stockholders’			Nonredeemable Noncontrolling			Total Permanent
	Shares			Amount		Capital			Deficit)			Loss			Equity			Interest (1)			Equity (1)

Balance as of March 31, 2024		103,859		$	10	$	640,293		$	27,870		$	(4,634	)	$	663,539		$	9,787		$	673,326
Net income (loss)		—			—		—			(24,194	)		—			(24,194	)		280			(23,914	)
Other comprehensive loss		—			—		—			—			(173	)		(173	)		(34	)		(207	)
Change in redemption value of redeemable noncontrolling interest		—			—		—			(5,385	)		—			(5,385	)		—			(5,385	)
Issuance of common stock in connection with employee equity incentive plans		216			—		949			—			—			949			—			949
Shares withheld related to net share settlement		(2	)		—		(17	)		—			—			(17	)		—			(17	)
Stock-based compensation		—			—		8,010			—			—			8,010			—			8,010
Balance as of June 30, 2024		104,073		$	10	$	649,235		$	(1,709	)	$	(4,807	)	$	642,729		$	10,033		$	652,762

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	Six Months Ended June 30, 2025
	Common Stock					Additional Paid-in			Accumulated			Accumulated Other Comprehensive			Total Corsair Gaming, Inc. Stockholders’
	Shares			Amount		Capital			Deficit			Income (Loss)			Equity

Balance as of December 31, 2024		104,763		$	10	$	667,617		$	(58,765	)	$	(4,559	)	$	604,303
Net loss		—			—		—			(31,321	)		—			(31,321	)
Other comprehensive income		—			—		—			—			5,444			5,444
Change in redemption value of redeemable noncontrolling interest		—			—		—			4,253			—			4,253
Issuance of common stock in connection with employee equity incentive plans		1,337			1		3,440			—			—			3,441
Shares withheld related to net share settlement		(100	)		—		(980	)		—			—			(980	)
Stock-based compensation		—			—		18,757			—			—			18,757
Balance as of June 30, 2025		106,000		$	11	$	688,834		$	(85,833	)	$	885		$	603,897


	Six Months Ended June 30, 2024
	Common Stock					Additional Paid-in			Retained Earnings (Accumulated			Accumulated Other Comprehensive			Total Corsair Gaming, Inc. Stockholders’			Nonredeemable Noncontrolling			Total Permanent
	Shares			Amount		Capital			Deficit)			Loss			Equity			Interest(1)			Equity (1)

Balance as of December 31, 2023		103,255		$	10	$	630,642		$	40,410		$	(3,487	)	$	667,575		$	10,468		$	678,043
Net income (loss)		—			—		—			(35,759	)		—			(35,759	)		499			(35,260	)
Other comprehensive loss		—			—		—			—			(1,320	)		(1,320	)		(134	)		(1,454	)
Change in redemption value of redeemable noncontrolling interest		—			—		—			(6,360	)		—			(6,360	)		—			(6,360	)
Dividend paid to nonredeemable noncontrolling interests		—			—		—			—			—			—			(800	)		(800	)
Issuance of common stock in connection with employee equity incentive plans		849			—		3,300			—			—			3,300			—			3,300
Shares withheld related to net share settlement		(31	)		—		(415	)		—			—			(415	)		—			(415	)
Stock-based compensation		—			—		15,708			—			—			15,708			—			15,708
Balance as of June 30, 2024		104,073		$	10	$	649,235		$	(1,709	)	$	(4,807	)	$	642,729		$	10,033		$	652,762

(1)

The nonredeemable noncontrolling interest as of March 31, 2024, represented 20% interest in iDisplay that was not acquired by Corsair at the time. On July 1, 2024, Corsair acquired this 20% nonredeemable noncontrolling interest via a Share Purchase Amendment Agreement (the “SPAA”) with the iDisplay Seller (refer to Note 14, Redeemable Noncontrolling Interest for further details on the SPAA).

The accompanying notes are an integral part of these condensed consolidated financial statements

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Corsair Gaming, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)


	Six Months Ended June 30,
	2025			2024

Cash flows from operating activities:
Net loss	$	(30,623	)	$	(34,536	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation		18,657			15,701
Depreciation		6,724			6,180
Amortization		19,635			19,016
Provision for doubtful accounts		2,828			(66	)
Reversal of bargain purchase gain on business acquisition		2,581			—
Deferred income taxes		(3,303	)		(15,265	)
Other		2,286			1,447
Changes in operating assets and liabilities:
Accounts receivable		38,023			75,819
Inventories		(43,738	)		(25,870	)
Prepaid expenses and other assets		4,018			7,334
Accounts payable		49,559			(72,018	)
Other liabilities and accrued expenses		(17,704	)		(22,521	)
Net cash provided by (used in) operating activities		48,943			(44,779	)
Cash flows from investing activities:
Purchase of property and equipment		(5,785	)		(5,029	)
Purchase of intangible asset		—			(100	)
Purchase price adjustment related to business acquisition		—			1,041
Bridge Loan receivable		—			(12,310	)
Net cash used in investing activities		(5,785	)		(16,398	)
Cash flows from financing activities:
Repayment of debt		(49,000	)		(18,125	)
Payment of deferred and contingent consideration		—			(4,942	)
Proceeds from issuance of shares through employee equity incentive plans		3,441			3,300
Payment of taxes related to net share settlement of equity awards		(980	)		(415	)
Dividend paid to noncontrolling interest		(494	)		(1,960	)
Net cash used in financing activities		(47,033	)		(22,142	)
Effect of exchange rate changes on cash		1,693			(658	)
Net decrease in cash and restricted cash		(2,182	)		(83,977	)
Cash and restricted cash at the beginning of the period		109,631			178,564
Cash and restricted cash at the end of the period	$	107,449		$	94,587
Supplemental cash flow disclosures:
Cash paid for interest	$	4,864		$	6,878
Cash paid for income taxes, net		6,373			3,778
Supplemental schedule of non-cash investing and financing activities:
Equipment purchased and unpaid at period end	$	2,130		$	1,649
Right-of-use assets obtained in exchange for operating lease liabilities		6,511			27,335
Debt issuance costs unpaid at period end		746			—

The accompanying notes are an integral part of these condensed consolidated financial statements

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Corsair Gaming, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Description of Business

Corsair Gaming, Inc., a Delaware corporation, together with its subsidiaries (collectively, “Corsair” the “Company”, “we”, “us”, or “our”), is a global provider and innovator of high-performance products for gamers and digital creators, many of which build their own PCs using our components.

Corsair is organized into two reportable segments:

•

Gamer and Creator Peripherals. Includes our high-performance gaming keyboards, mice, headsets, controllers, and our streaming products, which includes capture cards, Stream Decks, microphones, teleprompters, 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 power supply units, cooling solutions, computer cases, DRAM modules, as well as high-end prebuilt and custom-built gaming PCs and laptops, and gaming monitors, among others.

2. Summary of Significant Accounting Policies

Basis of Presentation

Our interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accounting policies we follow are set forth in Part II, Item 8, Note 2, “Significant Accounting Policies”, of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 which was filed with the SEC on February 26, 2025.

The condensed consolidated balance sheet as of December 31, 2024, included herein, was derived from the audited consolidated financial statements as of that date. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed, combined or omitted pursuant to such rules and regulations. Therefore, these interim condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2024, included in our Annual Report on Form 10-K.

The interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and in management’s opinion, include all adjustments, which consist of only normal recurring adjustments necessary for the fair statement of our condensed consolidated balance sheet as of June 30, 2025 and our results of operations for the three and six months ended June 30, 2025 and 2024. The results for the three and six months ended June 30, 2025 are not necessarily indicative of the results expected for the current fiscal year or any other future periods.

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of Corsair and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. For consolidated entities where we own less than 100% of the equity, our consolidated net comprehensive income (loss) is reduced by the portion attributable to the noncontrolling interest. The ownership interest of other investors is recorded as noncontrolling interest in the condensed consolidated balance sheets.

In determining whether an entity is considered a controlled entity, we apply the VIE (variable interest entity) and VOE (voting interest entity) models. Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, we consolidate the entity if we determine that we have a controlling financial interest in the entity through our ownership of greater than 50% of the outstanding voting shares of the entity and that other equity holders do not have substantive voting, participating or liquidation rights.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, the valuation of intangible assets, accounts receivable, sales return reserves,

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reserves for customer incentives, warranty reserves, inventory, derivative instruments, stock-based compensation, and deferred income tax. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the potential impacts from the events in the current economic and geopolitical environment. We adjust such estimates and assumptions when facts and circumstances dictate. The extent to which current macroeconomic conditions, including recent changes in trade regulations and tariffs, as well as developments in international trade regulations and agreements and continued geopolitical unrest will impact our business going forward depends on numerous dynamic factors that we cannot reliably predict. Actual results could differ materially from those estimates. Making estimates and judgments about future events is inherently unpredictable and is subject to significant uncertainties, some of which are beyond our control. Should any of these estimates and assumptions change or prove to have been incorrect, it could have a material impact on our results of operations, financial position and cash flows.

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvement to Reportable Segment Disclosure. This ASU updates the reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment's profit or loss in assessing segment performance and deciding how to allocate resources. The ASU was effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted this standard in the fourth quarter of 2024.

Accounting Pronouncements Issued but Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. This ASU requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as additional information on income tax paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024, with early adoption permitted. This ASU will result in additional required disclosures in our consolidated financial statements, when adopted. We are currently evaluating the provisions of this ASU and expect to adopt them for the year ended December 31, 2025.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Topic 220) - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses. This ASU requires additional disclosures about the nature of expenses included in the income statement, such as purchases of inventory, employee compensation and depreciation. This ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the provisions of this ASU and expect to adopt them for the year ended December 31, 2027.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU introduces a practical expedient for the application of the current expected credit loss (“CECL”) model to current accounts receivable and contract assets. The ASU is effective beginning in the first quarter of interim and annual periods beginning after December 15, 2025 on a prospective basis, with early adoption permitted. We are currently evaluating the provisions of this ASU and do not expect the adoption to have material effect on our consolidated financial statements. We expect to adopt this ASU for the fiscal year beginning January 1, 2026.

3. Derivative Financial Instruments

From time to time, we enter into derivative instruments such as foreign currency forward contracts, to minimize the short-term impact of foreign currency exchange rate fluctuations on certain foreign currency denominated assets and liabilities. The derivative instruments are recorded at fair value in prepaid expenses and other current assets or other liabilities and accrued expenses on the condensed consolidated balance sheets. We do not designate such instruments as hedges for accounting purposes; accordingly, changes in the value of these contracts are recognized in each reporting period in other (expense) income, net in the condensed consolidated statements of operations. We do not enter into derivative instruments for trading purposes.

The foreign currency forward contracts generally mature within two to four months. The notional principal amount of outstanding foreign exchange forward contracts was $32.7 million and $35.2 million as of June 30, 2025 and December 31, 2024, respectively. The net fair value gains (losses) recognized in other expense, net in relation to these derivative instruments was $(3.0) million and $(18) thousand for the three months ended June 30, 2025 and 2024, respectively, and was $(4.7) million and $0.6 million for the six months ended June 30, 2025 and 2024, respectively.

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4. Business Combinations

Fanatec Acquisition

On September 13, 2024, one of our subsidiaries, Corsair GmbH (“GmbH”) executed an Asset Purchase Agreement (“APA”) to purchase the business (the “Fanatec Business”) of Endor AG (“Endor”), which includes certain assets and all the personnel of Endor, as well as the equity interests of certain of Endor’s subsidiaries. Endor was a German public entity that created the leading end-to-end premium Fanatec sim racing product line. The Fanatec sim racing product line, which fully complements our sim racing chassis, gaming PCs, gaming and streaming peripherals, and monitors, has expanded our product offerings in these markets.

The Fanatec APA was consummated on September 19, 2024 (the “Fanatec Acquisition Date”) for a cash purchase consideration of approximately $43.7 million, net of $4.5 million of cash acquired.

Prior to the Fanatec acquisition, another of our subsidiaries, Corsair Components Ltd (“CCL”), entered into a Bridge Loan Agreement (“Bridge Loan”) in May 2024 and a Debtor-In-Possession Loan Agreement (“DIP Loan”) in September 2024 with Endor to provide short-term financing for Endor's operations in connection with our intent to acquire the Fanatec Business through a German restructuring process. Pursuant to the terms of the APA, the total principal and interest owed by Endor to CCL as of the Fanatec Acquisition Date for the Bridge Loan and DIP Loan of approximately $16.6 million, in aggregate, was set-off against the purchase price, and accordingly, on the Fanatec Acquisition Date, GmbH paid CCL $16.6 million cash to settle the Bridge Loan and DIP Loan (including interest of $0.6 million), on behalf of Endor. GmbH paid the remaining $31.6 million purchase consideration to Endor in cash on the Fanatec Acquisition Date.

Because the Fanatec acquisition met the definition of a business, it has been accounted for as a business combination using the acquisition method of accounting. Fanatec’s results of operations are included in our condensed consolidated statements of operations with effect from September 19, 2024.

The following table summarizes the preliminary allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed as of the Fanatec Acquisition Date with measurement period adjustments through June 30, 2025. The primary areas of the purchase price allocation that are not yet finalized consist of income tax and indirect tax considerations, accounts payable, certain prepaids and other assets, and inventory values. We will continue to reflect measurement period adjustments to purchase price allocation, if any, in the period in which the adjustments are recognized. Final determination of the fair values may result in adjustments to the values presented in the following table (in thousands):


	Preliminary Purchase Price Allocation as of Acquisition Date (1)			Measurement Period Adjustments (2)			Amounts Recognized as of Acquisition Date (as adjusted)

Inventories	$	40,475		$	(9,048	)	$	31,427
Prepaid and other assets		2,450			3,110			5,560
Property and equipment		780			(73	)		707
Identifiable intangible assets		15,129			—			15,129
Goodwill		—			3,617			3,617
Accounts payable		(6,959	)		(148	)		(7,107	)
Accrued liabilities		(5,403	)		(35	)		(5,438	)
Deferred tax liabilities		(168	)		(4	)		(172	)
Total identified net assets acquired		46,304			(2,581	)		43,723
Bargain purchase gain		(2,581	)		2,581			—
Purchase consideration, net of cash acquired	$	43,723		$	—		$	43,723

(1)

As previously reported in our Annual Report on Form 10-K for the year ended December 31, 2024.

(2)

Measurement period adjustments recorded during the six months ended June 30, 2025.

The fair value of the working capital related items, as well as the fair value of property and equipment approximated their book values at the Fanatec Acquisition Date. The fair value of the inventories was estimated by major category, at an estimate of net realizable value, which we believe approximates the price a market participant could achieve in a current sale. The difference between the fair value of the inventories and the book value recorded on the Fanatec Acquisition Date was $5.4 million, of which we recognized $0.2 million, $0.5 million and $4.7 million in “cost of revenue” in our condensed consolidated statements of operations for the three and six months ended June 30, 2025 and for the year ended December 31, 2024, respectively, upon the sale of the acquired inventory.

The goodwill of $3.6 million represents the expansion of our market presence by utilizing Fanatec's strength and brand in the sim racing market. The goodwill is deductible for tax purposes and is assigned to our Peripherals reporting unit.

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The $15.1 million identifiable intangible assets acquired include trade name of $11.3 million and product technology of $3.8 million. The fair values of the identified intangible assets were estimated primarily using the income approach and were based on inputs that are not observable in the market, which we consider to be Level 3 inputs. These intangible assets are being amortized over their estimated useful lives, ranging from 6 to 15 years, using the straight-line method of amortization. The identifiable intangible assets acquired are deductible for tax purposes.

The acquisition-related costs incurred in the six months ended June 30, 2025 and in the year ended December 31, 2024 were $0.1 million and $2.7 million, respectively, and these amounts are included in sales and general and administrative expenses in the condensed consolidated statements of operations.

Unaudited Pro Forma Financial Information

Pro forma information is not included because the effects of the Fanatec Acquisition were not material to our condensed consolidated statements of operations for the periods presented.

5. Goodwill and Intangible Assets

Goodwill

The following table summarizes the changes in the carrying amount of goodwill by reportable segment (in thousands):


	Gaming Components and Systems		Gamer and Creator Peripherals		Total

Balance as of December 31, 2024	$	148,875	$	205,347	$	354,222
Measurement period adjustments		—		3,617		3,617
Effect of foreign currency exchange rates		104		1,781		1,885
Balance as of June 30, 2025	$	148,979	$	210,745	$	359,724

Intangible assets, net

The following table is a summary of intangible assets, net (in thousands):


	June 30, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Developed technology	$	50,512	$	33,265	$	17,247	$	50,512	$	28,958	$	21,554
Trade name		46,105		13,410		32,695		45,448		11,606		33,842
Customer relationships		217,869		171,109		46,760		217,868		160,183		57,685
Patent portfolio		37,052		25,617		11,435		34,307		21,376		12,931
Supplier relationships		6,449		3,762		2,687		5,745		2,872		2,873
Total finite-life intangibles		357,987		247,163		110,824		353,880		224,995		128,885
Indefinite life trade name		35,430		—		35,430		35,430		—		35,430
Other		4		—		4		4		—		4
Total intangible assets	$	393,421	$	247,163	$	146,258	$	389,314	$	224,995	$	164,319

In the year when an identified intangible asset becomes fully amortized, the fully amortized balances from the gross asset and accumulated amortization amounts are removed from the table above.

The estimated future amortization expense of intangible assets as of June 30, 2025 is as follows (in thousands):


	Amounts

Remainder of 2025	$	19,648
2026		36,161
2027		26,320
2028		5,931
2029		3,773
Thereafter		18,991
Total	$	110,824

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6. Balance Sheet Components

The following tables present the components of certain balance sheet amounts (in thousands):


	June 30, 2025		December 31, 2024

Cash	$	104,625	$	107,011
Restricted cash—short term		2,576		2,374
Restricted cash—noncurrent		248		246
Total cash and restricted cash	$	107,449	$	109,631


	June 30, 2025			December 31, 2024

Accounts receivable	$	181,292		$	218,913
Allowance for doubtful accounts		(2,059	)		(265	)
Accounts receivable, net	$	179,233		$	218,648

(1)

As of June 30, 2025, one customer represented 53.7.% of our accounts receivable, net balance. As of December 31, 2024, two customers represented 41.8% and 14.2% of our accounts receivable, net balance, respectively.


	June 30, 2025		December 31, 2024

Raw materials	$	53,256	$	54,586
Work in progress		14,429		14,932
Finished goods		227,942		190,461
Inventories	$	295,627	$	259,979


	June 30, 2025			December 31, 2024

Manufacturing equipment	$	33,464		$	28,413
Leasehold improvements		21,435			20,938
Computer equipment, software and office equipment		17,719			16,418
Furniture and fixtures		6,527			5,655
Total property and equipment	$	79,145		$	71,424
Less: Accumulated depreciation and amortization		(50,334	)		(41,682	)
Property and equipment, net	$	28,811		$	29,742


	June 30, 2025		December 31, 2024

Right-of-use assets	$	54,604	$	52,580
Deferred tax asset		10,047		6,468
Other		4,945		4,864
Other assets	$	69,596	$	63,912


	June 30, 2025		December 31, 2024

Accrued reserves for sales returns	$	32,489	$	34,915
Accrued reserves for customer incentive programs		33,616		41,141
Accrued freight expenses		14,580		14,314
Operating lease liabilities, current		16,131		15,843
Accrued payroll and related expenses		16,451		13,297
Accrued warranty		5,311		8,759
Sales and use tax and value-added tax payable		6,845		9,169
Accrued legal expense		5,909		5,823
Contract liabilities		4,284		7,283
Other		26,787		26,325
Other liabilities and accrued expenses	$	162,403	$	176,869

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	June 30, 2025		December 31, 2024

Operating lease liabilities, noncurrent	$	50,225	$	47,660
Other		4,074		3,715
Other liabilities, noncurrent	$	54,299	$	51,375

7. Debt

On September 3, 2021, we refinanced the First Lien Credit and Guaranty Agreement with a new Credit Agreement (as amended, the “Credit Agreement”) with Bank of America, N.A. The Credit Agreement provided for a $100.0 million five-year revolving credit facility maturing in September 2026 (the “September 2026 Revolving Facility”) and a $250.0 million five-year term loan facility maturing in September 2026 (the “September 2026 Term Loan”). The Credit Agreement also permitted, subject to conditions stated therein, our ability to incur additional indebtedness pursuant to 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. We prepaid $42.75 million and $12.5 million of the September 2026 Term Loan principal in the six months ended June 30, 2025 and in the year ended December 31, 2024, respectively.

On June 30, 2025, we entered into an Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”) with Bank of America, N.A. to refinance the Credit Agreement. 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”). The Amended and Restated Credit Agreement also permits, subject to conditions stated therein, additional incremental facilities in a maximum aggregate principal amount not to exceed $125.0 million. As of June 30, 2025, the outstanding balance of the September 2026 Term Loan under the Credit Agreement of $125.0 million was carried over to the Amended and Restated Credit Agreement and will be repayable according to the new payment schedule under the Amended and Restated Credit Agreement.

The Amended and Restated Credit Agreement has a variable rate structure. According to the provisions of the Amended and Restated Credit Agreement, the June 2030 Term Loan and June 2030 Revolving Facility will each bear 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.

The following table presents the carrying value of our term loans (in thousands):


		June 30, 2025

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

Corsair Gaming, Inc. 10-Q