Corsair Gaming Reveals Financial Results

Corsair Gaming, Inc. has recently released its 10-K report, offering a comprehensive overview of its business operations and financial performance. The company, along with its subsidiaries, is a prominent player in the gaming and streaming peripherals, components, and systems market across the Americas, Europe, the Middle East, and the Asia Pacific. Corsair Gaming provides a wide range of products, including gaming peripherals, gaming components and systems, and PC gaming software, catering to both gamers and digital creators. The company's net revenue for the years ended December 31, 2023, 2022, and 2021, was $1,459.9 million, $1,375.1 million, and $1,904.1 million, respectively. However, its gross margin saw fluctuations, standing at 24.7%, 21.6%, and 27.0% for the same periods. Corsair Gaming reported a net loss of $(2.6) million for 2023, compared to a net loss of $(54.4) million in 2022 and net income of $101.0 million in 2021. As of December 31, 2023, the company had cash and restricted cash totaling $178.6 million.

The 10-K report highlights Corsair Gaming's strategic focus on expanding its market presence and product portfolio through the development of innovative technologies and entry into new categories. The company launched 108 new products in 2023 and completed the acquisition of Drop, a community-based e-commerce company specializing in customized DIY keyboards and keycaps, for a cash purchase consideration of approximately $13.2 million. The acquisition is expected to bolster Corsair Gaming's position in the personalized keyboards market and enable the offering of specialized products to Drop's enthusiast community.

Following these announcements, the company's shares moved 1.3%, and are now trading at a price of $13.04. For more information, read the company's full 10-K submission here.

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