Latest news with #Fanatec
Daily Mirror
2 days ago
- Automotive
- Daily Mirror
Best wheels for F1 25 – top budget and premium wheels and wheelbases
Looking at a new wheel or wheelbase specifically for F1 25? Here's a few options to consider, from best Xbox, PS5 options to premium and budget. If you're looking for a new wheel or wheelbase, specifically for F1 25 or formula racing, here are some options to consider. With the 2025 Formula 1 season now at the halfway stage, and with F1 25 being well-received by players and critics alike since its release earlier this year, there's no better time to get on track in the virtual world. But, you're going to need a decent sim racing setup, which includes a wheel and a direct drive wheelbase, if you're at a decent level. That's why we're rounding up the best wheels for F1 25, including everything from the best Xbox and PS5 options to premium and budget options. We've covered an awful lot of options below. Happy shopping! Best Xbox wheelbase for F1 25 Logitech G Pro Racing Wheel Thankfully, compatibility with Xbox is becoming much more common these days when it comes to sim racing equipment, and the best I've tested to date is the Logitech G Pro Racing Wheel. Priced at £999 / $999 / AU$1,799.95, it includes a wheelbase with 11Nm of torque, plus a wheel, and it's also compatible with PC! In my Logitech G Pro review, I remarked that it's a "strong proposition, offering superb performance and excellent build quality", and I stand by that! It's not cheap, but it's the best option for Xbox players right now. Best PS5 wheelbase for F1 25 Fanatec ClubSport DD+ PlayStation compatibility is getting better, but options are still few and far between in the sim racing hardware space. Thankfully, though, Fanatec's biggest and best wheelbase, the Fanatec ClubSport DD+, is compatible with PS5, PS4, and PC. It boasts 15Nm of torque, making it one of the more powerful wheelbases on the market. It is a superb piece of kit, and in my Fanatec ClubSport DD+ review, I said that it is a "stunning premium option for hardcore sim racers who want a dedicated F1-style setup." It's not for beginners; it's for experienced sim racers who want to get the most out of their sim racing and chase realism and performance, regardless of price, as it will set you back €999.95, which roughly converts to £865 / $1168 / AU$1776. Fanatec ClubSport DD+ - €999.95, roughly converts to £865 / $1168 / AU$1776 Best budget wheelbase for F1 25 Moza R9 Moza's entire product line is incredibly price-competitive, but the Moza R9 wheelbase is probably the best budget wheelbase on the entire market. Priced at just £319, or £359 for the V3 version, it delivers 9Nm of torque and is crafted with aviation-grade aluminium alloy. With the V3 version, you also get support for iRacing's 360Hz mode and a 21-bit magnetic encoder with a 2.09 million resolution. In my Moza R9 review, I said it delivered "big performance in a small package, and at a bargain price," and that just about sums it up. It's a truly excellent deal, considering the performance on offer. Best premium wheelbase for F1 25 Simagic Alpha Ultimate If you want the very best performance, the Simagic Alpha Ultimate is a truly premium wheelbase, delivering a huge 23Nm of torque. Now, you might think this thing would cost the earth but, at a comparatively impressive price of just $899, which roughly converts to £665, it's one of the best deals in sim racing hardware right now. Simagic Alpha Ultimate - $899 (roughly converts to £665 / AU$1,367) Best budget wheel for F1 25 Fanatec ClubSport Steering Wheel F1 Esports V2 Formula-style wheels are often some of the most premium sim racing wheels you can buy, sometimes costing well over £1000 (as you'll read about further on down). However, the Fanatec ClubSport Steering Wheel F1 Esports V2 is a genuine steal at just £210 (rough conversion from $239.95 / $269.99 / AU$429.90). Okay, it doesn't have any fancy features, like a big LCD screen, but considering the build quality and the fact that it's an officially licensed F1 and F1 Esports product, it's the best budget F1 25 wheel in my book, and with few compromises. Fanatec ClubSport Steering Wheel F1 Esports V2 - £210 (rough conversion from $239.95 / $269.99 / AU$429.90 Best premium wheel for F1 25 Asetek Invicta Formula If you have money to burn and you want the very best sim racing wheel possible for F1 25, then I'd have to direct you towards the Asetek Invicta Formula, a custom, hand-built formula-style wheel that you can customise to your liking before buying. There are 144 individual input options, a 4.3" LCD, 60Hz display, exchangeable handles, and it is made from forged and woven carbon. It's truly a work of art, but one that you can use to go sim racing. The price? Before any customisation, you're looking at €1,249.99, which roughly converts to £1,082 / $1,461. But if you want the best, that's the price to pay. So, there you have it, those are some of the best options for F1 25 when it comes to wheelbase and wheels. See you out on track.
Top Gear
24-06-2025
- Automotive
- Top Gear
What a time to be alive: you can now order Fanatec sim racing gear from Amazon
Gaming Previously very tricky to purchase in the UK, now available with Prime Delivery Skip 1 photos in the image carousel and continue reading Fanatec's range of sim racing wheels, pedals and accessories have always offered great quality and driving sensation. They look like they've been ripped out of a race car, and they're often used by top-tier sim racers. Trouble was, they were exceptionally hard to get hold of. But following Corsair's acquisition of the company in September 2024 the winds of change have rolled into Landshut, where Fanatec's headquartered. First it was an extended three-year warranty policy, then the sale of refurbished items. And now you can buy Fanatec gear from third-party sellers. Advertisement - Page continues below Amazon, Overclockers, Caseking and Inet will all have Fanatec stock to sell via their storefronts, marking a big change from the manufacturer's previous strategy of selling direct to consumer. That works well on paper if you're an enthusiast-grade sim racing business dealing with low unit numbers and a high price point. But since the lockdown sim racing boom, demand for Fanatec's gear has almost constantly outpaced stock levels, and it's become infamously difficult to order wheels and pedals from them with anything like a reliable delivery day ETA. You might like Since they're shipped from Germany, UK buyers also face VAT and import fees which aren't always clear on the storefront's pricing. This third-party seller strategy is a big deal, then, which should make it a lot easier to get your hands on quality direct drive racing wheels and load cell pedals. The higher-end Podium series kit will remain exclusive to Fanatec's website but items including the CSL Elite pedals, CSL Elite wheels, and GT Cockpit seat, can be purchased externally. Advertisement - Page continues below Thank you for subscribing to our newsletter. Look out for your regular round-up of news, reviews and offers in your inbox. Get all the latest news, reviews and exclusives, direct to your inbox.
Business Wire
06-05-2025
- Business
- Business Wire
Corsair Gaming Reports Strong First Quarter 2025 Growth in Revenue, EBITDA and Gross Margin
MILPITAS, Calif.--(BUSINESS WIRE)--Corsair Gaming, Inc. (Nasdaq: CRSR) ('Corsair' or the 'Company'), a leading global provider and innovator of high-performance products for gamers, streamers, content-creators, and gaming PC builders, today announced financial results for the first quarter ended March 31, 2025. First Quarter 2025 Select Financial Metrics Net revenue was $369.8 million compared to $337.3 million in the first quarter of 2024, led by continued growth in the Gamer and Creator Peripherals segment and a rebound in growth in the Gaming Components and Systems segment. Gamer and Creator Peripherals segment net revenue was $112.0 million compared to $107.0 million in the first quarter of 2024. Gaming Components and Systems segment net revenue was $257.8 million compared to $230.3 million in the first quarter of 2024. Net loss attributable to common shareholders was $10.1 million, or net loss of $0.10 per diluted share, compared to a net loss of $12.5 million, or net loss of $0.12 per diluted share, in the first quarter of 2024. Adjusted net income was $12.3 million, or net income of $0.11 per diluted share, compared to adjusted net income of $9.5 million, or net income of $0.09 per diluted share, in the first quarter of 2024. Adjusted EBITDA was $22.6 million, compared to $18.0 million for the first quarter of 2024. Cash and restricted cash was $102.5 million as of March 31, 2025. Definitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to their nearest GAAP equivalents are included below under the heading 'Use and Reconciliation of Non-GAAP Financial Measures.' Andy Paul, Chief Executive Officer of Corsair, stated, 'We met our revenue and earnings targets for Q1, reflecting strong execution across the business, with continued growth in the Gamer and Creator Peripherals segment and a rebound in growth in the Gaming Components and Systems segment. One of the key milestones this quarter was the successful initial integration of Fanatec into Corsair, including our website, e-commerce systems, enterprise resource planning, supply chain, and customer support infrastructure. Consumers have responded enthusiastically to the improved product availability, enhanced customer service and better overall experience. We're excited to bring Fanatec products to key specialist retailers in Q2, further expanding our reach in the enthusiast gaming market and driving incremental revenue growth.' 'Looking ahead to Q2, we expect continued year over year growth in the self-built PC market as GPU availability improves, barring any unexpected tariff-related disruptions and barring any consumer slowdown, which could follow from generally higher prices on other consumer goods. We have proactively built substantial inventory in-country and, based on what we know today, we do not anticipate major tariffs on the core processing components of gaming PCs, including CPUs and GPUs. If that holds, we see no significant barriers to continued momentum in gaming PC builds, especially given the aging GPU install base of 3 to 5 years in systems for a significant portion of our customer base. While casual gaming purchases may soften in a broader economic slowdown, we believe our enthusiast-level products, including high-performance keyboards, mice, and headsets, will remain resilient. Growth in non-China Asia continues to be strong, with increased investment in Japan, South Korea, and other important markets.' 'Finally, we are also starting to see the benefits of AI across our business. Elgato is already shipping AI-enhanced tools like the AI Prompter and AI Wavelink with AiCoustic, and our customer support team is leveraging AI-driven knowledge base systems. We expect AI to be an even more significant growth driver for us as it impacts every aspect of game creation and play.' Thi La, President and future Chief Executive Officer of Corsair as of July 1, 2025, stated, 'Roughly 45% of our business is in the U.S. Based on current tariff policies, and using our Q125 product mix, approximately 80% of our product sales in the U.S. are excluded from tariffs or have tariff rates of 10% or less. In Q1, only 19% of our U.S. imports were sourced from China, and this number is expected to drop during this year. Our supply chain is highly adaptable, and we have the flexibility to shift manufacturing to alternative locations within two to four quarters if needed.' Michael G. Potter, Chief Financial Officer of Corsair, stated, 'We are pleased with the continued improvement in our first quarter performance, particularly the expansion in margins, which reflects our disciplined execution and focus on operational efficiency. From a financial standpoint, we have taken meaningful steps to further strengthen our balance sheet, including reducing debt and enhancing liquidity, which provides us with increased flexibility and resilience in the face of broader market volatility. These improvements not only reinforce our strong financial position but also enable us to strategically invest in innovation and pursue long-term growth opportunities that we believe will build meaningful value for shareholders.' Given the current uncertainty stemming from newly announced tariffs, and the potential for further tariffs and retaliatory measures, we are not reaffirming our full-year 2025 guidance at this time. However, if current conditions hold, we remain on track to achieve the guidance originally issued on February 12, 2025. We intend to provide an updated outlook later this year as visibility improves. The information provided above is based on Corsair's current estimates and is not a guarantee of future performance. These statements are forward-looking and actual results may differ materially. Refer to the 'Forward-Looking Statements' section below for information on the factors that could cause Corsair's actual results to differ materially from these forward-looking statements. Recent Developments Power supplies designed for NVIDIA high power GPU cards. With dual 12V-2x6 cables and fully modular cabling, Corsair's HXi Series platinum power supplies have every connection needed to power today's most demanding PC upgrades, including the latest, most powerful GPUs, the NVIDIA® RTX 50 series and AMD® 9070 series graphics cards. A new dual-color connector provides visual confirmation of a secure connection, offering additional peace of mind for PC builders. Expanded Custom labs platform: Launched in 2024, Corsair's innovative platform empowers gamers to personalize gaming peripherals to create a setup that reflects their unique style and preferences. This includes recent expanded options with the award-winning Call of Duty and Starfield franchises across multiple product categories at Corsair including Drop, Elgato, ORIGIN PC and SCUF Gaming. Peter Moreo was recently hired as Custom Solutions VP responsible for forging new marketing partnerships and further expanding Corsair's custom offerings, as the company continues to build upon its differentiated position with leading brands and gaming enthusiasts. Porsche launches with Fanatec: The officially licensed CSL Elite Steering Wheel Porsche Vision GT features an intuitive input layout, premium materials and exceptional craftsmanship. Suitable for the full range of Fanatec bases. This is the first steering wheel to use Fanatec's new Tactaris material, a premium microfiber fabric that enhances durability, comfort, and handling. Conference Call and Webcast Information Corsair will host a conference call to discuss the first quarter 2025 financial results today at 2:00 p.m. Pacific Time. The conference call will be accessible on Corsair's Investor Relations website at or by dialing 1-844-676-2245 (USA) or 1-412-634-6652 (International) with conference ID 10198678. A replay will be available approximately 3 hours after the live call ends on Corsair's Investor Relations website, or through May 13, 2025 by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International), with passcode 10198678. About Corsair Gaming Corsair (Nasdaq: CRSR) is a leading global developer and manufacturer of high-performance products and technology for gamers, content creators, and PC enthusiasts. From award-winning PC components and peripherals to premium streaming equipment and smart ambient lighting, Corsair delivers a full ecosystem of products that work together to enable everyone, from casual gamers to committed professionals, to perform at their very best. Corsair also sells products under its Fanatec brand, the leading end-to-end premium Sim Racing product line; Elgato brand, which provides premium studio equipment and accessories for content creators; SCUF Gaming brand, which builds custom-designed controllers for competitive gamers; Drop, the leading community-driven mechanical keyboard brand; and ORIGIN PC brand, a builder of custom gaming and workstation desktop PCs. Forward-Looking Statements This press release contains express and implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company's financial outlook for the full year 2025; market headwinds and tailwinds, including its expectations regarding the gaming market's continued growth; new product launches, the entry into new product categories and demand for new products; the Company's ability to successfully close and integrate acquisitions and expectations regarding the growth of these acquisitions as well as their estimated impact on the Company's financial results in future periods and the size of markets and segments in the future. Forward-looking statements are based on our management's beliefs, as well as assumptions made by, and information currently available to them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: the Company's limited operating history, which makes it difficult to forecast the Company's future results of operations; current macroeconomic conditions, including the impacts of high inflation and risk of recession, on demand for our products, consumer confidence and financial markets generally; changes in trade regulations, policies, and agreements and the imposition of tariffs that affect our products or operations, including potential new tariffs that may be imposed on U.S. imports and our ability to mitigate; the Company's ability to build and maintain the strength of the Company's brand among gaming and streaming enthusiasts and ability to continuously develop and successfully market new products and improvements to existing products; the introduction and success of new third-party high-performance computer hardware, particularly graphics processing units and central processing units as well as sophisticated new video games; fluctuations in operating results; the loss or inability to attract and retain key management; the impacts from geopolitical events and unrest; delays or disruptions at the Company or third-parties' manufacturing and distribution facilities; and the other factors described under the heading 'Risk Factors' in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission ('SEC') and our subsequent filings with the SEC. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances. Our results for the quarter ended March 31, 2025 are also not necessarily indicative of our operating results for any future periods. Use and Reconciliation of Non-GAAP Financial Measures To supplement the financial results presented in accordance with GAAP, this earnings release presents certain non-GAAP financial information, including adjusted operating income (loss), adjusted net income (loss), adjusted net income (loss) per diluted share and adjusted EBITDA. These are important financial performance measures for us, but are not financial measures as defined by GAAP. The presentation of this non-GAAP financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use adjusted operating income (loss), adjusted net income (loss), adjusted net income (loss) per share and adjusted EBITDA to evaluate our operating performance and trends and make planning decisions. We believe that these non-GAAP financial measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses and other items that we exclude in such non-GAAP measures. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects, and allowing for greater transparency with respect to the key financial metrics used by our management in our financial and operational decision-making. We also present these non-GAAP financial measures because we believe investors, analysts and rating agencies consider it useful in measuring our ability to meet our debt service obligations. Our use of these terms may vary from that of others in our industry. These non-GAAP financial measures should not be considered as an alternative to net revenue, operating income (loss), net income (loss), cash provided by operating activities, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these measures to the most directly comparable GAAP financial measures are presented in the attached schedules. We calculate these non-GAAP financial measures as follows: Adjusted operating income (loss), non-GAAP, is determined by adding back to GAAP operating income (loss), the impact from amortization, stock-based compensation, one-time costs related to legal and other matters, acquisition and related integration costs, restructuring and other charges, and acquisition accounting impact related to recognizing acquired inventory at fair value. Adjusted net income (loss), non-GAAP, excludes the impact from amortization, stock-based compensation, one-time costs related to legal and other matters, acquisition and related integration costs, restructuring and other charges, acquisition accounting impact related to recognizing acquired inventory at fair value and the reversal of bargain purchase gain on business acquisition recognized in prior year, as well as the related tax effects of each of these adjustments. Adjusted net income (loss) per diluted share, non-GAAP, is determined by dividing adjusted net income (loss), non-GAAP by the respective weighted average shares outstanding, inclusive of the impact of other dilutive securities. Adjusted EBITDA excludes the impact from amortization, stock-based compensation, one-time costs related to legal and other matters, depreciation, interest expense, net, acquisition and related integration costs, restructuring and other charges, acquisition accounting impact related to recognizing acquired inventory at fair value, and the reversal of bargain purchase gain on business acquisition recognized in prior year, and tax expense (benefit). We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view these non-GAAP financial measures in conjunction with the related GAAP financial measures. Corsair Gaming, Inc. Segment Information (Unaudited, in thousands, except percentages) Three Months Ended March 31, 2025 2024 Net revenue: Gamer and Creator Peripherals $ 111,973 $ 106,973 Gaming Components and Systems 257,777 230,284 Total Net revenue $ 369,750 $ 337,257 Gross Profit: Gamer and Creator Peripherals $ 46,414 $ 43,643 Gaming Components and Systems 55,948 42,996 Total Gross Profit $ 102,362 $ 86,639 Gross Margin: Gamer and Creator Peripherals 41.5 % 40.8 % Gaming Components and Systems 21.7 % 18.7 % Total Gross Margin 27.7 % 25.7 % Expand Corsair Gaming, Inc. Condensed Consolidated Balance Sheets (Unaudited, in thousands) March 31, 2025 December 31, 2024 Assets Current assets: Cash and restricted cash $ 102,282 $ 109,385 Accounts receivable, net 219,216 218,648 Inventories 276,837 259,979 Prepaid expenses and other current assets 35,024 35,376 Total current assets 633,359 623,388 Restricted cash, noncurrent 247 246 Property and equipment, net 28,448 29,742 Goodwill 355,002 354,222 Intangible assets, net 154,943 164,319 Other assets 67,458 63,912 Total assets $ 1,239,457 $ 1,235,829 Liabilities Current liabilities: Debt maturing within one year, net $ 12,267 $ 12,229 Accounts payable 240,114 207,215 Other liabilities and accrued expenses 164,800 176,869 Total current liabilities 417,181 396,313 Long-term debt, net 136,391 161,310 Deferred tax liabilities 7,360 7,379 Other liabilities, noncurrent 55,233 51,375 Total liabilities 616,165 616,377 Temporary equity Redeemable noncontrolling interest 14,535 15,149 Stockholders' equity Common stock and additional paid-in capital 680,027 667,627 Accumulated deficit (68,832 ) (58,765 ) Accumulated other comprehensive loss (2,438 ) (4,559 ) Total stockholders' equity 608,757 604,303 Total liabilities, temporary equity and stockholders' equity $ 1,239,457 $ 1,235,829 Expand Corsair Gaming, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands) Three Months Ended March 31, 2025 2024 Cash flows from operating activities: Net loss $ (10,317 ) $ (11,029 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Stock-based compensation 9,322 7,691 Depreciation 3,373 3,087 Amortization 9,782 9,515 Reversal of bargain purchase gain on business acquisition recognized in prior year 2,581 — Deferred income taxes (1,016 ) (6,059 ) Other 3,031 758 Changes in operating assets and liabilities: Accounts receivable 201 46,928 Inventories (22,237 ) (12,101 ) Prepaid expenses and other assets 2,247 4,437 Accounts payable 34,253 (47,962 ) Other liabilities and accrued expenses (12,470 ) (21,582 ) Net cash provided by (used in) operating activities 18,750 (26,317 ) Cash flows from investing activities: Purchase of property and equipment (3,072 ) (2,520 ) Purchase price adjustment related to business acquisition — 1,041 Net cash used in investing activities (3,072 ) (1,479 ) Cash flows from financing activities: Repayment of debt (25,000 ) (15,000 ) Payment of deferred and contingent consideration — (4,942 ) Proceeds from issuance of shares through employee equity incentive plans 3,440 2,351 Payment of taxes related to net share settlement of equity awards (390 ) (398 ) Dividend paid to noncontrolling interest (304 ) (1,960 ) Net cash used in financing activities (22,254 ) (19,949 ) Effect of exchange rate changes on cash (526 ) (636 ) Net decrease in cash and restricted cash (7,102 ) (48,381 ) Cash and restricted cash at the beginning of the period 109,631 178,564 Cash and restricted cash at the end of the period $ 102,529 $ 130,183 Expand Corsair Gaming, Inc. GAAP to Non-GAAP Reconciliations Non-GAAP Operating Income Reconciliations (Unaudited, in thousands, except percentages) Three Months Ended March 31, 2025 2024 Operating Loss - GAAP $ (2,263 ) $ (10,219 ) Amortization 9,782 9,515 Stock-based compensation 9,322 7,691 One-time costs related to legal and other matters — 6,414 Acquisition and related integration costs 2,185 702 Restructuring and other charges 1,095 1,126 Acquisition accounting impact related to recognizing acquired inventory at fair value 515 169 Adjusted Operating Income - Non-GAAP $ 20,636 $ 15,398 As a % of net revenue - GAAP -0.6 % -3.0 % As a % of net revenue - Non-GAAP 5.6 % 4.6 % Expand Corsair Gaming, Inc. GAAP to Non-GAAP Reconciliations Non-GAAP Net Income and Net Income Per Share Reconciliations (Unaudited, in thousands, except per share amounts) Three Months Ended March 31, 2025 2024 Net loss attributable to common stockholders of Corsair Gaming, Inc. (1) $ (10,067 ) $ (12,540 ) Less: Change in redemption value of redeemable noncontrolling interest 392 (975 ) Net loss attributable to Corsair Gaming, Inc. (10,459 ) (11,565 ) Add: Net income attributable to noncontrolling interest 142 536 Net Loss - GAAP (10,317 ) (11,029 ) Adjustments: Amortization 9,782 9,515 Stock-based compensation 9,322 7,691 One-time costs related to legal and other matters — 6,414 Acquisition and related integration costs 2,185 702 Restructuring and other charges 1,095 1,126 Acquisition accounting impact related to recognizing acquired inventory at fair value 515 169 Reversal of bargain purchase gain on business acquisition recognized in prior year 2,581 — Non-GAAP income tax adjustment (2,844 ) (5,072 ) Adjusted Net Income - Non-GAAP $ 12,319 $ 9,516 Diluted net income (loss) per share: GAAP $ (0.10 ) $ (0.12 ) Adjusted, Non-GAAP $ 0.11 $ 0.09 Weighted-average common shares outstanding - Diluted: GAAP 105,240 103,563 Adjusted, Non-GAAP 107,367 106,530 (1) Numerator for calculating net income (loss) per share-GAAP Expand Corsair Gaming, Inc. GAAP to Non-GAAP Reconciliations Adjusted EBITDA Reconciliations (Unaudited, in thousands, except percentages) Three Months Ended March 31, 2025 2024 Net Loss – GAAP $ (10,317 ) $ (11,029 ) Amortization 9,782 9,515 Stock-based compensation 9,322 7,691 One-time costs related to legal and other matters — 6,414 Depreciation 3,373 3,087 Interest expense, net of interest income 2,046 2,126 Acquisition and related integration costs 2,185 702 Restructuring and other charges 1,095 1,126 Acquisition accounting impact related to recognizing acquired inventory at fair value 515 169 Reversal of bargain purchase gain on business acquisition recognized in prior year 2,581 — Income tax (benefit) expense 2,061 (1,777 ) Adjusted EBITDA - Non-GAAP $ 22,643 $ 18,024 Adjusted EBITDA margin - Non-GAAP 6.1 % 5.3 % Expand
Yahoo
13-02-2025
- Business
- Yahoo
Corsair Gaming Inc (CRSR) Q4 2024 Earnings Call Highlights: Navigating Challenges with ...
Q4 2024 Revenue: $413.6 million compared to $417.3 million in Q4 2023. Full Year 2024 Revenue: $1,316.4 million compared to $1,459.9 million in 2023. Q4 2024 Gross Profit: $108.2 million compared to $102.7 million in Q4 2023. Q4 2024 Gross Margin: 26.2% compared to 24.6% in Q4 2023. Q4 2024 Net Income: $1.3 million or $0.01 per diluted share compared to $6.2 million or $0.06 per diluted share in Q4 2023. Q4 2024 Adjusted Net Income: $24.8 million or $0.23 per diluted share compared to $23.2 million or $0.22 per share in Q4 2023. Q4 2024 Adjusted EBITDA: $33.1 million compared to $33.7 million for Q4 2023. Full Year 2024 Adjusted EBITDA: $54.7 million compared to $95.1 million in 2023. Q4 2024 SG&A Expenses: $85.3 million compared to $73.8 million in Q4 2023. Q4 2024 R&D Expenses: $17 million compared to $16.7 million in Q4 2023. Cash Balance at End of Q4 2024: $109.6 million. Debt at End of Q4 2024: $174 million, down $25 million year over year. 2025 Revenue Guidance: $1.4 billion to $1.6 billion. 2025 Adjusted Operating Income Guidance: $67 million to $87 million. 2025 Adjusted EBITDA Guidance: $80 million to $100 million. Warning! GuruFocus has detected 4 Warning Signs with CRSR. Release Date: February 12, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Corsair Gaming Inc (NASDAQ:CRSR) reported strong Q4 revenue of $414 million and adjusted EBITDA of $33 million, indicating robust financial performance. The integration of the Fanatec sim racing company is progressing well, expected to drive positive revenue and EBITDA growth. The gaming and creative business grew by 20% year-on-year, with the Fanatec acquisition accelerating growth in Q4. The Elgato product line, particularly the Stream Deck, is performing exceptionally well, creating a new category in the market. Corsair's partnerships with major brands like Activision and Apple have increased brand awareness and sales volumes. Full-year 2024 net revenue decreased to $1,316.4 million from $1,459.9 million in 2023, indicating a decline in overall sales. The gaming components and systems segment saw a decrease in revenue, contributing $244.1 million in Q4 2024 compared to $280.5 million in Q4 2023. Fourth-quarter GAAP operating income dropped to $5.9 million from $12.1 million in Q4 2023, reflecting reduced profitability. Net income attributable to common shareholders was only $1.3 million in Q4 2024, a significant drop from $6.2 million in Q4 2023. The company faces challenges from tariffs, although mitigation strategies are in place, which could impact future costs and pricing. Q: Is the Fanatec acquisition on track to be completed by the second quarter, and what are the expectations for its growth in 2025? A: Andrew Paul, CEO, stated that the integration is largely complete, focusing on customer service and system integration. The potential for expansion is promising, with plans to engage with retail and sim rig builders. The wholesale channel and retailers are excited about the opportunity. Q: How have partnerships with companies like Activision and Apple impacted Corsair's business? A: Thi La, President and COO, noted that the partnership with Activision has increased website traffic and excitement around product launches. The Apple partnership yielded positive results during the holiday season, enhancing brand value and sales. Q: Can you provide more details on the expected revenue growth and the impact of the GPU refresh? A: Andrew Paul explained that there is significant pent-up demand for the new GPU refresh, particularly for the 50 series cards. The refresh is expected to drive growth over the next two years, with gradual volume increases as more affordable models are released. Q: What are the expectations for margin improvement in 2025, and how will it be achieved? A: Andrew Paul mentioned that Corsair aims for mid-20s gross margins in components. Improved market conditions and stable inventory demand are expected to help achieve these targets. Margin improvements are anticipated to contribute significantly to EBITDA growth in 2025. Q: How is Corsair positioned regarding tariffs, and could this be a competitive advantage? A: Andrew Paul and Thi La indicated that Corsair has been mitigating tariff impacts for years by adjusting supply chains. They feel well-positioned compared to competitors, with no significant impact expected from potential new tariffs. Q: How might NVIDIA's AI services business impact Corsair's components sales? A: Andrew Paul noted that while Corsair does not target data centers, there is interest in building workstations with standard graphics cards for AI model experimentation, which could drive some demand. Q: Have any recent games spurred purchases of peripherals or components? A: Andrew Paul stated that while there hasn't been a major new game driving sales, peripheral sales remain strong. Anticipation for GTA 6 is high, expected to impact sales when released. Q: What is the outlook for Corsair's liquidity and debt reduction in 2025? A: Michael Potter, CFO, highlighted that Corsair expects excellent liquidity through 2025, with plans to continue reducing debt and maintaining flexibility for opportunities. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
